Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $692M | $760M | $697M | $753M | $662M | $481M | $669M | $544M | $786M | $1.11B |
| Revenue growth | — | 9.9% | -8.3% | 7.9% | -12.1% | -27.2% | 39.1% | -18.7% | 44.5% | 41.5% |
| Operating income | $51.5M | $54.3M | $54.2M | $60.3M | $13.9M | -$2.71M | $53.6M | $50.1M | $58.8M | $89.6M |
| Operating margin | 7.4% | 7.1% | 7.8% | 8.0% | 2.1% | -0.6% | 8.0% | 9.2% | 7.5% | 8.1% |
| Net income | $26.8M | $39.1M | $35.1M | $37.0M | -$5.17M | $7.97M | $28.1M | $39.1M | $15.3M | $11.7M |
| Net margin | 3.9% | 5.1% | 5.0% | 4.9% | -0.8% | 1.7% | 4.2% | 7.2% | 1.9% | 1.1% |
| EPS (diluted) | $2.47 | $3.60 | $3.21 | $3.35 | -$0.47 | $0.63 | $2.19 | $2.76 | $0.85 | $0.55 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $47.2M | $50.4M | $18.9M | $18.0M | $35.8M | -$17.6M | $8.05M | -$21.8M | -$31.0M | $27.0M |
| Capital expenditures | $6.55M | $3.74M | $3.12M | $9.63M | $4.43M | $10.5M | $11.2M | $18.7M | $20.7M | $21.3M |
| Free cash flow | $40.6M | $46.7M | $15.7M | $8.36M | $31.3M | -$28.1M | -$3.16M | -$40.5M | -$51.7M | $5.71M |
| Dividends paid | $2.48M | $2.82M | $3.26M | $3.73M | $3.97M | $4.43M | $5.11M | $5.44M | $7.06M | $8.26M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $428K | $624K | $162K | $734K | $378K | $518K | $305K | $7.77M | $29.5M | $69.4M |
| Total assets | $662M | $629M | $639M | $846M | $780M | $919M | $1000M | $1.35B | $1.74B | $2.03B |
| Total liabilities | $407M | $336M | $310M | $483M | $424M | $501M | $550M | $734M | $754M | $590M |
| Long-term debt | $194M | $166M | $151M | $253M | $231M | $270M | $276M | $407M | $400M | $285M |
| Shareholders' equity | $255M | $293M | $328M | $363M | $356M | $417M | $450M | $617M | $988M | $1.44B |
| Retained earnings | $232M | $268M | $301M | $334M | $325M | $328M | $351M | $385M | $392M | $396M |
| Shares (wtd avg diluted) | 10.8M | 10.9M | 10.9M | 11.0M | 11.0M | 12.6M | 12.8M | 14.2M | 18.0M | 21.2M |
Every figure is extracted from VSE CORP’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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