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Provider of aftermarket parts distribution and maintenance/repair services for aviation and federal/defense fleets.
Provider of aftermarket parts distribution and maintenance/repair services for aviation and federal/defense fleets.
Earns margin on aircraft parts it distributes, often as an authorised distributor for parts makers, and fees for repairing and overhauling engines and components. The company began as a government fleet-support contractor and has been reshaping itself, through purchases of parts and repair businesses, into an aviation aftermarket specialist.
Moat: narrow (customer qualification, installed base, process know-how). Certified aviation MRO and parts-distribution relationships take years to establish.
Headquarters: Alexandria, Virginia, US · Founded: 1959 · Employees: 1,600
Size VSE (VSEC) is a United States Industrials company (Engineering & Construction) with a market value of $4.85B, the 1204th largest of 3,117 United States companies the cockpit tracks. Shares closed at $172.81 on 6 Nov 2026.
Performance Over six months the shares fell 10.5%, against -10.2% for the median peer and -1.1% for the United States market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 23.4% over the last twelve months (peer median +11.6%); the operating margin is 11.8% (peer median 7.5%).
Valuation It trades at 22.1× forward earnings against a peer median of 17.0× (6th most expensive of 21).
Capital Return on invested capital runs 6.9 points below its cost of capital (10.2% WACC).
Short interest Short interest is 10.6% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.36B | $1.11B | $786M | $860M | $669M |
| Revenue growth | — | +41% | -9% | +29% | — |
| Gross profit | $171M | $132M | $84.6M | $95.6M | $57.2M |
| EBITDA | $217M | $165M | $105M | $115M | $78.2M |
| Net income | $74.9M | $25.0M | $30.5M | $39.1M | $28.1M |
| Free cash flow | -$1.12M | $5.71M | -$51.7M | -$40.5M | -$3.16M |
| Capital expenditure | $42.9M | $21.3M | $20.7M | $18.7M | $11.2M |
| Total debt | $1.03B | $343M | $474M | $459M | $309M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| VSE VSEC | $4.85B | -10% | +23% | 12% | 22.1× | n/a |
| Aar AIR | $4.39B | -7% | +22% | 9% | 18.4× | 13.2% |
| HEICO HEI | $39.2B | +14% | +21% | 24% | 47.8× | 24.5% |
| StandardAero SARO | $9.14B | +10% | +13% | 10% | 16.4× | 10.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VSEC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.7% | -1.5% | 8th highest of 21 |
| 6-month return | -10.5% | -10.2% | 11th highest of 21 |
| Distance from 52-week high | -30.3% | -26.7% | 10th lowest of 21 |
| Revenue growth (TTM) | +23.4% | +11.6% | 7th highest of 20 |
| Operating margin | 11.8% | 7.5% | 5th highest of 21 |
| Forward P/E | 22.1× | 17.0× | 6th most expensive of 21 |
| ROIC minus cost of capital | -6.9 pp | +4.0 pp | 2nd lowest of 18 |
| EV / EBITDA | 26.8× | 11.3× | most expensive of 15 |
| Net debt / EBITDA | 4.4× | 0.5× | 2nd most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| VSE VSEC | United States | $4.85B | -10% | +23% | 12% | 22.1× | n/a | n/a |
| Budimex BDX.WA | Poland | $4.82B | +10% | +12% | 9% | 26.5× | 15.7% | +4.1% |
| MAIRE MAIRE.MI | Italy | $4.81B | -12% | +7% | 7% | 14.7× | 2.9% | +22.1% |
| Tutor Perini TPC | United States | $4.73B | +8% | +25% | 4% | 18.8× | 9.6% | +0.8% |
| United Integrated Services 2404.TW | Taiwan | $5.11B | -9% | +72% | 18% | 9.7× | -11.4% | +13.0% |
| CTF Services 0659.HK | Hong Kong | $5.13B | +2% | +12% | 11% | 13.8× | 1.7% | -0.8% |
| SOLV Energy MWH | United States | $5.19B | -40% | n/a | 8% | 14.9× | 26.2% | n/a |
| Kandenko 1942.T | Japan | $5.26B | -41% | +4% | 12% | 11.2× | -0.9% | +5.9% |
| INFRONEER 5076.T | Japan | $4.44B | +2% | +44% | 6% | 6.2× | 0.0% | +10.7% |
| Sweco SWEC-A.ST | Sweden | $5.32B | +12% | +6% | 10% | 20.6× | 5.0% | +8.7% |
| Granite Construction GVA | United States | $5.32B | -15% | +25% | 7% | 16.7× | 10.1% | +7.2% |
| Central New Energy 1735.HK | Hong Kong | $4.42B | -11% | +76% | 1% | 63.1× | n/a | n/a |
| Arcadis ARCAD.AS | Netherlands | $4.42B | +31% | -1% | 6% | 15.0× | 5.5% | +8.1% |
| Balfour Beatty BBY.L | United Kingdom | $5.34B | +1% | +12% | 2% | 17.2× | 1.0% | +5.3% |
| Construction Partners ROAD | United States | $4.38B | -45% | +42% | 9% | 26.5× | 12.5% | +29.1% |
| Rail Vikas Nigam RVNL.NS | India | $4.27B | -37% | +5% | 4% | 46.0× | n/a | n/a |
| Kinden 1944.T | Japan | $5.56B | -36% | +8% | 13% | 11.6× | -0.9% | +6.2% |
| Offshore Oil Engineering 600583.SS | China | $4.22B | -6% | +7% | 8% | 12.1× | n/a | n/a |
| China Nuclear Engineering and Construction 601611.SS | China | $4.22B | -29% | -14% | 4% | 26.9× | n/a | n/a |
| MYR MYRG | United States | $4.09B | -40% | +23% | 6% | 18.1× | 14.0% | +10.2% |
| Guangdong Provincial Expressway Development 000429.SZ | China | $4.01B | +9% | +1% | 58% | 18.2× | n/a | n/a |