15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 10.9% per year over the past 5 years.
Operating margin has expanded, at 8.1% in the latest year.
Free cash flow has declined 28.9% per year over the past 5 years.
Financial health
Total debt ($293M) exceeds cash ($69M); net debt is $223M.
Total debt has grown slower than revenue (3.1% vs 10.9% per year).
Operating income covered interest expense 4.4× in the latest year.
Total debt is 2.3× EBITDA.
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 70.6% of earnings and 144.7% of free cash flow.
The dividend has grown 15.8% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$1.1B
$12M
0.0%
8.1%
$6M
$293M
$69M
2024
$786M
$15M
0.0%
7.5%
-$52M
$430M
$30M
2023
$544M
$39M
0.0%
9.2%
-$40M
$429M
$8M
2022
$669M
$28M
0.0%
8.0%
-$3M
$286M
$305000
2021
$481M
$8M
0.0%
-0.6%
-$28M
$285M
$518000
2020
$662M
-$5M
0.0%
2.1%
$31M
$251M
$378000
2019
$753M
$37M
0.0%
8.0%
$8M
$270M
$734000
2018
$697M
$35M
0.0%
7.8%
$16M
$161M
$162000
2017
$760M
$39M
61.6%
7.1%
$47M
$173M
$624000
2016
$692M
$27M
59.6%
7.4%
$41M
$216M
$428000
2015
—
$25M
—
—
$27M
$235M
$740000
2014
—
$19M
—
—
$46M
$49M
$263000
2013
—
$23M
—
—
$52M
$90M
$220000
2012
—
$21M
—
—
$39M
$140M
$2M
2011
—
$21M
—
—
$28M
$164M
$451000
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$325M
$29M
0.0%
10.1%
-$69M
$361M
$1.2B
Dec '25
$301M
$14M
0.0%
10.8%
$31M
$293M
$69M
Sep '25
$283M
$4M
0.0%
3.6%
$18M
$356M
$9M
Jun '25
$272M
$3M
0.0%
8.3%
$6M
$379M
$17M
Mar '25
$256M
-$9M
0.0%
9.6%
-$50M
$465M
$6M
Dec '24
$227M
$13M
0.0%
9.0%
$52M
$430M
$30M
Sep '24
$204M
$12M
0.0%
9.9%
$4M
$450M
$8M
Jun '24
$193M
-$3M
0.0%
1.3%
-$21M
$464M
$19M
Mar '24
$162M
-$7M
0.0%
9.6%
-$87M
$482M
$11M
Dec '23
$235M
$12M
0.0%
10.8%
$20M
$429M
$8M
Sep '23
$231M
$10M
0.0%
10.9%
$11M
$461M
$21M
Jun '23
$205M
$9M
0.0%
10.1%
-$20M
$375M
$4M
Mar '23
$189M
$9M
0.0%
8.9%
-$52M
$352M
$532000
Dec '22
$172M
$5M
0.0%
9.3%
$8M
$286M
$305000
Sep '22
$167M
$9M
0.0%
9.0%
$11M
$298M
$90000
Jun '22
$170M
$8M
0.0%
6.2%
-$3M
$309M
$371000
Mar '22
$231M
$6M
0.0%
5.2%
-$19M
$304M
$498000
Dec '21
$210M
$6M
0.0%
5.1%
$10M
$285M
$518000
Sep '21
$201M
$9M
0.0%
6.9%
$21M
$294M
$383000
Jun '21
$175M
-$12M
0.0%
-7.3%
-$21M
$275M
$337000
Valuation over time
How the market has priced VSEC against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 44.9× (Mar '23) to 536.0× (Jun '26).
The price-to-sales ratio has risen from 1.9× (Mar '23) to 5.6× (Jun '26).
The dividend yield has fallen from 0.4% (Mar '23) to 0.1% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is VSEC growing its revenue and profit?
Over the past 5 years, Vse Corp's revenue has grown 10.9% per year. These are computed facts, not advice.
How much debt does VSEC have?
As of FY2025, Vse Corp reported $293M of total debt against $69M of cash; operating income covered interest expense 4.4×.
What is VSEC's profit margin?
In FY2025, gross margin was —, operating margin 8.1%, and net margin 1.1%.
What is VSEC's P/E ratio?
As of Jun '26, Vse Corp traded at a price-to-earnings ratio of about 536.0× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.