VSE (VSEC) FY2024 results: revenue $786 million, up 44.5% on the year
VSE Corp. (VSEC) reported revenue of $786 million for fiscal 2024, the year ended 31 December 2024, up 44.5% on the year before. Net income was $15 million, down 60.8%, and diluted earnings per share $0.85. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2025.
Revenue
$786 million
+44.5% on the year
FY2017FY2024
Operating margin
7.5%
9.2% a year earlier
FY2017FY2024
Net income
$15 million
-60.8% on the year
FY2017FY2024
Diluted EPS
$0.85
-69.2% on the year
FY2017FY2024
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
-31.0
-21.8
8.1
Capital expenditure
20.7
18.7
11.2
+10.9%
Free cash flow
-51.7
-40.5
-3.2
Free cash flow margin
-6.6%
-7.4%
-0.5%
Cash from investing
-264
-236
-2.4
Cash from financing
316
265
-5.7
+19.2%
Depreciation and amortisation
28.8
23.4
24.6
+22.8%
Share-based compensation
8.3
7.7
4.5
+7.5%
Dividends paid
7.1
5.4
5.1
+29.9%
Dividend per share
$0.40
$0.40
$0.40
0.0%
Diluted shares, weighted
18m
14m
13m
+26.7%
Shares outstanding at period end
21m
16m
13m
+30.7%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
988
617
450
+60.2%
Debt
430
429
286
+0.2%
Operating lease liabilities
39.5
25.0
19.2
+58.3%
Other liabilities
285
279
245
+2.0%
Total liabilities and equity
1,743
1,350
1,000
+29.1%
Fixed assets
71.0
58.1
40.5
+22.3%
Goodwill
428
289
217
+48.4%
Intangible assets
197
114
86.6
+72.9%
Cash and equivalents
29.5
7.8
0.3
+279.8%
Receivables
158
128
90.6
+23.6%
Other assets
858
754
565
+13.9%
Total assets
1,743
1,350
1,000
+29.1%
10-K for the year ended 31 December 2024, filed 3 March 2025: the filing.