# VSE Corporation (VSEC)

**Exchange:** NASDAQ  
**Sector:** Industrials  
**Market cap:** $3.68B  
**Price:** $173.18 (-3.05%)

> VSE Corporation is a leading provider of aftermarket distribution and maintenance, repair, and overhaul (MRO) services primarily for the aviation sector. Headquartered in Miramar, Florida, and incorporated in 1959, the company focuses on enhancing the productivity and longevity of high-value, business-critical aviation assets through specialized parts distribution, component and engine accessory repairs, rotable exchanges, and supply chain management. Its aviation segment serves commercial, business and general aviation (B&GA), cargo, military/defense, and rotorcraft operators globally, offering fully integrated solutions that combine technical sales, proprietary parts, and advanced MRO capabilities for engine components and airframe accessories. VSE Corporation supports a diverse customer base including commercial airlines, operators, and government entities, delivering services that optimize asset performance and reduce operational costs in the competitive aviation aftermarket.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $1.11B | — | $90M | $12M | — |
| 2024 | $786M | — | $59M | $15M | — |
| 2023 | $544M | — | $50M | $39M | — |
| 2022 | $669M | — | $54M | $28M | — |
| 2021 | $481M | — | -$3M | $8M | — |
| 2020 | $662M | — | $14M | -$5M | — |
| 2019 | $753M | — | $60M | $37M | — |
| 2018 | $697M | — | $54M | $35M | — |
| 2017 | $760M | — | $54M | $39M | — |
| 2016 | $692M | — | $52M | $27M | — |
| 2015 | $534M | — | $51M | $25M | — |
| 2014 | $424M | — | $37M | $19M | — |
| 2013 | $472M | — | $44M | $23M | — |
| 2012 | $547M | — | $51M | $21M | — |
| 2011 | $581M | — | $36M | $21M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $2.03B | $590M | $1.44B | $69M | $293M |
| 2024 | $1.74B | $754M | $988M | $30M | $430M |
| 2023 | $1.35B | $734M | $617M | $8M | $429M |
| 2022 | $1000M | $550M | $450M | $305,000 | $286M |
| 2021 | $919M | $501M | $417M | $518,000 | $285M |
| 2020 | $780M | $424M | $356M | $378,000 | $251M |
| 2019 | $846M | $483M | $363M | $734,000 | $270M |
| 2018 | $639M | $310M | $328M | $162,000 | $161M |
| 2017 | $629M | $336M | $293M | $624,000 | $173M |
| 2016 | $662M | $407M | $255M | $428,000 | $216M |
| 2015 | $617M | $388M | $229M | $740,000 | $235M |
| 2014 | $355M | $150M | $205M | $263,000 | $49M |
| 2013 | $381M | $194M | $187M | $220,000 | $90M |
| 2012 | $410M | $246M | $164M | $2M | $140M |
| 2011 | $455M | $311M | $144M | $451,000 | $164M |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | $27M | $21M | $6M |
| 2024 | -$31M | $21M | -$52M |
| 2023 | -$22M | $19M | -$40M |
| 2022 | $8M | $11M | -$3M |
| 2021 | -$18M | $11M | -$28M |
| 2020 | $36M | $4M | $31M |
| 2019 | $18M | $10M | $8M |
| 2018 | $19M | $3M | $16M |
| 2017 | $50M | $4M | $47M |
| 2016 | $47M | $7M | $41M |
| 2015 | $38M | $11M | $27M |
| 2014 | $50M | $3M | $46M |
| 2013 | $57M | $4M | $52M |
| 2012 | $60M | $21M | $39M |
| 2011 | $35M | $7M | $28M |

Source: [CompaniesByCap](https://companiesbycap.com/company/VSEC)