Vse Corp (VSEC)

Price$203.91Cached quoteAs of 2026-09-06 02:52 UTC

AI: Overvalued

Price checkThe market price assumes years of strong execution, leaving little room for an ordinary setback.

Using the last verified close, VSE’s equity value is about $6.1 billion. Adding June net debt of $871.6 million gives enterprise value near $6.9 billion. That is roughly 81 times trailing net income of $75.1 million and 18.7 times acquisition-adjusted trailing EBITDA, meaning operating profit before interest, tax, depreciation, and amortization, of $370.2 million. Even using 2026 guidance, implied adjusted EBITDA is only about $335–347 million. The valuation therefore requires sustained growth, integration gains, and deleveraging, with little margin of safety.

Big pictureRevenue and profit are rising fast, but cash generation has not yet matched accounting earnings.

Revenue rose from $544 million in 2023 to $1.11 billion in 2025, then second-quarter 2026 revenue reached $449.1 million, up 65% year over year. Organic growth, meaning growth excluding acquisitions, was about 14%, showing the core business is healthy. Yet trailing operating cash flow is only about $27 million, while capital spending was about $28 million, so free cash flow, meaning cash left after running and investing in the business, was roughly break-even. The business is now concentrated in aviation aftermarket demand, which adds cycle risk.

Business strengthScale, margins, and liquidity improved, but the acquisition left much more debt and goodwill behind.

Second-quarter adjusted operating profitability reached 19.2%, while revenue and operating income both set records. Liquidity is also adequate: current assets were $1.33 billion against $351.8 million of current liabilities, plus about $500 million of unused revolving credit. The trade-off is leverage. Cash was $75.4 million versus $966.7 million of debt, although company-defined adjusted net leverage was 2.4 times. Goodwill reached $1.81 billion, about 62% of stockholders’ equity, so a large part of book value now depends on acquired businesses meeting expectations.

What could change the storyThe bull case needs integration wins; the bear case is dilution without enough cash payoff.

The $2.025 billion Precision Aviation Group purchase was funded with about $1.3 billion of equity-linked proceeds and a new $900 million term loan. Shares outstanding rose from 15.8 million at the end of 2023 to 28.1 million by June 2026, and the equity units can create roughly another 2.0–2.4 million shares in 2029. The bull case strengthens if organic growth stays near the recent mid-teens, margins move above 20%, and debt falls quickly. It weakens if aviation demand cools or free cash flow stays thin after integration.

AI: News

Strong quarter raises outlookA record quarter beat expectations and management raised its full-year growth and profitability outlook.

On August 5, VSE reported second-quarter revenue of $449.1 million and company-adjusted profit per diluted share of $1.75, both above market estimates. Management raised 2026 revenue-growth guidance to 61%–64% and its adjusted operating-profitability outlook to 18.7%–19.0%. Organic revenue growth was about 14%. Shares rose about 6% after hours and closed roughly 4.5% higher the next day. The reaction is consistent with stronger expectations, though short-term price moves can reflect other trading factors too.

Precision Aviation deal closesThe Precision Aviation purchase greatly expanded VSE while also increasing debt, goodwill, and future dilution.

On May 5, VSE completed the roughly $2.025 billion Precision Aviation Group acquisition, creating a combined platform with 61 locations across eight countries. The deal was funded with about $1.3 billion of net proceeds from common stock and equity units plus a new $900 million term loan; the seller also received exchangeable equity. The transaction matters because it lifted scale and repair capabilities, but it also changed VSE’s risk profile. Same-day first-quarter results make any isolated stock-price reaction difficult to attribute confidently.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$1.11B	$786.3M	$544.0M	$669.4M	$481.4M	$661.7M	$752.6M	$697.2M	$760.1M	$691.8M	$534.0M	$424.1M	$471.6M	$546.8M	$580.8M	$811.0M	$1.01B
Gross profit	$132.1M	$84.6M	$57.3M	$57.2M	—	—	—	—	$468.3M	$412.2M	$276.0M	$288.8M	$342.6M	$424.6M	$507.8M	$802.2M	—
Gross margin	11.88%	10.76%	10.53%	8.55%	—	—	—	—	61.62%	59.58%	51.68%	68.11%	72.64%	77.66%	87.43%	98.92%	—
Operating expenses	$1.02B	$727.5M	$493.9M	$615.8M	$484.1M	$606.9M	$692.4M	$644.7M	$705.8M	$640.3M	$225.4M	$251.9M	$298.5M	$373.5M	$471.7M	$764.3M	—
Operating income	$89.6M	$58.8M	$50.1M	$53.6M	−$2.7M	$13.9M	$60.3M	$54.2M	$54.3M	$51.5M	$50.5M	$36.9M	$44.1M	$51.1M	$36.1M	$37.9M	$38.5M
Operating margin	8.06%	7.47%	9.22%	8.01%	−0.56%	2.10%	8.01%	7.78%	7.15%	7.45%	9.46%	8.71%	9.35%	9.34%	6.21%	4.68%	3.79%
EBITDA	$129.5M	$87.5M	$73.6M	$78.2M	$21.9M	$38.1M	$87.2M	$79.5M	$80.2M	$77.6M	$76.1M	$55.7M	$64.1M	$72.2M	$51.2M	$46.9M	$46.1M
EBITDA margin	11.64%	11.13%	13.52%	11.68%	4.55%	5.75%	11.58%	11.40%	10.55%	11.21%	14.25%	13.13%	13.59%	13.21%	8.81%	5.78%	4.54%
Net income	$11.7M	$15.3M	$39.1M	$28.1M	$8.0M	−$5.2M	$37.0M	$35.1M	$39.1M	$26.8M	$24.9M	$19.4M	$22.9M	$21.3M	$20.6M	$23.7M	$24.0M
Net profit margin	1.05%	1.95%	7.19%	4.19%	1.65%	−0.78%	4.92%	5.03%	5.14%	3.87%	4.67%	4.57%	4.85%	3.89%	3.54%	2.92%	2.37%
Basic EPSper basic share	$0.55	$0.86	$2.77	$2.20	$0.63	-$0.47	$3.38	$3.23	$3.61	$2.48	$2.32	$1.81	$2.15	$2.02	$1.97	$2.28	$2.34
Diluted EPSper diluted share	$0.55	$0.85	$2.76	$2.19	$0.63	-$0.47	$3.35	$3.21	$3.60	$2.47	$2.31	$1.81	$2.14	$2.01	$1.95	$2.27	$2.34

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

16.50%of listed shares

BlackRock, Inc.4.63M shares · Jun 30, 2026

View holders

Top 20 reported holders of VSEC
Holder	% owned
BlackRock, Inc.	16.50%4.63M shares
T. Rowe Price Investment Management, Inc.	7.48%2.1M shares
STATE STREET CORP	7.35%2.06M shares
KOONCE CALVIN SCOTT	≈6.52%1.83M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.43%1.24M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	3.67%1.03M shares
Durable Capital Partners LP	3.49%980.31K shares
Capital Research Global Investors	2.95%829.2K shares
UBS Group AG	2.94%824.5K shares
DENDUR CAPITAL LP	2.93%821.4K shares
GEODE CAPITAL MANAGEMENT, LLC	2.88%807.81K shares
Capital World Investors	2.87%805.64K shares
SAMLYN CAPITAL, LLC	2.31%647.21K shares
NEUBERGER BERMAN GROUP LLC	2.25%631.45K shares
Invesco Ltd.	2.21%620.3K shares
FULLER & THALER ASSET MANAGEMENT, INC.	1.98%556.29K shares
PRICE T ROWE ASSOCIATES INC /MD/	1.89%531.67K shares
FMR LLC	1.85%517.86K shares
AltraVue Capital, LLC	1.83%514.16K shares
AMERIPRISE FINANCIAL INC	1.70%478.08K shares

Percentages use 28.06M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)10$5.12M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 12, 2026Form 4	Thomas Benjamin E.Chief Operating Officer	SellCommon Stock, par value $.05	6.5K	$196.82	$1.28M	42.8K
May 9, 2025Form 4	BRITT ANITA DDirector	SellCommon Stock, par value $.05	2.9K	$129.38	$371.2K	3.8K
Aug 29, 2024Form 4	KOONCE CALVIN SCOTTTenPercentOwner	SellCommon Stock, par value $.05 · indirect	8.4K	$92.47	$774.0K	463.3K
Aug 29, 2024Form 4	KOONCE CALVIN SCOTTTenPercentOwner	SellCommon Stock, par value $.05 · indirect	3.5K	$91.63	$323.5K	471.7K
Aug 29, 2024Form 4	KOONCE CALVIN SCOTTTenPercentOwner	SellCommon Stock, par value $.05 · indirect	3.2K	$90.52	$289.7K	475.2K

Review ownership filings at SEC.gov ↗

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Vse Corp (VSEC)

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