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VSE Corporation engages in providing aviation aftermarket parts distribution and maintenance, repair, and overhaul services for air transportation assets for commercial and government markets. It offers its services to global client base of commercial airlines, regional airlines, air cargo transporters, MRO integrators and providers, aviation manufacturers, corporate and private aircraft owners, and fixed-base operators. The company was incorporated in 1959 and is headquartered in Miramar, Florida.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.1B | $130M | $12M | $6M | 0.8% | 41.5% | -23.6% |
| 2024 | $786M | $88M | $15M | $-52M | 1.6% | 44.5% | -60.8% |
| 2023 | $544M | $74M | $39M | $-40M | 6.3% | -18.7% | 39.5% |
| 2022 | $669M | $78M | $28M | $-3M | 6.2% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 669.45 | 544.02 | 786.26 | 1,112.28 |
| Cost Of Revenue | - | 612.21 | 486.75 | 701.67 | 980.14 |
| Gross Profit | - | 57.24 | 57.27 | 84.59 | 132.14 |
| Operating Expense | - | 3.64 | 7.12 | 13.63 | 13.34 |
| Operating Income | - | 53.60 | 50.14 | 70.96 | 118.80 |
| EBITDA | - | 78.21 | 73.56 | 87.52 | 129.52 |
| EBIT | - | 53.60 | 50.14 | 58.76 | 89.60 |
| Pretax Income | - | 35.71 | 19.06 | 23.81 | 69.04 |
| Tax Provision | - | 9.05 | 4.50 | 4.41 | 15.55 |
| Net Income | - | 28.06 | 39.13 | 15.32 | 11.70 |
| Net Income Common Stockholders | - | 28.06 | 39.13 | 15.32 | 11.70 |
| Total Expenses | - | 615.84 | 493.88 | 715.30 | 993.48 |
| Interest Expense | - | 17.89 | 31.08 | 34.95 | 20.56 |
| Selling General And Administration | - | 3.64 | 7.12 | 13.63 | 13.34 |
| Normalized EBITDA | - | 78.21 | 73.56 | 99.72 | 158.72 |
| Normalized Income | - | 26.66 | 14.56 | 29.35 | 76.12 |
| Market Cap | 5,017.15 | 5,017.15 | 5,017.15 | 5,017.15 | 5,017.15 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| VSE Corporationthis co. | VSEC | - | 428.71↑ premium | 3.49 | 0.8% | 40.85 |
| Pitney Bowes Inc. | PBI | $2.7B | 16.10 | -2.90 | -18.0% | 10.27 |
| DXP Enterprises, Inc. | DXPE | $2.7B | 29.67 | 5.28 | 17.8% | 14.78 |
| Hub Group, Inc. | HUBG | $2.6B | 25.22 | 1.59 | 6.3% | 8.93 |
| The GEO Group, Inc. | GEO | $2.6B | 9.82 | 1.66 |
| - |
| - |
| - |
| - |
| 16.9% |
| 6.62 |
| Trinity Industries, Inc. | TRN | $2.6B | 10.02 | 2.35 | 23.5% | 8.15 |
| Robert Half Inc. | RHI | $2.6B | 19.72 | 2.06 | 10.4% | 15.20 |
| ABM Industries Incorporated | ABM | $2.5B | 14.47 | 1.32 | 9.1% | 9.30 |
| Alamo Group Inc. | ALG | $2.1B | 20.15 | 1.82 | 9.0% | 9.51 |
| Peer Median | - | 17.91 | 1.74 | 9.8% | 9.40 | |