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 Aug 9, 2026, 10:14 UTC 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 394.1× (Nov '26).
The price-to-sales ratio has risen from 1.9× (Mar '23) to 4.1× (Nov '26).
The dividend yield has fallen from 0.4% (Mar '23) to 0.2% (Nov '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?

Vse Corp's P/E (TTM) is 61.44 as of the 2026-11-04 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the VSEC stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 394.1× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.