VSE CORP
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 27, 2026
VSEC$186.59-1.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets as of December 31, 202 and
| As of December 31, | ||
|---|---|---|
| (in thousands, except share data) | 2025 | 2024 |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $69,358 | $29,505 |
| Receivables, net | 190,732 | 158,104 |
| Contract assets | 41,468 | 29,960 |
| Inventories | 553,834 | 434,059 |
| Prepaid expenses and other current assets | 37,937 | 30,899 |
| Current assets held-for-sale | — | 282,820 |
| Total current assets | 893,329 | 965,347 |
| Property and equipment, net | 91,098 | 71,041 |
| Intangible assets, net | 295,962 | 197,157 |
| Goodwill | 641,242 | 428,263 |
| Operating lease right-of-use assets | 50,151 | 43,225 |
| Note receivable | 27,041 | — |
| Other assets | 29,755 | 37,597 |
| Total assets | $2,028,578 | $1,742,630 |
| Liabilities and Stockholders' equity | ||
| Current liabilities: | ||
| Current portion of long-term debt | $7,500 | $30,000 |
| Accounts payable | 154,506 | 145,492 |
| Accrued expenses and other current liabilities | 73,161 | 52,749 |
| Dividends payable | 2,339 | 2,059 |
| Current liabilities held-for-sale | — | 68,200 |
| Total current liabilities | 237,506 | 298,500 |
| Long-term debt, less current portion | 285,304 | 400,173 |
| Deferred compensation | 5,918 | 7,262 |
| Long-term operating lease obligations | 43,693 | 39,498 |
| Deferred tax liabilities | 12,394 | — |
| Other long-term liabilities | 4,955 | 9,011 |
| Total liabilities | 589,770 | 754,444 |
| Commitments and contingencies (Note 13) | ||
| Stockholders' equity: | ||
| Common stock, par value $0.05 per share, authorized 44,000,000 shares; issued and outstanding 23,398,046 and 20,590,496 respectively | 1,170 | 1,030 |
| Additional paid-in capital | 1,041,483 | 591,600 |
| Retained earnings | 395,643 | 392,484 |
| Accumulated other comprehensive income | 512 | 3,072 |
| Total stockholders' equity | 1,438,808 | 988,186 |
| Total liabilities and stockholders' equity | $2,028,578 | $1,742,630 |
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