Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) 10-Year Financial Performance & Capital Metrics

VTMX • • REIT / Real Estate

Real EstateReal Estate DevelopmentIndustrial & Commercial Property DevelopmentIndustrial Property Developers

AboutCorporación 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.Show more

Revenue $251M +17.2%
FFO $224M -29.7%
FFO/Share 2.53 -38.8%
FFO Payout 28.33% +51.5%
FFO per Share 2.53 -38.8%
NOI Margin 89.69% -2.0%
FFO Margin 89.08% -40.0%
ROE 8.75% -43.0%
ROA 5.74% -38.9%
Debt/Assets 21.42% -11.3%
Net Debt/EBITDA 3.42 +51.8%
Book Value/Share 29.40 -9.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Sustainable FFO payout ratio of 28.3%
✓High NOI margin of 89.7%
✓Healthy dividend yield of 2.2%
✓Trading near 52-week high
✓Trading at only 1.1x book value

✗Weaknesses

✗FFO declining 98.4% TTM
✗Shares diluted 14.9% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.74%

5Y11.72%

3Y16.05%

TTM12.95%

Profit (Net Income) CAGR

10Y24.82%

5Y10.57%

3Y8.54%

TTM-98.79%

EPS CAGR

10Y17.46%

5Y1.68%

3Y-1.3%

TTM-99.72%

ROCE

10Y Avg6.86%

5Y Avg5.27%

3Y Avg5.28%

Latest5.13%

Peer Comparison

Industrial Property Developers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
VTMXCorporación Inmobiliaria Vesta, S.A.B. de C.V.	2.71B	32.08	12.83	17.17%	1.76%	0.19%	3.19%	0.33
BEPHBrookfield BRP Holdings Canada 4.625% Perpetual Subordinated Notes		15.24	-17.12	16.63%	-3.38%	-0.65%		0.98
BEPIBrookfield BRP Holdings Canada 4.875% Perpetual Subordinated Notes		16.06	-18.04	16.63%	-3.38%	-0.65%		0.98

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	78.56M	90.51M	109.43M	132.67M	144.37M	149.86M	160.79M	178.03M	214.47M	251.29M
Revenue Growth %	0.13%	0.15%	0.21%	0.21%	0.09%	0.04%	0.07%	0.11%	0.2%	0.17%
Property Operating Expenses	3.53M	4.38M	4.99M	5.68M	8.14M	10.15M	10.73M	11.42M	18.24M	25.9M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	9.22M	10.66M	13.61M	16.56M	19.13M	139.7M	21.4M	24.27M	196.23M	32.63M
G&A Expenses	3.73M	3.92M	4.38M	5.24M	4.29M	17.18M	2.5M	2.8M	30.14M	34.18M
EBITDA+	34.23M	100.4M	177.59M	163.77M	225.86M	168.03M	130.3M	143.8M	184.33M	194.17M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	188.27K	322.63K	356.73K	573.18K	1.49M	1.48M	1.6M	1.46M	1.58M	1.41M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	34.04M	100.08M	177.23M	163.2M	224.36M	0	128.7M	142.33M	182.75M	192.76M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	23.37M	19.86M	19.67M	35.16M	39.16M	39.05M	50.26M	46.4M	46.31M	0
Interest Coverage	1.46x	5.04x	9.01x	4.64x	5.73x	-	2.56x	3.07x	3.95x	-
Non-Operating Income	-23.37M	-19.86M	0	0	0	-166.56M	-172M	-194.37M	-263.23M	0
Pretax Income+	34.04M	100.08M	157.56M	128.04M	185.2M	127.5M	256.03M	291.85M	381.62M	424.41M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	37.87M	55M	31.53M	34.98M	50.59M	60.55M	82.09M	48.22M	64.98M	201.98M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-3.83M	45.08M	126.03M	93.06M	134.61M	66.96M	173.94M	243.62M	316.64M	222.43M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-1.16%	12.79%	1.8%	-0.26%	0.45%	-0.5%	1.6%	0.4%	0.3%	-0.3%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-1.15%	13.48%	1.78%	-0.26%	0.45%	-0.5%	1.57%	0.4%	0.3%	-0.3%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	-0.06	0.72	2.10	1.60	2.30	1.20	2.60	3.50	4.10	2.50
EPS Growth %	-1.12%	12.8%	1.92%	-0.24%	0.44%	-0.48%	1.17%	0.35%	0.17%	-0.39%
EPS (Basic)	-0.06	0.72	2.10	1.60	2.30	1.20	2.70	3.60	4.20	2.60
Diluted Shares Outstanding	62.22M	63.03M	60.99M	59.99M	58.72M	57.36M	69.29M	69.43M	76.88M	88.33M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	1.48B	1.5B	1.83B	1.99B	2.09B	2.25B	2.76B	2.95B	3.79B	3.96B
Asset Growth %	0.19%	0.02%	0.22%	0.09%	0.05%	0.08%	0.22%	0.07%	0.28%	0.04%
Real Estate & Other Assets+	1.22B	1.42B	1.71B	1.89B	1.99B	2.11B	2.27B	2.75B	3.22B	257.96M
PP&E (Net)	1.84M	1.97M	1.87M	2.49M	4.17M	3.51M	3.46M	2.86M	3.38M	3.7B
Investment Securities	0	0	0	0	0	0	0	0	0	0
Total Current Assets+	259.53M	80.19M	123.95M	100.22M	95.77M	142.87M	481.72M	202.23M	566.43M	0
Cash & Equivalents	21.63M	48.05M	90.42M	64.43M	75.03M	119.73M	452.8M	139.06M	501.09M	184.11M
Receivables	1000K	1000K	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	8.86M	2.67M	586.26K	49.38K	31.72K	810.34K	19.08K	634.03K	1.64M	-242.43M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Total Liabilities	502.73M	541.41M	809.76M	940.38M	982.57M	1.15B	1.31B	1.31B	1.31B	1.36B
Total Debt+	344.76M	340.87M	581.99M	699.8M	715.59M	840.49M	934.91M	932M	916.08M	847.54M
Net Debt	323.13M	292.82M	491.58M	635.36M	640.56M	720.76M	482.11M	792.95M	414.99M	663.44M
Long-Term Debt	46.69M	340.87M	581.99M	695.28M	713.63M	837.84M	930.65M	925.87M	845.57M	797.13M
Short-Term Borrowings	1000K	0	0	1000K	794.9K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	1.16M	731.28K	1.38M	1.5M	897.65K	0
Total Current Liabilities+	304.69M	5.94M	12.02M	16.69M	12.68M	28.45M	67.23M	67.94M	147.57M	90.82M
Accounts Payable	1.41M	1.8M	4.08M	2.79M	2.54M	1.83M	3.01M	16.63M	13.19M	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	7.21M	0	0	0	0	4.13M	0	348.28K	9.23M	0
Total Equity+	974.79M	959.38M	1.02B	1.05B	1.11B	1.11B	1.45B	1.64B	2.49B	2.6B
Equity Growth %	0.22%	-0.02%	0.07%	0.03%	0.05%	-0%	0.31%	0.13%	0.52%	0.04%
Shareholders Equity	974.79M	959.38M	1.02B	1.05B	1.11B	1.11B	1.45B	1.64B	2.49B	2.6B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Common Stock	455.74M	450.88M	439.84M	435.61M	426.3M	422.44M	482.86M	480.62M	591.6M	585.44M
Additional Paid-in Capital	349.56M	343.04M	327.27M	321.02M	303.74M	297.06M	466.23M	460.68M	934.94M	905.65M
Retained Earnings	185.49M	201.75M	288.67M	333.83M	416.23M	429.05M	547.21M	733.41M	989.74M	1.15B
Preferred Stock	0	0	0	0	0	47.87M	49.83M	0	0	0
Return on Assets (ROA)	-0%	0.03%	0.08%	0.05%	0.07%	0.03%	0.07%	0.09%	0.09%	0.06%
Return on Equity (ROE)	-0%	0.05%	0.13%	0.09%	0.12%	0.06%	0.14%	0.16%	0.15%	0.09%
Debt / Assets	0.23%	0.23%	0.32%	0.35%	0.34%	0.37%	0.34%	0.32%	0.24%	0.21%
Debt / Equity	0.35x	0.36x	0.57x	0.66x	0.64x	0.76x	0.64x	0.57x	0.37x	0.33x
Net Debt / EBITDA	9.44x	2.92x	2.77x	3.88x	2.84x	4.29x	3.70x	5.51x	2.25x	3.42x
Book Value per Share	15.67	15.22	16.76	17.57	18.92	19.33	20.98	23.62	32.35	29.40

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	68.69M	68.28M	82.16M	87.27M	103.35M	100.57M	107.17M	57.73M	144.8M	87.26M
Operating CF Growth %	1.09%	-0.01%	0.2%	0.06%	0.18%	-0.03%	0.07%	-0.46%	1.51%	-0.4%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	34.04M	100.08M	157.56M	128.04M	185.2M	127.5M	256.03M	291.85M	381.62M	222.43M
Depreciation & Amortization	188.27K	322.63K	356.73K	573.18K	1.49M	1.48M	1.6M	1.46M	1.59M	1.41M
Stock-Based Compensation	1.07M	860.13K	1.48M	1.94M	2.79M	3.68M	5.55M	6.65M	8M	0
Other Non-Cash Items	29.67M	-26.45M	-69.58M	34.72M	-83.14M	-30.24M	50.19M	43.76M	-252.43M	-135.44M
Working Capital Changes	3.73M	-6.53M	-7.65M	-13.36M	-3M	-1.85M	-1.61M	-41.52M	6.01M	-1.13M
Cash from Investing+	-266.5M	23.38M	-196.48M	-138.71M	1.27M	-73.35M	16.71M	-254.67M	-223.07M	-225.73M
Acquisitions (Net)	0	0	0	0	0	0	0	0	0	0
Purchase of Investments	-154.36M	-157.44M	-64.81K	0	-80.57K	0	0	0	0	-230.19M
Sale of Investments	0	1000K	0	0	0	120.03K	684.94K	0	0	1000K
Other Investing	-110.54M	3.37M	-196.15M	-137.51M	2.95M	-72.64M	16.25M	-254.45M	-220.99M	0
Cash from Financing+	215.52M	-64.75M	158.71M	26.61M	-94.6M	16.91M	212.54M	-119.78M	444.74M	-183.05M
Dividends Paid	-22.32M	-28.83M	-39.11M	-47.99M	-39.44M	-53.98M	-55.37M	-57.02M	-59.51M	-63.41M
Common Dividends	-22.32M	-28.83M	-39.11M	-47.9M	-39.44M	-53.98M	-55.37M	-57.02M	-59.51M	-63.41M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-647.96K	-1000K	-1000K
Share Repurchases	-998.63K	-11.66M	-26.95M	-11.26M	-27.9M	-14.8M	0	-15.6M	0	-43.98M
Other Financing	-24.09M	-26.19M	-18.23M	-30.71M	-41.7M	-37.99M	-58.24M	-46.51M	-72.73M	-6.33M
Net Change in Cash+	17.77M	23.01M	40.28M	-26.52M	10.58M	45.48M	332.28M	-313.67M	362.02M	-317.05M
Exchange Rate Effect	61.77K	-1000K	-1000K	-1000K	566.65K	1000K	-1000K	1000K	-1000K	1000K
Cash at Beginning	10.67M	28.44M	51.46M	91.74M	65.22M	75.8M	121.28M	453.56M	139.88M	501.16M
Cash at End	28.44M	51.46M	91.74M	65.22M	75.8M	121.28M	453.56M	139.88M	501.9M	184.11M
Free Cash Flow+	67.08M	67.56M	81.9M	86.08M	101.74M	99.75M	106.95M	57.51M	142.72M	86.67M
FCF Growth %	1.05%	0.01%	0.21%	0.05%	0.18%	-0.02%	0.07%	-0.46%	1.48%	-0.39%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	-0.06	0.72	2.07	1.56	2.32	1.19	2.53	3.53	4.14	2.53
FFO Payout Ratio	-613.74%	63.49%	30.94%	51.15%	28.98%	78.87%	31.54%	23.26%	18.7%	28.33%
NOI Margin	95.51%	95.16%	95.44%	95.72%	94.36%	93.22%	93.33%	93.58%	91.5%	89.69%
Net Debt / EBITDA	9.44x	2.92x	2.77x	3.88x	2.84x	4.29x	3.70x	5.51x	2.25x	3.42x
Debt / Assets	23.33%	22.71%	31.77%	35.09%	34.18%	37.29%	33.88%	31.56%	24.16%	21.42%
Interest Coverage	1.46x	5.04x	9.01x	4.64x	5.73x	-	2.56x	3.07x	3.95x	-
Book Value / Share	15.67	15.22	16.76	17.57	18.92	19.33	20.98	23.62	32.35	29.4
Revenue Growth	13.31%	15.21%	20.9%	21.24%	8.82%	3.8%	7.29%	10.72%	20.47%	17.17%

Frequently Asked Questions

Valuation & Price

Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) has a price-to-earnings (P/E) ratio of 12.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) reported $273.1M in revenue for fiscal year 2024. This represents a 444% increase from $50.2M in 2011.

Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) grew revenue by 17.2% over the past year. This is strong growth.

Yes, Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) is profitable, generating $4.8M in net income for fiscal year 2024 (88.5% net margin).

Dividend & Returns

Yes, Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) pays a dividend with a yield of 2.24%. This makes it attractive for income-focused investors.

Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) has a return on equity (ROE) of 8.7%. This is below average, suggesting room for improvement.

Industry Metrics

Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) generated Funds From Operations (FFO) of $6.6M in the trailing twelve months. FFO is the primary profitability metric for REITs.

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