VSE CORP — Form 8-K
Filed November 4, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 72/100
What the filing says
VSE Corporation reported Q3 2026 revenue of $541.0M (91.2% YoY growth; 17% organic), GAAP net income of $47.3M vs. $3.6M prior year, and Adjusted EBITDA of $107.2M at 19.8% margin (+310 bps). Company raised FY2026 revenue guidance to 65–66.5% growth and Adjusted EBITDA margin to 18.9–19.1%. On August 31, 2026, VSE acquired Atech Turbine Components, a Pratt & Whitney Canada MRO specialist with 300+ repair approvals. Net debt stood at $894.2M with Adjusted net leverage of 2.3x; free cash flow was $46.6M in Q3.
Why this rating
Strong organic growth (17%), record profitability, margin expansion, and raised guidance signal robust execution. Atech acquisition adds proprietary repair capabilities. However, leverage increased materially ($894M net debt vs. $223M YE2025); relative to $2.6B market cap, this is a meaningful but manageable development—not transformational but clearly significant.
Price action (we called it positive)
before filing · preread $44.22 | at our read pending | +10 min pending | +30 min pending | +1 hr pending | +4 hrs pending |
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