VSE Corp VSECU

IndustrialsAerospace & DefenseUnited States of America

Last close 43.17 USD on Nov 3, 2026, −10.4% year to date

Quant rating

Quant rating C Rank 288 of 486 in Industrials

Growth B 79 of 486
Valuation C 279 of 486
Quality C 313 of 486
Revisions B 86 of 486
Momentum D 404 of 486

Wall Street consensus Buy (1.75)Average target 254.36 USD +489.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.6B
Enterprise value: 5.4B
52-week range: 39.01 – 65.39
3-year range: 39.01 – 65.39
Dividend yield: 6.77%
Beta (5 years): –
Shares outstanding: 28.1M
Next earnings: Nov 4, 2026

About the company

VSE Corporation is a provider of aviation distribution and repair services for the commercial and business and general aviation (B&GA) aftermarkets. The Company's aftermarket parts distribution and maintenance, repair, and overhaul (MRO) services support engine component and engine and airframe accessory part distribution and repair services for commercial and B&GA operators. The Company is an authorized distributor of OEM turbine engine parts, avionics, actuation, airframe components and tires. It specializes in repairing high-flow/high-temp pneumatics, fuel accessories, electrical accessories, avionics, engine components, engine and airframe accessories, interiors, cargo systems, and wheels and brakes. It provides services and parts for commercial, cargo, business / general aviation, military / defense, and rotorcraft customers globally.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,112	786	544	669	751	–
Revenue growth	41.5%	44.5%	−18.7%	−10.8%	13.5%	10.9%
EPS (basic, normalized)	3.92	3.13	3.31	2.91	2.34	–
EPS growth	25.2%	−5.4%	13.7%	24.4%	–	–
Gross margin	14.2%	13.0%	12.7%	10.9%	5.8%	11.3%
Net margin	4.8%	2.5%	2.7%	4.0%	1.1%	3.0%
ROE	4.4%	2.4%	2.7%	6.2%	2.1%	3.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	75.4
Current ratio	3.77x
Long-term debt (mil)	915
Net debt (mil)	872
Total equity (mil)	2,933
Net debt / equity	0.30x
Net debt / EBITDA	4.76x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,112	+41.5%	4.9x	183	+39.7%	29.8x	3.92	+25.2%	11.0x
2026	1,814	+63.1%	3.0x	338	+84.7%	16.1x	6.73	+71.6%	6.4x
2027	2,200	+21.3%	2.5x	429	+27.1%	12.7x	8.25	+22.6%	5.2x
2028	2,394	+8.8%	2.3x	485	+13.0%	11.2x	9.44	+14.5%	4.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,814	+0.1%	+2.2%	+6.0%	6.73	0.0%	+55.8%	+55.6%
2027	2,200	+0.2%	+2.0%	+7.3%	8.25	−0.1%	+45.1%	+47.2%
2028	2,394	+0.2%	+1.8%	+3.1%	9.44	+0.1%	+35.6%	+33.8%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	242	266	274	299	256	272	283	301	325	449
Sales mean (mil)	237	256	268	288	247	263	277	290	310	425
Surprise	+1.8%	+3.7%	+1.9%	+4.0%	+3.7%	+3.3%	+2.3%	+4.0%	+4.6%	+5.7%
EPS reported	0.87	0.64	0.71	0.90	0.78	0.97	0.99	1.16	1.17	1.75
EPS mean	0.72	0.65	0.60	0.72	0.58	0.71	0.84	0.89	0.90	0.93
Surprise	+21.2%	−1.8%	+18.1%	+25.3%	+35.3%	+36.6%	+17.9%	+30.0%	+30.3%	+88.5%

Peer comparison Aerospace & Defense

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
VSECU VSE Corp	4.6B	4.76x	4.8%	1.56x	6.4x	5.2x	16.1x	12.7x
MRCY Mercury Systems Inc	4.9B	1.51x	−3.0%	3.20x	48.5x	37.1x	26.5x	20.8x
JOBY Joby Aviation, Inc.	4.8B	2.84x	−1,740.5%	2.71x	−5.6x	−5.5x	−4.3x	−4.6x
VSEC VSE Corp	4.6B	4.76x	4.8%	1.56x	24.2x	19.8x	16.1x	12.7x
MDA MDA Space Ltd.	4.4B	−0.06x	6.6%	2.81x	28.7x	21.9x	17.3x	11.7x
AIR AAR CORP.	4.4B	1.93x	5.7%	2.51x	18.5x	16.5x	10.8x	10.1x
Mean		2.63x	−286.9%	2.39x	20.1x	15.8x	13.8x	10.6x
Median		2.39x	4.8%	2.61x	21.4x	18.1x	16.1x	12.2x

Technical analysis

1M−1.2%
3M−16.9%
1Y−10.4%
3Y−10.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, VSE Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,112	786	544	669	751	662
Cost of revenue	954	684	475	596	707	586
Gross profit	158	102	69.0	73.0	43.6	75.4
Selling, general & administrative expenses	7.8	5.1	4.2	3.7	2.5	3.1
Research & development	–	–	–	–	–	–
Depreciation/amortization	26.0	17.6	11.7	15.7	18.5	17.5
Interest expense (income), operating	−0.7	−0.6	−0.6	0	0.6	–
Unusual expense (income)	6.2	21.3	3.5	–	0.5	40.8
Other operating expenses	29.2	0	0	0	0	0
Operating income	89.6	58.8	50.1	53.6	21.5	13.9
Net interest income (expense)	−20.6	−34.9	−31.1	−17.9	−12.1	−13.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	69.0	23.8	19.1	35.7	9.5	0.4
Provision for taxes	15.5	4.4	4.5	9.1	1.5	5.6
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	53.5	19.4	14.6	26.7	8.0	−5.2
Extraordinary items	−41.8	−4.1	24.6	1.4	–	0
Net income	11.7	15.3	39.1	28.1	8.0	−5.2
EBIT, normalized	95.1	79.5	53.0	53.6	22.7	54.8
EBITDA, normalized	135	108	76.5	79.2	48.3	78.9
Basic EPS, normalized	3.92	3.13	3.31	2.91	2.34	–

Balance sheet in millions of USD, fiscal years

Balance sheet, VSE Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	69.4	29.0	7.8	0.5	0.5	0.4
Receivables	232	228	136	142	111	80.5
Total inventory	554	576	501	381	323	253
Prepaid expenses	–	–	–	–	–	–
Other current assets	37.9	42.0	129	26.2	29.5	20.6
Total current assets	893	875	774	549	464	355
Property, plant & equipment	141	139	86.8	82.4	69.8	56.9
Goodwill	641	491	352	249	249	238
Intangibles	296	197	114	90.6	108	104
Long-term investments	–	–	–	–	–	–
Note receivable	27.0	–	–	–	7.0	9.9
Other long-term assets	29.8	32.1	23.6	29.1	20.7	16.7
Total assets	2,029	1,735	1,350	1,000	919	780
Liabilities
Accounts payable	155	188	173	160	115	72.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	65.7	57.7	36.4	47.3	41.0	32.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	7.5	30.0	22.5	10.0	14.2	20.4
Other current liabilities	9.8	6.5	55.0	7.7	9.7	13.5
Total current liabilities	238	282	287	225	180	139
Long-term debt	285	400	407	276	270	231
Minority interest	–	–	–	–	–	–
Other liabilities	67.0	64.4	39.9	49.4	50.9	53.8
Total liabilities	590	746	734	550	501	424
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.2	1.0	0.8	0.6	0.6	0.6
Additional paid-in capital	1,041	592	229	92.6	88.5	31.9
Retained earnings (accumulated deficit)	396	392	385	351	328	325
Treasury stock	–	–	–	–	–	–
Other equity	0.5	3.1	2.1	5.0	−0.2	−1.2
Total equity	1,439	988	617	450	417	356
Total liabilities & shareholders' equity	2,029	1,735	1,350	1,000	919	780

Cash flow statement in millions of USD, fiscal years

Cash flow statement, VSE Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	11.7	15.3	39.1	28.1	8.0	−5.2
Depreciation, depletion & amortization	39.9	28.8	23.4	25.6	25.6	24.1
Deferred taxes	−0.1	−10.0	−2.0	−1.1	−4.4	0.1
Non-cash items	88.5	41.7	10.0	5.7	28.3	38.8
Changes in working capital	−113	−107	−92.4	−50.1	−75.1	−22.1
Cash from operations	27.0	−31.0	−21.8	8.1	−17.6	35.8
Investing activities
Capital expenditures	−21.3	−20.7	−18.7	−11.2	−10.5	−4.4
Other investing cash flows	−255	−243	−217	8.8	−51.1	24.6
Cash from investing	−276	−264	−236	−2.4	−61.6	20.2
Financing activities
Financing cash flow items	−7.9	−2.6	−4.0	−3.4	−1.5	−33.0
Cash dividends paid	−8.3	−7.1	−5.4	−5.1	−4.4	−4.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	306	325	274	2.8	85.3	−19.3
Cash from financing	290	316	265	−5.7	79.4	−56.3
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	40.3	21.1	7.5	0	0.1	−0.4
Free cash flow	5.7	−51.7	−40.5	−3.2	−28.1	31.3

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.