VSEC Financials Vse Corp

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 41 d ago 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

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
2025	$1.1B	$12M	0.0%	8.1%	0.8%	0.6%	$6M	$293M	$69M
2024	$786M	$15M	0.0%	7.5%	1.6%	0.9%	-$52M	$430M	$30M
2023	$544M	$39M	0.0%	9.2%	6.3%	2.9%	-$40M	$429M	$8M
2022	$669M	$28M	0.0%	8.0%	6.2%	2.8%	-$3M	$286M	$305000
2021	$481M	$8M	0.0%	-0.6%	1.9%	0.9%	-$28M	$285M	$518000
2020	$662M	-$5M	0.0%	2.1%	-1.5%	-0.7%	$31M	$251M	$378000
2019	$753M	$37M	0.0%	8.0%	10.2%	4.4%	$8M	$270M	$734000
2018	$697M	$35M	0.0%	7.8%	10.7%	5.5%	$16M	$161M	$162000
2017	$760M	$39M	61.6%	7.1%	13.3%	6.2%	$47M	$173M	$624000
2016	$692M	$27M	59.6%	7.4%	10.5%	4.0%	$41M	$216M	$428000
2015	—	$25M	—	—	10.9%	4.0%	$27M	$235M	$740000
2014	—	$19M	—	—	9.4%	5.4%	$46M	$49M	$263000
2013	—	$23M	—	—	12.2%	6.0%	$52M	$90M	$220000
2012	—	$21M	—	—	13.0%	5.2%	$39M	$140M	$2M
2011	—	$21M	—	—	14.3%	4.5%	$28M	$164M	$451000

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
Jun '26	$449M	$29M	0.0%	10.9%	1.0%	0.6%	$19M	$947M	$75M
Mar '26	$325M	$29M	0.0%	10.1%	1.1%	0.9%	-$69M	$361M	$1.2B
Dec '25	$301M	$14M	0.0%	10.8%	0.9%	0.7%	$31M	$293M	$69M
Sep '25	$283M	$4M	0.0%	3.6%	0.4%	0.3%	$18M	$356M	$9M
Jun '25	$272M	$3M	0.0%	8.3%	0.3%	0.2%	$6M	$379M	$17M
Mar '25	$256M	-$9M	0.0%	9.6%	-0.9%	-0.5%	-$50M	$465M	$6M
Dec '24	$227M	$13M	0.0%	9.0%	1.3%	0.7%	$52M	$430M	$30M
Sep '24	$204M	$12M	0.0%	9.9%	1.5%	0.8%	$4M	$450M	$8M
Jun '24	$193M	-$3M	0.0%	1.3%	-0.4%	-0.2%	-$21M	$464M	$19M
Mar '24	$162M	-$7M	0.0%	9.6%	-1.1%	-0.5%	-$87M	$482M	$11M
Dec '23	$235M	$12M	0.0%	10.8%	1.9%	0.9%	$20M	$429M	$8M
Sep '23	$231M	$10M	0.0%	10.9%	1.6%	0.7%	$11M	$461M	$21M
Jun '23	$205M	$9M	0.0%	10.1%	1.9%	0.8%	-$20M	$375M	$4M
Mar '23	$189M	$9M	0.0%	8.9%	2.0%	0.9%	-$52M	$352M	$532000
Dec '22	$172M	$5M	0.0%	9.3%	1.1%	0.5%	$8M	$286M	$305000
Sep '22	$167M	$9M	0.0%	9.0%	2.1%	1.0%	$11M	$298M	$90000
Jun '22	$170M	$8M	0.0%	6.2%	1.8%	0.8%	-$3M	$309M	$371000
Mar '22	$231M	$6M	0.0%	5.2%	1.5%	0.7%	-$19M	$304M	$498000
Dec '21	$210M	$6M	0.0%	5.1%	1.5%	0.7%	$10M	$285M	$518000
Sep '21	$201M	$9M	0.0%	6.9%	2.2%	1.0%	$21M	$294M	$383000

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 485.5× (Sep '26).
The price-to-sales ratio has risen from 1.9× (Mar '23) to 5.1× (Sep '26).
The dividend yield has fallen from 0.4% (Mar '23) to 0.1% (Sep '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 Sep '26, Vse Corp traded at a price-to-earnings ratio of about 485.5× (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.