VSEC on Nasdaq

VSE Corporation

Logo: VSE Corporation, CC BY-SA 4.0, via Wikimedia Commons5

American diversified services company

VSE Corporation is a leading provider of aftermarket distribution and repair services. Operating through its two key segments, VSE significantly enhances the productivity and longevity of its customers' high-value, business-critical assets.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

1959Founded1

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  • TickerVSEC on Nasdaq1
  • IndustryServices-Engineering Services1
  • HeadquartersAlexandria1
  • Websitewww.vsecorp.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address3361 Enterprise Way, Miramar, Fl 330256
  • Filer categoryLarge accelerated filer6
  • LEI549300QWJYQDH4U5XI154
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 5323274

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VSE Corporation is a leading provider of aftermarket distribution and repair services. Operating through its two key segments, VSE significantly enhances the productivity and longevity of its customers' high-value, business-critical assets. The aviation segment is a leading provider of aftermarket parts distribution and maintenance, repair, and overhaul (MRO) services for components and engine accessories to commercial, business, and general aviation operators. The fleet segment specializes in part distribution, engineering solutions, and supply chain management services catered to the medium and heavy-duty fleet market.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

8.1%Operating margin8
1.1%Net margin8
41.5%Revenue growth, 20258
0.8%Return on equity8
0.20×Debt to equity8
$5.7MFree cash flow8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 63% of the revenue VSE Corporation broke down this way in fiscal 2025.

  1. Product$703.9M863%up 46% from 2024
  2. Service$408.4M837%up 35% from 2024
Products and services by year
Products and services202320242025
Product$376.6M$482.8M$703.9M
Service$167.5M$303.5M$408.4M

Regions

United States brought in 57% of the revenue VSE Corporation broke down this way in fiscal 2025.

  1. United States$629.7M857%up 28% from 2024
  2. Non-US And Non-Canada$333.6M830%up 79% from 2024
  3. Canada$149.0M813%up 39% from 2024
Regions by year
Regions202320242025
United States$340.9M$492.3M$629.7M
Non-US And Non-Canada$130.7M$186.7M$333.6M
Canada$72.4M$107.3M$149.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Selling, general and admin1¢$13.3M
  • Other costs96¢$1.1B
  • Income tax1¢$15.5M
  • Profit1¢$11.7M

Out of $1.1B in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Capital spending72¢$21.3M
  • Dividends paid28¢$8.3M

Out of $27.0M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.8

Financial statements

Revenue91011128$1.1B in 2025+48% since 2019
0$500.0M$1.0B$1.5B2019: $752.6M$752.6M20192020: $661.7M$661.7M2020−12%2021: $481.4M$481.4M2021−27%2022: $669.4M$669.4M2022+39%2023: $544.0M$544.0M2023−19%2024: $786.3M$786.3M2024+45%2025: $1.1B$1.1B2025+41%
Operating income91011128$89.6M in 2025+49% since 2019
-$25.0M0$25.0M$50.0M$75.0M$100.0M2019: $60.3M$60.3M20192020: $13.9M$13.9M2020−77%2021: -$2.7M-$2.7M20212022: $53.6M$53.6M20222023: $50.1M$50.1M2023−6%2024: $58.8M$58.8M2024+17%2025: $89.6M$89.6M2025+52%
Net income91011128$11.7M in 2025−68% since 2019
-$20.0M0$20.0M$40.0M2019: $37.0M$37.0M20192020: -$5.2M-$5.2M20202021: $8.0M$8.0M20212022: $28.1M$28.1M2022+252%2023: $39.1M$39.1M2023+39%2024: $15.3M$15.3M2024−61%2025: $11.7M$11.7M2025−24%

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
Total revenues$1.1B$786.3M$544.0M
Selling, general and administrative expenses$13.3M$13.6M$7.1M
Earn-out receivable fair value adjustments$29.2M$0$0
Lease abandonment and termination costs$0$12.2M$0
Amortization of intangible assets$26.0M$17.6M$11.7M
Total costs and operating expenses$1.0B$727.5M$493.9M
Operating income$89.6M$58.8M$50.1M
Interest expense, net$20.6M$34.9M$31.1M
Income from continuing operations before income taxes$69.0M$23.8M$19.1M
Provision for income taxes$15.5M$4.4M$4.5M
Net income from continuing operations$53.5M$19.4M$14.6M
(Loss) income from discontinued operations, net of tax-$41.8M-$4.1M$24.6M
Net income$11.7M$15.3M$39.1M
Continuing operations (usd per share)$3$1$1
Discontinued operations (usd per share)-$2-$0$2
Basic earnings (loss) per share (usd per share)$0.55$0.86$2.77
Continuing operations (usd per share)$3$1$1
Discontinued operations (usd per share)-$2-$0$2
Diluted earnings (loss) per share (usd per share)$0.55$0.85$2.76
Basic (in shares)21.1M shares17.9M shares14.1M shares
Diluted (in shares)21.2M shares18.0M shares14.2M shares

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The story

VSE Corporation was established in 1959 to provide engineering and technical services to the owners and operators of transportation and equipment assets and large, mission critical fleets (ships, vehicles and aircraft.)

VSE is a publicly traded (NASDAQ: VSEC), ISO 9001:2015-registered SCM, MRO, and professional services company. VSE's subsidiary, Wheeler Fleet Solutions received its seventh U.S. Postal Service Supplier Performance Award for 2013. VSE Aviation, Inc. is an FAA and EASA certified independent provider of MRO and SCM services for aircraft engines and engine accessories.

From Wikipedia’s article on VSE Corporation, shared under CC BY-SA 4.0.7

Leadership

Who has led VSE Corporation, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Donald M. Ervine2003–2008
  2. Maurice A. Gauthier2008–2019
  3. John A. Cuomo2019–now

Chair

  1. Donald M. Ervine2003–2009

President

  1. Donald M. Ervine2003–2008
  2. Robert Joseph Kelly2004
  3. Carl E. Williams2008–2012
  4. Maurice A. Gauthier2008–2019
  5. James E. Reed2009–2010
  6. Nancy G. Margolis2010–2016
  7. Denise E. Manning2010–2012
  8. Randy A. Davies2011–2013
  9. Chad Wheeler2014–2024
  10. Paul William Goffredi2015–2020
  11. John A. Cuomo2019–2020
  12. Benjamin E. Thomas2020–2025

Chief financial officer

  1. Thomas R. Loftus2003–2020
  2. Stephen D. Griffin2020–2024
  3. Adam Robert Cohn2024–now

Chief operating officer

  1. Donald M. Ervine2003–2008
  2. Maurice A. Gauthier2008–2019
  3. Benjamin E. Thomas2025–now
197019801990200020102020
Board members and other officers (34)

Products and brands

Business units (sectors)

VSE was incorporated in Delaware in 1959 and the parent company serves as a centralized managing and consolidating entity for three operating groups, each of which consists of one or more wholly owned subsidiaries or unincorporated divisions. VSE's operating segments include:

Aviation Distribution & Repair

VSE Aviation Services, including the former:

1st Choice Aerospace

Read the full text

Kansas Aviation

GlobalParts Aero Services

Precision Fuel Components

VSE Aviation Distribution, including the former:

Air Parts & Supply Co "APSCO"

GlobalParts.aero

Wheeler Fleet Solutions

Company segments

Aviation distribution and repair

VSE's aviation segment provides aftermarket repair and distribution services to commercial, cargo, business and general aviation, military/defense and rotorcraft customers globally. Core services include parts distribution, component and engine accessory maintenance, repair and overhaul (MRO) services, rotable exchange, and supply chain services.

Fleet services

VSE's fleet segment provides parts, inventory management, e-commerce fulfillment, logistics, supply chain support and other services to support the commercial aftermarket medium- and heavy-duty truck market, the United States Postal Service (USPS), and the United States Department of Defense. Core services include parts distribution, sourcing, IT solutions, customized fleet logistics, warehousing, kitting, just-in-time supply chain management, alternative product sourcing, engineering and technical support.

From Wikipedia’s article on VSE Corporation, shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Subsidiaries

  • Energetics

From Wikidata.1

Timeline

  1. Apr 22, 2019New chief executive John A. Cuomo becomes CEO16
  2. Apr 28, 2008New chief executive Maurice A. Gauthier becomes CEO17
  3. Dec 16, 2003New chief executive Donald M. Ervine becomes CEO18
  4. Jan 3, 1994Went public Listed on NASDAQ1
  5. 1959Founded Founded1

Filings

411 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 75 major events, 217 insider forms, 37 large holders, 62 other. The latest 20:

  1. Sep 16, 20264 EDGAR
  2. Sep 16, 20264 EDGAR
  3. Sep 16, 20264 EDGAR
  4. Sep 14, 20264 EDGAR
  5. Aug 19, 20264 EDGAR
  6. Aug 17, 2026144 EDGAR
  7. Aug 14, 2026SCHEDULE 13G/A EDGAR
  8. Aug 14, 2026SCHEDULE 13G/A EDGAR
  9. Aug 12, 20264 EDGAR
  10. Aug 6, 20268-K VSE CORPORATION FORM 8-K Q3 2026 DIVIDEND DECLARED EDGAR
  11. Aug 6, 202610-Q EDGAR
  12. Aug 5, 20268-K VSE CORPORATION FORM 8-K - AUGUST 5, 2026 EDGAR
  13. Jul 31, 2026SCHEDULE 13G EDGAR
  14. Jul 22, 20264 EDGAR
  15. Jul 1, 20264 EDGAR
  16. Jun 17, 20264 EDGAR
  17. Jun 17, 20264 EDGAR
  18. Jun 12, 2026144 EDGAR
  19. Jun 12, 20264 EDGAR
  20. May 21, 20264 EDGAR

The 411 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

9 open-market trades by officers, directors and large owners since October 2021: 1 buys and 8 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 14, 2026CUOMO JOHN ACEO and PresidentSale1,566$187.49$293.6KForm 4
Aug 17, 2026CUOMO JOHN ACEO and PresidentSale17,500$242.49$4.2MForm 4
Jun 12, 2026Thomas Benjamin E.Chief Operating OfficerSale6,500$196.82$1.3MForm 4
May 9, 2025BRITT ANITA DDirectorSale2,869$129.38$371.2KForm 4
Aug 29, 2024KOONCE CALVIN SCOTT10% ownerSale15,300$91.83$1.4MForm 4
Aug 28, 2024KOONCE CALVIN SCOTT10% ownerSale13,700$89.46$1.2MForm 4
Aug 27, 2024KOONCE CALVIN SCOTT10% ownerSale9,300$89.90$836.1KForm 4
Dec 6, 2022FERGUSON III MARK EDirectorSale2,265$49.12$111.3KForm 4
Nov 18, 2021FERGUSON III MARK EDirectorBuy3$62.82$188Form 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.4,631,048$1.1B0.0%+124,314
State Street Corp2,061,321$471.0M0.0%+186,295
Vanguard Capital Management LLC1,242,190$283.8M0.0%+63,725
Vanguard Portfolio Management LLC1,028,481$235.0M0.0%+77,584
Durable Capital Partners LP980,310$224.0M2.2%−424,461
Capital Research Global Investors829,201$189.5M0.0%−107,174
UBS Group AG824,499$188.4M0.0%−139,998
Dendur Capital LP821,400$187.7M11.0%+342,400
Geode Capital Management, LLC807,808$184.6M0.0%+60,931
Capital World Investors805,643$184.1M0.0%+120,859
Samlyn Capital, LLC647,205$147.9M2.5%+171,656
Neuberger Berman Group LLC631,452$144.3M0.1%−39,457
Invesco Ltd.620,296$141.7M0.0%−15,593
Fuller & Thaler Asset Management, Inc.556,285$127.1M0.3%+6,386
Fmr LLC517,857$118.3M0.0%+56,777
AltraVue Capital, LLC514,157$117.5M8.5%−10,640
Ameriprise Financial Inc478,078$109.2M0.0%+26,887
Artisan Partners Limited Partnership453,393$103.6M0.2%−111,462
Dimensional Fund Advisors LP446,705$102.1M0.0%+16,723
Jennison Associates LLC390,312$89.2M0.1%−94,524
Franklin Resources Inc369,885$84.5M0.0%−27,231
Hood River Capital Management LLC330,182$75.4M0.5%+24,895
Northern Trust Corp327,743$74.9M0.0%+40,667
Emerald Advisers, LLC323,152$73.8M1.7%+8,363
Goldman Sachs Group Inc314,552$71.9M0.0%−84,042

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

3 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Feb 4, 2026Markwayne Mullin, SenateBuy$15,001 - $50,000−29.0%Report
Jan 5, 2026Markwayne Mullin, SenateBuy$15,001 - $50,000−30.6%Report
Jan 5, 2026Markwayne Mullin, SenateBuy$15,001 - $50,000−30.6%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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