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Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR
(NYSE:VTMX)
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Rating:79Outperform
Price Target:
$40.00
▲(18.84% Upside)
Action:Reiterated
Date:07/29/26
VTMX scores well primarily on attractive valuation (low P/E with a meaningful dividend) and solid financial performance (high profitability and a healthy, improving balance sheet), reinforced by a strong, guidance-supportive earnings call highlighting leasing and occupancy momentum. The score is moderated by softer recent free-cash-flow growth/earnings quality noise and only moderate technical confirmation due to missing momentum indicators.
Positive Factors
Leasing & Occupancy Momentum
Sustained high leasing volumes and rising occupancy (91.7%) indicate durable demand for Vesta’s product in key Mexican corridors. Long weighted average lease terms (~7 years) and positive re-leasing spreads support recurring rental growth, lower vacancy risk and predictable cash flow over multi-year horizons.
Negative Factors
Weaker Free Cash Flow Momentum
A TTM decline in free cash flow growth and lumpy operating cash generation raise concerns about internal funding for capex, dividends and development. Persistent negative FCF growth would increase reliance on external capital and could constrain reinvestment or shareholder distributions over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Leasing & Occupancy Momentum
Sustained high leasing volumes and rising occupancy (91.7%) indicate durable demand for Vesta’s product in key Mexican corridors. Long weighted average lease terms (~7 years) and positive re-leasing spreads support recurring rental growth, lower vacancy risk and predictable cash flow over multi-year horizons.
Read all positive factors
Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR (VTMX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.06B
Dividend Yield2.4%
Average Volume (3M)107.03K
Price to Earnings (P/E)7.4
Beta (1Y)0.54
Revenue Growth21.16%
EPS Growth1174.42%
CountryUS
Employees116
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)4.80
Shares Outstanding88,248,726
10 Day Avg. Volume57,211
30 Day Avg. Volume107,028
Financial Highlights & Ratios
PEG Ratio0.91
Price to Book (P/B)0.94
Price to Sales (P/S)8.90
P/FCF Ratio16.07
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$43.00Price Target Upside27.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.34
Revenue Forecast (FY)$315.02M
Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR Business Overview & Revenue Model
Company Description
Corporación Inmobiliaria Vesta, S.A.B. de C.V., along with its affiliated companies, engages in the full lifecycle of industrial real estate and logistics centers across Mexico, including their acquisition, construction, administration, operation,...
How the Company Makes Money
Vesta primarily makes money by leasing industrial real estate to tenants and collecting recurring rental income under long-term lease contracts. Its core revenue stream is base rent paid by tenants occupying its logistics, distribution, and manufa...
Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR Earnings Call Summary
Earnings Call Date:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 15, 2026
Earnings Call Sentiment Positive
The call presented a strong operational and financial quarter: material revenue and NOI growth, healthy leasing activity (2.4M sq ft) and rising occupancy (91.7%), a sizeable secured land bank (23M sq ft) and cash proceeds from an equity follow-on to fund Route 2030. Offsetting items include modest margin compression from higher operating and admin costs, increased interest expense tied to a larger debt balance, and localized softness (e.g., San Luis Potosí). Management remains confident in demand—particularly from higher-value industries (AI, electronics, logistics)—and is progressing disciplined development. Overall, positives around growth, leasing momentum, balance-sheet strengthening and development optionality substantially outweigh the noted challenges and risks.Positive Updates
Strong Top-Line Growth
Total revenues increased 16.7% year-over-year to $78.5 million; rental revenue excluding energy rose 16.2% to $76.0 million, driven by new leases and inflationary adjustments.
Negative Updates
Margin Compression from Higher Costs
Adjusted NOI margin contracted by 51 basis points YoY to 94%; Adjusted EBITDA margin contracted 41 basis points to 83.7%, with management attributing the compression to higher operating property costs and administrative expenses.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top-Line Growth
Total revenues increased 16.7% year-over-year to $78.5 million; rental revenue excluding energy rose 16.2% to $76.0 million, driven by new leases and inflationary adjustments.
Read all positive updates
Company Guidance
Management said they remain comfortable with full‑year guidance and expect continued strong second‑half performance while deploying capital into development and infrastructure: Q2 leasing activity was ~2.4M sq ft (≈900k sq ft new leases, 1.5M sq ft renewals with a ~7‑year weighted average lease term and a reported quarterly spread of nearly 217%), total portfolio occupancy was 91.7% (up 200 bps from Q1), stabilized occupancy 93.7% and same‑store occupancy 95%; regionally Monterrey >80% and Mexico City and Central Southeast 100%. Financials and balance sheet metrics cited to support guidance included total rental income of $78.5M (rental revenue $76M, +16.2% YoY), Adjusted NOI $71.5M (+15.6%, 94% margin), Adjusted EBITDA $63.6M (+15.7%, 83.7% margin), FFO $46.1M (+6.8%), pre‑tax income $98.8M, cash $404M, total debt $1.2B, net debt/EBITDA 3.1x, LTV 24.3%, a land bank of ~23M sq ft, ~1.8M sq ft under construction (~$162M investment), and proceeds from the equity follow‑on of roughly $270–300M (dividend paid Q2: $0.38/share).Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR Financial Statement Overview
Summary
Income Statement
83
Very Positive
Balance Sheet
78
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 314.23M | 290.98M | 251.29M | 214.47M | 178.03M | 160.79M |
| Gross Profit | 278.38M | 259.15M | 225.39M | 196.23M | 166.60M | 150.06M |
| EBITDA | 350.29M | 292.86M | 469.90M | 429.51M | 339.71M | 302.30M |
| Net Income | 402.04M | 242.68M | 222.43M | 316.64M | 243.62M | 173.94M |
Balance Sheet | ||||||
| Total Assets | 4.84B | 4.54B | 3.96B | 3.79B | 2.95B | 2.76B |
| Cash, Cash Equivalents and Short-Term Investments | 404.23M | 336.91M | 184.11M | 501.09M | 139.06M | 452.80M |
| Total Debt | 1.18B | 1.28B | 847.54M | 916.08M | 932.00M | 934.91M |
| Total Liabilities | 1.69B | 1.79B | 1.36B | 1.31B | 1.31B | 1.31B |
| Stockholders Equity | 3.15B | 2.75B | 2.60B | 2.49B | 1.64B | 1.45B |
Cash Flow | ||||||
| Free Cash Flow | 135.41M | 161.05M | 86.67M | 142.72M | 57.51M | 106.95M |
| Operating Cash Flow | 151.97M | 161.89M | 87.26M | 144.80M | 57.73M | 107.17M |
| Investing Cash Flow | -259.12M | -336.87M | -225.73M | -223.07M | -254.67M | 16.71M |
| Financing Cash Flow | 453.77M | 326.53M | -183.05M | 444.74M | -119.78M | 212.54M |
Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR Technical Analysis
Positive
33.66
Price Trends
34.10
Positive
34.11
Positive
32.55
Positive
Market Momentum
0.10
Negative
51.74
Neutral
64.42
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VTMX, the sentiment is Positive. The current price of 33.66 is below the 20-day moving average (MA) of 34.26, below the 50-day MA of 34.10, and above the 200-day MA of 32.55, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 51.74 is Neutral, neither overbought nor oversold. The STOCH value of 64.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for VTMX.
Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR Risk Analysis
Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR disclosed 67 risk factors in its most recent earnings report. Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $3.06B | 7.38 | 14.33% | 2.42% | 21.16% | 1174.42% | |
68 Neutral | $1.44B | 8.43 | 9.42% | ― | 11.76% | 4.46% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $123.75M | 12.04 | 7.47% | ― | 6.34% | -19.44% | |
65 Neutral | $569.22M | 6.93 | 6.35% | ― | -40.80% | -33.41% | |
49 Neutral | $245.83M | 20.08 | 1.99% | ― | 6.16% | ― |
* Real Estate Sector Average
VTMX
Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR
34.38
6.69
24.16%
ARL
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20.28%
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0.26
1.17%
FOR
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FPH
Five Point Holdings
5.13
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OZ
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Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR Corporate Events
Vesta Posts Strong Q2 2026 Results as Leasing and Development Drive Growth
Jul 22, 2026
Vesta reported solid financial and operating performance for the quarter ended June 30, 2026, with total rental income rising 16.7% year on year to US$ 78.5 million and revenues excluding energy up 16.2% to US$ 76.0 million. Adjusted NOI grew 15.6...
Vesta Sets July 15 Payment for Second 2026 Dividend Installment
Jul 2, 2026
Corporación Inmobiliaria Vesta has informed shareholders that, following resolutions approved at its Ordinary and Extraordinary General Shareholders’ Meeting on April 22, 2026, it will pay the second installment of a previously decreed ...
Vesta Raises Additional US$26.8 Million as Underwriters Exercise Over-Allotment in Follow-On Offering
Jun 4, 2026
Corporación Inmobiliaria Vesta, S.A.B. de C.V., a Mexican industrial real estate company listed in New York and Mexico, operates a large portfolio of logistics and manufacturing properties aligned with cross-border trade flows. Its tenant bas...
Vesta Signs Over 570,000 Sq. Ft. of New Industrial Leases in Monterrey
May 26, 2026
On May 26, 2026, Vesta announced it had signed two new lease agreements totaling more than 570,000 square feet in Monterrey, Mexico. The leases, signed with European companies specializing in industrial manufacturing and equipment for critical inf...
Vesta Raises US$242.5 Million in Global Follow-On Offering to Fund Growth
May 18, 2026
On May 18, 2026, Vesta announced it had closed a global follow-on equity offering comprising 1,199,285 American Depositary Shares in the United States and 58,054,784 common shares in Mexico. Each ADS represents 10 common shares, and the offerings ...
Corporación Inmobiliaria Vesta Launches Dual-Market Follow-On Equity Offering
May 14, 2026
On May 13, 2026, Corporación Inmobiliaria Vesta entered into an underwriting agreement with a syndicate led by Barclays, J.P. Morgan and Morgan Stanley for the sale of 11,992,850 common shares represented by ADSs, with an option for underwrit...
Vesta Launches Global Follow-On Share Offering to Support Expansion of Mexican Industrial Real Estate Portfolio
May 7, 2026
Corporación Inmobiliaria Vesta, S.A.B. de C.V. is a fully integrated, internally managed Mexican real estate company focused on industrial properties and distribution centers. As of March 31, 2026, it owned 231 properties totaling 43.0 millio...
Vesta Highlights Strong Profit Growth and Strategic Momentum in Q1 2026 MD&A Filing
May 7, 2026
Corporación Inmobiliaria Vesta, S.A.B. de C.V. is a fully integrated Mexican industrial real estate owner and operator specializing in light-manufacturing and logistics properties for multinational clients, with a portfolio of 231 buildings t...
Corporación Inmobiliaria Vesta Certifies Restated Bylaws After April 2026 Approval
Apr 30, 2026
Corporación Inmobiliaria Vesta, S.A.B. de C.V., the Mexican industrial real estate developer and operator listed in Mexico and via ADRs in the U.S., filed a Form 6-K with the U.S. Securities and Exchange Commission for April 2026. The filing ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.