What is VSE Corporation's net debt?

VSE Corporation (VSEC) reported net debt of -$836.88M in Q1 2026.

How has VSE Corporation's net debt changed year-over-year?

VSE Corporation's net debt decreased by 269.5% year-over-year, from $493.84M to -$836.88M.

What is the long-term trend for VSE Corporation's net debt?

Over 5 years (2020 to 2025), VSE Corporation's net debt has grown at a -0.3% compound annual growth rate (CAGR), from $277.54M to $273.45M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

VSE Corporation VSEC Net debt

Discontinued — last reported Q1 '26

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1.5×+0.1×

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0.6×-0.3×

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4.5×+0.9×

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Other financials

Income statement

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Revenue$324.6M+26.8%

Operating income$32.7M+33.6%

Net income$29.1M+424%

EPS (diluted)$1.04+336%

Balance sheet

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Cash & equivalents$1.2B+11,695%

Total debt$402.5M-20.2%

Total equity$2.7B+173%

Total assets$3.3B+91.0%

Cash flow

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Operating cash flow-$62.3M-33.5%

CapEx$6.5M+125%

Free cash flow-$68.7M-38.8%

Valuation

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Market cap$6.15B+109%

Profitability

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Gross margin60.6%—

Operating margin8.3%+0.6pp

Net margin4.2%+2.7pp

FCF margin-9.9%—

Returns & leverage

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Return on equity2.7%+1.1pp

Debt / equity0.2×-0.4×

Current ratio8.8×+4.9×

Where this comes from

Calculated from VSE Corporation’s reported figures.

$402.5Mtotal debt−$1.2Bcash and equivalents=-$836.88M

The official record: VSE Corporation’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is VSE Corporation's net debt?: VSE Corporation (VSEC) reported net debt of -$836.88M in Q1 2026.
How has VSE Corporation's net debt changed year-over-year?: VSE Corporation's net debt decreased by 269.5% year-over-year, from $493.84M to -$836.88M.
What is the long-term trend for VSE Corporation's net debt?: Over 5 years (2020 to 2025), VSE Corporation's net debt has grown at a -0.3% compound annual growth rate (CAGR), from $277.54M to $273.45M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.