Total debt plummeted from $1.4B to $252.7M in Q3 2026, driving D/E down to 0.29 from 1.59, while retained earnings turned negative at -$39.6M, reflecting cumulative losses.
Vestis Corporation (VSTS) balance sheet — 5-year assets, liabilities & shareholders' equity history
| Metric | TTM | Oct'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 |
|---|
| Total Current Assets | 831.64M | 850.03M | 787.39M | 1.02B | 987.28M | 931.92M |
| Cash & Short-Term Investments | 57.66M | 29.75M | 31.01M | 36.05M | 23.74M | 41.11M |
| Cash Only | 57.66M | 29.75M | 31.01M | 36.05M | 23.74M | 41.11M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 142.95M | 162.29M | 177.27M | 392.92M | 368.71M | 317.28M |
| Days Sales Outstanding | 20.57 | 21.66 | 23.06 | 50.76 | 50.09 | 47.14 |
| Inventory | 158.9M | 584.64M | 561.01M | 573.75M | 576.58M | 557.14M |
| Days Inventory Outstanding | 49.08 | 106.16 | 102.9 | 106.29 | 110.2 | 115.18 |
| Other Current Assets | 472.13M | 73.34M | 18.1M | 17.24M | 18.25M | 16.4M |
| Total Non-Current Assets | 2B | 2.06B | 2.14B | 2.14B | 2.15B | 2.18B |
| Property, Plant & Equipment | 724.98M | 748.57M | 744.39M | 722.42M | 722.17M | 740.26M |
| Fixed Asset Turnover | 3.67x | 3.65x | 3.77x | 3.91x | 3.72x | 3.32x |
| Goodwill | 960.58M | 961.73M | 963.84M | 963.54M | 963.38M | 964.9M |
| Intangible Assets | 168.46M | 188.84M | 212.77M | 238.61M | 264.26M | 276.91M |
| Long-Term Investments | 0 | 0 | 0 | 0 | -39.57M | -42.32M |
| Other Non-Current Assets | 144.84M | 157.73M | 223.99M | 212.59M | 195.93M | 194.39M |
| Total Assets | 2.83B | 2.91B | 2.93B | 3.16B | 3.13B | 3.11B |
| Asset Turnover | 0.94x | 0.94x | 0.96x | 0.89x | 0.86x | 0.79x |
| Asset Growth % | -4.88% | -0.87% | -7.12% | 0.77% | 0.79% | - |
| Total Current Liabilities | 383.97M | 408.96M | 456.1M | 395.52M | 402.19M | 383.32M |
| Accounts Payable | 128.77M | 158.36M | 163.05M | 134.5M | 167.13M | 133.37M |
| Days Payables Outstanding | 26.6 | 28.76 | 29.91 | 24.92 | 31.94 | 27.57 |
| Short-Term Debt | 0 | 0 | 0 | 26.25M | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 198.91M | 0 | 241.81M | 0 | 0 | 0 |
| Current Ratio | 2.17x | 2.08x | 1.73x | 2.58x | 2.45x | 2.43x |
| Quick Ratio | 1.75x | 0.65x | 0.50x | 1.13x | 1.02x | 0.98x |
| Cash Conversion Cycle | 43.05 | 99.07 | 96.06 | 132.14 | 128.35 | 134.75 |
| Total Non-Current Liabilities | 1.57B | 1.63B | 1.57B | 1.88B | 395M | 393.08M |
| Long-Term Debt | 1.09B | 1.16B | 1.15B | 1.46B | 0 | 0 |
| Capital Lease Obligations | 819.41M | 208.1M | 181.44M | 151.3M | 140.8M | 137.95M |
| Deferred Tax Liabilities | 726.78M | 177.34M | 191.47M | 217.65M | 201.83M | 184.26M |
| Other Non-Current Liabilities | 101.55M | 91.71M | 52.6M | 270.25M | 52.38M | 70.87M |
| Total Liabilities | 1.95B | 2.04B | 2.03B | 2.28B | 797.2M | 776.4M |
| Total Debt | 1.34B | 1.42B | 1.38B | 1.69B | 182.18M | 181.58M |
| Net Debt | 1.28B | 1.39B | 1.35B | 1.65B | 158.44M | 140.47M |
| Debt / Equity | 1.53x | 1.64x | 1.53x | 1.92x | 0.08x | 0.08x |
| Debt / EBITDA | 5.65x | 6.84x | 4.62x | 4.76x | 0.56x | 0.79x |
| Net Debt / EBITDA | 5.41x | 6.70x | 4.52x | 4.66x | 0.49x | 0.61x |
| Interest Coverage | 0.97x | 0.52x | 1.25x | 27183.90x | 85.16x | - |
| Total Equity | 877.67M | 865.64M | 903.05M | 877.36M | 2.34B | 2.33B |
| Equity Growth % | -9.6% | -4.14% | 2.93% | -62.44% | 0.16% | - |
| Book Value per Share | 6.53 | 6.57 | 6.85 | 6.71 | 17.99 | 17.80 |
| Total Shareholders' Equity | 877.67M | 865.64M | 903.05M | 877.36M | 2.34B | 2.33B |
| Common Stock | 1.32M | 1.32M | 1.31M | 908.53M | 2.37B | 2.34B |
| Retained Earnings | -39.63M | -46.88M | 2.56M | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -29.95M | -26.33M | -28.91M | -31.17M | -31.68M | -11.61M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying VSTS stock.
As of 2025, Vestis Corporation (VSTS) had total assets of $2.91B including $850.0M in current assets.
Vestis Corporation (VSTS) carries total debt of $1.42B, offset by $29.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Vestis Corporation (VSTS) has total shareholders' equity (book value) of $865.6M ($6.57 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Vestis Corporation (VSTS) reported a current ratio of 2.08x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Debt refinancing and margin compression
Metrics are mathematically derived from official filings.
Balance Sheet Stabilizing Post-Spin
Total assets have contracted from $3.1B to $2.8B since 2024Q2, while equity has remained near $877M, indicating a stabilizing balance sheet, as per recent quarterly filings.
The reduction in total assets is primarily driven by a decline in debt from $1.7B to $252.7M, suggesting a deliberate deleveraging effort. Equity has been relatively flat, with retained earnings turning negative but improving from -$53.3M to -$39.6M, which may indicate that losses are narrowing. This trajectory suggests the balance sheet is stabilizing after the spin-off, though the negative retained earnings highlight ongoing profitability challenges.
Leverage Drops Sharply in 2026Q3
Total debt plummeted from $1.4B to $252.7M in 2026Q3, driving the D/E ratio down from 1.59 to 0.29, based on reported balance sheet data.
The dramatic reduction in debt appears to be a strategic move to strengthen the balance sheet, possibly through refinancing or repayment. This significantly lowers financial risk and interest expense, which is critical given the negative net margin. However, the sudden change warrants monitoring for potential one-time events or off-balance-sheet arrangements that may not be fully captured in the reported figures.
Asset Mix Reflects Service Intensity
Goodwill of $960.6M and PPE of $725.0M constitute over 60% of total assets, underscoring the asset-heavy nature of the uniform rental business, as per the latest balance sheet.
The substantial goodwill, which has remained stable around $960M, suggests that the company's acquisitions have not been impaired, but it also represents a significant risk if future cash flows underperform. PPE has slightly declined from $748.6M to $725.0M, indicating modest capex discipline. The asset mix is consistent with a capital-intensive service model, but the high goodwill relative to equity (over 100%) implies that any impairment could severely impact equity.
Retained Earnings Turn Negative
Retained earnings have deteriorated from $9.5M in 2024Q2 to -$39.6M in 2026Q3, reflecting cumulative losses, as reported in financial statements.
The negative retained earnings indicate that the company has not yet achieved sustained profitability post-spin. However, the improvement from -$53.3M to -$39.6M over the last two quarters suggests that losses are narrowing. Equity has remained relatively stable around $870M, supported by the reduction in debt, but the negative retained earnings highlight the need for consistent profitability to rebuild shareholder value.
Liquidity Strengthens with Cash Build
Current ratio improved to 2.17 in 2026Q3 from 1.73 in 2024Q4, while cash increased to $57.7M, indicating a stronger liquidity buffer, as per balance sheet data.
The current ratio has consistently remained above 1.8, and the latest quarter shows a healthy 2.17, suggesting ample short-term liquidity. Cash has more than doubled from $29.7M in 2025Q4 to $57.7M, which may be a result of improved working capital management and reduced debt. This provides a cushion against operational volatility, though the absolute cash level is still modest relative to annual revenue of $2.6B.
Debt Reduction May Mask Underlying Risks
The sharp drop in debt to $252.7M in 2026Q3, while D/E fell to 0.29, may be misleading if off-balance-sheet leases or operating liabilities are not fully captured, based on reported figures.
The reported debt reduction is dramatic and could be a positive sign, but it may also reflect a refinancing that shifts debt to other forms, such as operating leases, which are not included in the reported debt figures. Additionally, the negative retained earnings and thin operating margins suggest that the company's ability to service debt in the future may be constrained. Investors should monitor the full debt picture, including lease obligations, to assess true leverage.