Vse Corp (VSEC) Financial Statements
Industry: Engineering Services (Services)
In fiscal 2025, Vse reported revenue of $1.11B, up 3.0% from $1.08B the year before. Net income was $11.7M (a 1.1% net margin), or $0.55 per diluted share. Gross margin was 47.0% and operating margin was 8.1%. Operating activities generated $27.0M of cash, leaving $5.7M of free cash flow. At fiscal year end, Vse held $2.03B in total assets against $589.8M in total liabilities, including $69.4M of cash and equivalents.
Open the full interactive Vse financials → Quarterly statements, key ratios, valuation history and price charts.
Vse Key Stats
| Share Price | $163.33 |
|---|---|
| Market Cap | $5.13B |
| P/E Ratio | 297.0 |
| Revenue YoY Growth | +3.0% |
| 52-Week Range | $156.08 – $243.48 |
| Shares Outstanding | 30.9 million (basic, 2026 Q2) |
Vse Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $661.7M | $750.9M | $949.8M | $860.5M | $1.08B | $1.11B |
| Cost of Goods Sold | $283.8M | $385.1M | $503.9M | $605.7M | $675.0M | $590.0M |
| Gross Profit | $377.8M | $365.8M | $445.8M | $254.8M | $405.1M | $522.3M |
| Operating Income | $13.9M | $21.5M | $55.1M | $88.0M | $81.4M | $89.6M |
| Pre-Tax Income | $427,000 | $9.5M | $37.2M | $56.9M | $46.5M | $69.0M |
| Income Tax | $5.6M | $1.5M | $9.2M | $13.8M | $10.0M | $15.5M |
| Net Income | -$5.2M | $8.0M | $28.1M | $39.1M | $15.3M | $11.7M |
| Diluted EPS | -$0.47 | $0.63 | $2.19 | $2.76 | $0.85 | $0.55 |
Vse Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $282.9M | $301.2M | $324.6M | $449.1M |
| Net Income | $3.9M | $13.6M | $29.1M | $28.5M |
| Diluted EPS | $0.19 | $0.64 | $1.04 | $0.91 |
Vse Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $378,000 | $518,000 | $478,000 | $7.8M | $29.0M | $69.4M |
| Current Assets | $355.0M | $464.0M | $548.9M | $774.0M | $874.8M | $893.3M |
| Total Assets | $780.1M | $918.6M | $999.8M | $1.35B | $1.73B | $2.03B |
| Current Liabilities | $139.2M | $180.0M | $224.6M | $286.9M | $281.8M | $237.5M |
| Total Long-Term Debt | $251.1M | $284.6M | $286.3M | $429.3M | $430.2M | $292.8M |
| Total Liabilities | $423.8M | $501.2M | $550.3M | $733.6M | $746.4M | $589.8M |
| Shareholders' Equity | $356.3M | $417.3M | $449.5M | $616.7M | $988.2M | $1.44B |
Vse Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $35.8M | -$17.6M | $8.1M | -$21.8M | -$31.0M | $27.0M |
| Cash From Investing | $20.2M | -$61.6M | -$2.4M | -$235.7M | -$263.7M | -$276.5M |
| Cash From Financing | -$56.3M | $79.4M | -$5.7M | $265.0M | $315.8M | $289.8M |
| Free Cash Flow | $31.3M | -$28.1M | -$3.2M | -$40.5M | -$51.7M | $5.7M |
Figures from Vse's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Vse financials page for every line item.
Vse Company Profile
| Ticker | VSEC |
|---|---|
| Exchange | Nasdaq |
| Industry | Engineering Services (Services) |
| Headquarters | Miramar, Florida |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000102752 |
Frequently Asked Questions
What was Vse's revenue in fiscal 2025?
Vse (VSEC) reported revenue of $1.11B for fiscal 2025.
What is Vse's annual revenue history?
Vse's annual revenue by fiscal year: 2020: $661.7M; 2021: $750.9M; 2022: $949.8M; 2023: $860.5M; 2024: $1.08B; 2025: $1.11B.
What was Vse's net income in fiscal 2025?
Vse reported net income of $11.7M for fiscal 2025.
What was Vse's earnings per share (EPS) in fiscal 2025?
Vse's diluted EPS was $0.55 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Vse generate in fiscal 2025?
Vse generated $5.7M of free cash flow in fiscal 2025.
What was Vse's revenue last quarter?
In its most recent reported quarter (2026 Q2), Vse reported revenue of $449.1M.
How much debt does Vse have?
Vse reported $292.8M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Vse are outstanding?
Vse reported a weighted average of 30.9 million basic shares outstanding in 2026 Q2.
What is Vse's market cap?
Based on its latest closing price, Vse (VSEC) has a market capitalization of about $5.13B.
When does Vse's fiscal year end?
Vse's fiscal year end, as registered with the SEC, is December 31.
Where is Vse headquartered?
Vse lists its business address in Miramar, Florida in its SEC filings.