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VSE Corporation (VSEC)
The export includes the complete available history of financial statements and ratios. Numbers are provided in full, without million or billion abbreviations, in their original reporting units.
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VSE Corporation Balance Sheet 2025-2008 | VSEC
Brief overview of VSE Corporation's balance sheet structure
Balance sheet changes are traced across five available annual reports between 2021 and 2025.
Assets reached $2 billion, compared with $918.6 million at the beginning. Growth of +120.8% and CAGR near 21.9% show active expansion.
Liabilities grew more slowly than assets: +17.7% versus +120.8%. Expansion relied more on equity, improving funding quality.
The equity ratio reached 70.9% from 45.4%. A high capital share reduces dependence on liabilities.
The net-debt-to-equity ratio is 0.15x. Balance sheet leverage is low on this measure.
Cash represents 3.4% of assets versus 0.1% initially, showing how the immediate liquidity reserve changed.
Accumulated earnings ended at $395.6 million, a change of +20.5%. They remain an important part of the capital base.
Overall assessment
VSE Corporation has a solid balance sheet cushion. Capital and liquidity support development without excessive reliance on debt.
Annual Balance Sheet VSE Corporation
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
222 M | 375 M | 404 M | 279 M | 276 M | 251 M | 269 M | 160 M | 172 M | 214 M | 233 M | 48.1 M | 89.1 M | 138 M | 163 M | 12 M | - | - |
Long Term Debt |
285 M | 400 M | 407 M | 276 M | 270 M | 231 M | 253 M | 151 M | 166 M | 194 M | 216 M | 23.6 M | 64.5 M | 116 M | 145 M | 11.1 M | - | - |
Long Term Debt Current |
6.31 M | 4.78 M | 4.96 M | 3.18 M | 5.99 M | 4.01 M | 3.71 M | 9.47 M | 1.4 M | 21 M | 17.6 M | 24.8 M | 24.8 M | 23.3 M | 18.6 M | 6.67 M | - | - |
Total Non Current Liabilities |
352 M | 456 M | 447 M | 326 M | 321 M | 285 M | 319 M | 206 M | 222 M | 258 M | 296 M | 62.3 M | 112 M | 165 M | 204 M | 45.4 M | - | - |
Total Current Liabilities |
238 M | 298 M | 287 M | 225 M | 180 M | 139 M | 164 M | 105 M | 114 M | 148 M | 97 M | 87.5 M | 81.7 M | 81 M | 107 M | 119 M | - | - |
Total Liabilities |
590 M | 754 M | 734 M | 550 M | 501 M | 424 M | 483 M | 310 M | 336 M | 407 M | 393 M | 150 M | 194 M | 246 M | 311 M | 165 M | - | - |
Deferred Revenue |
6.89 M | 4.48 M | 2.78 M | 6.4 M | 7.15 M | 10.9 M | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
396 M | 392 M | 385 M | 351 M | 328 M | 325 M | 334 M | 301 M | 268 M | 232 M | 207 M | 185 M | 168 M | 147 M | 127 M | 108 M | - | - |
Total Assets |
2.03 B | 1.74 B | 1.35 B | 1 B | 919 M | 780 M | 846 M | 639 M | 629 M | 662 M | 622 M | 355 M | 381 M | 410 M | 455 M | 288 M | - | - |
Cash and Cash Equivalents |
69.4 M | 29.5 M | 7.77 M | 305 K | 518 K | 378 K | 734 K | 162 K | 624 K | 428 K | 740 K | 263 K | 220 K | 1.5 M | 451 K | 5.76 M | 8.02 M | - |
Book Value |
1.44 B | 988 M | 617 M | 450 M | 417 M | 356 M | 363 M | 328 M | 293 M | 255 M | 229 M | 205 M | 187 M | 164 M | 144 M | 124 M | - | - |
Total Shareholders Equity |
1.44 B | 988 M | 617 M | 450 M | 417 M | 356 M | 363 M | 328 M | 293 M | 255 M | 229 M | 205 M | 187 M | 164 M | 144 M | 124 M | 101 M | 76.1 M |
Annual performance
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All numbers in USD currency
Quarterly Balance Sheet VSE Corporation
| 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
75.8 M | 78.6 M | 41.6 M | 43.7 M | 37.6 M | 38.3 M | 39.3 M | 39.5 M | 29.1 M | 36.5 M | 31.4 M | 25 M | 22 M | 17.6 M | - | 19.2 M | 22.9 M | - | 26.3 M | 27.2 M | 26.7 M | 25 M | 23.7 M | 22.8 M | 24.1 M | 24.3 M | 25 M | 24.4 M | 25.1 M | 25.7 M | 26.8 M | 151 M | 177 M | 184 M | 165 M | 20.3 M | 182 M | 201 M | 218 M | 21.7 M | 233 M | 234 M | 222 M | 235 M | 246 M | 243 M | 245 M | 48.6 M | 57.3 M | 67.4 M | 77.8 M | 89.7 M | 105 M | 119 M | 127 M | 140 M | 149 M | 160 M | 152 M | 164 M | 146 M | 173 M | 145 M |
Total Non Current Liabilities |
1.12 B | 1.11 B | 398 M | 352 M | 394 M | 420 M | 509 M | 456 M | 466 M | 487 M | 501 M | 447 M | 481 M | 394 M | - | 326 M | 332 M | - | 340 M | 321 M | 335 M | 316 M | 292 M | 285 M | 286 M | 298 M | 315 M | 319 M | 332 M | 345 M | 346 M | 206 M | 222 M | 229 M | 211 M | 222 M | 220 M | 241 M | 260 M | 258 M | 274 M | 279 M | 279 M | 291 M | 314 M | 315 M | 334 M | 62.3 M | 65.5 M | 86.5 M | 101 M | 112 M | 129 M | 142 M | 152 M | 165 M | 179 M | 197 M | 209 M | 204 M | 195 M | 235 M | - |
Total Liabilities |
1.5 B | 1.46 B | 644 M | 590 M | 577 M | 622 M | 757 M | 754 M | 676 M | 713 M | 724 M | 734 M | 733 M | 604 M | - | 550 M | 512 M | - | 497 M | 501 M | 502 M | 449 M | 439 M | 424 M | 420 M | 445 M | 445 M | 483 M | 472 M | 480 M | 467 M | 310 M | 317 M | 329 M | 326 M | 336 M | 342 M | 349 M | 382 M | 407 M | 390 M | 394 M | 385 M | 388 M | 403 M | 416 M | 432 M | 150 M | 161 M | 165 M | 181 M | 194 M | 200 M | 217 M | 228 M | 246 M | 278 M | 293 M | 305 M | 311 M | 301 M | 351 M | 311 M |
Deferred Revenue |
- | - | - | 6.89 M | - | - | - | 4.48 M | - | - | - | 2.78 M | - | - | - | 6.4 M | 7.7 M | - | 7.4 M | 7.15 M | 8.6 M | 12.7 M | 16 M | 9.86 M | 10.4 M | 10.9 M | 4.5 M | 3.71 M | 4.9 M | 4.9 M | 4.5 M | 5 M | - | 5 M | 5 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
492 M | 448 M | 422 M | 396 M | 384 M | 383 M | 381 M | 392 M | 382 M | 372 M | 377 M | 385 M | 375 M | 367 M | - | 351 M | 348 M | - | 333 M | 328 M | 323 M | 316 M | 329 M | 325 M | 320 M | 313 M | 337 M | 334 M | 327 M | 318 M | 309 M | 301 M | 293 M | 284 M | 276 M | 268 M | 252 M | 245 M | 238 M | 232 M | 226 M | 219 M | 213 M | 207 M | 201 M | 194 M | 190 M | 185 M | 182 M | 178 M | 173 M | 168 M | 163 M | 158 M | 151 M | 147 M | 145 M | 139 M | 133 M | 127 M | 121 M | 116 M | 127 M |
Total Assets |
4.48 B | 4.4 B | 3.31 B | 2.03 B | 1.56 B | 1.6 B | 1.73 B | 1.74 B | 1.46 B | 1.49 B | 1.34 B | 1.35 B | 1.34 B | 1.07 B | - | 1 B | 958 M | - | 921 M | 919 M | 913 M | 850 M | 853 M | 780 M | 771 M | 788 M | 811 M | 846 M | 828 M | 827 M | 804 M | 639 M | 637 M | 641 M | 630 M | 629 M | 619 M | 620 M | 645 M | 662 M | 639 M | 635 M | 621 M | 617 M | 625 M | 632 M | 643 M | 355 M | 363 M | 363 M | 374 M | 381 M | 382 M | 394 M | 399 M | 410 M | 440 M | 449 M | 456 M | 455 M | 439 M | 483 M | 455 M |
Cash and Cash Equivalents |
65.8 M | 75.4 M | 1.24 B | 69.4 M | 8.78 M | 16.9 M | 10.5 M | 29 M | 7.91 M | 19 M | 10.6 M | 7.93 M | 20.8 M | 4.34 M | 532 K | 478 K | 90 K | 371 K | 498 K | 518 K | 383 K | 337 K | 347 K | 378 K | 551 K | 213 K | 543 K | 734 K | 1.1 M | 760 K | 829 K | 162 K | 889 K | 624 K | 621 K | 624 K | 472 K | 717 K | 457 K | 428 K | 553 K | 680 K | 587 K | 740 K | 194 K | 444 K | 468 K | 263 K | 328 K | 302 K | 357 K | 220 K | 280 K | 266 K | 1.43 M | 1.5 M | 866 K | 442 K | 368 K | 451 K | 316 K | 648 K | 451 K |
Book Value |
2.98 B | 2.93 B | 2.67 B | 1.44 B | 983 M | 980 M | 976 M | 988 M | 788 M | 781 M | 613 M | 617 M | 610 M | 469 M | - | 450 M | 445 M | - | 424 M | 417 M | 411 M | 401 M | 414 M | 356 M | 350 M | 343 M | 366 M | 363 M | 356 M | 346 M | 338 M | 328 M | 321 M | 311 M | 303 M | 293 M | 277 M | 271 M | 264 M | 255 M | 249 M | 242 M | 236 M | 229 M | 222 M | 216 M | 211 M | 205 M | 202 M | 198 M | 193 M | 187 M | 182 M | 177 M | 170 M | 164 M | 162 M | 157 M | 151 M | 144 M | 138 M | 133 M | 144 M |
Total Shareholders Equity |
2.98 B | 2.93 B | 2.67 B | 1.44 B | 983 M | 980 M | 976 M | 988 M | 788 M | 781 M | 613 M | 617 M | 610 M | 469 M | 457 M | 450 M | 445 M | 431 M | 424 M | 417 M | 411 M | 401 M | 414 M | 356 M | 350 M | 343 M | 366 M | 363 M | 356 M | 346 M | 338 M | 328 M | 321 M | 311 M | 303 M | 293 M | 277 M | 271 M | 264 M | 255 M | 249 M | 242 M | 236 M | 229 M | 222 M | 216 M | 211 M | 205 M | 202 M | 198 M | 193 M | 187 M | 182 M | 177 M | 170 M | 164 M | 162 M | 157 M | 151 M | 144 M | 138 M | 133 M | 144 M |
Quarterly performance
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All numbers in USD currency
Balance Sheet is a fundamental financial report of VSE Corporation, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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