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Friday 6 November 2026
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Vestis Corporation
VSTS Industrials Rental & Leasing Services
Vestis Corporation’s revenue for fiscal 2025 (year ended September 2025) was $2.7 billion, down 2.53% from fiscal 2024.
- Revenue
- −1.80%
- EPS
- +1,668.6%
- Free cash flow
- +478.3%
- Total debt
- −4.78%
Quarter to June 2026, against a year earlier
14.06
0.74
−5.00%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to September
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | 2,562 | 2,457 | 2,687 | 2,825 | 2,806 | 2,735 | 2,696 | +1.3% | 2,650 | 2,696 | 2,782 | +0.6% | |
| Gross margin, % | — | — | — | — | 29.20 | 28.13 | 28.93 | 30.26 | 29.08 | 26.50 | 26.30 | (2.7) pt | ||||||
| EBT | — | — | — | — | 150 | 97 | 190 | 270 | 32 | (44) | (3) | n/m | ||||||
| EBT margin, % | — | — | — | — | 5.84 | 3.96 | 7.07 | 9.55 | 1.14 | (1.62) | (0.10) | (7.5) pt | ||||||
| Net income | — | — | — | — | 112 | 74 | 142 | 213 | 21 | (40) | (5) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 19.56 | 18.75 | 20.55 | 21.61 | 21.34 | 20.76 | 20.41 | +1.2% | |||||
| Earnings | — | — | — | — | 0.85 | 0.57 | 1.08 | 1.63 | 0.16 | (0.31) | (0.05) | n/m | ||||||
| Cash flow | — | — | — | — | 1.77 | 1.87 | 1.78 | 1.97 | 3.59 | 0.49 | 1.45 | (22.7%) | ||||||
| Capex | — | — | — | — | (0.24) | (0.67) | (0.53) | (0.51) | (0.56) | (0.40) | (0.36) | +10.9% | ||||||
| Free cash flow | — | — | — | — | 1.53 | 1.20 | 1.25 | 1.46 | 3.03 | 0.09 | 1.09 | (43.8%) | ||||||
| Book value | — | — | — | — | 0.00 | 17.80 | 17.87 | 6.71 | 6.87 | 6.57 | 6.64 | n/m | ||||||
| Shares, m | — | — | — | — | 131 | 131 | 131 | 131 | 132 | 132 | 132 | +0.1% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | 17.63 | 17.63 | 17.63 | 10.43 | 93.13 | 0.00 | 0.00 | 26.1 | |||||
| P/S | — | — | — | — | 0.90 | 0.90 | 0.90 | 0.79 | 0.70 | 0.22 | 0.69 | 0.7 | ||||||
| P/B | — | — | — | — | 1.08 | 1.08 | 1.08 | 2.53 | 2.17 | 0.69 | 2.12 | 1.4 | ||||||
| EV/Sales | — | — | — | — | 0.93 | 0.93 | 0.93 | 1.35 | 1.15 | 0.69 | 1.13 | 1.0 | ||||||
| EV/FCF | — | — | — | — | 9.78 | 9.78 | 9.78 | 20.02 | 8.09 | 167.23 | 21.20 | 37.4 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | 231 | 244 | 233 | 257 | 472 | 64 | 192 | (22.6%) | |||||
| Capex | — | — | — | — | (31) | (87) | (69) | (67) | (74) | (53) | (48) | +11.0% | ||||||
| Free cash flow | — | — | — | — | 200 | 157 | 164 | 190 | 398 | 11 | 144 | (43.7%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | 549 | 585 | 624 | 357 | 441 | 448 | (5.3%) | |||||
| Net debt | — | — | — | — | — | 63 | 84 | 1,586 | 1,263 | 1,292 | 1,188 | +112.9% | ||||||
| Shareholders’ equity | — | — | — | — | — | 2,332 | 2,336 | 877 | 903 | 866 | 878 | (21.9%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | 0.00 | 4.78 | 4.54 | 6.78 | 0.69 | (1.38) | (0.18) | (1.4) pt | |||||
| ROIC | — | — | — | — | 0.00 | 2.51 | 4.97 | 5.53 | 4.56 | 1.87 | 2.97 | +1.9 pt | ||||||
| ROE | — | — | — | — | 0.00 | 0.00 | 6.07 | 13.27 | 2.36 | (4.55) | (0.60) | (4.5) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 10,500 | 10,800 | 18,150 | — | +31.5% | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.27 | 0.26 | 0.15 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Sep 2025 · latest quarter Jun 2026
Vestis Corporation vs peers in Rental & Leasing Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| CAR Avis Budget Group, Inc. | $4.3B | — (loss-making) | 83.1× | −2.36% (below 0%: shrinking) | −44.84% (below 0%: shrinking) | −11.76% (below 0%: shrinking) | 52.82% | 19.79% | Compare |
| EQPT EquipmentShare.com Inc. | $3.5B | 15.4× | 39.0× | +102.37% (above 0%: growing) | n/m | −17.02% (below 0%: shrinking) | 28.36% | 6.49% | Compare |
| WSC WillScot Holdings Corporation | $3.2B | — (loss-making) | 17.6× | +6.09% (above 0%: growing) | +16.67% (above 0%: growing) | +61.99% (above 0%: growing) | 63.18% | 20.99% | Compare |
| MGRC McGrath RentCorp | $3.1B | 19.6× | 18.6× | +7.08% (above 0%: growing) | +16.23% (above 0%: growing) | −132.83% (below 0%: shrinking) | 47.66% | 26.93% | Compare |
| CTOS Custom Truck One Source, Inc. | $2.1B | 71.6× | 82.8× | +2.73% (above 0%: growing) | n/m | +540.01% (above 0%: growing) | 22.87% | 7.69% | Compare |
| VSTS Vestis Corporation | $1.9B | — (loss-making) | 93.4× | −1.80% (below 0%: shrinking) | n/m | +478.29% (above 0%: growing) | 28.02% | 5.63% | |
| PRG Aaron's Holdings Company, Inc. | $1.5B | 10.3× | 9.1× | +25.63% (above 0%: growing) | +13.23% (above 0%: growing) | −2.74% (below 0%: shrinking) | 89.55% | 9.09% | Compare |
| LIME Neutron Holdings, Inc. | $1.2B | — | — | — | — | — | 42.42% | 4.21% | Compare |
| WLFC Willis Lease Finance Corporation | $992.9M | 12.9× | 10.1× | +34.32% (above 0%: growing) | −50.74% (below 0%: shrinking) | −378.05% (below 0%: shrinking) | 57.78% | 17.75% | Compare |
| Median of peers | $2.6B | 15.4× | 18.6× | +7.08% | +13.23% | −11.76% | 50.24% | 13.42% |
Pay and ownership Proxy statement filed 8 January 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2024 | 10.45m | 8.14m | 89.64 |
| 2023 | 3.18m | 1.43m | 0.00 |
Ownership
Directors and executive officers, together
15.70%
Corvex Management LP
15.00%
Keith A. Meister
15.00%
BlackRock, Inc.
12.50%
FMR LLC
10.20%
Alberta Investment Management Corp
7.30%
The Vanguard Group
7.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement