VSE financials
$171.59−1.75%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.11B | $786.3M | $544.0M | $669.4M | $481.4M | $661.7M | $752.6M | $697.2M | $760.1M | $691.8M |
| Gross profit | $158.1M | $102.2M | $69.0M | $73.0M | $16.5M | $75.4M | $83.8M | $72.3M | $72.8M | $74.2M |
| Gross margin | 14.2% | 13.0% | 12.7% | 10.9% | 3.4% | 11.4% | 11.1% | 10.4% | 9.6% | 10.7% |
| Operating income | $89.6M | $58.8M | $50.1M | $53.6M | -$2.7M | $54.8M | $60.3M | $52.5M | $54.3M | $51.5M |
| Net income | $11.7M | $15.3M | $39.1M | $28.1M | $8.0M | -$5.2M | $37.0M | $35.1M | $39.1M | $26.8M |
| Net margin | 1.1% | 1.9% | 7.2% | 4.2% | 1.7% | −0.8% | 4.9% | 5.0% | 5.1% | 3.9% |
| Diluted EPS | $0.55 | $0.85 | $2.76 | $2.19 | $0.63 | $-0.47 | $3.35 | $3.21 | $3.60 | $2.47 |
| EBITDA | $129.5M | $99.7M | $73.6M | $78.2M | $21.9M | $78.9M | $87.2M | $77.8M | $80.2M | $77.6M |
| Operating cash flow | $27.0M | -$31.0M | -$21.8M | $8.1M | -$17.6M | $35.8M | $16.1M | $18.9M | $50.4M | $47.2M |
| Free cash flow | $5.7M | -$51.7M | -$40.5M | -$3.2M | -$28.1M | $31.3M | $6.5M | $15.7M | $46.7M | $40.6M |
| Diluted shares | 21.2M | 18.0M | 14.2M | 12.8M | 12.6M | 11.0M | 11.0M | 10.9M | 10.9M | 10.8M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $69.4M | $29.5M | $7.8M | $305.0K | $518.0K | $378.0K |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| Total debt | $292.8M | $430.2M | $429.3M | $286.3M | $284.6M | $251.1M |
| Total assets | $2.03B | $1.74B | $1.35B | $999.8M | $918.6M | $780.1M |
| Total liabilities | $589.8M | $754.4M | $733.6M | $550.3M | $501.2M | $423.8M |
| Shareholders' equity | $1.44B | $988.2M | $616.7M | $449.5M | $417.3M | $356.3M |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology