VSE Corporation (VSEC) - Net Assets
Based on the latest financial reports, VSE Corporation (VSEC) has net assets worth $983.34 Million USD as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($1.56 Billion) and total liabilities ($577.11 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check financial resilience of VSE Corporation to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $983.34 Million |
| % of Total Assets | 63.02% |
| Annual Growth Rate | 10.52% |
| 5-Year Change | 177.33% |
| 10-Year Change | 322.14% |
| Growth Volatility | 18.27 |
VSE Corporation - Net Assets Trend (1985–2024)
This chart illustrates how VSE Corporation's net assets have evolved over time, based on quarterly financial data. Also explore how large is VSE Corporation's balance sheet for the complete picture of this company's asset base.
Annual Net Assets for VSE Corporation (1985–2024)
The table below shows the annual net assets of VSE Corporation from 1985 to 2024. For live valuation and market cap data, see how much is VSE Corporation worth.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | $988.19 Million | +60.23% |
| 2023-12-31 | $616.73 Million | +37.19% |
| 2022-12-31 | $449.53 Million | +7.71% |
| 2021-12-31 | $417.33 Million | +17.12% |
| 2020-12-31 | $356.32 Million | -1.87% |
| 2019-12-31 | $363.10 Million | +10.57% |
| 2018-12-31 | $328.39 Million | +12.04% |
| 2017-12-31 | $293.10 Million | +14.85% |
| 2016-12-31 | $255.19 Million | +9.02% |
| 2015-12-31 | $234.09 Million | +13.92% |
| 2014-12-31 | $205.49 Million | +10.00% |
| 2013-12-31 | $186.80 Million | +13.67% |
| 2012-12-31 | $164.34 Million | +14.44% |
| 2011-12-31 | $143.60 Million | +16.02% |
| 2010-12-31 | $123.78 Million | +22.18% |
| 2009-12-31 | $101.31 Million | +33.09% |
| 2008-12-31 | $76.12 Million | +35.03% |
| 2007-12-31 | $56.38 Million | +47.44% |
| 2006-12-31 | $38.24 Million | +26.82% |
| 2005-12-31 | $30.15 Million | +30.85% |
| 2004-12-31 | $23.04 Million | +20.91% |
| 2003-12-31 | $19.06 Million | +11.82% |
| 2002-12-31 | $17.04 Million | +3.45% |
| 2001-12-31 | $16.48 Million | +4.32% |
| 2000-12-31 | $15.79 Million | +4.59% |
| 1999-12-31 | $15.10 Million | +8.63% |
| 1998-12-31 | $13.90 Million | +11.20% |
| 1997-12-31 | $12.50 Million | -14.38% |
| 1996-12-31 | $14.60 Million | +7.35% |
| 1995-12-31 | $13.60 Million | +12.40% |
| 1994-12-31 | $12.10 Million | +12.04% |
| 1993-12-31 | $10.80 Million | +12.50% |
| 1992-12-31 | $9.60 Million | -55.56% |
| 1991-12-31 | $21.60 Million | -19.40% |
| 1990-12-31 | $26.80 Million | +6.35% |
| 1989-12-31 | $25.20 Million | -2.70% |
| 1988-12-31 | $25.90 Million | +5.71% |
| 1987-12-31 | $24.50 Million | +6.99% |
| 1986-12-31 | $22.90 Million | +14.50% |
| 1985-12-31 | $20.00 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to VSE Corporation's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 2990.4% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $392.48 Million | 39.72% |
| Common Stock | $1.03 Million | 0.10% |
| Other Comprehensive Income | $3.07 Million | 0.31% |
| Other Components | $591.60 Million | 59.87% |
| Total Equity | $988.19 Million | 100.00% |
VSE Corporation Competitors by Market Cap
The table below lists competitors of VSE Corporation ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Goldenmax International Technology Ltd
SHE:002636
|
$4.78 Billion |
|
HUB24 Ltd
AU:HUB
|
$4.79 Billion |
|
Valmet Oyj
HE:VALMT
|
$4.79 Billion |
|
SGHC Limited
NYSE:SGHC
|
$4.79 Billion |
|
Housing & Urban Development Corporation Limited
NSE:HUDCO
|
$4.78 Billion |
|
Beijing Jingneng Power Co Ltd
SHG:600578
|
$4.78 Billion |
|
CompoSecure, Inc.
NYSE:CMPO
|
$4.78 Billion |
|
Chenzhou Jingui Silver Industry Co Ltd
SHE:002716
|
$4.78 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in VSE Corporation's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 616,725,000 to 988,186,000, a change of 371,461,000 (60.2%).
- Net income of 30,523,000 contributed positively to equity growth.
- Dividend payments of 7,060,000 reduced retained earnings.
- New share issuances of 325,999,000 increased equity.
- Other comprehensive income increased equity by 940,000.
- Other factors increased equity by 21,059,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $30.52 Million | +3.09% |
| Dividends Paid | $7.06 Million | -0.71% |
| Share Issuances | $326.00 Million | +32.99% |
| Other Comprehensive Income | $940.00K | +0.1% |
| Other Changes | $21.06 Million | +2.13% |
| Total Change | $- | 60.23% |
Book Value vs Market Value Analysis
This analysis compares VSE Corporation's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 3.11x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 158.25x to 3.11x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1985-12-31 | $1.08 | $170.91 | x |
| 1986-12-31 | $1.23 | $170.91 | x |
| 1987-12-31 | $1.37 | $170.91 | x |
| 1988-12-31 | $1.43 | $170.91 | x |
| 1989-12-31 | $1.41 | $170.91 | x |
| 1990-12-31 | $1.52 | $170.91 | x |
| 1991-12-31 | $1.28 | $170.91 | x |
| 1992-12-31 | $0.55 | $170.91 | x |
| 1993-12-31 | $1.19 | $170.91 | x |
| 1994-12-31 | $1.36 | $170.91 | x |
| 1995-12-31 | $1.53 | $170.91 | x |
| 1996-12-31 | $1.67 | $170.91 | x |
| 1997-12-31 | $1.47 | $170.91 | x |
| 1998-12-31 | $1.63 | $170.91 | x |
| 1999-12-31 | $1.78 | $170.91 | x |
| 2000-12-31 | $1.86 | $170.91 | x |
| 2001-12-31 | $1.93 | $170.91 | x |
| 2002-12-31 | $1.96 | $170.91 | x |
| 2003-12-31 | $2.13 | $170.91 | x |
| 2004-12-31 | $2.49 | $170.91 | x |
| 2005-12-31 | $3.15 | $170.91 | x |
| 2006-12-31 | $3.94 | $170.91 | x |
| 2007-12-31 | $5.63 | $170.91 | x |
| 2008-12-31 | $7.47 | $170.91 | x |
| 2009-12-31 | $9.84 | $170.91 | x |
| 2010-12-31 | $11.86 | $170.91 | x |
| 2011-12-31 | $13.63 | $170.91 | x |
| 2012-12-31 | $15.47 | $170.91 | x |
| 2013-12-31 | $17.48 | $170.91 | x |
| 2014-12-31 | $19.13 | $170.91 | x |
| 2015-12-31 | $21.26 | $170.91 | x |
| 2016-12-31 | $23.57 | $170.91 | x |
| 2017-12-31 | $26.97 | $170.91 | x |
| 2018-12-31 | $30.03 | $170.91 | x |
| 2019-12-31 | $32.88 | $170.91 | x |
| 2020-12-31 | $32.29 | $170.91 | x |
| 2021-12-31 | $33.04 | $170.91 | x |
| 2022-12-31 | $35.04 | $170.91 | x |
| 2023-12-31 | $43.48 | $170.91 | x |
| 2024-12-31 | $54.98 | $170.91 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently VSE Corporation utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 3.09%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 2.83%
- • Asset Turnover: 0.62x
- • Equity Multiplier: 1.76x
- Recent ROE (3.09%) is below the historical average (10.49%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1985 | 12.50% | 2.86% | 1.92x | 2.28x | $500.00K |
| 1986 | 14.41% | 3.28% | 1.77x | 2.48x | $1.01 Million |
| 1987 | 10.61% | 2.34% | 1.92x | 2.36x | $150.00K |
| 1988 | 10.81% | 2.43% | 1.60x | 2.78x | $210.00K |
| 1989 | 8.33% | 1.91% | 1.52x | 2.87x | $-420.00K |
| 1990 | 7.09% | 1.91% | 1.67x | 2.22x | $-780.00K |
| 1991 | -21.76% | -6.88% | 1.99x | 1.59x | $-6.86 Million |
| 1992 | 21.88% | 2.68% | 3.76x | 2.17x | $1.14 Million |
| 1993 | 13.89% | 1.88% | 3.39x | 2.18x | $420.00K |
| 1994 | 13.22% | 2.44% | 3.08x | 1.76x | $390.00K |
| 1995 | 11.76% | 2.13% | 2.58x | 2.14x | $240.00K |
| 1996 | 11.64% | 1.42% | 2.49x | 3.31x | $240.00K |
| 1997 | -11.20% | -0.90% | 4.10x | 3.04x | $-2.65 Million |
| 1998 | 11.51% | 0.89% | 4.43x | 2.93x | $210.00K |
| 1999 | 9.93% | 0.95% | 5.03x | 2.07x | $-10.00K |
| 2000 | 6.13% | 0.79% | 3.88x | 2.00x | $-611.30K |
| 2001 | 5.19% | 0.77% | 3.36x | 2.02x | $-792.50K |
| 2002 | 3.83% | 0.49% | 4.24x | 1.86x | $-1.05 Million |
| 2003 | 10.55% | 1.50% | 3.30x | 2.14x | $105.20K |
| 2004 | 14.95% | 1.59% | 3.58x | 2.62x | $1.14 Million |
| 2005 | 20.46% | 2.20% | 3.79x | 2.45x | $3.15 Million |
| 2006 | 20.37% | 2.14% | 3.69x | 2.58x | $3.97 Million |
| 2007 | 25.01% | 2.16% | 3.80x | 3.05x | $8.46 Million |
| 2008 | 25.01% | 1.82% | 3.78x | 3.63x | $11.43 Million |
| 2009 | 23.71% | 2.37% | 3.99x | 2.51x | $13.89 Million |
| 2010 | 19.14% | 2.74% | 3.00x | 2.33x | $11.31 Million |
| 2011 | 14.31% | 3.32% | 1.36x | 3.17x | $6.19 Million |
| 2012 | 12.96% | 3.89% | 1.33x | 2.50x | $4.86 Million |
| 2013 | 12.23% | 4.85% | 1.24x | 2.04x | $4.17 Million |
| 2014 | 9.42% | 4.57% | 1.19x | 1.73x | $-1.18 Million |
| 2015 | 10.87% | 4.67% | 0.86x | 2.71x | $1.99 Million |
| 2016 | 10.50% | 3.87% | 1.05x | 2.59x | $1.27 Million |
| 2017 | 13.34% | 5.14% | 1.21x | 2.15x | $9.79 Million |
| 2018 | 10.68% | 5.03% | 1.09x | 1.95x | $2.24 Million |
| 2019 | 10.20% | 4.92% | 0.89x | 2.33x | $713.90K |
| 2020 | -1.45% | -0.78% | 0.85x | 2.19x | $-40.80 Million |
| 2021 | 1.91% | 1.06% | 0.82x | 2.20x | $-33.77 Million |
| 2022 | 6.24% | 4.19% | 0.67x | 2.22x | $-16.89 Million |
| 2023 | 6.35% | 4.55% | 0.64x | 2.19x | $-22.54 Million |
| 2024 | 3.09% | 2.83% | 0.62x | 1.76x | $-68.30 Million |
Industry Comparison
This section compares VSE Corporation's net assets metrics with peer companies in the Aerospace & Defense industry.
Industry Context
- Industry: Aerospace & Defense
- Average net assets among peers: $1,547,050,294
- Average return on equity (ROE) among peers: 5.70%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| VSE Corporation (VSEC) | $983.34 Million | 12.50% | 0.59x | $4.78 Billion |
| Archer Aviation Inc (ACHR) | $2.20 Billion | -28.06% | 0.12x | $3.99 Billion |
| AAR Corp (AIR) | $314.74 Million | 4.91% | 1.33x | $4.37 Billion |
| Air Industries Group (AIRI) | $2.28 Million | 23.68% | 14.08x | $14.96 Million |
| AIRO Group Holdings, Inc. Common Stock (AIRO) | $595.46 Million | -5.45% | 0.24x | $203.46 Million |
| Astronics Corporation (ATRO) | $14.80 Million | 18.24% | 1.02x | $2.27 Billion |
| AeroVironment Inc (AVAV) | $612.11 Million | 3.81% | 0.52x | $9.09 Billion |
| Axon Enterprise Inc. (AXON) | $117.56 Million | -3.73% | 0.16x | $28.25 Billion |
| The Boeing Company (BA) | $8.79 Billion | 61.89% | 10.29x | $172.93 Billion |
| Beta Technologies, Inc. (BETA) | $1.82 Billion | -41.03% | 0.17x | $3.58 Billion |
| BWX Technologies Inc (BWXT) | $1.00 Billion | 22.70% | 1.83x | $19.82 Billion |
About VSE Corporation
VSE Corporation provides aviation aftermarket parts distribution and maintenance, repair, and overhaul services for air transportation assets for commercial and government markets. The company was incorporated in 1959 and is headquartered in Miramar, Florida.