Highest-materiality recent filing
VSE completes $2.025B acquisition of Precision Aviation Group; 2025 revenue pro forma +50%
$1.75B cash + ~$275M equity to GenNx360; up to $125M earnout based on 2026 profitability.
VSE Q1 revenue $324.6M (+26.8%), net income $29.1M (+108%); updates FY guidance for acquisition
Total revenues $324.6M, up 26.8% YoY; GAAP net income $29.1M, up 108% YoY.
VSE Q4 revenue up 32% to $301.2M; adjusted EPS $1.16 (+84% YoY); FY 2026 guidance issued
Q4 total revenue $301.2M, +32% YoY; GAAP net income $22.3M, +114%.
VSE raises $446.2M in tangible equity units offering to fund PAG acquisition
Net proceeds ~$446.2M from 9,200,000 tangible equity units at $50/unit.
VSE Corp prices 4.59M-share offering at $188; net proceeds ~$830M for PAG acquisition
Underwriting agreement for 3,989,362 shares at $188 per share; overallotment of 598,404 shares exercised in full.
VSE Corp to acquire Precision Aviation Group (PAG); PAG 2024 revenue $472M, net income $6.8M
VSE entered stock purchase agreement on Jan 29, 2026 to acquire all capital stock of PAG Holdco; closing subject to regulatory approvals.
VSE to acquire Precision Aviation Group for $2.025B; prelim FY25 rev ~$1.1B, adj EBITDA ~$180M
Total upfront consideration $2.025B: $1.75B cash + $275M newly issued equity, plus up to $125M earnout based on FY2026 profitability targets.
VSE Corp prices $170/sh equity offering; net proceeds ~$441.6M for GenNx acquisition
Sold 2.35M firm shares plus 0.35M option shares at $170.00/share for gross proceeds ~$441.6M net.
VSE Q3 revenue +38.9% to $282.9M; acquires Aero 3 for $350M to expand wheel/brake MRO
Revenue $282.9M (+38.9% YoY); GAAP EPS $0.17; adjusted EPS $0.99 (+86.8%); adjusted EBITDA $47.4M (+58.4%).
VSE Q2 2025: revenue up 41% to $272M; adj. EPS $0.97 (+106%); raises Aviation EBITDA margin guidance
Total revenue $272.1M (+41.1% YoY); GAAP diluted EPS $0.66.
Dividend of $0.10/share payable July 30, 2025 to holders of record July 16, 2025.
VSE Q1 record revenue $256M, EPS $0.67, reaffirms 2025 guidance
Total revenues $256.0M, up 57.7% YoY; GAAP net income $14.0M, up 152.0%.
VSE acquires Turbine Weld for $50M; refinances $700M credit facilities at lower rate
Acquired Turbine Weld Industries for ~$50M cash, expanding VSE's MRO capabilities for Pratt & Whitney Canada engines (PW100, PT6, JT15D).
VSE completes sale of Fleet segment for up to $230M; becomes pure-play aviation aftermarket firm
Wheeler Fleet Solutions sold to One Equity Partners for total consideration up to $230M.
VSE Q4 revenue $299M (+27%) and FY $1.08B (+26%); GAAP EPS down; names COO
Q4 revenue $299.0M (+27% YoY); FY revenue $1,080.1M (+26% YoY).
VSE Corp divests Fleet segment (Wheeler Fleet Solutions) to One Equity Partners for up to $230M
Total cash consideration of up to $230M: $165M at closing ($140M cash + $25M seller note) plus $65M earn-out.
CEO John Cuomo enters amended employment agreement effective Jan 1, 2025 through Jan 1, 2028, with automatic one-year renewals.
Record revenue $273.6M (+18.3% YoY); GAAP EPS $0.63 (-21.3%) and adjusted EPS $0.71 (-22.8%).
VSE Corp prices 1.98M share offering at $87/sh for ~$163.9M net to fund Kellstrom acquisition
VSE entered underwriting agreement to sell 1,724,137 shares at $87; underwriters exercised option for 258,620 more.
VSE to acquire Kellstrom Aerospace for ~$200M; preliminary Q3 revenue $268-275M
Acquisition of Kellstrom Aerospace for ~$200M ($185M cash + $15M stock), expected Q4 2024 close.
VSE Q2 2024 revenue $266M (+30%), GAAP net loss $2.8M, aviation segment record revenue
Total revenues $266.0M, up 29.6% YoY; GAAP net loss $(2.8)M vs. net income in Q2 2023.
VSE Corp prices public offering of 2.11M shares at $71/share; net proceeds ~$162.1M
Underwriting agreement for 2,112,676 firm shares plus full exercise of 316,901 optional shares at $71/share.
VSE reports record Q1 2024 revenue $241.5M; GAAP net income up 49% YoY
Revenue $241.5M, +28.1% YoY; GAAP net income $12.1M, +49% YoY.
VSE CFO Steve Griffin resigns; Tarang Sharma named interim CFO
CFO Steve Griffin resigns effective May 29, 2024, to pursue non-aerospace opportunity.
VSE closes $120M acquisition of Turbine Controls, Inc.
Total consideration approx. $120M: $110M cash + $10M VSEC common shares, subject to working capital adjustments.
Chad M. Wheeler, Group President for the Company's Fleet Segment, notified the Company on February 29, 2024, of his decision to resign from his position as VSE’s Group President for the Fleet Segment, with an effective date to be set later in 2024.
With Mr. Cohn’s appointment, Tarang Sharma will cease serving as Interim Chief Financial Officer effective as of September 3, 2024, and will continue in his role as Chief Accounting Officer.
On August 20, 2024, VSE Corporation (“VSE” or the “Company”) announced the appointment of Adam Cohn as its Chief Financial Officer, effective as of September 3, 2024.
Stephen D. Griffin, Senior Vice President and Chief Financial Officer of VSE Corporation (the “Company”), notified the Company of his decision to resign from his positions with the Company, effective May 29, 2024
appointed Tarang Sharma to serve as Interim Chief Financial Officer, effective May 27, 2024
appointed Tarang Sharma to serve as Interim Chief Financial Officer, effective May 27, 2024
notified the Company of his decision to resign from his position with the Company, effective May 29, 2024
Max materiality 0.90 · Median 0.75 · Most common event m_and_a