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VSE Corporation

VSE Corporation

NASDAQ•VSEC
CEO: Mr. John A. Cuomo J.D.
Sector: Industrials
Industry: Aerospace & Defense
Listing Date: 1982-10-22
VSE Corporation operates as a diversified aftermarket products and services company in the United States. The company operates through two segments, Aviation and Fleet. The Aviation segment provides aftermarket parts supply and distribution; maintenance, repair, and overhaul services for components and engine accessories supporting commercial, business, and general aviation operators. This segment serves commercial airlines, regional airlines, cargo transporters, MRO integrators and providers, aviation manufacturers, corporate and private aircraft owners, and fixed-base operators. The Fleet segment offers parts supply, inventory management, e-commerce fulfillment, logistics, supply chain support, and other services to support the commercial aftermarket medium- and heavy-duty truck market. This segment also provides sale of vehicle parts and supply chain services to support client truck fleets, as well as sustainment solutions and managed inventory services to government and commercial truck fleets. VSE Corporation was incorporated in 1959 and is headquartered in Vienna, Virginia.
Contact Information
8614 Westwood Center Circle, Suite 560, Vienna, VA, 22182, United States
703-960-4600
www.vsecorp.com
Market Cap
$4.82B
P/E (TTM)
160.3
110.1
Dividend Yield
0.2%
52W High
$218.25
52W Low
$91.55
52W Range
90%
Rank50Top 68.9%
3.1
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.1 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q3 2025 Data

Revenue

$282.91M+38.92%
4-Quarter Trend

EPS

$0.19-69.84%
4-Quarter Trend

FCF

$18.04M+308.98%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Nine Month Revenue Soars Total revenues reached $811.1M for nine months, marking a strong 45% increase year-over-year, driven by acquisitions.
Continuing Operations Profitability Net income from continuing operations $31.2M for nine months, showing 247% growth compared to prior period results.
Operating Income Jumps Operating income grew 49% to $57.1M for nine months, reflecting strong core segment performance post-divestitures.
Fleet Earn-out Written Down Recorded $23.3M valuation adjustment charge on Fleet earn-out receivable during the quarter, resulting in a full write-down.

Risk Factors

Geopolitical Revenue Exposure Revenues subject to economic conditions and political risks in foreign markets, including Russia-Ukraine and China tensions.
Acquisition Integration Challenges Internal controls changed due to integrating Kellstrom and Turbine Weld; ongoing evaluation needed for financial reporting controls.
Fleet Sale Loss Realized Nine-month pre-tax loss of $46.8M recorded from Fleet Sale, including impairment and deferred tax adjustments.
Interest Rate Fluctuation Risk Variable rate debt exposes earnings to adverse impact from future interest rate changes, despite current hedging activities.

Outlook

New Credit Facility Secured Entered new credit agreement in May 2025 providing $300M term loan and $400M revolving facility maturing in 2030.
Major Acquisition Announced Signed agreement in October 2025 to acquire GenNx/AeroRepair for approximately $350M cash, subject to closing conditions.
Pure-Play Aviation Focus Strategy centers on higher margin distribution and MRO businesses following divestitures of Fleet and Federal/Defense segments.
Debt Repayment Activity Used $72.8M net cash for debt repayment during nine months, reflecting increased financing cash usage compared to 2024.

Peer Comparison

Revenue (TTM)

Seaboard CorporationSEB
$9.82B
+10.3%
Robert Half Inc.RHI
$5.46B
-7.3%
Tutor Perini CorporationTPC
$5.10B
+19.2%

Gross Margin (Latest Quarter)

AMMO, Inc.POWW
87.1%
+64.1pp
Hayward Holdings, Inc.HAYW
49.7%
+3.4pp
Robert Half Inc.RHI
37.2%
-1.8pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
VSEC$4.82B160.32.7%2.9%
SEB$4.67B11.78.3%24.0%
AIR$4.18B41.37.2%32.2%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-1.8%
Flat Growth
4Q Net Income CAGR
-37.8%
Declining Profitability
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Next earnings:Feb 25, 2026
|
EPS:$0.80
|
Revenue:-
Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Oct 27, 2025|
    Revenue: $282.91M+38.9%
    |
    EPS: $0.19-69.8%
    Miss

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 31, 2025|
    Revenue: $272.14M+41.1%
    |
    EPS: $0.66-512.5%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 7, 2025|
    Revenue: $256.05M+57.7%
    |
    EPS: $-0.44+4.8%
    Miss

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 3, 2025|
    Revenue: $1.08B+25.5%
    |
    EPS: $0.86-69.0%
    Beat

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 6, 2024|
    Revenue: $203.64M-12.0%
    |
    EPS: $0.63-1.6%
    Meet

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 1, 2024|
    Revenue: $192.83M-6.0%
    |
    EPS: $-0.16-123.2%
    Miss

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 9, 2024|
    Revenue: $162.38M-13.9%
    |
    EPS: $-0.42-159.2%
    Miss

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 8, 2024|
    Revenue: $860.49M+28.5%
    |
    EPS: $2.77+25.9%
    Beat