Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR (VTMX) AI Stock Analysis

• Market Cap: $3.25B
• Dividend Yield: 2.29%
• Average Volume (3M): 107.03K
• Price to Earnings (P/E): 12.8
• Beta (1Y): 0.53
• Revenue Growth: 13.04%
• EPS Growth: -98.33%
• Country: US
• Employees: 96
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Development
• EPS (TTM): 2.01
• Shares Outstanding: 88,248,726
• 10 Day Avg. Volume: 57,211
• 30 Day Avg. Volume: 107,028
• PEG Ratio: 0.92
• Price to Book (P/B): 0.94
• Price to Sales (P/S): 8.90
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.25
• Enterprise Value/Revenue: 14.09
• Enterprise Value/Gross Profit: 15.07
• Enterprise Value/Ebitda: 23.34
• 1Y Price Target: $39.00
• Price Target Upside: 8.36% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 2.34
• Revenue Forecast (FY): $313.51M

• Rating: 75 Outperform
• Price Target: $41.00 ▲(13.92% Upside)
• Action: Upgraded Date: 03/01/26
• Date: Action: Upgraded 03/01/26

The score is driven primarily by strong reported profitability and steady growth, tempered by weaker 2025 cash conversion and some re-leveraging. Technicals support the uptrend but are overbought, adding near-term volatility risk. Valuation is reasonable, and the earnings call outlook is constructive with 10–11% guided growth and balance-sheet actions, offset by interest-rate/FX sensitivity and slightly lower margin guidance.

Positive Factors

Long-term leasing momentum & lease structure

A 7-year weighted average lease term and 6.9M sq ft of annual leasing create durable, predictable cash flows and lower short-term vacancy risk. Accelerating leasing in H2 signals sustained tenant demand, supporting revenue stability and easier capital planning over 2–6 months.

Very high operating margins and FFO growth

Consistently very high NOI/EBITDA margins and rising FFO demonstrate strong operating leverage and cash-generation capability from core leasing operations. High margins support resilience to cost pressures and provide internal funding for development and dividends over the medium term.

Improved liquidity and capital structure actions

Material cash on hand and the prepaid $118M facility that removed secured debt improve financial flexibility and reduce refinancing risk. Moving toward an unsecured capital structure enhances future borrowing optionality and supports disciplined capital allocation over the coming quarters.

Negative Factors

Weakening cash conversion and choppy FCF

Persistent divergence between reported earnings and cash generation reduces earnings quality and constrains the company's ability to fund development or pay consistent dividends from operating cash. Choppy FCF and weaker cash conversion increase funding uncertainty over the next several quarters.

Elevated leverage and higher interest cost sensitivity

Net debt/EBITDA around 4.4x and sizable gross debt expose the firm to interest-rate and refinancing headwinds. Elevated leverage amplifies earnings sensitivity to interest expense and limits flexibility for opportunistic investment during cyclical slowdowns in leasing.

Earnings comparability and non-core accounting effects

Unusually high reported profit metrics driven by non-core or accounting items complicate forecasting and mask underlying operational performance. This reduces confidence in using headline earnings for credit or dividend durability assessments across medium-term planning horizons.

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., together with its subsidiaries, acquires, develops, manages, operates, and leases industrial buildings and distribution centers in Mexico. The company was incorporated in 1998 and is headquartered in Mexico City, Mexico.

How the Company Makes Money

Corporacion Inmobiliaria Vesta generates revenue primarily through the leasing of its industrial properties to various businesses, which provides a stable and recurring income stream. The company typically enters into long-term lease agreements with its tenants, ensuring a predictable cash flow. Additionally, Vesta may earn revenue from property management services and ancillary services associated with its real estate holdings. Significant revenue growth can also stem from the acquisition of new properties and the development of additional industrial spaces, which expand its portfolio and increase rental income. Partnerships with logistics companies and service providers further enhance its operational capabilities and attractiveness to potential tenants, contributing positively to its earnings.

Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR Financial Statement Overview

Summary

Income statement strength (score 86) reflects steady revenue growth and very high reported profitability, but comparability is less reliable given non-core/accounting effects (net income at times exceeding revenue). Balance sheet is decent (score 72) with improved leverage over 2020–2024, though 2025 borrowing rose. Cash flow is the key drag (score 58): while OCF/FCF are positive, 2025 cash conversion weakened materially versus net income and FCF has been choppy.

Income Statement

Revenue has grown steadily from 2020 to 2025 (with 2025 up 6.53%), supporting a positive top-line trajectory. Profitability appears exceptionally high across the period (gross and net margins near or above ~90% in most years, and in several years net income exceeds revenue), which signals strong reported earnings power but also suggests meaningful non-core items or accounting effects that can make year-to-year comparability less reliable. 2020 stands out as a weaker profitability year versus subsequent results, but profitability recovered sharply thereafter.

Balance Sheet

Leverage looks manageable for the sector, with debt-to-equity improving meaningfully from 0.76 (2020) to 0.33 (2024), though it ticked up to 0.46 in 2025 alongside a notable rise in total debt. Equity has grown over time, supporting a stronger capital base, and returns on equity have been solid and relatively stable (roughly high-single-digits to mid-teens). The main balance sheet watch item is the 2025 increase in borrowing after a multi-year improvement in leverage.

Cash Flow

Operating cash flow and free cash flow are consistently positive, and 2025 free cash flow increased (+4.702%). However, cash generation has not kept pace with reported earnings in the latest year: in 2025, operating cash flow (161.9M) and free cash flow (161.0M) are well below net income (242.7M), indicating weaker cash conversion versus prior years (2021–2024 showed cash flow roughly matching net income). Free cash flow growth has also been choppy (declines in 2022 and 2024), which reduces confidence in near-term cash flow stability.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	290.98M	251.29M	214.47M	178.03M	160.79M
Gross Profit	259.15M	225.39M	196.23M	166.60M	150.06M
EBITDA	292.86M	194.17M	429.51M	339.71M	302.30M
Net Income	242.68M	222.43M	316.64M	243.62M	173.94M
Balance Sheet
Total Assets	4.54B	3.96B	3.79B	2.95B	2.76B
Cash, Cash Equivalents and Short-Term Investments	336.91M	184.11M	501.09M	139.06M	452.80M
Total Debt	1.28B	847.54M	916.08M	932.00M	934.91M
Total Liabilities	1.79B	1.36B	1.31B	1.31B	1.31B
Stockholders Equity	2.75B	2.60B	2.49B	1.64B	1.45B
Cash Flow
Free Cash Flow	161.05M	86.67M	142.72M	57.51M	106.95M
Operating Cash Flow	161.89M	87.26M	144.80M	57.73M	107.17M
Investing Cash Flow	-336.87M	-225.73M	-223.07M	-254.67M	16.71M
Financing Cash Flow	326.53M	-183.05M	444.74M	-119.78M	212.54M

Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 35.99
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

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 35.99 is above the 20-day moving average (MA) of 33.75, above the 50-day MA of 32.26, and above the 200-day MA of 29.05, indicating a bullish trend. The MACD of 1.33 indicates Negative momentum. The RSI at 76.22 is Negative, neither overbought nor oversold. The STOCH value of 84.52 is Negative, 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 Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VTMX	75 Outperform	$3.25B	12.85	0.22%	2.29%	13.04%	-98.33%
AXR	72 Outperform	$134.01M	12.91	8.04%	―	-27.32%	-15.12%
FPH	68 Neutral	$600.93M	6.88	12.52%	―	-1.52%	81.35%
FOR	66 Neutral	$1.46B	8.79	9.82%	―	10.13%	-18.11%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
ARL	53 Neutral	$276.20M	47.95	0.95%	―	-0.58%	―

Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR Corporate Events

Vesta Posts Strong 2025 Results, Boosts Leasing and Deleverages Ahead of 2026 Growth

On February 19, 2026, Vesta reported solid results for the fourth quarter and full year ended December 31, 2025, with total rental income rising to US$ 283.2 million and rental revenues up 11.8% year on year to US$ 273.6 million, above guidance. Adjusted NOI and EBITDA margins for 2025 reached 94.8% and 84.4%, respectively, while full-year Vesta FFO increased 9.2% to US$ 174.9 million, underscoring robust profitability.

The company recorded 6.9 million square feet of leasing activity in 2025, including record renewals and 1.9 million square feet leased in the fourth quarter, helping lift stabilized occupancy to 93.6%. Vesta also advanced its development pipeline with new projects in Guadalajara and Querétaro, strengthened its balance sheet by fully repaying secured Metlife credit facilities, paid fourth-quarter dividends in January 2026, and maintained a strong ESG profile with over half of its gross leasable area now certified and inclusion in key sustainability indices.

For 2026, Vesta guided to rental revenue growth of 10–11% with slightly lower but still high Adjusted NOI and EBITDA margins around 93.5% and 83%, signaling continued disciplined growth. These results and outlook reinforce the company’s position as a financially solid, sustainability-focused player in Mexico’s industrial real estate market, benefiting from resilient demand in core export-oriented sectors.

The most recent analyst rating on (VTMX) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR stock, see the VTMX Stock Forecast page.

Corporación Inmobiliaria Vesta Sets January 19, 2026 Payment for Fourth Dividend Installment

Corporación Inmobiliaria Vesta, S.A.B. de C.V., a Mexican industrial real estate developer and operator, announced that it will pay the fourth installment of a previously approved dividend on January 19, 2026. The payment, authorized at the Ordinary General Shareholders’ Meeting held on March 19, 2025, totals US$17.38 million, equivalent to US$0.0203418898196275 per eligible share, and will be paid in Mexican pesos through Indeval using the Bank of Mexico’s exchange rate published on January 16, 2026, underscoring Vesta’s ongoing cash returns to shareholders and providing clarity on timing and mechanics for investors and depository institutions.

The most recent analyst rating on (VTMX) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR stock, see the VTMX Stock Forecast page.

Vesta Secures Major Leases, Fully Occupies Tijuana Park

On December 4, 2025, Vesta announced the signing of three new lease agreements totaling over 550,000 square feet, marking significant progress in its Route 2030 strategic growth plan. Two of these leases were executed at Vesta Park Mega Region in Tijuana, fully leasing the park with tenants from the electronics sector, while the third lease in Queretaro involved a build-to-suit facility for a major aerospace company. These agreements highlight the robust demand for industrial real estate in Mexico, driven by strong infrastructure and a skilled labor force, reinforcing Mexico’s position as a cost-competitive location for production and logistics.

The most recent analyst rating on (VTMX) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR stock, see the VTMX Stock Forecast page.