VSE Corporation Net Assets
VSE Corporation net assets. Based on the latest financial reports, VSE Corporation (VSEC) has net assets worth $2.93 Billion USD as of June 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($4.40 Billion) and total liabilities ($1.46 Billion). 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. Also explore VSE Corporation (VSEC) net asset momentum to track the company's year-over-year net asset growth rate.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $2.93 Billion |
| % of Total Assets | 66.71% |
| Annual Growth Rate | 11.28% |
| 5-Year Change | 244.76% |
| 10-Year Change | 463.81% |
| Growth Volatility | 18.77 |
Net Assets of VSE Corporation (1985–2025)
Net assets of VSE Corporation from 1985 to 2025. This chart illustrates how VSE Corporation's net assets have evolved over time, based on quarterly financial data. See VSE Corporation (VSEC) net asset quality to measure how much of total assets are equity-financed.
Annual Net Assets for VSE Corporation (1985–2025)
The table below shows the annual net assets of VSE Corporation from 1985 to 2025. For live market cap and overall valuation, see market cap of VSE Corporation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $1.44 Billion | +45.60% |
| 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 3015.3% over the analyzed period, indicating profitable operations and earnings retention.
VSE Corporation Net Assets Breakdown (December 2025)
VSE Corporation net assets breakdown by equity component as of December 2025.
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $395.64 Million | 27.50% |
| Common Stock | $1.17 Million | 0.08% |
| Other Comprehensive Income | $512.00K | 0.04% |
| Other Components | $1.04 Billion | 72.39% |
| Total Equity | $1.44 Billion | 100.00% |
VSE Corporation Competitors by Market Cap
The table below lists competitors of VSE Corporation ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Sotera Health Co
NASDAQ:SHC
|
$4.57 Billion |
|
International Seaways Inc
NYSE:INSW
|
$4.57 Billion |
|
Waystar Holding Corp. Common Stock
NASDAQ:WAY
|
$4.58 Billion |
|
Rainbow Robotics Inc.
KQ:277810
|
$4.58 Billion |
|
China Vanke Co Ltd Class A
SHE:000002
|
$4.57 Billion |
|
Sinolink Securities Co Ltd
SHG:600109
|
$4.57 Billion |
|
California Resources Corp
NYSE:CRC
|
$4.56 Billion |
|
Cousins Properties Incorporated
NYSE:CUZ
|
$4.56 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 2024 to 2025, total equity changed from 988,186,000 to 1,438,808,000, a change of 450,622,000 (45.6%).
- Net income of 53,493,000 contributed positively to equity growth.
- Dividend payments of 8,263,000 reduced retained earnings.
- New share issuances of 442,167,000 increased equity.
- Other comprehensive income decreased equity by 2,560,000.
- Other factors decreased equity by 34,215,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $53.49 Million | +3.72% |
| Dividends Paid | $8.26 Million | -0.57% |
| Share Issuances | $442.17 Million | +30.73% |
| Other Comprehensive Income | $-2.56 Million | -0.18% |
| Other Changes | $-34.22 Million | -2.38% |
| Total Change | $- | 45.60% |
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: 2.40x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 150.89x to 2.40x 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 | $162.96 | x |
| 1986-12-31 | $1.23 | $162.96 | x |
| 1987-12-31 | $1.37 | $162.96 | x |
| 1988-12-31 | $1.43 | $162.96 | x |
| 1989-12-31 | $1.41 | $162.96 | x |
| 1990-12-31 | $1.52 | $162.96 | x |
| 1991-12-31 | $1.28 | $162.96 | x |
| 1992-12-31 | $0.55 | $162.96 | x |
| 1993-12-31 | $1.19 | $162.96 | x |
| 1994-12-31 | $1.36 | $162.96 | x |
| 1995-12-31 | $1.53 | $162.96 | x |
| 1996-12-31 | $1.67 | $162.96 | x |
| 1997-12-31 | $1.47 | $162.96 | x |
| 1998-12-31 | $1.63 | $162.96 | x |
| 1999-12-31 | $1.78 | $162.96 | x |
| 2000-12-31 | $1.86 | $162.96 | x |
| 2001-12-31 | $1.93 | $162.96 | x |
| 2002-12-31 | $1.96 | $162.96 | x |
| 2003-12-31 | $2.13 | $162.96 | x |
| 2004-12-31 | $2.49 | $162.96 | x |
| 2005-12-31 | $3.15 | $162.96 | x |
| 2006-12-31 | $3.94 | $162.96 | x |
| 2007-12-31 | $5.63 | $162.96 | x |
| 2008-12-31 | $7.47 | $162.96 | x |
| 2009-12-31 | $9.84 | $162.96 | x |
| 2010-12-31 | $11.86 | $162.96 | x |
| 2011-12-31 | $13.63 | $162.96 | x |
| 2012-12-31 | $15.47 | $162.96 | x |
| 2013-12-31 | $17.48 | $162.96 | x |
| 2014-12-31 | $19.13 | $162.96 | x |
| 2015-12-31 | $21.26 | $162.96 | x |
| 2016-12-31 | $23.57 | $162.96 | x |
| 2017-12-31 | $26.97 | $162.96 | x |
| 2018-12-31 | $30.03 | $162.96 | x |
| 2019-12-31 | $32.88 | $162.96 | x |
| 2020-12-31 | $32.29 | $162.96 | x |
| 2021-12-31 | $33.04 | $162.96 | x |
| 2022-12-31 | $35.04 | $162.96 | x |
| 2023-12-31 | $43.48 | $162.96 | x |
| 2024-12-31 | $54.98 | $162.96 | x |
| 2025-12-31 | $67.78 | $162.96 | 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): 3.72%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 4.81%
- • Asset Turnover: 0.55x
- • Equity Multiplier: 1.41x
- Recent ROE (3.72%) is below the historical average (10.33%), 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 |
| 2025 | 3.72% | 4.81% | 0.55x | 1.41x | $-90.39 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: $1,393,749,209
- Average return on equity (ROE) among peers: -4.57%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| VSE Corporation (VSEC) | $2.93 Billion | 12.50% | 0.50x | $4.57 Billion |
| Archer Aviation Inc (ACHR) | $367.10 Million | -124.73% | 0.51x | $3.18 Billion |
| AAR Corp (AIR) | $936.30 Million | 1.67% | 0.63x | $4.37 Billion |
| Air Industries Group (AIRI) | $28.27 Million | 2.36% | 1.33x | $14.65 Million |
| AIRO Group Holdings, Inc. Common Stock (AIRO) | $-106.24 Million | 0.00% | 0.00x | $151.09 Million |
| Arxis, Inc. Class A Common Stock (ARXS) | $2.98 Billion | -1.86% | 1.12x | $4.69 Billion |
| Astronics Corporation (ATRO) | $6.40 Million | 6.25% | 2.86x | $1.94 Billion |
| AeroVironment Inc (AVAV) | $5.36 Million | 10.09% | 1.68x | $6.25 Billion |
| AEVEX Corp. (AVEX) | $590.07 Million | -0.14% | 0.37x | $673.69 Million |
| Axon Enterprise Inc. (AXON) | $129.11 Million | 15.43% | 0.44x | $33.84 Billion |
| The Boeing Company (BA) | $9.00 Billion | 45.25% | 5.55x | $136.62 Billion |
About VSE Corporation
VSE Corporation engages in providing aviation aftermarket parts distribution and maintenance, repair, and overhaul services for air transportation assets for commercial and government markets. It offers its services to global client base of commercial airlines, regional airlines, air cargo transporters, MRO integrators and providers, aviation manufacturers, corporate and private aircraft owners, … Read more