VSECU Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $44.72

Market Cap (MRQ) $1.25B

EPS $0.55

Revenue $1.11B

ROE 0.97%

Debt/Equity (MRQ) 0.3

52W Range $38–$68

VSECU Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

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About VSE Corporation - Tangible Equity Units Company overview from Wikipedia

05 · wikidata

VSE Corporation is a leading provider of aftermarket distribution and repair services. Operating through its two key segments, VSE significantly enhances the productivity and longevity of its customers' high-value, business-critical assets. The aviation segment is a leading provider of aftermarket parts distribution and maintenance, repair, and overhaul (MRO) services for components and engine accessories to commercial, business, and general aviation operators. The fleet segment specializes in part distribution, engineering solutions, and supply chain management services catered to the medium and heavy-duty fleet market.

Business units (sectors)

VSE was incorporated in Delaware in 1959 and the parent company serves as a centralized managing and consolidating entity for three operating groups, each of which consists of one or more wholly owned subsidiaries or unincorporated divisions. VSE's operating segments include:

Aviation Distribution & Repair

VSE Aviation Services, including the former:

1st Choice Aerospace

Kansas Aviation

GlobalParts Aero Services

Precision Fuel Components

VSE Aviation Distribution, including the former:

Air Parts & Supply Co "APSCO"

GlobalParts.aero

Wheeler Fleet Solutions

Company segments

Aviation distribution and repair

VSE's aviation segment provides aftermarket repair and distribution services to commercial, cargo, business and general aviation, military/defense and rotorcraft customers globally. Core services include parts distribution, component and engine accessory maintenance, repair and overhaul (MRO) services, rotable exchange, and supply chain services.

Fleet services

VSE's fleet segment provides parts, inventory management, e-commerce fulfillment, logistics, supply chain support and other services to support the commercial aftermarket medium- and heavy-duty truck market, the United States Postal Service (USPS), and the United States Department of Defense. Core services include parts distribution, sourcing, IT solutions, customized fleet logistics, warehousing, kitting, just-in-time supply chain management, alternative product sourcing, engineering and technical support.

History

VSE Corporation was established in 1959 to provide engineering and technical services to the owners and operators of transportation and equipment assets and large, mission critical fleets (ships, vehicles and aircraft.)

VSE is a publicly traded (NASDAQ: VSEC), ISO 9001:2015-registered SCM, MRO, and professional services company. VSE's subsidiary, Wheeler Fleet Solutions received its seventh U.S. Postal Service Supplier Performance Award for 2013. VSE Aviation, Inc. is an FAA and EASA certified independent provider of MRO and SCM services for aircraft engines and engine accessories.

== References ==

10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$1.11B

2016-12-31 → 2025-12-31

EPS$0.55

2016-12-31 → 2025-12-31

Free Cash Flow$6M

2016-12-31 → 2025-12-31

Net margin1.1%

2016-12-31 → 2025-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	5Y trend	VSECU	5Y avg	Peer Median	Verdict
P/B (MRQ)		0.4	·	·	·
Price / Tangible Book (MRQ)		0.6	·	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	VSECU	5Y avg	Peer Median	Verdict
Operating Margin	8.1%5Y avg ≈6.9%	≈6.9%	·	·
EBITDA Margin	11.6%5Y avg ≈9.9%	≈9.9%	·	·
Pretax Margin	6.2%5Y avg ≈4.5%	≈4.5%	·	·
Net Profit Margin	1.1%5Y avg ≈2.2%	≈2.2%	·	·
ROA	0.62%5Y avg ≈1.8%	≈1.8%	·	·
ROE	0.97%5Y avg ≈3.5%	≈3.5%	·	·
ROIC	4.0%5Y avg ≈4.6%	≈4.6%	·	·

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	VSECU	5Y avg	Peer Median	Verdict
Debt / Equity (MRQ)	0.35Y avg ≈0.5	≈0.5	·	·
Current Ratio (MRQ)	3.85Y avg ≈2.9	≈2.9	·	·
Quick Ratio	1.15Y avg ≈0.7	≈0.7	·	·
Long-Term Debt / Equity (MRQ)	0.35Y avg ≈0.5	≈0.5	·	·

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	VSECU	5Y avg	Peer Median	Verdict
Revenue YoY	41.5%5Y avg ≈15.8%	≈15.8%	·	·
Revenue CAGR 3Y	18.4%5Y avg ≈10.0%	≈10.0%	·	·
Revenue CAGR 5Y	10.9%	·	·	·
EPS YoY	-35.3%5Y avg ≈42.3%	≈42.3%	·	·
Net Income YoY	-23.6%5Y avg ≈51.8%	≈51.8%	·	·
EPS CAGR 3Y	-36.9%	·	·	·
Net Income CAGR 3Y	-25.3%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	VSECU	5Y avg	Peer Median	Verdict
EPS (Diluted)	$0.555Y avg ≈$1.40	≈$1.40	·	·
Revenue / Share	$52.375Y avg ≈$61.32	≈$61.32	·	·
Cash Flow / Share	$1.275Y avg ≈$-0.55	≈$-0.55	·	·
Cash / Share	$2.965Y avg ≈$0.99	≈$0.99	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	VSECU	5Y avg	Peer Median	Verdict
Asset Turnover	0.65Y avg ≈0.8	≈0.8	·	·
Receivables Turnover	6.45Y avg ≈8.6	≈8.6	·	·
Revenue / Employee	≈$695.2K	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

13

Payout Ratio70.6%

Annualized Payout≈$2.88Paid quarterly

Ex-date	Amount	Currency	Yield
Jul 31, 2026	$0.72	USD	≈2.8%
Apr 30, 2026	$0.69	USD	≈1.5%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise 37.0%

Period	EPS Actual	EPS Est	Surprise
June 30, 2026	$1.75	$0.95	84.8%
March 31, 2026	$1.17	$0.92	27.8%
Dec. 31, 2025	$1.16	$0.91	27.4%
Sept. 30, 2025	$0.99	$0.86	15.5%
June 30, 2025	$0.97	$0.72	33.9%
March 31, 2025	$0.78	$0.59	32.6%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 13

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$1.11B	$786M	$544M	$669M	$481M	$662M	$753M	$697M	$760M	$692M	$534M	$424M
Cost of Revenue	·	·	·	·	·	·	·	·	$292M	$280M	$258M	$135M
SG&A Expense	$13M	$14M	$7M	$4M	$3M	$3M	$4M	$4M	$2M	$7M	$3M	$4M
Operating Income	$90M	$59M	$50M	$54M	$-3M	$14M	$60M	$54M	$54M	$52M	$51M	$37M
Interest Expense	·	·	·	·	·	·	·	·	·	·	·	$2M
Pretax Income	$69M	$24M	$19M	$36M	$-15M	$427.0K	$46M	$45M	$45M	$42M	$41M	$33M
Income Tax	$16M	$4M	$4M	$9M	$-4M	$6M	$9M	$10M	$6M	$15M	$16M	$12M
Net Income	$12M	$15M	$39M	$28M	$8M	$-5M	$37M	$35M	$39M	$27M	$25M	$19M
EPS (Basic)	$0.55	$0.86	$2.77	$2.20	$0.63	$-0.47	$3.38	$3.23	$3.61	$2.48	$2.32	$1.81
EPS (Diluted)	$0.55	$0.85	$2.76	$2.19	$0.63	$-0.47	$3.35	$3.21	$3.60	$2.47	$2.31	$1.81
Shares (Basic)	21,138,691	17,878,608	14,130,334	12,780,117	12,551,459	11,034,256	10,957,750	10,876,201	10,834,562	10,793,723	10,747,226	10,707,824
Shares (Diluted)	21,238,718	17,975,295	14,184,729	12,827,894	12,632,874	11,034,256	11,044,731	10,936,057	10,867,834	10,828,152	10,787,270	10,742,400
EBITDA	$130M	$110M	$111M	$81M	$47M	$38M	$87M	$79M	$80M	$78M	$76M	$56M

Balance Sheet 27

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$69M	$30M	$8M	$305.0K	$518.0K	$378.0K	$734.0K	$162.0K	$624.0K	$428.0K	$740.0K	$263.0K
Receivables	$191M	$158M	$128M	$91M	$77M	$55M	$71M	$60M	$56M	$101M	$78M	$59M
Prepaid Expense	$38M	$31M	$36M	·	·	·	·	·	·	·	·	·
Other Current Assets	·	·	$36M	$15M	$32M	$23M	$19M	$13M	$17M	$20M	$9M	$12M
Current Assets	$893M	$965M	$774M	$549M	$464M	$355M	$355M	$281M	$249M	$258M	$197M	$122M
PP&E (Net)	$91M	$71M	$58M	$41M	$42M	$36M	$43M	$50M	$55M	$62M	$64M	$53M
PP&E (Gross)	$125M	$92M	$96M	$71M	$109M	$97M	$106M	$118M	$117M	$117M	$112M	$96M
Accum. Depreciation	$34M	$21M	$37M	$31M	$66M	$61M	$62M	$68M	$61M	$55M	$48M	$43M
Goodwill	$641M	$428M	$289M	$217M	$217M	$238M	$276M	$199M	$199M	$199M	$199M	$92M
Intangibles	$296M	$197M	$114M	$87M	$108M	$104M	$132M	$95M	$111M	$127M	$143M	$72M
Other Non-current Assets	$30M	$38M	$24M	$29M	$28M	$27M	$17M	$14M	$16M	$16M	$14M	$16M
Total Assets	$2.03B	$1.74B	$1.35B	$1000M	$919M	$780M	$846M	$639M	$629M	$662M	$617M	$355M
Accounts Payable	$155M	$145M	$173M	$129M	$115M	$73M	$68M	$57M	$66M	$94M	$40M	$29M
Accrued Liabilities	·	·	·	·	·	·	·	·	$40M	$33M	$29M	$23M
Current Liabilities	$238M	$298M	$287M	$225M	$180M	$139M	$164M	$105M	$114M	$148M	$97M	$87M
Capital Leases	$44M	$39M	$25M	$19M	$27M	$23M	$24M	$0	$20M	$22M	·	·
Deferred Tax	$12M	$0	$7M	$5M	$9M	$15M	$18M	$18M	$19M	$30M	$32M	$2M
Other Non-current Liabilities	$5M	$9M	$0	$0	$250.0K	$83.0K	$0	·	·	·	·	$0
Total Liabilities	$590M	$754M	$734M	$550M	$501M	$424M	$483M	$310M	$336M	$407M	$388M	$150M
Long-term Debt	$293M	$430M	$429M	$286M	$285M	$251M	$270M	$161M	$173M	$216M	$235M	$49M
Total Debt	$293M	$430M	$429M	$286M	$285M	$251M	$270M	$161M	$173M	$215M	$234M	$48M
Common Stock	$1M	$1M	$788.0K	$641.0K	$636.0K	$553.0K	$549.0K	$544.0K	$542.0K	$540.0K	$538.0K	$268.0K
Retained Earnings	$396M	$392M	$385M	$351M	$328M	$325M	$334M	$301M	$268M	$232M	$207M	$185M
AOCI	$512.0K	$3M	$2M	$5M	$-176.0K	$-1M	$-1M	$146.0K	$181.0K	$45.0K	$-75.0K	$0
Stockholders' Equity	$1.44B	$988M	$617M	$450M	$417M	$356M	$363M	$328M	$293M	$255M	$229M	$205M
Liabilities + Equity	$2.03B	$1.74B	$1.35B	$1000M	$919M	$780M	$846M	$639M	$629M	$662M	$617M	$355M
Shares Outstanding	23,398,046	20,591,000	15,757,000	12,817,000	12,727,000	11,055,000	10,970,000	10,886,000	10,839,000	10,799,000	10,751,000	10,716,000

Cash Flow 18

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$40M	$29M	$23M	$25M	$25M	$24M	$27M	$25M	$26M	$26M	$26M	$19M
Stock-based Comp	$13M	$8M	$8M	$4M	$4M	$3M	$3M	$3M	$3M	$2M	$2M	$2M
Deferred Tax	$1M	$-8M	$-5M	$-2M	$-5M	$106.0K	$-505.0K	$-1M	$-11M	$-1M	$84.0K	$3M
Amort. of Intangibles	$26M	$18M	$12M	$16M	$16M	$18M	$19M	$16M	$16M	$16M	$16M	$10M
Other Non-cash	$-39M	$-78M	$-91M	$-49M	$-51M	$14M	$-49M	$-43M	$-7M	$-7M	$-15M	$7M
Operating Cash Flow	$27M	$-31M	$-22M	$8M	$-18M	$36M	$18M	$19M	$50M	$47M	$38M	$50M
CapEx	$21M	$21M	$19M	$11M	$11M	$4M	$10M	$3M	$4M	$7M	$11M	$3M
Investing Cash Flow	$-276M	$-264M	$-236M	$-2M	$-62M	$20M	$-123M	$-1M	$-3M	$-6M	$-205M	$-3M
Debt Issued	$667M	$739M	$844M	$520M	$492M	$433M	$752M	$539M	$349M	$322M	$519M	$296M
Net Debt Issued	$-136M	$-500.0K	$144M	$2M	$33M	$-19M	$110M	$-11M	$-43M	$-18M	$186M	$-41M
Stock Issued	$442M	$326M	$130M	$899.0K	$52M	$0	$0	·	·	·	·	·
Net Stock Activity	$442M	$326M	$130M	$899.0K	$52M	·	·	·	·	·	·	·
Dividends Paid	$8M	$7M	$5M	$5M	$4M	$4M	$4M	$3M	$3M	$2M	$2M	$2M
Financing Cash Flow	$290M	$316M	$265M	$-6M	$79M	$-56M	$105M	$-18M	$-47M	$-41M	$168M	$-46M
Net Change in Cash	$40M	$21M	$7M	$-40.0K	$140.0K	$-356.0K	$572.0K	$-462.0K	$196.0K	$-312.0K	$477.0K	$43.0K
Taxes Paid	$16M	$12M	$14M	·	·	·	·	·	·	·	·	·
Free Cash Flow	$6M	$-52M	$-40M	$-3M	$-28M	$31M	$8M	$16M	$47M	$41M	$27M	$46M
Levered FCF	·	·	·	·	·	·	·	·	·	·	·	$45M

Profitability 7

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Operating Margin	8.1%	7.5%	10.2%	5.8%	2.9%	2.1%	8.0%	7.8%	7.1%	7.4%	9.5%	8.7%
Net Margin	1.1%	1.4%	4.5%	2.9%	1.1%	-0.78%	4.9%	5.0%	5.1%	3.9%	4.7%	4.6%
Pretax Margin	6.2%	4.3%	6.6%	3.9%	1.3%	0.06%	6.2%	6.5%	5.9%	6.0%	7.7%	7.8%
EBITDA Margin	11.6%	10.2%	13.0%	8.5%	6.3%	5.8%	11.6%	11.4%	10.5%	11.2%	14.2%	13.1%
ROA	0.62%	0.99%	3.3%	2.9%	0.94%	-0.64%	5.0%	5.5%	6.1%	4.2%	5.1%	5.3%
ROE	0.97%	1.7%	6.4%	6.3%	1.9%	-1.5%	10.3%	10.8%	14.3%	11.1%	11.5%	9.9%
ROIC	4.0%	4.5%	6.4%	5.6%	2.6%	-27.8%	7.6%	8.6%	10.1%	7.0%	6.6%	9.0%

Liquidity & Solvency 5

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	3.8	3.1	2.7	2.4	2.6	2.5	2.2	2.7	2.2	1.7	2.1	1.4
Quick Ratio	1.1	0.8	0.5	0.5	0.4	0.4	0.4	0.6	0.9	0.7	0.8	0.7
Debt / Equity	0.2	0.4	0.7	0.6	0.7	0.7	0.7	0.5	0.6	0.8	1.0	0.2
LT Debt / Equity	0.2	0.4	0.7	0.6	0.6	0.6	0.7	0.5	0.6	0.8	0.9	0.1
Interest Coverage	·	·	·	·	·	·	·	·	·	·	·	18.5

Efficiency 2

Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover		0.6	0.7	0.7	1.0	0.9	0.8	1.0	1.1	1.2	1.1	1.1	1.2
Receivables Turnover		6.4	6.6	7.9	10.6	11.4	10.5	11.5	12.0	7.6	7.7	7.7	6.2

Per Share 6

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$61.49	$47.99	$39.14	$35.07	$32.79	$32.23	$33.10	$30.17	$27.04	$23.63	$42.66	$38.35
Revenue / Share	$52.37	$60.09	$60.66	$74.04	$59.44	$59.96	$68.14	$63.75	$69.94	$63.89	$99.00	$78.95
Cash Flow / Share	$1.27	$-1.73	$-1.54	$0.63	$-1.39	$3.24	$1.63	$1.72	$4.64	$4.36	$6.97	$9.26
Cash / Share	$2.96	$1.41	$0.49	$0.04	$0.04	$0.03	$0.07	$0.01	$0.06	$0.04	$0.14	$0.05
Dividend / Share	$0.40	$0.40	$0.40	$0.40	$0.37	$0.36	$0.35	$0.31	$0.27	$0.23	$0.21	$0.20
EPS (TTM)	$0.55	$0.85	$2.76	$2.19	$0.63	$-0.47	$3.35	$3.21	$3.60	$2.47	$2.31	$1.81

Growth Rates 8

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	41.5%	44.5%	-18.7%	39.1%	-27.3%	·	·	·	·	·	·	·
Revenue CAGR 3Y	18.4%	17.8%	-6.3%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	10.9%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	-35.3%	-69.2%	26.0%	247.6%	·	·	·	·	·	·	·	·
EPS CAGR 3Y	-36.9%	10.5%	·	·	·	·	·	·	·	·	·	·
Net Income YoY	-23.6%	-60.8%	39.5%	252.2%	·	·	·	·	·	·	·	·
Net Income CAGR 3Y	-25.3%	24.4%	·	·	·	·	·	·	·	·	·	·
Dividends Paid CAGR 5Y	15.8%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 4

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$1.11B	$786M	$544M	$669M	$481M	$662M	$753M	$697M	$760M	$692M	$534M	$424M
Net Income TTM	$12M	$15M	$39M	$28M	$8M	$-5M	$37M	$35M	$39M	$27M	$25M	$19M
Payout Ratio	70.6%	46.1%	13.9%	18.2%	55.6%	-76.8%	10.1%	9.3%	7.2%	9.3%	9.1%	10.5%
Annual Payout	$8M	$7M	$5M	$5M	$4M	$4M	$4M	$3M	$3M	$2M	$2M	$2M

Income Statement 11

Metric	Q2 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Revenue	$449M	$301M	$283M	$272M	$256M	$227M	$204M	$193M	$162M	$-81M	$231M	$205M	$189M	$101M	$167M	$170M
SG&A Expense	$9M	$2M	$667.0K	$3M	$2M	$4M	$3M	$4M	$3M	$1M	$3M	$2M	$2M	$2M	$594.0K	$473.0K
Operating Income	$49M	$32M	$10M	$23M	$25M	$20M	$20M	$3M	$16M	$-13M	$25M	$21M	$17M	$16M	$15M	$11M
Pretax Income	$39M	$31M	$6M	$16M	$17M	$13M	$11M	$-7M	$6M	$-22M	$17M	$13M	$11M	$10M	$10M	$7M
Income Tax	$11M	$8M	$2M	$2M	$3M	$3M	$2M	$-2M	$911.0K	$-6M	$5M	$3M	$3M	$2M	$3M	$2M
Net Income	$29M	$14M	$4M	$3M	$-9M	$13M	$12M	$-3M	$-7M	$12M	$10M	$9M	$9M	$5M	$9M	$8M
EPS (Basic)	$0.92	$0.64	$0.19	$0.15	$-0.43	$0.81	$0.63	$-0.16	$-0.42	$0.74	$0.64	$0.68	$0.71	$0.38	$0.74	$0.59
EPS (Diluted)	$0.91	$0.64	$0.19	$0.16	$-0.44	$0.79	$0.63	$-0.16	$-0.41	$0.74	$0.63	$0.68	$0.71	$0.38	$0.73	$0.59
Shares (Basic)	30,941,788	·	20,681,203	20,670,239	20,617,949	·	18,425,643	17,152,661	15,783,915	·	15,001,908	12,886,100	12,844,458	·	12,797,727	12,778,355
Shares (Diluted)	31,385,479	·	20,756,508	20,731,397	20,740,319	·	18,479,123	17,202,115	15,939,950	·	15,050,062	12,916,998	12,926,424	·	12,834,084	12,811,078
EBITDA	$49M	·	$10M	$23M	$34M	·	$24M	$6M	$30M	·	$25M	$21M	$24M	·	$17M	·

Balance Sheet 26

Metric	Q2 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Cash & Equivalents	$75M	$69M	$9M	$17M	$6M	$30M	$8M	$19M	$11M	·	$21M	$4M	$532.0K	·	$90.0K	$371.0K
Receivables	$275M	$191M	$176M	$183M	$170M	$158M	$163M	$168M	$145M	·	$129M	$114M	$114M	·	$91M	$102M
Prepaid Expense	$49M	$38M	$39M	$56M	$62M	$31M	·	·	·	·	·	·	·	·	·	·
Other Current Assets	·	·	·	·	·	·	$41M	$48M	$55M	·	$22M	$15M	$24M	·	$28M	$25M
Current Assets	$1.33B	$893M	$722M	$754M	$969M	$965M	$775M	$796M	$743M	·	$770M	$674M	$591M	·	$513M	$507M
PP&E (Net)	$167M	$91M	$83M	$80M	$71M	$71M	$75M	$73M	$67M	·	$53M	$44M	$50M	·	$45M	$42M
PP&E (Gross)	·	$125M	·	·	·	$92M	·	·	·	·	·	·	·	·	·	·
Accum. Depreciation	$43M	$34M	$31M	$27M	$24M	$21M	$45M	$43M	$47M	·	$35M	$34M	$76M	·	$72M	$70M
Goodwill	$1.81B	$641M	$429M	$429M	$424M	$428M	$391M	$390M	$351M	$289M	$346M	$222M	$254M	$217M	$249M	$249M
Intangibles	$952M	$296M	$202M	$209M	$191M	$197M	$161M	$165M	$111M	·	$119M	$83M	$90M	·	$95M	$99M
Other Non-current Assets	$22M	$30M	$55M	$39M	$33M	$38M	$29M	$35M	$30M	·	$30M	$30M	$27M	·	$32M	$25M
Total Assets	$4.40B	$2.03B	$1.56B	$1.60B	$1.73B	$1.74B	$1.46B	$1.49B	$1.34B	·	$1.34B	$1.07B	$1.04B	·	$958M	$947M
Accounts Payable	$187M	$155M	$112M	$140M	$141M	$145M	$123M	$145M	$155M	·	$138M	$105M	$142M	·	$119M	$113M
Current Liabilities	$352M	$238M	$183M	$202M	$248M	$298M	$210M	$226M	$223M	·	$252M	$210M	$197M	·	$180M	$177M
Capital Leases	$79M	$44M	$38M	$38M	$39M	$39M	$29M	$37M	$31M	·	$22M	$18M	$31M	·	$23M	$25M
Deferred Tax	$105M	$12M	·	·	·	$0	$0	$4M	$7M	·	$10M	$4M	$9M	·	$10M	$8M
Other Non-current Liabilities	$9M	$5M	$220.0K	$3M	$3M	$9M	$9M	$5M	$3M	·	$440.0K	·	·	·	$0	$0
Total Liabilities	$1.46B	$590M	$577M	$622M	$757M	$754M	$676M	$713M	$724M	·	$733M	$604M	$587M	·	$512M	$516M
Long-term Debt	$947M	$293M	$356M	$379M	$465M	$430M	$450M	$464M	$482M	·	$461M	$375M	$352M	·	$298M	$309M
Total Debt	$947M	·	$356M	$379M	$465M	·	$450M	$464M	$482M	·	$461M	$375M	$352M	·	$298M	·
Common Stock	$1M	$1M	$1M	$1M	$1M	$1M	$921.0K	$921.0K	$792.0K	·	$787.0K	$645.0K	$644.0K	·	$640.0K	$640.0K
Retained Earnings	$448M	$396M	$384M	$383M	$381M	$392M	$382M	$372M	$377M	·	$375M	$367M	$359M	·	$348M	$340M
AOCI	$287.0K	$512.0K	$680.0K	$920.0K	$2M	$3M	$212.0K	$5M	$5M	·	$7M	$5M	$3M	·	$5M	$0
Stockholders' Equity	$2.93B	$1.44B	$983M	$980M	$976M	$988M	$788M	$781M	$613M	$617M	$610M	$469M	$457M	$450M	$445M	$431M
Liabilities + Equity	$4.40B	$2.03B	$1.56B	$1.60B	$1.73B	$1.74B	$1.46B	$1.49B	$1.34B	·	$1.34B	$1.07B	$1.04B	·	$958M	$947M
Shares Outstanding	28,062,020	23,398,046	20,686,361	20,676,320	20,669,684	20,590,496	18,428,955	18,420,008	15,834,164	15,757,000	15,747,289	12,897,544	12,885,937	12,817,000	12,799,678	12,794,421

Cash Flow 15

Metric	Q2 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
D&A	$24M	$10M	$10M	$10M	$10M	$8M	$8M	$7M	$6M	$6M	$5M	$6M	$6M	$6M	$6M	$6M
Stock-based Comp	$4M	$3M	$3M	$3M	$4M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$868.0K	$922.0K	$1M
Amort. of Intangibles	$18M	$7M	$7M	$6M	$6M	$5M	$5M	$4M	$3M	$999.0K	$3M	$4M	$4M	$3M	$4M	$4M
Other Non-cash	·	·	·	·	$-51M	·	·	·	$-81M	·	·	·	$-66M	·	·	·
Operating Cash Flow	$28M	$38M	$24M	$12M	$-47M	$55M	$10M	$-18M	$-79M	$28M	$15M	$-16M	$-49M	$12M	$16M	$-2M
CapEx	$9M	$7M	$6M	$6M	$3M	$3M	$6M	$4M	$8M	$8M	$5M	$3M	$3M	$4M	$5M	$1M
Investing Cash Flow	$-1.77B	$-353M	$-6M	$83M	$-129.0K	$-176M	$-6M	$-115M	$33M	$-8M	$-212M	$-2M	$-15M	$804.0K	$-4M	$-1M
Debt Issued	$887M	$19M	$23M	$550M	$74M	$212M	$107M	$209M	$211M	$234M	$287M	$146M	$177M	$162M	$122M	$124M
Net Debt Issued	·	·	·	·	$34M	·	·	·	$52M	·	·	·	$65M	·	·	·
Stock Issued	$219.0K	$442M	$0	$463.0K	·	$164M	$1.0K	$162M	$0	$454.0K	$129M	$208.0K	$248.0K	$413.0K	$0	$486.0K
Net Stock Activity	·	·	·	·	·	·	·	·	$0	·	·	·	$248.0K	·	·	·
Dividends Paid	$3M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$1M	$1M	$1M	$1M	$1M	$1M
Financing Cash Flow	$578M	$376M	$-26M	$-88M	$28M	$142M	$-16M	$141M	$48M	$-33M	$213M	$22M	$63M	$-13M	$-13M	$3M
Net Change in Cash	$-1.16B	$61M	$-8M	$6M	$-19M	$21M	$-11M	$8M	$3M	$-13M	$16M	$4M	$54.0K	$388.0K	$-281.0K	$-127.0K
Free Cash Flow	·	·	·	·	$-50M	·	·	·	$-87M	·	·	·	$-52M	·	·	·

Profitability 7

Metric	Q2 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Operating Margin	10.9%	·	3.6%	8.3%	9.6%	·	8.7%	2.3%	10.0%	·	10.9%	10.1%	7.0%	·	7.1%	·
Net Margin	6.3%	·	1.4%	1.2%	-3.5%	·	4.3%	-1.0%	-2.7%	·	4.1%	4.3%	3.6%	·	3.9%	·
Pretax Margin	8.7%	·	2.0%	5.9%	6.5%	·	5.4%	-1.4%	6.2%	·	7.3%	6.5%	4.7%	·	5.1%	·
EBITDA Margin	10.9%	·	3.6%	8.3%	13.4%	·	8.7%	2.3%	12.5%	·	10.9%	10.1%	9.5%	·	7.1%	·
ROA	0.95%	·	0.26%	0.21%	-0.58%	·	0.83%	-0.22%	-0.56%	·	0.83%	0.88%	0.93%	·	1.0%	·
ROE	1.5%	·	0.44%	0.36%	-1.1%	·	1.7%	-0.44%	-1.2%	·	1.8%	2.0%	2.1%	·	2.2%	·
ROIC	0.92%	·	0.47%	1.4%	1.4%	·	1.5%	0.37%	1.8%	·	1.7%	1.9%	1.7%	·	1.8%	·

Liquidity & Solvency 4

Metric	Q2 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Current Ratio	3.8	·	3.9	3.7	3.9	·	3.7	3.5	3.3	·	3.1	3.2	3.0	·	2.8	·
Quick Ratio	1.0	·	1.0	1.0	0.7	·	0.8	0.8	0.7	·	0.6	0.6	0.6	·	0.5	·
Debt / Equity	0.3	·	0.4	0.4	0.5	·	0.6	0.6	0.8	·	0.8	0.8	0.8	·	0.7	·
LT Debt / Equity	0.3	·	0.4	0.4	0.5	·	0.5	0.6	0.7	·	0.7	0.8	0.7	·	0.6	·

Efficiency 2

Metric	Trend	Q2 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Asset Turnover		0.1	·	0.2	0.2	0.2	·	0.2	0.2	0.2	·	0.2	0.2	0.3	·	0.3	·
Receivables Turnover		2.0	·	1.7	1.5	1.6	·	1.9	1.9	1.9	·	2.1	1.9	2.6	·	2.9	·

Per Share 6

Metric	Q2 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Book Value / Share	$104.53	·	$47.54	$47.37	$47.21	·	$42.75	$42.42	$38.70	·	$38.71	$36.37	$35.49	·	$34.80	·
Revenue / Share	$14.31	·	$13.63	$13.13	$12.35	·	$14.81	$15.46	$15.15	·	$15.37	$15.89	$19.76	·	$18.89	·
Cash Flow / Share	·	·	·	·	$-2.25	·	·	·	$-4.96	·	·	·	$-3.77	·	·	·
Cash / Share	$2.69	·	$0.42	$0.82	$0.28	·	$0.43	$1.03	$0.67	·	$1.31	$0.32	$0.04	·	$0.01	·
Dividend / Share	$0.10	$0.10	$0.10	$0.10	$0.10	$0.10	$0.10	$0.10	$0.10	$0.10	$0.10	$0.10	$0.10	$0.10	$0.10	$0.10
EPS (TTM)	$2.78	·	$0.70	$1.14	$0.82	·	$0.80	$0.80	$1.64	·	$2.40	$2.50	$2.41	·	$2.28	$2.26

Valuation (TTM) 13

Metric	Q2 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Revenue TTM	$1.36B	·	$1.04B	$959M	$880M	·	$478M	$505M	$518M	·	$726M	$662M	$627M	·	$509M	$542M
Net Income TTM	$75M	·	$11M	$19M	$13M	·	$14M	$12M	$23M	·	$32M	$32M	$31M	·	$29M	$29M
Market Cap	$1.62B	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Enterprise Value	$2.49B	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
P/E	20.7	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
P/S	1.2	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
P/B	0.6	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
P / Tangible Book	9.5	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
EV / Revenue	1.8	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Dividend Yield	0.57%	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Earnings Yield	4.8%	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Payout Ratio	·	·	·	·	-23.0%	·	·	·	-23.8%	·	·	·	14.1%	·	·	·
Annual Payout	$9M	·	$8M	$8M	$8M	·	$7M	$6M	$6M	·	$5M	$5M	$5M	·	$5M	$5M

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$1.11B	$786M	$544M	$669M	$481M
Operating Margin %	8.1%	7.5%	10.2%	5.8%	2.9%
Net Income	$12M	$15M	$39M	$28M	$8M
Diluted EPS	$0.55	$0.85	$2.76	$2.19	$0.63

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	0.2	0.4	0.7	0.6	0.7
Current Ratio	3.8	3.1	2.7	2.4	2.6
Quick Ratio	1.1	0.8	0.5	0.5	0.4

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$6M	$-52M	$-40M	$-3M	$-28M

Institutional owners (13F) 37 filers · $422.3M total · As of June 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 37

Value held $422.3M

New positions 11

Exited positions 7

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
11	7	9	7	·

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair. Change vs prior quarter not shown: filer coverage differs too much between these two quarters for a reliable comparison.

Institution	Value	Shares	% of tracked 13F	Type
VOYA INVESTMENT MANAGEMENT LLC	$214,268,848	3,715,430	50.74%	Shares
Calamos Advisors LLC	$39,334,804	682,067	9.31%	Shares
BlackRock, Inc.	$32,657,079	566,275	7.73%	Shares
AMERIPRISE FINANCIAL INC	$25,721,000	445,000	6.09%	Shares
DENDUR CAPITAL LP	$19,184,481	330,000	4.54%	Shares
VAN ECK ASSOCIATES CORP	$13,272,866	230,152	3.14%	Shares
Aequim Alternative Investments LP	$11,534,000	200,000	2.73%	Shares
SSI INVESTMENT MANAGEMENT LLC	$9,252,624	160,080	2.19%	Shares
STATE STREET CORP	$8,278,270	143,000	1.96%	Shares
INFRASTRUCTURE CAPITAL ADVISORS, LLC	$5,434,821	94,240	1.29%	Shares
GABELLI FUNDS LLC	$4,497,793	97,000	1.07%	Shares
K.J. Harrison & Partners Inc	$4,484,304	77,758	1.06%	Shares
WOLVERINE ASSET MANAGEMENT LLC	$4,327,474	74,709	1.02%	Shares
FMR LLC	$3,733,880	64,600	0.88%	Shares
BlueCrest Capital Management Ltd	$3,393,995	58,852	0.80%	Shares
ADVENT CAPITAL MANAGEMENT /DE/	$3,316,688	57,135	0.79%	Shares
Walleye Capital LLC	$2,883,500	50,000	0.68%	Shares
AGF MANAGEMENT LTD	$2,393,305	41,500	0.57%	Shares
ROYAL BANK OF CANADA	$2,326,000	40,325	0.55%	Shares
TD Asset Management Inc	$2,040,941	35,390	0.48%	Shares
Jefferies Financial Group Inc.	$1,944,690	33,721	0.46%	Shares
BANK OF AMERICA CORP /DE/	$1,840,999	31,923	0.44%	Shares
MILLENNIUM MANAGEMENT LLC	$1,686,731	29,073	0.40%	Shares
Invesco Ltd.	$1,441,750	25,000	0.34%	Shares
CITIGROUP INC	$1,123,123	19,475	0.27%	Shares
Kohlberg Kravis Roberts & Co. L.P.	$461,360	8,000	0.11%	Shares
GAMCO INVESTORS, INC. ET AL	$346,020	6,000	0.08%	Shares
Central Pacific Bank - Trust Division	$342,271	5,935	0.08%	Shares
MORGAN STANLEY	$318,627	5,525	0.08%	Shares
BLAIR WILLIAM & CO/IL	$140,888	2,443	0.03%	Shares
UBS Group AG	$116,263	2,016	0.03%	Shares
Ares Systematic Credit Ltd	$113,091	1,961	0.03%	Shares
T. Rowe Price Investment Management, Inc.	$60,262	1,044,933	0.01%	Shares
BARCLAYS PLC	$16,724	290	0.00%	Shares
LORD, ABBETT & CO. LLC	$11,591	217,539	0.00%	Shares
HRT FINANCIAL LP	$357	6,192	0.00%	Shares
JPMORGAN CHASE & CO	$0	36,945	0.00%	Shares

Activists & 5%+ owners 1 position

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
Calvin S. Koonce	Nov. 29, 2007	·	Initial filing	Passive investment	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 40 insiders · 28 officers · 14 directors

19

Insider	Role	Last activity	Shares owned	Sells 12m	Net 12m
John A Cuomo	CEO and President	Sept. 14, 2026 S	167,971	12	$-4,537,164
Maurice A Gauthier	CEO, President and COO	April 4, 2019 F	116,068	0	$0
Adam Robert Cohn	Chief Financial Officer	Sept. 11, 2026 M	15,192	0	$0
Stephen D. Griffin	Chief Financial Officer	March 31, 2021 A	3,311	0	$0
Thomas R Loftus	Chief Financial Officer	March 16, 2020 F	87,589	0	$0
Chad Wheeler	President, Wheeler Fleet Solut	March 31, 2021 A	14,194	0	$0
Paul William Goffredi	President, VSE Aviation, Inc.	March 16, 2020 F	6,642	0	$0
John T Harris	President, Akimeka, LLC	March 17, 2016 F	4,170	0	$0
Nancy G Margolis	President, Energetics, Inc.	March 17, 2016 F	2,311	0	$0
Randy A Davies	President, Wheeler Bros, Inc.	March 6, 2013 F	213	0	$0
Denise E Manning	President, G&B Solutions	March 7, 2012 F	436	0	$0
Carl E Williams	President, ICRC	March 7, 2012 F	7,992	0	$0
James E Reed	President, Energetics Inc.	March 4, 2010 F	5,080	0	$0
Benjamin E. Thomas	Chief Operating Officer	June 30, 2026 A	42,908	1	$-1,279,330
Robert Andrew Moore III	Vice President	March 31, 2021 A	2,363	0	$0
Thomas M Kiernan	General Counsel and Secretary	March 31, 2021 A	39,085	0	$0
Joseph R Brown	Vice President	March 12, 2019 F	5,636	0	$0
Donnelle L Moten	Senior Vice President	March 7, 2014 F	3,911	0	$0
Harold J Flammang Jr	Senior Vice President	March 7, 2014 F	2,222	0	$0
Jr James W Lexo	Executive Vice President	March 6, 2013 F	11,904	0	$0
Charlestine B Bailey	VP, Human Resources	March 7, 2012 F	334	0	$0
Randy W Hollstein	Vice President	March 7, 2012 F	4,619	0	$0
Crystal R Williams	Vice President	March 7, 2012 F	4,930	0	$0
Thomas G Dacus	Executive Vice President	March 7, 2012 F	16,743	0	$0
William J Jonas	Vice President	March 4, 2011 F	884	0	$0
Michael E Hamerly	Executive Vice President	March 4, 2011 F	7,401	0	$0
James M Knowlton	Executive Vice President	March 3, 2009 F	12,800	0	$0
Craig S Weber	Executive Vice President	March 3, 2009 F	3,004	0	$0
Iii Mark E Ferguson	Director	Sept. 15, 2026 A	148	0	$0
Ralph E Eberhart	Director	Sept. 15, 2026 A	47,514	0	$0
John E Potter	Director	Jan. 11, 2021 A	17,700	0	$0
Jack C Stultz	Director	Jan. 11, 2021 A	22,300	0	$0
James F Lafond	Director	Jan. 11, 2021 A	17,700	0	$0
Bonnie K Wachtel	Director	Jan. 11, 2021 A	131,852	0	$0
Calvin Scott Koonce	Director	Jan. 11, 2021 A	1,343,352	0	$0
Clifford M Kendall	Director	Jan. 4, 2018 A	39,266	0	$0
John C. Harvey Jr.	Director	Jan. 4, 2017 A	7,000	0	$0
David M Osnos	Director	Jan. 7, 2015 A	26,300	0	$0
Jimmy D Ross	Director	Dec. 23, 2011 A	9,417	0	$0
Donald M Ervine	Director	March 4, 2011 A	15,091	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

VSECU Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 16 analysts BUY

7 43.8% Strong Buy

7 43.8% Buy

2 12.5% Hold

0 0.0% Sell

0 0.0% Strong Sell

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
VSECU	·	·	41.5%	1.1%	0.97%	·
HXL	$5.59B	194.5	-0.48%	5.8%	7.8%	23.0%
LOAR	$6.37B	90.7	23.2%	14.5%	6.4%	52.7%
BETA	·	-2.2	136.0%	-2094.2%	-70.7%	72.2%
MRCY	$7.52B	-252.4	7.8%	-3.0%	-2.0%	28.6%
VSEC	·	·	·	·	·	·
KRMN	$9.68B	562.8	36.6%	3.7%	4.7%	40.3%
AIR	·	23.2	19.0%	5.7%	11.5%	18.8%
FLY	$3.56B	-4.6	162.9%	-186.6%	-219.4%	19.2%
ACHR	$5.60B	-7.6	·	-206066.7%	-31.8%	·
LUNR	·	-22.2	-7.9%	-39.6%	9.4%	·

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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VSECU VSE Corporation - Tangible Equity Units

VSECU Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

VSECU Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

About VSE Corporation - Tangible Equity Units Company overview from Wikipedia

Business units (sectors)

Company segments

Aviation distribution and repair

Fleet services

History

10-Year Performance Revenue, net income, margins and EPS trends

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Financial Health Debt, liquidity, solvency — balance sheet strength

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Institutional owners (13F) 37 filers · $422.3M total · As of June 30, 2026

Activists & 5%+ owners 1 position

Company insiders 40 insiders · 28 officers · 14 directors

VSECU Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

Peer comparison (GICS sub-industry) Key metrics vs sector peers

My Metrics Your personal watchlist — selected rows from Full Fundamentals