olivLaw · US equity research
VSE Corporation VSEC
Services-Engineering Services · SIC 8711 · Vertical: Services-Engineering Services (SIC 8711)
VSE Corporation is a major provider of aftermarket distribution and maintenance, repair and overhaul (MRO) services for aviation assets in commercial and government markets. Following the PAG acquisition and rapid revenue growth, the company has become a larger player in the aviation aftermarket.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, VSE Corporation (VSEC) stock was 163.96 USD (+0.61% on the day), with market capitalisation 4.6 bn USD, P/E 59.9 on diluted EPS of 2.74 USD over the last 12 months, dividend yield 0.24%, beta 1.58, 52-week range 142.17–243.48 USD. Latest reported quarter (Q2 2026): revenue of 449.1 m USD (+65.0% YoY), net income of 28.5 m USD (+792.2% YoY), diluted EPS 0.91 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.5
- neutral
- Bollinger (20, 2)
- 140.57 – 174.40
- in the upper half of the band · %B 0.69 · band width 21.5%
- SMA 50 / 200
- 175.24 / 195.07
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -4.99 / -7.55
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.5% | −1.1% | −1.4 pp | — |
| 3 months | −24.0% | −0.5% | −23.6 pp | — |
| 6 months | −21.0% | +4.4% | −25.4 pp | — |
| Year to date | −5.1% | +12.3% | −17.4 pp | — |
| 1 year | −8.3% | +13.5% | −21.8 pp | −5.1% |
| 3 years | +181.1% | +76.4% | +104.7 pp | +81.4% |
| 5 years | +171.9% | +63.7% | +108.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 203.6 m | 227.4 m | 256.0 m | 272.1 m | 282.9 m | 301.2 m | 324.6 m | 449.1 m |
| SG&A | 2.5 m | 4.4 m | 2.3 m | 2.6 m | 667.0 k | 7.7 m | 6.2 m | 9.0 m |
| Operating income | 20.1 m | 20.4 m | 24.5 m | 22.5 m | 10.1 m | 32.5 m | 32.7 m | 49.0 m |
| Depreciation & amortisation | 7.5 m ≈ | 8.4 m | 9.9 m | 9.6 m ≈ | 10.2 m ≈ | 10.2 m | 12.7 m | 24.0 m ≈ |
| Interest expense | 9.0 m | 6.9 m | — | 6.4 m | 4.3 m | 1.8 m | — | 5.2 m |
| Pre-tax income | 11.1 m | 13.5 m | 16.6 m | 16.1 m | 5.7 m | 30.7 m | 34.2 m | 39.3 m |
| Income tax | 2.3 m | 3.1 m | 2.6 m | 2.4 m | 2.2 m | 8.4 m | 5.1 m | 10.7 m |
| Net income | 11.7 m | 13.1 m | -9.0 m | 3.2 m | 3.9 m | 13.6 m | 29.1 m | 28.5 m |
| Diluted EPS | 0.63 | 0.65 ≈ | -0.44 | 0.16 | 0.19 | 0.60 ≈ | 1.04 | 0.91 |
| Operating cash flow | 10.2 m ≈ | 55.4 m | -46.6 m | 11.9 m ≈ | 24.1 m ≈ | 37.6 m | -62.3 m | 27.6 m ≈ |
| Capex | 5.8 m ≈ | 3.3 m | 2.9 m | 5.6 m ≈ | 6.0 m ≈ | 6.8 m | 6.5 m | 8.9 m ≈ |
| Dividends paid | 1.8 m ≈ | 2.0 m | 2.1 m | 2.1 m ≈ | 2.1 m ≈ | 2.1 m | 2.3 m | 2.8 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 61 percentile of its own 36-quarter history (min 5.4, median 21.4, max 340.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 697.2 m | 752.6 m | 661.7 m | 481.4 m | 669.4 m | 544.0 m | 786.3 m | 1.1 bn |
| Revenue YoY | −8.3% | +7.9% | −12.1% | −27.2% | +39.1% | −18.7% | +44.5% | +41.5% |
| Net income | 35.1 m | 37.0 m | -5.2 m | 8.0 m | 28.1 m | 39.1 m | 15.3 m | 11.7 m |
| Net income YoY | −10.3% | +5.5% | −114.0% | unavailable | +252.2% | +39.5% | −60.8% | −23.6% |
| Diluted EPS | 3.21 | 3.35 | -0.47 | 0.63 | 2.19 | 2.76 | 0.85 | 0.55 |
| Diluted EPS YoY | −10.8% | +4.4% | −114.0% | unavailable | +247.6% | +26.0% | −69.2% | −35.3% |
| net % | 5.0% | 4.9% | -0.8% | 1.7% | 4.2% | 7.2% | 1.9% | 1.1% |
| Free cash flow | 15.7 m | 8.4 m | 31.3 m | -28.1 m | -3.2 m | -40.5 m | -51.7 m | 5.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 69.4 m USD
- Financial debt
- 292.8 m USD
- Net debt
- 223.4 m USD
- Equity
- 1.4 bn USD
- Total assets
- 2.0 bn USD
- Debt / equity
- 0.20x
- Current ratio
- 3.76x
- ROE
- 1.0%
- ROA
- 0.6%
- FCF margin
- 0.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 661.7 m | 481.4 m | 669.4 m | 544.0 m | 786.3 m | 1.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | 3.1 m | 3.5 m | 3.6 m | 7.1 m | 13.6 m | 13.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 13.9 m | -2.7 m | 53.6 m | 50.1 m | 58.8 m | 89.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 24.1 m | 24.6 m | 24.6 m | 23.4 m | 28.8 m | 39.9 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 38.1 m ≈ | 21.9 m ≈ | 78.2 m ≈ | 73.6 m ≈ | 87.5 m ≈ | 129.5 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | — | — | — | 31.1 m | 34.9 m | 20.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 427.0 k | -14.8 m | 35.7 m | 19.1 m | 23.8 m | 69.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 5.6 m | -3.8 m | 9.1 m | 4.5 m | 4.4 m | 15.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | -5.2 m | 8.0 m | 28.1 m | 39.1 m | 15.3 m | 11.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | -0.47 | 0.63 | 2.19 | 2.76 | 0.85 | 0.55 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 11.0 m | 12.6 m | 12.8 m | 14.2 m | 18.0 m | 21.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 0.36 | 0.37 | 0.40 | 0.40 | 0.40 | 0.40 | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 378.0 k | 518.0 k | 305.0 k | 7.8 m | 29.5 m | 69.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 55.5 m | 76.6 m | 90.6 m | 128.0 m | 158.1 m | 190.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 355.0 m | 464.0 m | 548.9 m | 774.0 m | 965.3 m | 893.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 36.4 m | 42.5 m | 40.5 m | 58.1 m | 71.0 m | 91.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 238.1 m | 217.3 m | 217.3 m | 288.6 m | 428.3 m | 641.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 103.6 m | 108.3 m | 86.6 m | 114.1 m | 197.2 m | 296.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 780.1 m | 918.6 m | 999.8 m | 1.4 bn | 1.7 bn | 2.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 72.7 m | 115.1 m | 128.5 m | 173.0 m | 145.5 m | 154.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 20.4 m | 14.2 m | 10.0 m | 22.5 m | 30.0 m | 7.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 230.7 m | 270.4 m | 276.3 m | 406.8 m | 400.2 m | 285.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 139.2 m | 180.0 m | 224.6 m | 286.9 m | 298.5 m | 237.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 423.8 m | 501.2 m | 550.3 m | 733.6 m | 754.4 m | 589.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 356.3 m † | 417.3 m † | 449.5 m † | 616.7 m † | 988.2 m † | 1.4 bn † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 35.8 m | -17.6 m | 8.1 m | -21.8 m | -31.0 m | 27.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 4.4 m | 10.5 m | 11.2 m | 18.7 m | 20.7 m | 21.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 31.3 m ≈ | -28.1 m ≈ | -3.2 m ≈ | -40.5 m ≈ | -51.7 m ≈ | 5.7 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | 20.2 m | -61.6 m | -2.4 m | -235.7 m | -263.7 m | -276.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -56.3 m | 79.4 m | -5.7 m | 265.0 m | 315.8 m | 289.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 4.0 m | 4.4 m | 5.1 m | 5.4 m | 7.1 m | 8.3 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 22 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation0
- Returns3
- Quality10
- Balance sheet50
- Growth50
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 42.23 – 87.31 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
- Peers: EV/EBITDA42.23 – 72.31 (Mid 58.96)4 companies used · median multiple 13.9x · quartiles 11.3x – 16.0xACM, MG, TTEK, WLDN
- Peers: P/E68.60 – 87.31 (Mid 78.71)6 companies used · median multiple 28.8x · quartiles 25.1x – 31.9xACFN, ACM, JLHL, MG, TTEK, WLDN
- Dividend discount (DDM)outside the aggregate5.26 – 7.07 (Mid 6.03)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 22/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.7% | 0 (vs peers) | 11% |
| Net margin · Quality | 5.5% | 38 (vs peers) | 7% |
| FCF conversion · Quality | -1.5% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 18.4% | 100 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -36.9% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 4.8x | 0 (on a fixed band) | 11% |
| Interest coverage · Balance sheet | 12.4x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 3.8x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 59.9x | 0 (vs peers) | 11% |
| EV/EBITDA · Valuation | 30.2x | 0 (on a fixed band) | 11% |
| FCF yield · Valuation | -0.0% | 0 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 0.2% | 3 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet50/100 · 3/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality10/100 · 3/3 factors with a value
- Returns· partial3/100 · 1/2 factors with a value
- Valuation0/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
VSE CORPORATION (VSEC). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.1 bn USD in 2025; YoY growth 41.5%; net margin 5.5%; ROE 3.8%; net debt/EBITDA 4.8x.
The estimated value range is 55.41–79.81 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 68.84 USD, the price of 163.96 USD leaves a potential of -58.0% (value / price − 1) and a margin of safety of -138.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 22/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 18.4%
- Interest coverage: 12.4x
- Current ratio: 3.8x
What contradicts it
- ROIC: 3.7%
- FCF conversion: -1.5%
- EPS CAGR 3Y: -36.9%
- Net debt / EBITDA: 4.8x
- P/E (TTM): 59.9x
- EV/EBITDA: 30.2x
- FCF yield: -0.0%
- Shareholder yield (distributions): 0.2%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Services-Engineering Services (SIC 8711) · same industry (4-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TTEKTetra Tech Inc | 10.5 bn | 24.7 | 24.3% | 8.6% | +4.7% | +18% / +29% |
| ACMAecom | 8.8 bn | 31.3 | 12.3% | 1.9% | +0.2% | −34% / −23% |
| VSECVse Corporation | 4.6 bn | 59.9 | 3.8% | 5.5% | +41.5% | −8% / +181% |
| WLDNWilldan Group, Inc. | 1.1 bn | 17.4 | 21.2% | 8.8% | unavailable | −26% / +271% |
| MGMistras Group, Inc. | 644.7 m | 32.1 | 8.8% | 2.8% | −0.8% | +69% / +206% |
| JLHLJulong Holding Ltd | 152.3 m | 39.4 | 37.5% | 10,226.0% | unavailable | +76% / unavailable |
| ACFNAcorn Energy, Inc. | 40.4 m | 26.3 | 19.7% | 16.1% | +4.5% | +8% / +133% |
| OFALOFA Group | 7.6 m | — | -68.9% | -1,119.1% | +254.9% | −97% / unavailable |
| STNStantec Inc. | — | — | 15.5% | 5.9% | +8.6% | −18% / +6% |
1- and 3-year price returns: for VSEC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 104.68 Total return -36% · Per year -36% | 184.21 Total return 13% · Per year 13% | 276.32 Total return 69% · Per year 69% |
| 3 years | 124.16 Total return -24% · Per year -9% | 243.62 Total return 50% · Per year 14% | 397.90 Total return 144% · Per year 35% |
| 5 years | 147.28 Total return -9% · Per year -2% | 322.19 Total return 98% · Per year 15% | 572.98 Total return 252% · Per year 29% |
- Exit P/E± 60.91
- Net margin± 42.63
- Annual revenue growth± 31.80
- Annual dilution± 3.58
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
VSE Corporation is a major provider of aftermarket distribution and maintenance, repair and overhaul (MRO) services for aviation assets in commercial and government markets. Following the PAG acquisition and rapid revenue growth, the company has become a larger player in the aviation aftermarket 13.
SWOT
Strengths
- The company holds a strong position in aviation parts distribution and repair, with established OEM relationships and expanded repair capabilities 12.
- Rising revenue and Adjusted EBITDA margin show management's execution and the synergies from acquisitions 3.
- The combined platform gives global scale and broad reach across commercial, business, and defense customers 23.
Weaknesses
Opportunities
- Integrating PAG and NorthStar could bring revenue and margin synergies, including insourcing and joint sales 3.
- Demand for engine and component repair services could grow if aviation activity stays solid 23.
- Continued OEM licensed manufacturing programs could extend access to new markets and customer bases 2.
Risks
- Acquisition integrationhigh
Simultaneous integration of PAG, NorthStar and Aero 3 could bring unexpected costs and delay promised synergies 13.
- Indebtednesshigh
Total debt rose after acquisitions, and debt service could limit investment if revenue declines 3.
- Customer concentrationmedium
One affiliated customer group represented a significant share of revenue, and losing it could affect results 1.
- Goodwill impairmentmedium
Goodwill and intangible assets make up a large part of total assets, and weaker performance could lead to impairment 1.
- Geopolitical and trade riskslow
Conflicts, tariffs and export controls could restrict markets or delay deliveries 1.
Investment thesis
What would need to be true (bull case)
- Recent acquisitions added global scale and repair capacity, and management raised 2026 guidance 23.
- Adjusted EBITDA margin reached a record level, suggesting synergies and higher-margin product and repair mix are working 3.
- If integration continues and free cash flow rises in the second half, debt reduction could accelerate 3.
What would break the thesis
- Debt after the PAG acquisition is significant, and several simultaneous acquisitions could strain management capacity 3.
- Dependence on one customer group and on aviation activity exposes the company to economic cycles and contract losses 1.
- Rapid growth through acquisitions could lead to goodwill impairment if acquired performance falls short 1.
What to watch
- Progress of PAG and NorthStar integration and synergy captureQ3 2026
- Free cash flow in the second half of the year and leverage reductionQ4 2026
- Delivery against the raised 2026 revenue and Adjusted EBITDA margin guidance2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
VSE Corporation, through its subsidiaries, provides aftermarket parts distribution and MRO services for air transportation assets for commercial and government customers 1. The company operates as a single reportable segment, Aviation, after selling its Fleet and Federal and Defense segments 1. Revenue for fiscal 2025 was 1112.275 million USD, up 41% from 2024 1.
In May 2026 the company completed the acquisition of Precision Aviation Group, its largest deal in history, valued at about 2.025 billion USD in cash and equity 23. The deal was partly funded by the February 2026 offerings, which brought in about 1.3 billion USD 2.
The business relies on parts distribution, supply chain management and MRO services delivered from strategically located repair facilities certified by the FAA 1. The company employed about 1,600 people as of December 31, 2025 1.
Market context
Trends
- Acquisition-led consolidationtailwind
The PAG, NorthStar and Aero 3 acquisitions expanded the company's scale and capabilities, and synergy integration is underway 23. If integration succeeds, margins could keep improving.
- Commercial aviation demandtailwind
Solid air transport activity and new distribution contracts supported record revenue in fiscal 2025 and the first half of 2026 12.
- Tariff and supply chain pressuremixed
New tariffs on imported goods and supply chain delays could raise costs and delay deliveries 1.
Competitive position
The aviation aftermarket is fragmented, with OEM competitors that have greater name recognition and financial resources, as well as smaller specialized competitors 1. Larger competitors may bundle integrated service packages, which could intensify competitive pressure 1.
The principal competitive factors are customer knowledge, product availability, technical and financial qualifications, past performance, repair turnaround time and price 1. The company differentiates through OEM relationships and integration into engine supply chains 2.
- OEM aviation suppliers
Original equipment manufacturers have greater brand recognition and complementary businesses, and can compete directly on parts and repairs 1.
- Independent MRO providers
Specialized providers concentrate resources on narrower services and can be aggressive competitors in certain segments 1.
- Leasing companies and FAA-certificated repair stations
These entities may bundle services and products, which could increase industry competition 1.
- Aftermarket parts distributors
Competitors offering similar distribution operate in the same fragmented market, where competition centers on price and availability 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- A Record Quarter Raises The Stakes For VSE Corp. (VSEC)Yahoo Finance — News · 04 Sept 2026 · EN
The latest news item in our archive is from 04 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Other events · Financial statements and exhibits
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report06 Aug 2026Other events · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report08 May 2026Shareholder vote · Other events · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report07 May 2026Material agreement · Acquisition or disposition of assets · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement24 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / VSE Corporation · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / VSE Corporation · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / VSE Corporation · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.