VSE CORP

VSEC 10-K · FY 2025
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VSEC FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 1,112,275 786,256 +41.5%
Show Product Lines breakouts
Product 703,925 482,800 +45.8%
Service 408,350 303,456 +34.6%
Show Business Segments breakouts
Aviation Segment · Operating Segments 1,112,275 786,256 +41.5%
Show Geography breakouts
CA 149,034 107,305 +38.9%
Other Countries 333,576 186,654 +78.7%
US 629,665 492,297 +27.9%
Show Major Customers breakouts
Commercial [Member] 1,108,091 779,008 +42.2%
Government 4,184 7,248 -42.3%
Show Contract With Customer Basis Of Pricing breakouts
Distribution 703,925 482,800 +45.8%
Repair 408,350 303,456 +34.6%
Cost of Revenue (FY) — — —
Show Product Lines breakouts
Product 589,963 404,873 +45.7%
Service 364,182 279,168 +30.5%
Selling, General & Administrative 13,340 13,629 -2.1%
Adjustment On Earn Out Receivable Fair Value 29,200 — —
Amortization Of Intangible Assets 25,995 17,625 +47.5%
Operating Costs And Expenses 1,022,680 727,500 +40.6%
Operating Income 89,595 58,756 +52.5%
Interest Expense 20,556 34,947 -41.2%
Income Before Taxes 69,039 23,809 +190.0%
Income Tax Expense (Benefit) 15,546 4,407 +252.8%
Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest 53,493 19,402 +175.7%
Income Loss From Discontinued Operations Net Of Tax -41,790 -4,078 -924.8%
Show Disposal Group Classification breakouts
Discontinued Operations Disposed Of By Sale · Federal and Defense Segment and Fleet Segment -41,790 -4,078 -924.8%
Net Income 11,703 15,324 -23.6%
Show Equity Components breakouts
Retained Earnings 11,703 15,324 -23.6%
Income Loss From Continuing Operations Per Basic Share 2.53 1.09 +132.1%
Income Loss From Discontinued Operations Net Of Tax Per Basic Share -1.98 -0.23 -760.9%
EPS (Basic) 0.55 0.86 -36.0%
Income Loss From Continuing Operations Per Diluted Share 2.52 1.08 +133.3%
Income Loss From Discontinued Operations Net Of Tax Per Diluted Share -1.97 -0.23 -756.5%
EPS (Diluted) 0.55 0.85 -35.3%
Wtd Avg Shares (Basic) 21,138,691 17,878,608 +18.2%
Wtd Avg Shares (Diluted) 21,238,718 17,975,295 +18.2%
Comprehensive Income 9,143 16,264 -43.8%
Other Comprehensive Income -2,560 940 -372.3%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -2,560 940 -372.3%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 69,358 29,505 +135.1%
Accounts Receivable 190,732 158,104 +20.6%
Contract With Customer Asset Net 41,468 29,960 +38.4%
Inventory Finished Goods 553,834 434,059 +27.6%
Prepaid Expenses & Other Current Assets 37,937 30,899 +22.8%
Total Current Assets 893,329 965,347 -7.5%
Non-Current Assets
Property, Plant & Equipment 91,098 71,041 +28.2%
Intangible Assets Net Excluding Goodwill 295,962 197,157 +50.1%
Goodwill 641,242 428,263 +49.7%
Operating Lease Right-of-Use Assets 50,151 43,225 +16.0%
Notes And Loans Receivable Net Noncurrent 27,041 — —
Other Non-Current Assets 29,755 37,597 -20.9%
Total Assets 2,028,578 1,742,630 +16.4%
Intangible Assets 295,962 197,157 +50.1%
Show Finite Lived Intangible Assets By Major Class breakouts
Contractual Rights 295,962 197,157 +50.1%
Current Liabilities
Current Portion of Long-Term Debt 7,500 30,000 -75.0%
Accounts Payable 154,506 145,492 +6.2%
Accrued Liabilities And Other Liabilities 73,161 52,749 +38.7%
Dividends Payable Current 2,339 2,059 +13.6%
Total Current Liabilities 237,506 298,500 -20.4%
Deferred Revenue (Current) 6,891 4,479 +53.9%
Non-Current Liabilities
Long-Term Debt 285,304 400,173 -28.7%
Deferred Compensation Liability Classified Noncurrent 5,918 7,262 -18.5%
Operating Lease Liabilities 43,693 39,498 +10.6%
Deferred Tax Liabilities 12,394 — —
Other Non-Current Liabilities 4,955 9,011 -45.0%
Total Liabilities 589,770 754,444 -21.8%
Long-Term Debt 292,804 430,173 -31.9%
Stockholders' Equity
Common Stock 1,170 1,030 +13.6%
Additional Paid In Capital Common Stock 1,041,483 591,600 +76.0%
Retained Earnings 395,643 392,484 +0.8%
Accumulated Other Comprehensive Income 512 3,072 -83.3%
Total Stockholders' Equity 1,438,808 988,186 +45.6%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 512 3,072 -83.3%
Additional Paid In Capital 1,041,483 591,600 +76.0%
Common Stock 1,170 1,030 +13.6%
Retained Earnings 395,643 392,484 +0.8%
Total Liabilities & Equity 2,028,578 1,742,630 +16.4%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation & Amortization 39,924 28,762 +38.8%
Amortization of Financing Costs 1,464 1,330 +10.1%
Deferred Income Taxes And Tax Credits -58 -9,996 +99.4%
Stock-Based Compensation 12,835 8,315 +54.4%
Impairment And Gain Loss On Disposition Of Business Segment 47,046 19,403 +142.5%
Gain Loss On Sale Of Property Plant Equipment 45 479 -90.6%
Increase Decrease In Earn Out Receivable Fair Value Adjustments 29,200 — —
Financing Receivable Nonaccrual Interest Income -2,041 — —
Change in Accounts Receivable -26,531 -40,239 +34.1%
Increase Decrease In Contract With Customer Asset -8,570 7,781 -210.1%
Change in Inventory -56,870 -31,668 -79.6%
Change in Prepaid & Other Assets -4,532 -6,685 +32.2%
Increase Decrease In Other Operating Capital Net 2,376 -10,247 +123.2%
Change in Accounts Payable -10,932 -31,756 +65.6%
Increase Decrease In Other Accounts Payable And Accrued Liabilities -8,069 5,955 -235.5%
Net Cash from Operations 26,990 -31,037 +187.0%
Deferred Income Taxes 1,278 -7,671 +116.7%
Investing Activities
Capital Expenditures -21,281 -20,704 -2.8%
Proceeds From Divestiture Of Businesses 138,973 40,157 +246.1%
Payments To Acquire Businesses Net Of Cash Acquired -394,144 -283,122 -39.2%
Net Cash from Investing -276,452 -263,669 -4.8%
Noncash Or Part Noncash Acquisition Accounts Receivable Acquired1 25,000 — —
Financing Activities
Proceeds From Issuance Of Long Term Debt 667,335 739,236 -9.7%
Repayments Of Long Term Debt -803,585 -739,736 -8.6%
Proceeds From Issuance Of Common Stock 442,167 325,999 +35.6%
Debt Issuance Costs -2,584 — —
Tax Withholding for Share Compensation -5,138 -2,633 -95.1%
Payments Of Dividends Common Stock -8,263 -7,060 -17.0%
Proceeds From Payments For Other Financing Activities -142 — —
Net Cash from Financing 289,790 315,806 -8.2%
Supplemental
Interest Paid 26,849 37,076 -27.6%
Income Tax Paid Federal After Refund Received 11,900 8,200 +45.1%
Income Tax Paid State And Local After Refund Received 2,938 1,962 +49.7%
Income Tax Paid Foreign After Refund Received (FY) — — —
Show Income Tax Authority breakouts
Foreign Tax Jurisdiction Other 217 232 -6.5%
GB 1,059 1,555 -31.9%
Income Taxes Paid 16,114 11,949 +34.9%
Other Cash Flow
Net Change in Cash 40,328 21,100 +91.1%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 69,358 29,030 +138.9%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

This table is rendered from the same JSON returned by /api/financials.

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