Updated
The most significant concentration VSE discloses is Customer Group (affiliated customers under common ownership) at 20%, classified LOW by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: VSE’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'A group of affiliated customers under common ownership (the "Customer Group") collectively accounted for approximately 20% of the Company's revenue for the year ended December 31, 2025.'”
The company's only disclosed concentration is at the customer level, where a group of affiliated customers under common ownership collectively accounted for approximately 20% of revenue for the year ended December 31, 2025 — a small-share exposure by disclosed size, dependency in character. While 20% is a modest share at the enterprise level, the common ownership structure of this customer group means that a single strategic or financial decision by the controlling entity could affect all affiliated contracts simultaneously, amplifying the effective dependency beyond what the revenue share alone would suggest. The dependency character distinguishes this from a structural exposure: the concentration reflects reliance on a specific set of counterparties whose decisions are centrally coordinated, not a feature of the end-market that would be present regardless of who the customers are. A deterioration in the relationship, a customer restructuring, or a decision to bring services in-house across the affiliated group could collectively remove that revenue share with limited advance notice. There is no disclosed geographic, supplier, or product concentration layered alongside this customer exposure. On balance, the disclosed concentration is limited in scale but notable in structure: the affiliated-group nature of the customer dependency makes it more binary than a diffuse customer concentration of similar aggregate size. Monitoring the health of the customer relationship and any changes to the ownership or strategy of the customer group are the primary vigilance items for this concentration.
For the engine’s reasoning on VSEC’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AVAV | AeroVironment, Inc. | 1 | 1 | 2 | 4 |
| ACHR | Archer Aviation Inc. | 1 | 0 | 0 | 1 |
| AXON | Axon Enterprise, Inc. | 0 | 2 | 0 | 2 |
| AIR | AAR Corp. | 0 | 0 | 1 | 1 |
| ATRO | Astronics Corporation | 0 | 0 | 1 | 1 |
| VSEC● | VSE Corporation | 0 | 0 | 1 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.