VSECVSE CORP
Services-Engineering Services
- Revenue
- $1.1B
- 41% YoY
- Operating margin
- 8.1%
- 7.8% YoY
- EBITDA
- $130M
- 48% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 6.7×
- $872M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear231% of net incomeCash flow under 80% of net income
- Dilutive SBCClear1% of revenueOver 10% of revenue
- Payouts exceed cash flowClear31% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyFired41% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $481M | $669M | $544M | $786M | $1.1B | 41% |
| Operating income | −$3M | $54M | $50M | $59M | $90M | 52% |
| Net income | $8M | $28M | $39M | $15M | $12M | 24% |
| Operating cash flow | −$18M | $8M | −$22M | −$31M | $27M | 187% |
| Capex | $11M | $11M | $19M | $21M | $21M | 2.8% |
| Stock-based comp | $4M | $4M | $8M | $8M | $13M | 54% |
| Dividends | $4M | $5M | $5M | $7M | $8M | 17% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $294K · 4
- Net
- −$294K
Pay vs performance
No pay-versus-performance disclosure yet.