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:77Outperform
Price Target:
$40.00
▲(11.58% Upside)
Action:Reiterated
Date:04/28/26
The score is driven primarily by strong financial performance (solid revenue growth and very high profitability, with manageable leverage) and supportive technicals (price above major moving averages with positive momentum). Valuation is also favorable given the moderate P/E and dividend yield. The latest earnings call adds a modest positive tilt due to strong leasing/occupancy commentary, partially tempered by FFO/margin pressure and interest-cost headwinds.
Positive Factors
Recurring rental income and strong revenue growth
High, recurring rental revenues driven by long-term leases and inflation-linked adjustments underpin predictable cash flows. Consistent top-line growth reinforces the business model's durability, supporting reinvestment in development, dividend policy and resilience to cyclical demand swings.
Negative Factors
FFO decline and higher interest expense
FFO is the primary distributable earnings measure; a decline driven by rising interest costs and a larger debt balance weakens cash available for dividends and development. If elevated rates persist, lower FFO compresses financial flexibility and raises sensitivity to leverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring rental income and strong revenue growth
High, recurring rental revenues driven by long-term leases and inflation-linked adjustments underpin predictable cash flows. Consistent top-line growth reinforces the business model's durability, supporting reinvestment in development, dividend policy and resilience to cyclical demand swings.
Read all positive factors
Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR (VTMX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.00B
Dividend Yield2.29%
Average Volume (3M)107.03K
Price to Earnings (P/E)8.7
Beta (1Y)0.59
Revenue Growth18.38%
EPS Growth204.57%
CountryUS
Employees96
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)3.91
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 Cap1.40
Enterprise Value/Revenue14.12
Enterprise Value/Gross Profit15.48
Enterprise Value/Ebitda17.96
Forecast
1Y Price Target
$41.00Price Target Upside14.37% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.36
Revenue Forecast (FY)$317.95M
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 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:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 22, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive picture: strong leasing momentum, solid revenue growth (~14.4% YoY), high occupancy and attractive yield-on-cost economics supported optimism. Management is selectively resuming development backed by a 1.6M sqft pipeline and strong sector demand (electronics, aerospace, AI/data infrastructure). Balance-sheet metrics (cash $206M, LTV 26%, fixed-rate debt majority) and a 7.5% dividend increase underpin financial flexibility. Offsetting items include a modest FFO decline (from $45.1M to $43.1M), compression in NOI and EBITDA margins (62 bps and 130 bps declines, respectively), higher interest expense and localized vacancy/competitive supply pressures (notably in Tijuana). Overall, highlights meaningfully outweigh the lowlights, with management emphasizing disciplined execution and confidence in near-term outlook.Positive Updates
Robust Leasing Activity
Total first-quarter leasing of ~1.6 million square feet, including ~1.0 million square feet of new leases with best-in-class companies, demonstrating strong tenant demand and expansions.
Negative Updates
FFO Decline
Vesta FFO excluding current tax decreased to $43.1 million from $45.1 million in Q1 2025, primarily due to higher interest expense in the quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Robust Leasing Activity
Total first-quarter leasing of ~1.6 million square feet, including ~1.0 million square feet of new leases with best-in-class companies, demonstrating strong tenant demand and expansions.
Read all positive updates
Company Guidance
Management guided that leasing momentum and a gradual recovery in occupancy should continue, citing Q1 leasing of ~1.6M sq ft (including ~1.0M sq ft of new leases), total portfolio occupancy at 89.7% (stabilized 93.4%, same-store 95%), a development pipeline of ~1.6M sq ft with 2 projects launched in Mexico City and 1 in Tijuana, and strong market activity (Mexico City gross absorption ~6.7M sq ft with >50% of new supply pre-leased). Financially they pointed to resilient results and outlook: total revenues $76.7M (rental revenues $74.0M, +14% seq.), adjusted NOI $70.47M (+13.4%; NOI margin 95.1%, -62 bps), adjusted EBITDA $62.1M (+12.4%; EBITDA margin 83.9%, -130 bps), Vesta FFO ex current tax $43.1M, pretax income $97.9M, cash $206M, total debt $1.2B, net debt/EBITDA 4.1x, LTV 26% (from 28.1%), 100% USD debt with 87.2% fixed-rate exposure, and a $74.8M dividend approved (+7.5% YoY). They expect continued double‑digit leasing spreads (guidance ~10–13%, with re‑letting examples of 20–50% and new-lease uplifts up to ~30–50%), attractive yield‑on‑costs (~10% on average; ~9.8% Mexico City, 10.5–11% in other markets), and noted selective, demand‑driven development supported by a strong, flexible balance sheet.Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
74
Positive
Cash Flow
69
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 297.41M | 290.98M | 251.29M | 214.47M | 178.03M | 160.79M |
| Gross Profit | 271.33M | 259.15M | 225.39M | 196.23M | 166.60M | 150.06M |
| EBITDA | 233.83M | 292.86M | 194.17M | 429.51M | 339.71M | 302.30M |
| Net Income | 328.20M | 242.68M | 222.43M | 316.64M | 243.62M | 173.94M |
Balance Sheet | ||||||
| Total Assets | 4.51B | 4.54B | 3.96B | 3.79B | 2.95B | 2.76B |
| Cash, Cash Equivalents and Short-Term Investments | 206.10M | 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 | 1.66B | 1.79B | 1.36B | 1.31B | 1.31B | 1.31B |
| Stockholders Equity | 2.86B | 2.75B | 2.60B | 2.49B | 1.64B | 1.45B |
Cash Flow | ||||||
| Free Cash Flow | 153.98M | 161.05M | 86.67M | 142.72M | 57.51M | 106.95M |
| Operating Cash Flow | 169.79M | 161.89M | 87.26M | 144.80M | 57.73M | 107.17M |
| Investing Cash Flow | -294.00M | -336.87M | -225.73M | -223.07M | -254.67M | 16.71M |
| Financing Cash Flow | 289.45M | 326.53M | -183.05M | 444.74M | -119.78M | 212.54M |
Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR Technical Analysis
Negative
35.85
Price Trends
34.87
Negative
33.89
Negative
31.43
Positive
Market Momentum
-0.25
Positive
43.58
Neutral
49.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VTMX, the sentiment is Negative. The current price of 35.85 is above the 20-day moving average (MA) of 34.35, above the 50-day MA of 34.87, and above the 200-day MA of 31.43, indicating a neutral trend. The MACD of -0.25 indicates Positive momentum. The RSI at 43.58 is Neutral, neither overbought nor oversold. The STOCH value of 49.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $3.00B | 8.73 | 12.36% | 2.29% | 18.38% | 204.57% | |
76 Outperform | $1.47B | 8.77 | 9.49% | ― | 16.12% | -0.91% | |
75 Outperform | $134.27M | 10.56 | 9.58% | ― | -8.70% | -0.61% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | $564.73M | 8.06 | 5.56% | ― | -54.20% | -50.02% | |
53 Neutral | $246.16M | 20.20 | 1.99% | ― | 6.16% | ― |
* Real Estate Sector Average
VTMX
Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR
33.89
6.75
24.87%
ARL
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9.96%
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Amrep
25.31
4.08
19.22%
FOR
Forestar Group
28.79
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FPH
Five Point Holdings
5.12
-0.35
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OZ
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46.40
-20.60
-30.75%
Corporacion Inmobiliaria Vesta S.A.B. de C.V. ADR Corporate Events
Vesta Sets May 6, 2026 Payment Date for First Dividend Installment
Apr 27, 2026
Corporación Inmobiliaria Vesta, S.A.B. de C.V., a Mexican industrial real estate developer and operator, concentrates on building and managing logistics and manufacturing facilities for corporate tenants across Mexico. Its portfolio targets g...
Vesta Shareholders Approve 2025 Results, US$74.8 Million Dividend and Extend US$150 Million Buyback Program
Apr 24, 2026
At its ordinary and extraordinary shareholders’ meetings held on April 22, 2026, Vesta’s investors approved the 2025 annual reports of the CEO, board and all key committees, along with the audited consolidated financial statements and ...
Vesta Posts Double-Digit Q1 2026 Rental Growth and Boosts Dividend After Clearing Secured Debt
Apr 23, 2026
Corporación Inmobiliaria Vesta reported solid first-quarter 2026 results on April 23, with total rental income rising 14.4% year on year to US$ 76.7 million and rental revenues excluding energy up 14.1% to US$ 74.0 million, supported by new c...
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...
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.