On this page of StockholderLetter.com we present the latest annual shareholder letter from VSE CORP — ticker symbol VSEC. Reading current and past VSEC letters to shareholders can bring important insights into the investment thesis.
2024 VSE Corporation Annual Report
VSE Corporation - 2024 Annual Report 2024 Annual Report Table of Contents 2024 Business Snapshot 02. A Message to Our Shareholders 03. About VSE Corporation 07. Board of Directors 08. Financial Overview 09. 2024 Form 10-K 11. pg.1 vsecorp.com
VSE Corporation - 2024 Annual Report 2024 Business Snapshot 2024 was a transformational year for VSE, driven by record revenue and profit in our Aviation segment, the expansion of products and services through strong operational execution and strategic acquisitions, and continued portfolio alignment and focus. FY 24 Revenue FY 24 Adjusted EBITDA $1.1B $136M +26% YoY Growth +20% YoY Growth Global Footprint 6 Countries 15 MRO Facilities pg.2 33 ~1,400 Employees Facilities 17 Distribution Facilities vsecorp.com
VSE Corporation - 2024 Annual Report A Message To Our Shareholders A Year of Portfolio Transformation, Repositioning, and Operational Excellence Exceptional Financial Performance 2024 was a transformative year for VSE in 2024. Total revenue from continuing Corporation. In 2024, VSE achieved record operations reached $1.1 billion, a 26% revenue and profitability in our Aviation increase compared to 2023, driven by record segment, acquired two commercial aviation performance in our Aviation segment. This aftermarket businesses, and divested our success reflects strong end-market demand, Federal and Defense Services segment. expanded partnerships with OEM suppliers, These strategic actions, along with the and our dedication to delivering exceptional recently announced sale of our Fleet value to commercial and business aviation segment, underscores our commitment to customers. Net income from continuing becoming a pure-play aviation aftermarket operations was $36 million, while adjusted company, streamlining operations, and net income improved by 20% to $56 million. positioning VSE for sustained growth. Adjusted EBITDA increased by 20% to $136 VSE delivered exceptional financial results million. Aviation Segment pg.3 vsecorp.com
VSE Corporation - 2024 Annual Report Aviation Segment: Record Performance & Strategic Growth Our Aviation segment achieved record U.S. distribution business, optimized operations and launched a new go-tomarket strategy under the VSE brand. full-year revenue of $786 million, a 45% increase over the prior year, and record adjusted EBITDA of $129 million, up 47%. We expanded our scope with existing OEM partners, launched new distribution New Program Implementations: Hamburg Distribution Center Opened a 45,000-square-foot distribution center of excellence, initially supporting Pratt & Whitney Canada s EMEA operations. Recent product line additions include tires, tubes, and batteries, with further growth planned. OEM-Licensed Avionics MRO Launched a new avionics MRO support program, enhancing lifecycle management for these products. OEM-Licensed Manufacturing Established a new manufacturing capability following the Honeywell Fuel Controls program acquisition. This program exceeded expectations and contributed significantly to margins in 2024. Full transition of OEM manufacturing capabilities is planned for 2025. programs, enhanced maintenance, repair, and overhaul (MRO) capabilities, expanded internationally, and introduced a new OEMlicensed manufacturing capability. Strategic Acquisitions & Integrations: Turbine Controls Acquisition Strengthened our presence in the commercial aviation engine component MRO market, expanded repair capabilities, and added new OEM relationships. Kellstrom Aerospace Acquisition Enhanced our distribution portfolio with new engine-focused customers, expanded product offerings, and bolstered MRO and technical services. Desser Integration Completed integration of Desser s Continued pg.4 vsecorp.com
 • shareholder letter icon 3/24/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/20/2023 VSEC Stockholder Letter
 • stockholder letter icon 4/1/2024 VSEC Stockholder Letter
 • stockholder letter icon More "Business Services & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon VSEC Benford's Law Stock Score = 89


VSEC Shareholder/Stockholder Letter Transcript:

2024
VSE Corporation Annual Report

VSE Corporation - 2024 Annual Report
2024 Annual Report
Table of Contents
2024 Business Snapshot  
02.
A Message to Our Shareholders
03.
About VSE Corporation   
07.
Board of Directors    
08.
Financial Overview   
09.
2024 Form 10-K     11.
pg.1
vsecorp.com

VSE Corporation - 2024 Annual Report
2024 Business
Snapshot
2024 was a transformational year for VSE, driven by record revenue and profit in our Aviation segment, the
expansion of products and services through strong operational execution and strategic acquisitions, and continued
portfolio alignment and focus.
FY    24 Revenue
FY    24 Adjusted EBITDA
$1.1B
$136M
+26% YoY Growth
+20% YoY Growth
Global Footprint
6
Countries
15
MRO Facilities
pg.2
33
~1,400
Employees
Facilities
17
Distribution Facilities
vsecorp.com

VSE Corporation - 2024 Annual Report
A Message To Our Shareholders
A Year of Portfolio
Transformation, Repositioning,
and Operational Excellence
Exceptional Financial
Performance
2024 was a transformative year for VSE
in 2024. Total revenue from continuing
Corporation. In 2024, VSE achieved record
operations reached $1.1 billion, a 26%
revenue and profitability in our Aviation
increase compared to 2023, driven by record
segment, acquired two commercial aviation
performance in our Aviation segment. This
aftermarket businesses, and divested our
success reflects strong end-market demand,
Federal and Defense Services segment.
expanded partnerships with OEM suppliers,
These strategic actions, along with the
and our dedication to delivering exceptional
recently announced sale of our Fleet
value to commercial and business aviation
segment, underscores our commitment to
customers. Net income from continuing
becoming a pure-play aviation aftermarket
operations was $36 million, while adjusted
company, streamlining operations, and
net income improved by 20% to $56 million.
positioning VSE for sustained growth.
Adjusted EBITDA increased by 20% to $136
VSE delivered exceptional financial results
million.
Aviation Segment
pg.3
vsecorp.com

VSE Corporation - 2024 Annual Report
Aviation Segment:
Record Performance & Strategic Growth
Our Aviation segment achieved record
U.S. distribution business, optimized
operations and launched a new go-tomarket strategy under the VSE brand.
full-year revenue of $786 million, a 45%
increase over the prior year, and record
adjusted EBITDA of $129 million, up 47%.
We expanded our scope with existing
OEM partners, launched new distribution
New Program Implementations:

Hamburg Distribution Center
Opened a 45,000-square-foot distribution
center of excellence, initially supporting
Pratt & Whitney Canada   s EMEA
operations. Recent product line additions
include tires, tubes, and batteries, with
further growth planned.

OEM-Licensed Avionics MRO
Launched a new avionics MRO
support program, enhancing lifecycle
management for these products.

OEM-Licensed Manufacturing
Established a new manufacturing
capability following the Honeywell Fuel
Controls program acquisition. This
program exceeded expectations and
contributed significantly to margins
in 2024. Full transition of OEM
manufacturing capabilities is planned for
2025.
programs, enhanced maintenance, repair,
and overhaul (MRO) capabilities, expanded
internationally, and introduced a new OEMlicensed manufacturing capability.
Strategic Acquisitions & Integrations:

Turbine Controls Acquisition
Strengthened our presence in the
commercial aviation engine component
MRO market, expanded repair
capabilities, and added new OEM
relationships.

Kellstrom Aerospace Acquisition
Enhanced our distribution portfolio
with new engine-focused customers,
expanded product offerings, and
bolstered MRO and technical services.

Desser Integration
Completed integration of Desser   s
Continued
pg.4
vsecorp.com



shareholder letter icon 3/24/2025 Letter Continued (Full PDF)
 

VSEC Stockholder/Shareholder Letter (VSE CORP) | www.StockholderLetter.com
Copyright © 2023 - 2025, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.