Vestand Inc. (VSTD) 10-Year Financial Performance & Capital Metrics

VSTD • • Industrial / General

Consumer DefensiveFood DistributionSpecialty Food DistributionEthnic & Specialty Cuisine Distributors

AboutVestand Inc., previously Yoshiharu Global Co., is a fast-growing restaurant operator specializing in authentic Japanese ramen & rolls. It operates 15 restaurants across Southern California and Las Vegas. The company announced a corporate rebranding effective September 3, 2025, shifting from a traditional restaurant business into a diversified asset-backed platform incorporating a corporate-level Crypto Treasury strategy alongside real estate holdings. This strategic transformation aims to combine stable shareholder returns with the growth potential in digital assets.Show more

Revenue $13M +39.3%
EBITDA -$2M +43.0%
Net Income -$3M +12.3%
EPS (Diluted) -0.50 +12.3%
Gross Margin 11.81% +198.7%
EBITDA Margin -13.19% +59.1%
Operating Margin -19.9% +47.8%
Net Margin -20.76% +37.1%
ROE -183.29% -149.9%
ROIC -15.18% +43.6%
Debt/Equity 60.28 +1557.2%
Interest Coverage -5.61 +65.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 25.9%

✗Weaknesses

✗High debt to equity ratio of 60.3x
✗Weak momentum: RS Rating 2 (bottom 2%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y25.9%

3Y25.23%

TTM30.39%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-15.97%

EPS CAGR

10Y-

5Y-

3Y-

TTM-5.87%

ROCE

10Y Avg-40.96%

5Y Avg-48.12%

3Y Avg-33.41%

Latest-24.01%

Peer Comparison

Ethnic & Specialty Cuisine Distributors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
VSTDVestand Inc.	4.75M	0.34	-0.67	39.33%	-23.83%	-70.69%	2.4%	60.28
HFFGHF Foods Group Inc.	115.11M	2.17	-2.36	4.63%	-3.71%	-18.87%	8.77%	0.87
CCHHCCH Holdings Ltd Ordinary Shares	8.43M	0.44		-8.79%	10.25%	17.68%		0.55

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	4.06M	3.17M	6.54M	8.28M	9.21M	12.84M
Revenue Growth %	-	-0.22%	1.06%	0.27%	0.11%	0.39%
Cost of Goods Sold+	3.6M	3.2M	6.32M	8.12M	8.85M	11.32M
COGS % of Revenue	0.89%	1.01%	0.97%	0.98%	0.96%	0.88%
Gross Profit+	457.45K	-27.08K	214.59K	166.09K	364.39K	1.52M
Gross Margin %	0.11%	-0.01%	0.03%	0.02%	0.04%	0.12%
Gross Profit Growth %	-	-1.06%	8.92%	-0.23%	1.19%	3.16%
Operating Expenses+	521.91K	408.65K	2.07M	3.95M	3.88M	4.07M
OpEx % of Revenue	0.13%	0.13%	0.32%	0.48%	0.42%	0.32%
Selling, General & Admin	521.91K	408.65K	2.07M	3.03M	3.88M	3.93M
SG&A % of Revenue	0.13%	0.13%	0.32%	0.37%	0.42%	0.31%
Research & Development	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-
Other Operating Expenses	0	0	0	916.89K	0	139.77K
Operating Income+	-64.47K	-435.74K	-1.86M	-3.78M	-3.52M	-2.56M
Operating Margin %	-0.02%	-0.14%	-0.28%	-0.46%	-0.38%	-0.2%
Operating Income Growth %	-	-5.76%	-3.27%	-1.03%	0.07%	0.27%
EBITDA+	37.95K	-321.26K	-1.72M	-3.13M	-2.97M	-1.69M
EBITDA Margin %	0.01%	-0.1%	-0.26%	-0.38%	-0.32%	-0.13%
EBITDA Growth %	-	-9.47%	-4.36%	-0.82%	0.05%	0.43%
D&A (Non-Cash Add-back)	102.42K	114.48K	138.66K	658.37K	545.55K	862.15K
EBIT	-47.53K	-386.18K	-1.56M	-3.38M	-2.77M	-2.18M
Net Interest Income+	-64.04K	-51.59K	-52.22K	-88.3K	-218.15K	-455.22K
Interest Income	0	0	0	0	0	0
Interest Expense	64.04K	51.59K	52.22K	88.3K	218.15K	455.22K
Other Income/Expense	-47.1K	-2.03K	244.15K	316.11K	523.54K	-76.6K
Pretax Income+	-111.57K	-437.77K	-1.62M	-3.47M	-2.99M	-2.63M
Pretax Margin %	-0.03%	-0.14%	-0.25%	-0.42%	-0.32%	-0.2%
Income Tax+	22.56K	12.36K	14.65K	19.25K	48.65K	34.24K
Effective Tax Rate %	1.2%	1.03%	1.01%	1.01%	1.02%	1.01%
Net Income+	-134.13K	-450.13K	-1.63M	-3.49M	-3.04M	-2.67M
Net Margin %	-0.03%	-0.14%	-0.25%	-0.42%	-0.33%	-0.21%
Net Income Growth %	-	-2.36%	-2.62%	-1.14%	0.13%	0.12%
Net Income (Continuing)	-134.13K	-450.13K	-1.63M	-3.49M	-3.04M	-2.67M
Discontinued Operations	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0
EPS (Diluted)+	-0.02	-0.09	-0.03	-0.81	-0.57	-0.50
EPS Growth %	-	-2.57%	0.65%	-25.56%	0.3%	0.12%
EPS (Basic)	-0.02	-0.09	-0.03	-0.81	-0.57	-0.50
Diluted Shares Outstanding	5.5M	5.18M	53.38M	4.31M	5.32M	5.38M
Basic Shares Outstanding	5.5M	5.18M	53.38M	4.31M	5.32M	5.38M
Dividend Payout Ratio	-	-	-	-	-	-

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	92.19K	15.74K	1.12M	6.57M	1.54M	1.46M
Cash & Short-Term Investments	78.12K	0	1.09M	6.51M	1.46M	1.24M
Cash Only	78.12K	0	1.09M	6.51M	1.46M	1.24M
Short-Term Investments	0	0	0	0	0	0
Accounts Receivable	0	0	0	0	0	84.11K
Days Sales Outstanding	-	-	-	-	-	2.39
Inventory	0	0	0	0	0	139.42K
Days Inventory Outstanding	-	-	-	-	-	4.49
Other Current Assets	0	0	0	0	0	0
Total Non-Current Assets+	2.04M	3M	4.71M	9.45M	11.48M	16.11M
Property, Plant & Equipment	2.01M	2.95M	4.55M	9.14M	9.55M	12.6M
Fixed Asset Turnover	2.02x	1.08x	1.44x	0.91x	0.96x	1.02x
Goodwill	0	0	0	0	0	1.99M
Intangible Assets	0	0	0	0	0	491.22K
Long-Term Investments	0	0	60K	0	0	400.57K
Other Non-Current Assets	32.02K	52.22K	97.95K	308.35K	1.93M	635.42K
Total Assets+	2.13M	3.01M	5.84M	16.02M	13.02M	17.57M
Asset Turnover	1.90x	1.05x	1.12x	0.52x	0.71x	0.73x
Asset Growth %	-	0.41%	0.94%	1.75%	-0.19%	0.35%
Total Current Liabilities+	885.77K	1.7M	3.65M	1.99M	3.27M	6.04M
Accounts Payable	212.38K	169.81K	1.6M	744.1K	647.81K	843.32K
Days Payables Outstanding	21.53	19.38	92.28	33.46	26.72	27.19
Short-Term Debt	514.34K	1.32M	1.74M	778.32K	1.98M	3.14M
Deferred Revenue (Current)	0	0	0	0	0	0
Other Current Liabilities	23.22K	22.74K	88.44K	5.92K	65.7K	1.08M
Current Ratio	0.10x	0.01x	0.31x	3.31x	0.47x	0.24x
Quick Ratio	0.10x	0.01x	0.31x	3.31x	0.47x	0.22x
Cash Conversion Cycle	-	-	-	-	-	-20.3
Total Non-Current Liabilities+	1.56M	2.68M	4.51M	8.39M	7.1M	11.28M
Long-Term Debt	761.2K	1.43M	2.41M	2.13M	1.41M	3.95M
Capital Lease Obligations	803.25K	1.26M	2.09M	6.26M	5.69M	7.32M
Deferred Tax Liabilities	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	0	0	0
Total Liabilities	2.45M	4.39M	8.15M	10.38M	10.37M	17.32M
Total Debt+	2.21M	4.19M	6.47M	9.63M	9.65M	15.4M
Net Debt	2.14M	4.19M	5.38M	3.12M	8.19M	14.16M
Debt / Equity	-	-	-	1.71x	3.64x	60.28x
Debt / EBITDA	58.36x	-	-	-	-	-
Net Debt / EBITDA	56.30x	-	-	-	-	-
Interest Coverage	-1.01x	-8.45x	-35.62x	-42.86x	-16.11x	-5.61x
Total Equity+	-316.06K	-1.37M	-2.32M	5.64M	2.65M	255.4K
Equity Growth %	-	-3.34%	-0.69%	3.43%	-0.53%	-0.9%
Book Value per Share	-0.06	-0.26	-0.04	1.31	0.50	0.05
Total Shareholders' Equity	-316.06K	-1.37M	-2.32M	5.64M	2.65M	255.4K
Common Stock	0	0	946	133	133	140
Retained Earnings	-732.43K	-1.18M	-2.81M	-6.3M	-9.34M	-12.01M
Treasury Stock	0	0	0	0	0	0
Accumulated OCI	0	0	-60K	0	0	0
Minority Interest	0	0	0	0	0	0

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	690.61K	133.94K	194.14K	-3.8M	-4.59M	875.22K
Operating CF Margin %	0.17%	0.04%	0.03%	-0.46%	-0.5%	0.07%
Operating CF Growth %	-	-0.81%	0.45%	-20.57%	-0.21%	1.19%
Net Income	-134.13K	-450.13K	-1.63M	-3.49M	-3.04M	-2.67M
Depreciation & Amortization	20.72K	114.48K	138.66K	658.37K	545.55K	862.15K
Stock-Based Compensation	0	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	0
Other Non-Cash Items	0	0	978.11K	-385.9K	-709.37K	0
Working Capital Changes	804.02K	469.59K	707.85K	-583.87K	-1.39M	2.68M
Change in Receivables	0	0	0	0	0	-84.11K
Change in Inventory	20.76K	-1.66K	-20.84K	-24.33K	-12.12K	-53.61K
Change in Payables	114.04K	-43.33K	296.92K	883.87K	-33.91K	198.98K
Cash from Investing+	-52.55K	-545.24K	-896.62K	-1.47M	-1.47M	-2.56M
Capital Expenditures	-52.55K	-545.24K	-896.62K	-1.47M	-1.47M	-761.53K
CapEx % of Revenue	0.01%	0.17%	0.14%	0.18%	0.16%	0.06%
Acquisitions	-	-	-	-	-	-
Investments	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0
Cash from Financing+	-624.33K	333.17K	1.79M	10.69M	1.39M	1.47M
Debt Issued (Net)	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-
Dividends Paid	-684.4K	-665.19K	-696.58K	0	0	0
Share Repurchases	-	-	-	-	-	-
Other Financing	0	60K	0	0	0	0
Net Change in Cash	-	-	-	-	-	-
Free Cash Flow+	638.06K	-411.29K	-702.47K	-5.27M	-6.06M	113.7K
FCF Margin %	0.16%	-0.13%	-0.11%	-0.64%	-0.66%	0.01%
FCF Growth %	-	-1.64%	-0.71%	-6.5%	-0.15%	1.02%
FCF per Share	0.12	-0.08	-0.01	-1.22	-1.14	0.02
FCF Conversion (FCF/Net Income)	-5.15x	-0.30x	-0.12x	1.09x	1.51x	-0.33x
Interest Paid	64.04K	51.59K	52.22K	88.3K	218.15K	443.49K
Taxes Paid	22.56K	12.36K	14.65K	19.25K	48.65K	34.24K

Key Ratios

Metric	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-	-210.13%	-73.34%	-183.29%
Return on Invested Capital (ROIC)	-2.66%	-14.08%	-47.42%	-48.02%	-26.9%	-15.18%
Gross Margin	11.27%	-0.85%	3.28%	2.01%	3.95%	11.81%
Net Margin	-3.3%	-14.2%	-24.94%	-42.11%	-32.99%	-20.76%
Debt / Equity	-	-	-	1.71x	3.64x	60.28x
Interest Coverage	-1.01x	-8.45x	-35.62x	-42.86x	-16.11x	-5.61x
FCF Conversion	-5.15x	-0.30x	-0.12x	1.09x	1.51x	-0.33x
Revenue Growth	-	-21.87%	106.15%	26.7%	11.26%	39.33%

Frequently Asked Questions

Growth & Financials

Vestand Inc. (VSTD) reported $13.9M in revenue for fiscal year 2024. This represents a 243% increase from $4.1M in 2019.

Vestand Inc. (VSTD) grew revenue by 39.3% over the past year. This is strong growth.

Vestand Inc. (VSTD) reported a net loss of $3.3M for fiscal year 2024.

Dividend & Returns

Vestand Inc. (VSTD) has a return on equity (ROE) of -183.3%. Negative ROE indicates the company is unprofitable.

Vestand Inc. (VSTD) had negative free cash flow of $2.1M in fiscal year 2024, likely due to heavy capital investments.

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