VSE to Acquire Precision Aviation Group (PAG)

VSE Corporation, a pure-play aviation aftermarket distribution and repair services provider, reported record 2025 results and reiterated its strategy to complete the “transformational” Precision Aviation Group acquisition. VSE’s Q4 2025 total revenues were $301.2 million, up 32% year over year, with GAAP net income of $22.3 million and adjusted EBITDA of $51.8 million.

For full-year 2025, VSE posted total revenues of $1.1 billion, up 41%, with GAAP net income of $53.5 million and adjusted EBITDA of $182.9 million. The company generated $27 million of operating cash flow and $6 million of free cash flow, ending the year with an adjusted net leverage ratio of approximately 1.1x.

VSE said it sharpened its portfolio by divesting its Fleet segment, expanded engine and component capabilities through complementary acquisitions, and is targeting the anticipated closing of the Precision Aviation Group acquisition.