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VSE Corp (VSEC) stock

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NASDAQ: VSEC Nasdaq Trading Companies & Distributors Next results ~November 4, 2026

C+ Fundamentals grade

VSE Corp is a US-listed company in the trading companies & distributors industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$83

Valuation models combined (3)

Base case. Range ~$48–$150. Weighted average of 3 models (forward price-to-earnings vs peers, residual income, revenue-to-maturity model).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

VSE Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 2 selling0 purchases and 13 sales by directors and officers, last 12 monthsInsider trades
  • Funds217 adding, 170 cuttingOf 67 active managers that changed their stake, 30 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter VSE files

Where VSE stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.36bn, up 41.6% on a year earlier, faster than the 34.2% growth a quarter earlier. That growth ranks 3 of 21 among the trading companies & distributors companies we cover. Free-cash-flow margin fell to -0.1% from 1.4% a year earlier. The diluted share count is up 28.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 6 financial-health checks. Our cash-flow model value is $52.25 a share, against a share price of $148.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

VSE Corp's trailing-twelve-month revenue grew 41.6% year on year, with a free-cash-flow margin of -0.1%. Where it stands out: change in growth rate of +7.4pp ranks 3 of 32 trading companies & distributors companies we cover. Where it lags: change in share count of 28.0% ranks 25 of 27 trading companies & distributors companies we cover.

Current signal Net income rising while operating cash flow falls: TTM net income grew 296.4% while operating cash flow fell 12.3% — earnings and cash are telling different stories.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 41.6% over the last 12 months, against a median of 8.5% for trading companies & distributors companies we cover.
  • Growth speeding up. The growth rate is 7.4 points higher than a quarter earlier.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 45.5% over 90 days.

Things to watch

  • Burning cash. Free cash flow was -0.1% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 28.0% in a year.
  • High earnings multiple. The shares trade at 55 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 60% and a beta of 2.3 against the S&P 500.
  • Weak cash conversion. Free cash flow was -1% of net income over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 74 days ranks 25 of 27 trading companies & distributors companies we cover (median 57 days).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$1.75 against an average estimate of $0.93: beat by 87.5%
Revenue
$449m, up 65.0% on a year earlier
Share reaction
+5.2% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 4, 2026; average EPS estimate $1.74

VSE's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+8.4%
  • 1 week+8.3%
  • 1 month-4.2%
  • This year-7.1%
  • 1 year-11.1%
  • 5 years+190.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.4B
Operating margin
9.2%
Net margin
5.5%
EPS (TTM, diluted)
$2.92

Growth

Revenue growth
+41.6%
Change in growth rate
+7.4 pts
Share count change
+28.0%

Cash

Free cash flow (TTM)
-$1.1M
FCF margin
-0.1%
Stock pay % of revenue
1.1%

Earnings

Last results
August 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Deal
  3. Insider trade
  4. Dividend
  5. Announcement
  6. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

VSE Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value VSE Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.18 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$21 ~$4.0–$34 Left out: out of range vs price (0.13x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$150 ~$130–$180 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$48 ~$32–$71 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$20 ~$18–$23 Left out: out of range vs price (0.13x)
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$52 ~$36–$71 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$83 ~$48–$150 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare VSE Corp with Trading Companies & Distributors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$28.71$36.13$45.32$28.19$36.24$37.15$59.28$46.03$63.95$94.60$172.42$160.21
Market value$310m$391m$493m$308m$400m$410m$749m$590m$907m$1.7bn$3.7bn$4.1bn
+ Net debt (− = net cash)$234m$216m$173m$163m$272m$253m$286m$288m$425m$403m$227m$891m
Enterprise value$544m$607m$666m$471m$672m$663m$1.0bn$879m$1.3bn$2.1bn$3.9bn$5.0bn
Multiples
Price / sales 0.6x0.6x0.6x0.4x0.5x0.6x1.6x0.9x1.7x2.2x3.3x3.0x
Price / earnings 12.4x14.6x12.6x8.8x10.8x—94.0x21.0x23.2x111.0xn/m54.8x
Price / free cash flow 11.5x9.6x10.6x19.6x47.8x13.1x————n/m—
EV / EBITDA 7.1x7.8x8.3x5.9x7.7x17.4x47.3x11.2x18.1x24.0x30.0x27.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

25 /100

Weak moat

How hard VSE's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Net income has been a median 2.4% of total assets over 10 years.

  • Durability 6 / 20

    Operating margin has been a median 7.1%; its worst year was 2.7%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 6 of 10 years, at a median 1.4% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 118.0% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (30 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $512m and EPS of $1.74 (range $1.61 to $1.82) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.78 +73% $1.8bn +63%
Next $8.26 +22% $2.2bn +21%

Next year's EPS estimate has moved +45.5% in 90 days, across 11 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.93 $1.75 +87.5%
Mar 2026 $0.89 $1.17 +31.4%
Dec 2025 $0.89 $1.16 +29.9%
Sept 2025 $0.84 $0.99 +17.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

12 analysts, Oct 2026
Buy975%
Hold325%
Sell00%

Monthly trend

  1. Oct 202618312
  2. Sep 202618211
  3. Aug 202618110
  4. Jul 202618110

Counts of recommendations published by analysts covering VSE Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.3%
of tradable shares
Days to cover
6.07
at average volume
Short interest, 1 month
+11%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
1.7%
of shares
Employees
1,600
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −11.1%

$180.31 on October 31, 2025 to $160.21

ThenNowEffect
Revenue (last 12 months) $959m $1.4bn +41.6%
Net margin 2.0% 5.5% +180.0%
P/E multiple 191.0x 54.8x −71.3%
Share count 20m 26m −21.9%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
VSEC+60%−22%+39%+48%+82%−7%
Industry peers (median)+34%−10%+28%−7%+2%+14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
VSEC67%25%67%67%75%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
VSEC−18%−46%−30%−22%−18%−42%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 76% from October 20, 2017 to March 18, 2020. Getting back needed a 318% gain, reached on November 4, 2021, 596 days after the low.

Price behaviour

52-week range
$142.17 – $243.33
From 52-week high
−34.2%
vs 50-day average
−9.6%
vs 200-day average
−18.0%
Volatility (1 year)
60%
Beta vs S&P 500
2.33

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±9.5%
After a week
7 up, 5 down
typical move ±9.4%
After a month
8 up, 4 down
typical move ±11.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +5.2% −0.4% +13.2% −5.4%
May 5, 2026 +23.4% +2.2% +8.3% +9.4%
February 26, 2026 +3.4% −1.0% −2.5% −22.2%
January 29, 2026 +6.1% −0.5% −8.0% +7.7%
October 27, 2025 −0.1% +1.4% −1.1% −0.5%
July 30, 2025 +10.4% −0.5% +10.1% +14.1%
May 6, 2025 +8.7% −0.4% +13.2% +12.6%
February 27, 2025 +17.3% −0.1% +14.5% +15.5%
November 6, 2024 +7.7% +3.3% +14.3% +11.7%
October 15, 2024 +15.4% −0.3% +11.0% +32.5%
August 1, 2024 −11.6% −3.3% −7.1% +4.5%
May 8, 2024 −4.9% +0.6% −9.7% −3.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

VSE Corp in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) VSE Corp
$0 $500M $1B $1.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $797.2M Revenue (TTM), FY23 Q4: $544M Revenue (TTM), FY24 Q1: $517.8M Revenue (TTM), FY24 Q2: $505.4M Revenue (TTM), FY24 Q3: $477.7M Revenue (TTM), FY24 Q4: $786.3M Revenue (TTM), FY25 Q1: $879.9M Revenue (TTM), FY25 Q2: $959.2M Revenue (TTM), FY25 Q3: $1B Revenue (TTM), FY25 Q4: $1.1B Revenue (TTM), FY26 Q1: $1.2B Revenue (TTM), FY26 Q2: $1.4B $1.4B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $797.2M
FY23 Q4 $544M
FY24 Q1 $517.8M
FY24 Q2 $505.4M
FY24 Q3 $477.7M
FY24 Q4 $786.3M
FY25 Q1 $879.9M
FY25 Q2 $959.2M
FY25 Q3 $1B
FY25 Q4 $1.1B
FY26 Q1 $1.2B
FY26 Q2 $1.4B
Revenue growth, TTM YoY VSE Corp
-50% 0% 50% 100% 150% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 56.6% Revenue growth, TTM YoY, FY23 Q4: -26.5% Revenue growth, TTM YoY, FY24 Q1: -25.8% Revenue growth, TTM YoY, FY24 Q2: -31.1% Revenue growth, TTM YoY, FY24 Q3: -40.1% Revenue growth, TTM YoY, FY24 Q4: 44.5% Revenue growth, TTM YoY, FY25 Q1: 69.9% Revenue growth, TTM YoY, FY25 Q2: 89.8% Revenue growth, TTM YoY, FY25 Q3: 117.4% Revenue growth, TTM YoY, FY25 Q4: 41.5% Revenue growth, TTM YoY, FY26 Q1: 34.2% Revenue growth, TTM YoY, FY26 Q2: 41.6% 41.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 56.6%
FY23 Q4 -26.5%
FY24 Q1 -25.8%
FY24 Q2 -31.1%
FY24 Q3 -40.1%
FY24 Q4 44.5%
FY25 Q1 69.9%
FY25 Q2 89.8%
FY25 Q3 117.4%
FY25 Q4 41.5%
FY26 Q1 34.2%
FY26 Q2 41.6%
Operating margin (TTM) VSE Corp
4% 6% 8% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 9.9% Operating margin (TTM), FY23 Q4: 9.2% Operating margin (TTM), FY24 Q1: 9.5% Operating margin (TTM), FY24 Q2: 6.1% Operating margin (TTM), FY24 Q3: 5.4% Operating margin (TTM), FY24 Q4: 7.5% Operating margin (TTM), FY25 Q1: 7.7% Operating margin (TTM), FY25 Q2: 9.1% Operating margin (TTM), FY25 Q3: 7.5% Operating margin (TTM), FY25 Q4: 8.1% Operating margin (TTM), FY26 Q1: 8.3% Operating margin (TTM), FY26 Q2: 9.2% 9.2%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 9.9%
FY23 Q4 9.2%
FY24 Q1 9.5%
FY24 Q2 6.1%
FY24 Q3 5.4%
FY24 Q4 7.5%
FY25 Q1 7.7%
FY25 Q2 9.1%
FY25 Q3 7.5%
FY25 Q4 8.1%
FY26 Q1 8.3%
FY26 Q2 9.2%
FCF margin (TTM) VSE Corp
-20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -6.5% FCF margin (TTM), FY23 Q4: -7.4% FCF margin (TTM), FY24 Q1: -14.6% FCF margin (TTM), FY24 Q2: -15.3% FCF margin (TTM), FY24 Q3: -17.5% FCF margin (TTM), FY24 Q4: -6.6% FCF margin (TTM), FY25 Q1: -1.6% FCF margin (TTM), FY25 Q2: 1.4% FCF margin (TTM), FY25 Q3: 2.6% FCF margin (TTM), FY25 Q4: 0.5% FCF margin (TTM), FY26 Q1: -1.1% FCF margin (TTM), FY26 Q2: -0.1% -0.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -6.5%
FY23 Q4 -7.4%
FY24 Q1 -14.6%
FY24 Q2 -15.3%
FY24 Q3 -17.5%
FY24 Q4 -6.6%
FY25 Q1 -1.6%
FY25 Q2 1.4%
FY25 Q3 2.6%
FY25 Q4 0.5%
FY26 Q1 -1.1%
FY26 Q2 -0.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar VSE took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $1.1B
  2. Selling, general and admin $13.3M · 1.2%
  3. Other operating costs $1B · 90.7%
  4. Operating income $89.6M · 8.1%
  5. Income tax $15.5M · 1.4%
  6. Interest and other $62.3M · 5.6%
  7. Net income $11.7M · 1.1%

Shares of revenue. Source: VSE's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1,015 811 581 547 472 424 534 692 760 697 753 662 481 669 544 786 1,112 1,358
EBITDA 46 47 51 72 64 56 76 78 80 79 87 38 22 78 74 88 130 181
Operating income 38 38 36 51 44 37 51 52 54 54 60 14 −3 54 50 59 90 124
Net income 24 24 21 21 23 19 25 27 39 35 37 −5 8 28 39 15 12 75
Diluted EPS $2.33 $2.27 $1.95 $2.00 $2.14 $1.81 $2.31 $2.47 $3.60 $3.21 $3.35 −$0.47 $0.63 $2.19 $2.76 $0.85 $0.55 $2.92
Growth (year on year)
Revenue — −20.1% −28.4% −5.9% −13.7% −10.1% +25.9% +29.6% +9.9% −8.3% +7.9% −12.1% −27.2% +39.1% −18.7% +44.5% +41.5% +41.6%
EBITDA — +1.7% +9.2% +41.2% −11.2% −13.1% +36.6% +2.0% +3.4% −0.9% +9.7% −56.3% −42.5% +257.4% −5.9% +19.0% +48.0% +47.5%
Operating income — −1.4% −4.9% +41.6% −13.7% −16.3% +36.9% +2.0% +5.4% −0.2% +11.1% −76.9% −119.4% — −6.5% +17.2% +52.5% +42.0%
Net income — −1.4% −13.2% +3.6% +7.3% −15.3% +28.7% +7.5% +45.9% −10.3% +5.5% −114.0% — — +39.5% −60.8% — —
Diluted EPS — −3.0% −13.9% +2.8% +6.7% −15.4% +27.6% +6.9% +45.7% −10.8% +4.4% −114.0% — — +26.0% −69.2% — —
Margins
EBITDA margin 4.5% 5.8% 8.8% 13.2% 13.6% 13.1% 14.2% 11.2% 10.6% 11.4% 11.6% 5.8% 4.5% 11.7% 13.5% 11.1% 11.6% 13.4%
Operating margin 3.8% 4.7% 6.2% 9.3% 9.4% 8.7% 9.5% 7.4% 7.1% 7.8% 8.0% 2.1% −0.6% 8.0% 9.2% 7.5% 8.1% 9.2%
Net margin 2.4% 2.9% 3.5% 3.9% 4.8% 4.6% 4.7% 3.9% 5.1% 5.0% 4.9% −0.8% 1.7% 4.2% 7.2% 1.9% 1.1% 5.5%
Free-cash-flow margin 1.5% 1.6% 4.8% 7.1% 11.1% 10.9% 5.1% 5.9% 6.1% 2.3% 1.1% 4.7% −5.8% −0.5% −7.4% −6.6% 0.5% −0.1%
Cash flow
Cash from operations 24 18 35 60 57 50 38 47 50 19 18 36 −18 8 −22 −31 27 27
Capital spending 9 5 7 21 4 3 11 7 4 3 10 4 11 11 19 21 21 28
Free cash flow 16 13 28 39 52 46 27 41 47 16 8 31 −28 −3 −40 −52 6 −1
Stock-based pay 1 2 1 1 2 2 2 2 3 3 3 3 4 4 8 8 13 15
Free cash flow after stock pay 14 11 27 38 51 45 25 39 44 13 5 28 −32 −8 −48 −60 −7 −16
Balance sheet
Cash 8 6 0 2 0 0 1 0 1 0 1 0 1 0 8 30 69 75
Total debt 0 18 164 140 92 49 235 216 174 163 273 253 287 289 433 433 296 967
Net debt (negative = net cash) −8 12 164 139 92 48 234 216 173 163 272 253 286 288 425 403 227 891
Diluted shares 10m 10m 11m 11m 11m 11m 11m 11m 11m 11m 11m 11m 13m 13m 14m 18m 21m 26m
Returned to shareholders
Dividends 1 1 1 2 2 2 2 2 3 3 4 4 4 5 5 7 8 9
Total returned 1 1 1 2 2 2 2 2 3 3 4 4 4 5 5 7 8 9

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · June 30, 2026
What it owns · $4.4bn
Short-term assets $1.3bnLonger-term assets $3.1bn
What it owes, and who funded it · $4.4bn
Short-term liabilities $352mLonger-term liabilities $1.1bnShareholders' equity $2.9bn
  • Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $352m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.3bn short-term assets against $1.1bn of longer-dated liabilities.
  • More cash than debt $75m of cash against $947m of debt.
  • Debt below 40% of shareholders' equity Debt is 32% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 65% to 32% over five years.
  • A year's operating cash flow covers at least 20% of debt $27m of operating cash flow against $947m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From VSE Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$9.3M
Returned to shareholders
-829%
of free cash flow
Diluted share count
+28.0%
year over year
Total shareholder yield
0.2%
dividends 0.2% + buybacks 0.0% of market value
Dividend payout ratio
12%
of net income paid out
Sales & admin spending
1.7%
of revenue
Days sales outstanding
74 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in trading companies & distributors
Last 12 months unless stated VSEC GIC ALTG CTOS DSGR DXPE Median
Revenue, last 12 months $1.4bn $1.4bn $1.8bn $2.0bn $2.1bn $2.1bn $2.2bn
Revenue growth, last 12 months 41.6% 8.4% −1.8% 5.8% 6.4% 11.5% 8.4%
Revenue growth, 3-year average 22.8% 7.4% 1.8% 3.8% 13.6% 9.1% 5.1%
Revenue growth, latest quarter 65.0% 7.7% −1.2% 2.7% 11.0% 15.6% 9.0%
Gross margin — 36.4% 25.9% 22.6% 32.7% 31.8% 28.3%
Operating margin 9.2% 8.1% 0.9% 8.2% 3.5% 8.8% 5.5%
Operating margin, 3-year average 8.1% 7.2% 1.3% 7.2% 3.2% 8.4% 6.4%
Net margin 5.5% 6.1% −4.4% 1.4% 0.4% 4.4% 3.5%
Cash from operations / revenue 2.0% 6.3% 3.4% 13.6% 2.8% 6.3% 4.9%
Free-cash-flow margin −0.1% 6.1% 2.8% 0.2% 1.8% 5.5% 2.4%
Free-cash-flow margin, 3-year average −4.7% 5.1% 3.1% −2.5% 3.0% 4.6% 3.1%
Stock pay / revenue 1.1% 0.5% 0.2% 0.5% 0.4% 0.3% 0.5%
Change in share count 28.0% −0.2% −1.9% −0.2% 0.7% −0.8% −0.5%

Median of all 32 companies we cover in trading companies & distributors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

32 trading companies & distributors companies
Measure Company Peer median Rank
Revenue growth Growth 41.6% 8.5% 4 of 32
Change in growth rate Growth +7.4pp +0.8pp 3 of 32
Operating margin Profitability 9.2% 5.5% 8 of 28
Net margin Profitability 5.5% 3.5% 13 of 32
Free-cash-flow margin Cash generation -0.1% 2.8% 23 of 32
Stock pay as % of revenue Cash generation 1.1% 0.5% 21 of 29
Long-term debt as % of assets Balance sheet 20.8% 21.4% 14 of 29
Change in share count Balance sheet 28.0% -0.8% 25 of 27
Days sales outstanding Balance sheet 74 days 57 days 25 of 27

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $704M 63.3% ▲ 45.8%
Services $408M 36.7% ▲ 34.6%
Geography
Region Revenue Share YoY
United States $630M 56.6% ▲ 27.9%
Non US and Non Canada $334M 30.0% ▲ 78.7%
Canada $149M 13.4% ▲ 38.9%

From VSE Corp's 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$7.6B
Institutions reporting
379
Shares held vs prior quarter
▼ 3.1%
Positions opened / closed
69 / 41

Top buyers and sellers, Q2 2026: 217 institutions bought and 170 sold ; the biggest buyer was Dendur Capital LP (+342K shares) and the biggest seller Price T Rowe Associates Inc (−517K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.1B 4.6M 13.8% ▲ 2.8%
T. Rowe Price Investment Management, Inc. $480M 2.1M 6.3% ▼ 16.4%
State Street Corp $471M 2.1M 6.2% ▲ 9.9%
Vanguard Capital Management LLC $284M 1.2M 3.7% ▲ 5.4%
Vanguard Portfolio Management LLC $235M 1.0M 3.1% ▲ 8.2%
Durable Capital Partners LP $224M 980K 2.9% ▼ 30.2%
Capital Research Global Investors $189M 829K 2.5% ▼ 11.4%
UBS Group AG $188M 824K 2.5% ▼ 14.5%
Dendur Capital LP $188M 821K 2.5% ▲ 71.5%
Geode Capital Management, LLC $185M 808K 2.4% ▲ 8.2%
Capital World Investors $184M 806K 2.4% ▲ 17.6%
Samlyn Capital, LLC $148M 647K 1.9% ▲ 36.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not VSE Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $5.8M 13 trades by 2 insiders · 78% under pre-set plans
Net ▼ $5.8M net selling
Insider Date Trade Shares Price Value
Cuomo John A CEO and President September 14, 2026 Sell pre-set plan 234 $186.42 $43,622
Cuomo John A CEO and President September 14, 2026 Sell pre-set plan 912 $187.42 $170,927
Cuomo John A CEO and President September 14, 2026 Sell pre-set plan 18 $188.88 $3,400
Cuomo John A CEO and President September 14, 2026 Sell pre-set plan 402 $188.22 $75,664
Cuomo John A CEO and President August 17, 2026 Sell pre-set plan 4,215 $242.62 $1M
Cuomo John A CEO and President August 17, 2026 Sell pre-set plan 1,492 $238.66 $356,081
Cuomo John A CEO and President August 17, 2026 Sell pre-set plan 2,794 $244.42 $682,909
Cuomo John A CEO and President August 17, 2026 Sell pre-set plan 5,492 $243.37 $1.3M
Cuomo John A CEO and President August 17, 2026 Sell pre-set plan 1 $245.05 $245
Cuomo John A CEO and President August 17, 2026 Sell pre-set plan 2,147 $241.58 $518,672
Cuomo John A CEO and President August 17, 2026 Sell pre-set plan 905 $240.58 $217,725
Cuomo John A CEO and President August 17, 2026 Sell pre-set plan 454 $239.40 $108,688

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 2, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 5, 2026
  • February 26, 2026
  • January 29, 2026
  • October 27, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on VSE Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

VSE Corp in brief

What does VSE Corp do?
VSE Corp is a US-listed company in the trading companies & distributors industry. Its financial year ends in December.
What is VSE Corp's stock ticker?
VSE Corp trades under the ticker VSEC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is VSE Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, VSE Corp reported revenue of $1.4B, 41.6% higher than a year earlier, according to its SEC filings.
What is VSE Corp's free cash flow?
VSE Corp's free-cash-flow margin is -0.1% of revenue over the trailing twelve months, ranking 23 of the 32 trading companies & distributors companies we cover.
Who are VSE Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., T. Rowe Price Investment Management, Inc. and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is VSE Corp's market cap?
On November 2, 2026, VSE Corp's market capitalisation was about $4.1B, with a price-to-earnings ratio of 54.8 and net debt of $891M. Market figures come from third-party market data and may be delayed.
Does VSE Corp pay a dividend?
Yes: VSE Corp paid $9.3M in dividends over the trailing twelve months, a dividend yield of 0.21% and a payout ratio of 12.4%.
How much debt does VSE Corp have?
VSE Corp's debt-to-equity ratio is 32.3%, from its latest balance sheet (64.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are VSE Corp's competitors?
In our Trading Companies & Distributors peer group, the companies closest to VSE Corp are Global Industrial Co, Alta Equipment Group Inc., Custom Truck One Source, Inc., Distribution Solutions Group, Inc. and DXP Enterprises Inc. The side-by-side comparison below sets their revenue, margins and growth against VSE Corp's.
Are insiders buying or selling VSE Corp stock?
Over the last 12 months, VSE Corp's directors and officers reported 0 open-market purchases and 13 sales on Form 4. The insider trading page charts every trade.
When is VSE Corp's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — VSE Corp announces its own schedule.