VSEC
VSE Corporation
VSEC's fundamentals are strong: revenue grew 46% and its operating margin rose 4 points to 12%. At 45x earnings, it's trading below its usual 64x. Analysts expect that strong growth to continue, though they disagree widely on how much.
VSEC Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Stable | |
| Under pressure |
VSEC's revenue and profitability are currently strong, and its cash flow is stable, but its balance sheet is under pressure.
VSEC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 20x | $80.58 | -56% |
| Forward | 23x | $184 | — |
| Current | 45x | $184 | — |
| Fair | 63x | $258 | +40% |
| Expensive | 147x | $601 | +227% |
Historical ranges are pointers, not guarantees.
VSEC's PE is in its fair range at 45x. If earnings grow as analysts expect, today's price would be 23x next year's earnings, in its cheap range.
VSEC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for VSEC, with profitability improving. However, they disagree widely on these estimates.
VSEC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $7.85 | +92% |
| Q3 2026 | $4.08 | +483% |
| Q2 2026 | $2.78 | +144% |
| Q1 2026 | $2.03 | +148% |
| Q4 2025 | $0.55 | -35% |
| Q3 2025 | $0.70 | -13% |
| Q2 2025 | $1.14 | +42% |
| Q1 2025 | $0.82 | -50% |
| Q4 2024 | $0.85 | -69% |
VSEC's earnings per share have jumped to their highest in seven years: $4.08 over the past year, up from $0.70 the year before.
VSEC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $541M | +91% |
| Q2 2026 | $449.1M | +65% |
| Q1 2026 | $324.6M | +27% |
| Q4 2025 | $301.2M | +0.7% |
| Q3 2025 | $282.9M | +3.4% |
| Q2 2025 | $272.1M | +2.3% |
| Q1 2025 | $256M | +6% |
| Q4 2024 | $299M | +27% |
VSEC's revenue has grown year over year for 10 quarters in a row: $541M last quarter, up 91% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | +11 points |
| Q2 2026 | 11% | +2.6 points |
| Q1 2026 | 10% | +0.5 points |
| Q4 2025 | 11% | +1.6 points |
| Q3 2025 | 3.6% | -5.1 points |
| Q2 2025 | 8.3% | +6 points |
| Q1 2025 | 9.6% | -0.4 points |
| Q4 2024 | 9.2% | -1.6 points |
VSEC's operating margin was 14% last quarter, up 11 points from the same quarter a year ago, near the top of its range since 2019.
VSEC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $46.6M | +158% |
| Q2 2026 | $18.7M | +197% |
| Q1 2026 | -$68.7M | -$19.2M |
| Q4 2025 | $30.9M | -41% |
| Q3 2025 | $18M | +309% |
| Q2 2025 | $6.3M | +$27.8M |
| Q1 2025 | -$49.5M | +$37.3M |
| Q4 2024 | $52.1M | +160% |
VSEC generated $27M in free cash flow over the past year, up 1.9% from the year before.
VSEC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.3% | +405K shares |
| 1 year | +53% | +11.1M shares |
| 3 years | +146% | +18.9M shares |
| 5 years | +150% | +19.1M shares |
| Available history | +187% | +20.7M shares |
VSEC has 32M diluted shares, up 53% from a year ago.
VSEC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.3x | Elevated |
| Q2 2026 | 4.8x | High |
| Q1 2026 | -6.3x | Net Cash |
| Q4 2025 | 1.7x | Healthy |
| Q3 2025 | 2.8x | Moderate |
| Q2 2025 | 2.7x | Moderate |
| Q1 2025 | 4.0x | High |
| Q4 2024 | 3.6x | Elevated |
VSEC's net debt is about 3.3 years of its operating earnings (EBITDA), up from 2.8 years a year ago.
VSEC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.6 | Neutral |
| Stochastic | 26.8 | Neutral |
VSEC's weekly RSI is 50 (neutral) and its Stochastic is 27 (neutral).
VSEC PE vs Industrials Sector
| Metric | VSEC | Sector median | Relative |
|---|---|---|---|
| PE | 45x | 24x | 87% above |
| PE % | 40 | 58 | 18 pts below |
VSEC is trading at 45x earnings, a 87% premium to the Industrials sector's median of 24x.
VSEC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $166.5 | 10% above |
| 20 week MA | $191.6 | 4.2% below |
| 50 week MA | $193.5 | 5.1% below |
| 100 week MA | $163.9 | 12% above |
| 200 week MA | $116.5 | 58% above |
VSEC's trend is mixed: it's above three of its five weekly moving averages, and 58% above its 200-week average.
VSEC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $39.0 | $40.7 | +4.4% |
| 2021 | $40.7 | $61.5 | +51% |
| 2022 | $61.5 | $44.9 | -27% |
| 2023 | $44.9 | $64.6 | +44% |
| 2024 | $64.6 | $96.8 | +50% |
| 2025 | $96.8 | $179.5 | +85% |
| 2026 YTD | $179.5 | $183.6 | +2.3% |
VSEC has finished higher in five of the last six years, two of them by more than 50%. It's up 2.3% so far in 2026.