Loading financials from SEC filings…
Engineering & construction · Industrials · Fiscal year ends Dec 31
VSE reported revenue of $1.1B in the fiscal year ended Dec 2025, up 41.5% from the year before. Operating income was $90M, an operating margin of 8.1%, and net income was $12M. Operating cash flow of $27M less capital expenditure of $21M left free cash flow of $6M. Net debt was $223M.
Ranks among the 23 engineering & construction companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 481 | 669 | 544 | 786 | 1,112 |
| Selling, general & admin | 3.5 | 3.6 | 7.1 | 13.6 | 13.3 |
| Operating income | −2.7 | 53.6 | 50.1 | 58.8 | 89.6 |
| Net interest incomeBanks | −12.1 | −17.9 | −31.1 | – | – |
| Interest expense | – | – | 31.1 | 34.9 | 20.6 |
| Pre-tax income | −14.8 | 35.7 | 19.1 | 23.8 | 69.0 |
| Income tax | −3.8 | 9.1 | 4.5 | 4.4 | 15.5 |
| Net income | 8.0 | 28.1 | 39.1 | 15.3 | 11.7 |
| Diluted EPS | 0.63 | 2.19 | 2.76 | 0.85 | 0.55 |
| Diluted shares | 12.6 | 12.8 | 14.2 | 18.0 | 21.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 0.5 | 0.3 | 7.8 | 29.5 | 69.4 |
| Receivables | 76.6 | 90.6 | 128 | 158 | 191 |
| Current assets | 464 | 549 | 774 | 965 | 893 |
| Net PP&E | 42.5 | 40.5 | 58.1 | 71.0 | 91.1 |
| Goodwill | 217 | 217 | 289 | 428 | 641 |
| Total assets | 919 | 1,000 | 1,350 | 1,743 | 2,029 |
| Payables | 115 | 129 | 173 | 145 | 155 |
| Deferred revenue | 7.1 | 6.4 | 2.8 | 4.5 | 6.9 |
| Current liabilities | 180 | 225 | 287 | 299 | 238 |
| Short-term debt | 14.2 | 10.0 | 22.5 | 30.0 | 7.5 |
| Long-term debt | 270 | 276 | 407 | 400 | 285 |
| Total liabilities | 501 | 550 | 734 | 754 | 590 |
| Shareholders' equity | 417 | 450 | 617 | 988 | 1,439 |
| Backlog (remaining obligations) | 185 | 187 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −17.6 | 8.1 | −21.8 | −31.0 | 27.0 |
| Capital expenditure | 10.5 | 11.2 | 18.7 | 20.7 | 21.3 |
| Free cash flow | −28.1 | −3.2 | −40.5 | −51.7 | 5.7 |
| Depreciation & amortisation | 24.6 | 24.6 | 23.4 | 28.8 | 39.9 |
| Stock-based compensation | 3.9 | 4.5 | 7.7 | 8.3 | 12.8 |
| Acquisitions | 53.3 | 0.0 | 219 | 283 | 394 |
| Dividends paid | 4.4 | 5.1 | 5.4 | 7.1 | 8.3 |
| Dividend per share | 0.37 | 0.40 | 0.40 | 0.40 | 0.40 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 39.1% | −18.7% | 44.5% | 41.5% |
| Operating income growth (YoY) | – | – | −6.5% | 17.2% | 52.5% |
| EPS growth (YoY) | – | 247.6% | 26.0% | −69.2% | −35.3% |
| Operating margin | −0.6% | 8.0% | 9.2% | 7.5% | 8.1% |
| Net margin | 1.7% | 4.2% | 7.2% | 1.9% | 1.1% |
| Return on equityBlank when equity is negative | 1.9% | 6.2% | 6.3% | 1.6% | 0.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −0.4% | 6.9% | 4.7% | 4.1% | 5.0% |
| Free cash flow margin | −5.8% | −0.5% | −7.4% | −6.6% | 0.5% |
| Cash conversion (CFO ÷ net income) | −2.21x | 0.29x | −0.56x | −2.03x | 2.31x |
| Receivable days | 58 | 49 | 86 | 73 | 63 |
| Interest cover | – | – | 1.61x | 1.68x | 4.36x |
| Debt ÷ equity | 0.68x | 0.64x | 0.70x | 0.44x | 0.20x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 284 | 286 | 422 | 401 | 223 |
| Current ratio | 2.58x | 2.44x | 2.70x | 3.23x | 3.76x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.