VSE Corporation (VSEC)

VSE Corporation Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	11.7	15.32	39.13	28.06	7.97
Depreciation & Amortization	39.92	28.76	23.42	24.6	24.59
Stock-Based Compensation	12.84	8.32	7.74	4.47	3.93
Other Adjustments	75.66	23.42	0.31	1.05	21.01
Change in Receivables	-35.1	-32.46	-20.78	-33.03	-14.96
Changes in Inventories	-56.87	-31.67	-87.53	-59.1	-80.02
Changes in Accounts Payable	-10.93	-31.76	23.91	36.19	33.21
Changes in Accrued Expenses	-8.07	5.96	-4.45	3.74	-5.25
Changes in Other Operating Activities	-2.16	-16.93	-3.58	2.08	-8.09
Operating Cash Flow	26.99	-31.04	-21.83	8.05	-17.6
Capital Expenditures	-21.28	-20.7	-18.67	-11.21	-10.52
Sale of Property, Plant & Equipment	-	-	-	-	0.07
Payments for Business Acquisitions	-394.14	-283.12	-218.58	-	-53.34
Proceeds from Business Divestments	138.97	40.16	-	-	-
Other Investing Activities	-	-	1.56	8.84	2.16
Investing Cash Flow	-276.45	-263.67	-235.69	-2.38	-61.63
Short-Term Debt Issued	667.34	739.24	844.26	520.22	491.57
Short-Term Debt Repaid	-803.59	-739.74	-699.87	-518.35	-458.29
Net Short-Term Debt Issued (Repaid)	-136.25	-0.5	144.39	1.88	33.27
Issuance of Common Stock	442.17	326	130.02	0.9	52.02
Net Common Stock Issued (Repurchased)	442.17	326	130.02	0.9	52.02
Common Dividends Paid	-8.26	-7.06	-5.44	-5.11	-4.43
Other Financing Activities	-7.86	-2.63	-4	-3.38	-1.49
Financing Cash Flow	289.79	315.81	264.97	-5.71	79.37
Net Cash Flow	40.33	21.1	7.45	-0.04	0.14
Free Cash Flow	5.71	-51.74	-40.5	-3.16	-28.12
FCF Margin	0.51%	-6.58%	-7.44%	-0.47%	-5.84%
Free Cash Flow Per Share	0.27	-2.88	-2.85	-0.25	-2.23
Levered Free Cash Flow	-183.93	-51.52	116.63	26.24	-4.84
Unlevered Free Cash Flow	10.04	-18.46	-28.58	36.32	-48.09

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q