At a glance
VSE Corp is worth $4.10B, about 266 times its fiscal 2025 earnings. Revenue grew 41.5% to $1.11B in fiscal 2025, with 1.1% kept as profit; over 4 years it has grown 23.3% a year. It pays a 0.27% dividend yield, and returned $30.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −19.9% over the past year with dividends reinvested and +21.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 54.1% in the 2020 crash (S&P 500: 33.7%) and 45.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 16 months after the lows.
The business in plain English
VSE serves the aviation aftermarket: the parts and repairs aircraft need after they leave the factory. It distributes replacement parts and provides maintenance, repair and overhaul (MRO) services for aircraft components and engine accessories. Customers include commercial and regional airlines, cargo carriers, other MRO providers, aircraft makers, private and corporate aircraft owners, and fixed-base operators, which service planes at airports. Certified technicians must do the repairs in shops certified by the Federal Aviation Administration.
In FY2025 (ended December 31, 2025), revenue rose 41.5% to about $1.11 billion. Product sales made up 63.3% and services 36.7%. The United States accounted for 56.6% of revenue, Canada 13.4% and other countries 30%. Aviation is the only reporting segment. VSE sold its Fleet business, a parts supplier to medium and heavy-duty vehicle fleets, in April 2025. In February 2024 it agreed to the sale of most of its Federal and Defense unit, which serviced military vehicles, ships and aircraft.
Acquisitions are a core part of VSE's growth strategy. On January 29, 2026, VSE agreed to acquire Precision Aviation Group (PAG) for about $2.025 billion in cash and stock, plus up to $125 million more tied to PAG's 2026 adjusted EBITDA, a profit measure. Revenue for the quarter ended June 30, 2026 was $449.1 million, up 65% from a year earlier.
Price history
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VSEC -19.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Products | $703.9M | 63.3% |
| Services | $408.4M | 36.7% |
By geography
| United States | $629.7M | 56.6% |
| Other Countries | $333.6M | 30% |
| Canada | $149.0M | 13.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $449.1M, up 65% from a year earlier, and net income was $28.5M (+792.2%).
- For fiscal 2025, revenue was $1.11B (+41.5% year over year; +23.3% a year from FY2021 to FY2025) with a 1.1% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +23.3% good |
|---|---|
| Operating margin | 8.1% watch |
| Free cash flow margin | 0.5% watch |
| Return on equity (FY2025) | 0.8% weak |
| Return on assets (FY2025) | 0.6% weak |
| Net cash (cash minus debt) | $-871.6M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $661.7M | $-5.2M | $31.3M |
| FY2021 | $481.4M | $8.0M | $-28.1M |
| FY2022 | $669.4M | $28.1M | $-3.2M |
| FY2023 | $544.0M | $39.1M | $-40.5M |
| FY2024 | $786.3M | $15.3M | $-51.7M |
| FY2025 | $1.11B | $11.7M | $5.7M |
Valuation snapshot
| Market value | $4.10B |
|---|---|
| P/E ratio | 265.7 |
| Dividend yield | 0.27% |
Rank among 1514 US companies
Market value at each year end
VSE’s market value went from $419.4M at the end of 2016 to $4.10B on Oct 28, 2026, about 9.8 times as much; since the end of 2025 it is up 15%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.10B | +14.7% |
| 2025 | $3.57B | +84.1% |
| 2024 | $1.94B | +90.8% |
| 2023 | $1.02B | +69.6% |
| 2022 | $600.0M | -22.5% |
| 2021 | $774.7M | +82.1% |
| 2020 | $425.4M | +1.9% |
| 2019 | $417.3M | +28.2% |
| 2018 | $325.5M | -38.0% |
| 2017 | $524.9M | +25.2% |
| 2016 | $419.4M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VSEC price data to Oct 28, 2026 | -15.3% | -19.9% | +41.0% | +21.9% | +18.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -15.3% |
| 2025 | +82.3% |
| 2024 | +47.9% |
| 2023 | +39.1% |
| 2022 | -22.4% |
| 2021 | +59.5% |
| 2020 | +2.5% |
| 2019 | +28.6% |
| 2018 | -37.8% |
| 2017 | +25.5% |
| 2016 | +25.8% |
| 2015 | -5.0% |
| 2014 | +38.2% |
| 2013 | +97.8% |
| 2012 | +2.2% |
| 2011 | -25.7% |
| 2010 | -26.4% |
| 2009 | +15.6% |
| 2008 | -19.2% |
| 2007 | +189.5% |
| 2006 | -19.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 62.5% over that stretch · deepest drop along the way 65.4%, back to its old high 61.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 46.2% over that stretch · deepest drop along the way 54.1%, back to its old high 2.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.4% over that stretch · deepest drop along the way 45.6%, back to its old high 16.1 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 13 sales ($5.8M), 12 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 17, 2026 | John A Cuomo CEO and President, Director | sell (plan) | $1.3M |
| Jun 12, 2026 | Benjamin E. Thomas Chief Operating Officer | sell | $1.3M |
| Aug 17, 2026 | John A Cuomo CEO and President, Director | sell (plan) | $1.0M |
| Aug 17, 2026 | John A Cuomo CEO and President, Director | sell (plan) | $683K |
| Aug 17, 2026 | John A Cuomo CEO and President, Director | sell (plan) | $519K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.5% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 8.2% | Jun 30, 2026 |
| STATE STREET CORPORATION | 6.7% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.46% | Sep 30, 2026 |
| Vanguard Capital Management | 5.18% | Jun 30, 2026 |
| Ameriprise Financial, Inc. | 4.8% | Jun 30, 2025 |
| Durable Capital Partners LP | 3.5% | Jun 30, 2026 |
| Capital Research Global Investors | 3.3% | Mar 31, 2026 |
| FMR LLC | 2.7% | May 30, 2025 |
ETFs with the most weight in VSEC
| PRN Invesco Dorsey Wright Industrials Momentum ETF | 2.06% |
| IWC iShares Micro-Cap ETF | 0.6% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.28% |
| TPSC Timothy Plan US Small Cap Core ETF | 0.27% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.26% |
| BBSC JPMorgan BetaBuilders U.S. Small Cap Equity Fund | 0.16% |
| CSA VictoryShares US Small Cap Volatility Wtd ETF | 0.16% |
| IWN iShares Russell 2000 Value ETF | 0.15% |
What could go wrong
- Large PAG acquisition must pay off. VSE agreed to acquire Precision Aviation Group for about $2.025 billion upfront, plus up to $125 million more. The expected cost savings may not appear, and PAG could carry liabilities VSE has not found.
- Everything rides on aviation demand. After the sales of its Fleet and Federal and Defense units, VSE has one segment: Aviation. Recessions, wars, disease outbreaks or airline fleet changes can cut demand for parts and repairs and delay customer payments.
- One customer group matters a lot. The annual report says a single customer group accounts for a significant share of revenue. Losing that business, or accepting weaker terms from it, could noticeably hurt sales and profits.
- Large debt load, small cash cushion. As of June 30, 2026, VSE had about $947 million of debt and about $75 million of cash and investments. Weak credit markets could make new funding costlier or harder to get.
- Tariffs, trade rules and supply chains. Only about 57% of FY2025 revenue came from the United States. Tariffs, export controls, sanctions and supplier delays could raise costs, block some sales or leave customers waiting for parts.
- Goodwill could be written down. Buying companies creates goodwill, the premium paid above the value of a business's identifiable assets. If acquired businesses underperform, VSE could have to write that value down, cutting reported profit.
Recent events
- Other company announcement
- Quarterly results released
- Shareholder vote results; Other company announcement
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Quarterly results released
- Major agreement signed
- Other company announcement
- Major agreement signed; Quarterly results released; New debt or financial obligation; Unregistered sale of shares; Investor presentation or announcement
For income and retirement investors
VSE pays a small dividend that has not risen since FY2022. It paid $0.40 a share in each year from FY2022 to FY2025, up from $0.36 in FY2020, and the yield was 0.27% as of October 28, 2026. In FY2025, dividends took 70.6% of net income and 144.7% of free cash flow (cash left after capital spending), which was negative from FY2021 to FY2024. VSE repurchased no shares in FY2021–FY2025, and its share count rose about 121% from October 2021 to July 2026 as it issued stock.
In downturns, the shares fell about 65% in the 2008 financial crisis and needed about 61 months to recover. They dropped 54% in the 2020 COVID crash, recovering in under three months, and 46% in the 2022 bear market, recovering in about 16 months. With so low a yield, most of any return would have to come from price gains. A single stock carries more risk than a diversified fund.
Questions investors ask
How does VSE Corp make money?
VSE earns money by distributing aircraft parts and repairing aircraft components. In FY2025, product sales brought in 63.3% of its roughly $1.11 billion in revenue and services 36.7%. It supplies aftermarket parts for engines and components and runs certified repair shops that do maintenance, repair and overhaul work. Customers range from commercial and regional airlines and cargo carriers to corporate and private aircraft owners, other repair providers and aircraft makers.
Does VSE Corp pay a dividend?
Yes, but it is small and has stayed flat. VSE paid $0.40 per share in FY2025, the same as in FY2022, FY2023 and FY2024, for a yield of 0.27% as of October 28, 2026. Dividends used 70.6% of FY2025 net income and 144.7% of free cash flow. The company's annual report says there is no assurance it will keep paying dividends at the same level, or at all.
What is VSE's Precision Aviation Group deal?
It is VSE's agreement, signed January 29, 2026, to acquire Precision Aviation Group (PAG) from GenNx360 Capital Partners for about $2.025 billion in cash and stock. VSE could pay up to $125 million more, in cash or stock, depending on PAG's 2026 adjusted EBITDA, a profit measure. The deal was expected to close in the second quarter of 2026, funded partly by securities offerings in February 2026. A May 7, 2026 filing reported a completed transaction and new debt.
How volatile is VSE stock?
Very. In the year to October 28, 2026, VSE shares lost 19.9%, had annualized volatility (a measure of price swings) of 58.3%, and fell as much as 41.6% from a peak. A one-year beta of 2.15 means the stock tended to move about twice as much as the overall market. Longer-term returns were strong, though: about 41% a year over three years and 18.3% a year over ten years, as of the same date.
Is VSE stock expensive?
Measured against past earnings, it looks expensive. As of October 28, 2026, the price-to-earnings (P/E) ratio, which is the share price divided by a year's earnings per share, was 265.7. That figure uses FY2025 diluted earnings of $0.55 per share. The company's market value was about $4.1 billion. FY2025 net income was only $11.7 million, a 1.1% net margin, though operating margin was 8.1%. Net income reached $28.5 million in the quarter ended June 30, 2026, up 792% from a year earlier.