VS
VSE Corp
VSEC—
VSE Corp AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 429M is 44% of equity and 64% of intangibles (631M) - acquisition-heavy strategy creates impairment risk if integration falters.[Goodwill]
- Revenue grew 39% TTM vs industry median 0.8%, gross profit up 55% - outpacing peers by 47x on growth while maintaining 10.5% gross margin.[Total Revenue 1Y Growth]
- Net margin 0.8% TTM vs industry median 5.1% despite strong operating margin 9.7% - interest expense of 26M consuming 34% of pretax income.[Net Margin]
Watch Triggers
- Net Margin: Rises above 3% TTM — Would signal interest burden stabilizing and acquisition synergies materializing
- Goodwill: Impairment charge announced — 44% of equity at risk; would signal acquisition strategy underperforming
- Interest Expense: Exceeds 30M TTM — Currently consuming 34% of pretax income; increase would pressure already thin margins
Bull Case
Revenue growth 39% TTM (47x industry median) with gross profit up 55% demonstrates pricing power and operating leverage in defense/aerospace services.
Total Revenue 1Y GrowthGross Profit 1Y Growth
Working capital of 539M with inventory of 464M positions company to fulfill contracts without additional financing needs.
Working CapitalInventory
Bear Case
P/E of 51.9x (2x industry median 24.5x) and P/S of 3.3x (2x median 1.6x) prices in perfect execution with no margin for disappointment.
PE RatioPS Ratio
Net margin 0.8% vs 5.1% median with ROE 1.3% vs 9.0% median - growth not yet translating to shareholder returns.
Net MarginROE
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
40%
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Forward Thesis
Margin expansion likely as acquisition integration matures and interest burden stabilizes
1-3ymed
- Operating margin 9.7% already above industry median 7.2%
- Gross profit growth 55% outpacing revenue growth 39%
- Debt/equity 0.40 manageable despite 394M total debt
Operating margin TTM 9.7% vs 7.2% medianInterest expense 26M on 75M pretax incomeGross margin improved with 55% profit growth
Valuation Context
Caveats
Public Strategies Rankings
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VSEC Fundamentals
Manufacturing → Fabricated Metal Product Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$4.45B | — | ||
$4.83B | — | ||
52 | — | ||
$1.33B | +31.1% | — | |
$4.12 | +57.3% | — | |
9.71% | +0.7% | — | |
0.84% | -0.5% | — | |
$26.95M | — | ||
0.01 | -0.7% | — | |
Beta 5Y (Monthly) | unknown | — |
VSEC Dividend History
106 dividends
2026
$0.100001/15/26$0.1000
2025
$0.400010/15/25$0.1000
07/16/25$0.1000
05/01/25$0.1000
01/23/25$0.1000
2024
$0.400011/06/24$0.1000
07/17/24$0.1000
05/01/24$0.1000
01/24/24$0.1000
2023
$0.500010/31/23$0.1000
07/11/23$0.1000
06/09/23$0.1000
05/02/23$0.1000
01/25/23$0.1000
2022
$0.400011/01/22$0.1000
07/12/22$0.1000
05/03/22$0.1000
01/25/22$0.1000
2021
$0.360011/02/21$0.0900
07/13/21$0.0900
04/27/21$0.0900
01/26/21$0.0900
2020
$0.360011/03/20$0.0900
07/14/20$0.0900
04/28/20$0.0900
01/28/20$0.0900
2019
$0.340011/05/19$0.0900
07/16/19$0.0900
04/30/19$0.0800
01/29/19$0.0800
2018
$0.300011/06/18$0.0800
07/17/18$0.0800
05/01/18$0.0700
01/30/18$0.0700
2017
$0.260011/07/17$0.0700
07/17/17$0.0700
05/01/17$0.0600
01/30/17$0.0600
2016
$0.230011/07/16$0.0600
07/18/16$0.0600
05/02/16$0.0550
02/01/16$0.0550
2015
$0.210011/06/15$0.0550
07/20/15$0.0550
05/04/15$0.0500
02/02/15$0.0500
2014
$0.190011/07/14$0.0500
07/21/14$0.0500
05/05/14$0.0450
02/03/14$0.0450
2013
$0.170011/08/13$0.0450
07/22/13$0.0450
04/29/13$0.0400
02/04/13$0.0400
2012
$0.150011/05/12$0.0400
07/23/12$0.0400
04/30/12$0.0350
02/09/12$0.0350
2011
$0.130010/31/11$0.0350
07/25/11$0.0350
05/02/11$0.0300
01/31/11$0.0300
2010
$0.110011/01/10$0.0300
07/26/10$0.0300
05/03/10$0.0250
02/01/10$0.0250
2009
$0.095010/26/09$0.0250
07/27/09$0.0250
05/04/09$0.0225
02/02/09$0.0225
2008
$0.085010/28/08$0.0225
07/29/08$0.0225
04/29/08$0.0200
02/04/08$0.0200
2007
$0.075010/30/07$0.0200
07/31/07$0.0200
05/01/07$0.0175
02/02/07$0.0175
2006
$0.065010/31/06$0.0175
07/31/06$0.0175
05/01/06$0.0150
01/31/06$0.0150
2005
$0.055010/28/05$0.0150
07/29/05$0.0150
04/29/05$0.0125
01/31/05$0.0125
2004
$0.045010/29/04$0.0125
08/02/04$0.0125
04/29/04$0.0100
01/29/04$0.0100
2003
$0.040010/30/03$0.0100
07/30/03$0.0100
04/29/03$0.0100
01/30/03$0.0100
2002
$0.040010/30/02$0.0100
07/30/02$0.0100
04/29/02$0.0100
01/30/02$0.0100
2001
$0.040010/30/01$0.0100
07/31/01$0.0100
05/01/01$0.0100
01/31/01$0.0100
2000
$0.039011/01/00$0.0100
08/02/00$0.0100
05/02/00$0.0100
01/28/00$0.0090
VSEC Stock Splits
2 stock splits
08/04/161:2 split
06/29/070.5:1 split
VSEC SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/27/25 | 09/30/25 | 10-Q | |
07/31/25 | 06/30/25 | 10-Q | |
05/07/25 | 03/31/25 | 10-Q | |
03/03/25 | 12/31/24 | 10-K | |
11/06/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/09/24 | 03/31/24 | 10-Q | |
03/08/24 | 12/31/23 | 10-K | |
11/02/23 | 09/30/23 | 10-Q | |
07/27/23 | 06/30/23 | 10-Q | |
05/03/23 | 03/31/23 | 10-Q | |
03/10/23 | 12/31/22 | 10-K | |
10/27/22 | 09/30/22 | 10-Q | |
07/28/22 | 06/30/22 | 10-Q | |
04/29/22 | 03/31/22 | 10-Q | |
03/11/22 | 12/31/21 | 10-K | |
10/28/21 | 09/30/21 | 10-Q | |
07/30/21 | 06/30/21 | 10-Q | |
04/29/21 | 03/31/21 | 10-Q | |
03/05/21 | 12/31/20 | 10-K | |
10/29/20 | 09/30/20 | 10-Q | |
07/31/20 | 06/30/20 | 10-Q | |
05/01/20 | 03/31/20 | 10-Q | |
03/09/20 | 12/31/19 | 10-K | |
10/31/19 | 09/30/19 | 10-Q | |
07/31/19 | 06/30/19 | 10-Q | |
05/03/19 | 03/31/19 | 10-Q | |
03/07/19 | 12/31/18 | 10-K | |
10/31/18 | 09/30/18 | 10-Q | |
07/27/18 | 06/30/18 | 10-Q | |
05/02/18 | 03/31/18 | 10-Q | |
03/07/18 | 12/31/17 | 10-K | |
10/27/17 | 09/30/17 | 10-Q | |
07/27/17 | 06/30/17 | 10-Q | |
04/28/17 | 03/31/17 | 10-Q | |
03/01/17 | 12/31/16 | 10-K | |
10/26/16 | 09/30/16 | 10-Q | |
07/29/16 | 06/30/16 | 10-Q | |
04/29/16 | 03/31/16 | 10-Q | |
03/03/16 | 12/31/15 | 10-K | |
10/29/15 | 09/30/15 | 10-Q | |
07/30/15 | 06/30/15 | 10-Q | |
05/01/15 | 03/31/15 | 10-Q | |
03/06/15 | 12/31/14 | 10-K | |
10/30/14 | 09/30/14 | 10-Q | |
08/01/14 | 06/30/14 | 10-Q | |
05/01/14 | 03/31/14 | 10-Q | |
03/07/14 | 12/31/13 | 10-K | |
10/31/13 | 09/30/13 | 10-Q | |
07/31/13 | 06/30/13 | 10-Q | |
05/02/13 | 03/31/13 | 10-Q | |
03/06/13 | 12/31/12 | 10-K | |
10/31/12 | 09/30/12 | 10-Q | |
08/02/12 | 06/30/12 | 10-Q | |
05/01/12 | 03/31/12 | 10-Q | |
03/08/12 | 12/31/11 | 10-K | |
10/31/11 | 09/30/11 | 10-Q | |
08/02/11 | 06/30/11 | 10-Q | |
04/29/11 | 03/31/11 | 10-Q | |
03/02/11 | 12/31/10 | 10-K | |
10/29/10 | 09/30/10 | 10-Q | |
07/30/10 | 06/30/10 | 10-Q | |
04/30/10 | 03/31/10 | 10-Q | |
03/04/10 | 12/31/09 | 10-K | |
10/30/09 | 09/30/09 | 10-Q | |
07/30/09 | 06/30/09 | 10-Q | |
04/30/09 | 03/30/09 | 10-Q | |
03/03/09 | 12/31/08 | 10-K | |
10/30/08 | 09/30/08 | 10-Q | |
08/01/08 | 06/30/08 | 8-K | |
04/30/08 | 03/30/08 | Unknown | -- |
03/07/08 | 12/31/07 | 8-K | |
11/09/07 | 09/30/07 | 8-K | |
08/01/07 | 06/30/07 | 10-Q | |
04/30/07 | 03/30/07 | Unknown | -- |
03/05/07 | 12/31/06 | 8-K | |
10/31/06 | 09/30/06 | 10-Q | |
08/01/06 | 06/30/06 | 4 | |
04/28/06 | 03/30/06 | Unknown | -- |
03/08/06 | 12/31/05 | DEF 14A | |
10/28/05 | 09/30/05 | 10-Q | |
07/29/05 | 06/30/05 | 10-Q | |
04/27/05 | 03/30/05 | Unknown | -- |
03/09/05 | 12/31/04 | DEF 14A | |
10/29/04 | 09/30/04 | 4 | |
07/30/04 | 06/30/04 | 10-Q | |
04/28/04 | 03/30/04 | Unknown | -- |
03/11/04 | 12/31/03 | DEF 14A | |
10/28/03 | 09/30/03 | 10-Q | |
07/29/03 | 06/30/03 | 10-Q | |
04/30/03 | 03/30/03 | Unknown | -- |
03/10/03 | 12/31/02 | DEF 14A | |
10/28/02 | 09/30/02 | 10-Q | |
07/25/02 | 06/30/02 | 10-Q | |
04/30/02 | 03/30/02 | Unknown | -- |
03/06/02 | 12/31/01 | DEF 14A | |
10/31/01 | 09/30/01 | 10-Q | |
07/31/01 | 06/30/01 | 10-Q | |
05/01/01 | 03/30/01 | Unknown | -- |
03/08/01 | 12/31/00 | DEF 14A | |
10/27/00 | 09/30/00 | 10-Q | |
07/27/00 | 06/30/00 | 10-Q | |
05/03/00 | 03/30/00 | Unknown | -- |