Vesta receives credit rating upgrade to BBB with stable outlook from Fitch Ratings. Credit rating upgrade to BBB improves Vesta's borrowing terms and investor appeal.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | 16 | 14 | 1 | 6 | 1 |
| total | individual payouts | |
|---|---|---|
| 2026 | 0.63 |
—
—
—
|
| 2025 | 0.80 |
—
—
—
—
|
| 2024 | 0.71 |
—
—
—
—
|
| 2023 | 0.36 |
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 501.17 | 184.12 | 336.90 | 404.23 |
| Receivables | 43.97 | 57.51 | 56.31 | 58.61 |
| Inventory | — | — | — | — |
| Other | — | — | — | — |
| 566.43 | 243.75 | 397.35 | 471.79 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 13.19 | 14.19 | 30.80 | 30.82 |
| ST’ Debt | 69.61 | 49.86 | 1.78 | — |
| Other | — | — | — | — |
| 147.57 | 90.83 | 82.08 | 110.65 |
| 10y | 5y | 3y | |
| Sales | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 76.75 | 78.49 | — | — |
—
|
| ’25 | 67.06 | 67.27 | 72.43 | 76.46 |
283.22
|
| ’24 | 60.59 | 63.01 | 63.69 | 65.03 |
252.33
|
| ’23 | 49.94 | 51.47 | 55.66 | 57.40 |
214.47
|
| ’22 | 41.99 | 43.10 | 45.51 | 47.43 |
178.03
|
| ’21 | 38.39 | 39.80 | 41.01 | 41.59 |
160.79
|
| ’20 | — | — | — | — |
161.91
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 27.04 | 44.03 | — | — |
—
|
| ’25 | 25.89 | 64.61 | 55.74 | 61.01 |
207.25
|
| ’24 | 0.05 | 37.68 | 41.52 | 50.46 |
129.71
|
| ’23 | 31.72 | 20.69 | 76.54 | 15.85 |
144.80
|
| ’22 | (4.72) | 10.35 | 69.87 | (10.29) |
65.21
|
| ’21 | 22.57 | 21.58 | 31.42 | 32.36 |
107.93
|
| ’20 | — | — | — | — |
66.83
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 26.78 | 43.53 | — | — |
—
|
| ’25 | 25.16 | 64.87 | 55.74 | 60.64 |
206.41
|
| ’24 | 0.04 | 37.68 | 41.52 | 49.88 |
129.11
|
| ’23 | 31.63 | 20.58 | 76.63 | 13.88 |
142.72
|
| ’22 | (4.72) | 10.35 | 69.43 | (10.07) |
65.00
|
| ’21 | 22.57 | 21.37 | 31.42 | 32.36 |
107.71
|
| ’20 | — | — | — | — |
66.83
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 1.25 | 1.05 | — | — |
—
|
| ’25 | 0.17 | 0.32 | 0.29 | 2.01 |
2.83
|
| ’24 | 1.41 | 1.23 | 0.46 | (0.76) |
2.38
|
| ’23 | 0.85 | 1.38 | 0.91 | 1.32 |
4.12
|
| ’22 | 0.72 | 0.78 | 0.90 | 1.23 |
3.57
|
| ’21 | — | — | — | — |
0.25
|
| ’20 | — | — | — | — |
0.13
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | — | — | — | — | 28.96 | 23.32 | 21.30 | — | — | — |
Low Price
|
| — | — | — | — | — | — | — | 40.42 | 41.44 | 32.21 | — | — | — |
High Price
|
| — | — | — | — | — | — | 87 | 95 | 107 | 116 | — | — | — |
Employees
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 2.05 | 2.26 | 2.36 | 2.44 | — | — | — |
Revenue/Emp
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 178.03 | 214.47 | 252.33 | 283.22 | — | — | — |
Revenue
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 93.58% | 91.50% | 90.25% | 90.02% | — | — | — |
Gross Margin
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 291.85 | 381.62 | 426.16 | 233.97 | — | — | — |
EBT
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 163.94% | 177.94% | 168.89% | 82.61% | — | — | — |
EBT Margin
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 291.85 | 381.62 | 426.16 | 233.97 | — | — | — |
Net Income
|
| — | — | — | — | — | ‡‡‡‡‡ | 0.90 | 0.97 | 0.75 | 0.97 | — | — | — |
Depreciation
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.61 | 2.83 | 2.90 | 3.34 | — | — | — |
Revenue/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.57 | 4.18 | 2.38 | 2.83 | — | — | — |
Earnings/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.96 | 1.91 | 1.49 | 2.44 | — | — | — |
Cash Flow/Sh
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 0.00 | (0.03) | (0.01) | (0.01) | — | — | — |
Capex/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.95 | 1.89 | 1.48 | 2.43 | — | — | — |
Free CF/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 24.02 | 32.85 | 29.81 | 32.37 | — | — | — |
Book Value/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 68.26 | 75.70 | 87.14 | 84.89 | — | — | — |
Shares
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.36 | 8.44 | 10.76 | 10.89 | — | — | — |
PE Ratio
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.33 | 13.67 | 8.84 | 9.14 | — | — | — |
PS Ratio
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.26 | 1.18 | 0.86 | 0.94 | — | — | — |
PB Ratio
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 15.86 | 15.60 | 11.47 | 12.45 | — | — | — |
EV/Sales
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 27.62 | 23.45 | 22.41 | 17.09 | — | — | — |
EV/FCF
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 65.21 | 144.80 | 129.71 | 207.25 | — | — | — |
Op' Cash Flow
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.22) | (2.08) | (0.60) | (0.84) | — | — | — |
Capex
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 65.00 | 142.72 | 129.11 | 206.41 | — | — | — |
FCF
|
| — | — | — | — | — | ‡‡‡‡‡ | 142.19 | 418.87 | 152.93 | 315.27 | — | — | — |
Working Cap'
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 931.40 | 915.48 | 847.20 | 1,276.02 | — | — | — |
Total Debt
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 792.25 | 414.31 | 663.08 | 939.11 | — | — | — |
Net Debt
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,639.79 | 2,486.97 | 2,597.28 | 2,747.76 | — | — | — |
Sh' Equity
|
| — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.53% | 9.39% | 5.76% | 5.69% | — | — | — |
ROA
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 3.64% | 3.54% | 3.71% | 3.72% | — | — | — |
ROIC
|
| — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 15.75% | 15.35% | 8.79% | 9.05% | — | — | — |
ROE
|
Corporacion Inmobiliaria Vesta (VTMX) is capitalizing on Mexico’s nearshoring boom, with its premium industrial parks in hubs like Monterrey, Tijuana, and Mexico City driving explosive demand from multinational tenants diversifying supply chains. Revenue has surged 94% from $130 million in 2018 to $252 million in 2024 (12% CAGR), fueled by sky-high gross margins of 90-94%, EBT growth of 66%, and net income up 46% year-over-year. Operational efficiency shines through revenue per employee at $2.36 million and robust cash flows, underpinned by a development-light model amid land scarcity and record FDI inflows.
Vesta’s balance sheet remains rock-solid, with shareholders’ equity up 78% to $2.60 billion, prudent debt management yielding ROE above 15%, and book value per share rising 33%. Yet shares trade at compelling valuations—P/E at 10.8x (vs. U.S. REITs >20x), P/B at 0.86x below book value, and EV/FCF at 22.4x—creating a disconnect from fundamentals that have doubled revenue and tripled profits since 2020.
Analysts forecast 16% mean upside (high of 28%), backed by a 10+ million sq ft development pipeline, near-95% occupancy potential, and EPS rebound to $3-4 levels through 2027. With ESG innovations and blue-chip leases mitigating risks like elections and rates, VTMX offers asymmetric returns in Mexico’s manufacturing renaissance—prime for growth investors.
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