Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR (VTMX)
NYSE:VTMX
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Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR
(NYSE:VTMX)
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Rating:75Outperform
Price Target:
$37.00
▲(4.23% Upside)
Action:UpgradedDate: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
Recurring contract-backed rental income
Vesta’s core business is long-term industrial leases that produce recurring base rent and tenant reimbursements. That contract-backed cash flow underpins predictable revenue streams, supports development underwriting, and aligns incentives for long-cycle tenant relationships across Mexico’s logistics/manufacturing hubs.
Negative Factors
Weakened cash conversion
Operating and free cash flow lagging reported earnings indicates timing differences, working-capital sensitivity, or non-cash accounting items. Durable reliance on accrual profits rather than cash can constrain funding for development, dividends or unexpected outlays and increases dependence on capital markets when cash is uneven.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring contract-backed rental income
Vesta’s core business is long-term industrial leases that produce recurring base rent and tenant reimbursements. That contract-backed cash flow underpins predictable revenue streams, supports development underwriting, and aligns incentives for long-cycle tenant relationships across Mexico’s logistics/manufacturing hubs.
Read all positive factors
Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR (VTMX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.13B
Dividend Yield2.29%
Average Volume (3M)107.03K
Price to Earnings (P/E)10.7
Beta (1Y)0.61
Revenue Growth13.04%
EPS Growth-98.33%
CountryUS
Employees96
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)2.01
Shares Outstanding88,248,726
10 Day Avg. Volume57,211
30 Day Avg. Volume107,028
Financial Highlights & Ratios
PEG Ratio0.92
Price to Book (P/B)0.94
Price to Sales (P/S)8.90
P/FCF Ratio16.07
Enterprise Value/Market Cap1.26
Enterprise Value/Revenue13.67
Enterprise Value/Gross Profit14.62
Enterprise Value/Ebitda22.63
Forecast
1Y Price Target
$40.00Price Target Upside12.68% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.33
Revenue Forecast (FY)$311.86M
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...
How the Company Makes Money
Vesta makes money primarily by leasing industrial properties to tenants under rental contracts. Its core revenue stream is recurring rental income (base rent) from its portfolio of industrial buildings, typically supported by contractual lease ter...
Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive operational and financial picture: strong top-line growth, margin expansion, FFO improvement, accelerating leasing momentum in H2 2025, strategic land acquisitions and balance sheet actions (elimination of secured debt). Headwinds include elevated interest expense, FX-driven tax volatility, moderated total occupancy due to tenant rotation and near-term margin pressures expected in 2026. On balance, the company is positioned for recovery and growth into 2026–2027 but remains exposed to cyclical leasing timing and currency/interest-rate dynamics.Positive Updates
Strong Rental Revenue Growth
Rental revenues grew 11.8% year-over-year to $273.6 million for FY2025, exceeding guidance (10%-11%), with total rental income of $283.2 million.
Negative Updates
Occupancy Moderation and Vacant Space
Total portfolio occupancy was 89.7% at quarter-end (stabilized 93.6%, same-store 95%), with moderation in certain submarkets due to tenant rotation and isolated shutdowns, implying short-term leasing/marketer effort is required.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Rental Revenue Growth
Rental revenues grew 11.8% year-over-year to $273.6 million for FY2025, exceeding guidance (10%-11%), with total rental income of $283.2 million.
Read all positive updates
Company Guidance
Management guided 2026 rental revenues to grow 10–11% year‑over‑year, with an expected adjusted NOI margin of 93.5% and an adjusted EBITDA margin of 83% for the full year; the outlook is framed against 2025 results (rental revenues $273.6M, total rental income $283.2M, adjusted NOI margin 94.8%, adjusted EBITDA margin 84.4%, and FFO $174.9M) and assumes leased buildings beginning to pay in early 2026 and continued stabilization/leasing activity (budget FX assumption ~MXN17.50/$). Management reiterated disciplined capital allocation — including the $0.38/share Q4 dividend paid Jan 15, 2026 — and highlighted balance‑sheet flexibility (cash $337M, total debt $1.28B, net debt/EBITDA 4.4x, LTV 28.1% and the subsequent $118M MetLife III prepayment leaving no secured debt).Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
72
Positive
Cash Flow
58
Neutral
| 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
Positive
35.50
Price Trends
33.44
Positive
32.24
Positive
29.83
Positive
Market Momentum
0.48
Negative
64.36
Neutral
86.18
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 35.5 is above the 20-day moving average (MA) of 33.26, above the 50-day MA of 33.44, and above the 200-day MA of 29.83, indicating a bullish trend. The MACD of 0.48 indicates Negative momentum. The RSI at 64.36 is Neutral, neither overbought nor oversold. The STOCH value of 86.18 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $144.14M | 8.82 | 9.58% | ― | -27.32% | -15.12% | |
75 Outperform | $3.13B | 10.67 | 9.46% | 2.29% | 13.04% | -98.33% | |
66 Neutral | $1.32B | 20.39 | 9.82% | ― | 10.13% | -18.11% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $540.65M | 5.51 | 8.87% | ― | -1.52% | 81.35% | |
47 Neutral | $227.74M | 6.63 | 2.58% | ― | -0.58% | ― |
* Real Estate Sector Average
VTMX
Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR
35.50
12.63
55.23%
ARL
American Realty Investors
14.10
2.40
20.51%
AXR
Amrep
27.17
6.25
29.88%
FOR
Forestar Group
25.98
6.40
32.69%
FPH
Five Point Holdings
4.95
0.20
4.21%
OZ
Belpointe PREP
52.59
-7.92
-13.09%
Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR Corporate Events
Vesta Calls April 22, 2026 Shareholders Meeting to Approve 2025 Results and By-law Changes
Mar 25, 2026
Corporación Inmobiliaria Vesta has called shareholders to a General Ordinary and Extraordinary Meeting to be held on April 22, 2026, at its Mexico City headquarters. The agenda includes presentations and potential approvals of the CEO’s...
Vesta Files 2025 Form 20-F Annual Report With U.S. SEC
Mar 17, 2026
On March 17, 2026, Vesta announced it had filed its Form 20-F annual report for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission. The filing provides investors and other stakeholders with the company’s...
Vesta Posts Strong 2025 Results, Boosts Leasing and Deleverages Ahead of 2026 Growth
Feb 19, 2026
On February 19, 2026, Vesta reported solid results for the fourth quarter and full year ended December 31, 2025, with total rental income rising to US$ 283.2 million and rental revenues up 11.8% year on year to US$ 273.6 million, above guidance. A...
Corporación Inmobiliaria Vesta Sets January 19, 2026 Payment for Fourth Dividend Installment
Jan 5, 2026
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 O...
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.