VSECNasdaqServices-Engineering ServicesFiscal year ends December 31Also trades as VSECU
VSE CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$158.08−6.00 (-3.66%)
Close on Oct 19, 2026
- Market cap
- $4.96B
- P/E (TTM)
- 57.7
- Dividend yield
- 0.25%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
–
Operating margin
8.1%+6.0 pts over 5 years
Net margin
1.1%+1.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +41.5% | +18.4% | +10.9% | +7.6% | |
| Operating income | +52.5% | +18.7% | +45.1% | +5.9% | |
| Net income | -23.6% | -25.3% | – | -7.3% | |
| EPS, diluted | -35.3% | -36.9% | – | -13.4% | |
| Free cash flow | – | – | -28.9% | -14.4% | |
| Dividend per share | 0.0% | 0.0% | +2.1% | +6.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 11.1% | -1.4% | 1.0% | |
| Return on assets | 4.2% | -0.6% | 0.6% | |
| Current ratio | 1.74 | 2.55 | 3.76 | |
| Debt to equity | 0.84 | 0.70 | 0.20 | |
| Net debt to EBITDA | 2.76× | 6.59× | 1.73× | |
| Interest coverage | – | – | 4.4× | |
| Capex to revenue | 0.9% | 0.7% | 1.9% | |
| Diluted shares | 11M | 11M | 21M |
Where the cash went
Fiscal 2021 to 2025, five years combined
VSE generated $105.51M from operations and spent $112.68M on capital expenditure, dividends and share buybacks. 73% of that went back into the business.
Generated
$105.51M
Used
$112.68M
Capital expenditure$82.38M73%Dividends$30.30M27%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin1.1%
×Asset turnover0.59×
×Equity multiplier1.55×
=Return on equity, FY20251.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 1.1% | 0.59× | 1.55× | 1.0% |
| FY2024 | 1.9% | 0.51× | 1.93× | 1.9% |
| FY2023 | 7.2% | 0.46× | 2.20× | 7.3% |
| FY2022 | 4.2% | 0.70× | 2.21× | 6.5% |
| FY2021 | 1.7% | 0.57× | 2.20× | 2.1% |
| FY2020 | -0.8% | 0.81× | 2.26× | -1.4% |
| FY2019 | 4.9% | 1.01× | 2.15× | 10.7% |
| FY2018 | 5.0% | 1.10× | 2.04× | 11.3% |
| FY2017 | 5.1% | 1.18× | 2.35× | 14.3% |
| FY2016 | 3.9% | 1.08× | 2.64× | 11.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$11.70M
- Cash generatingOperating cash flow above zero$26.99M
- Return on assets improvedROA up on the prior year1.1% → 0.7%
- Earnings backed by cashOperating cash flow above net income$26.99M vs $11.70M
- Less leverageLong-term debt to assets fell23.0% → 14.1%
- Better liquidityCurrent ratio rose3.23 → 3.76
- No dilutionShare count did not rise18M → 21M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.58 → 0.64