AFFO of $101.5M in 2026Q2 covered dividends by 5.5x, but operating cash flow of $32.2M represents only 32% of FFO, highlighting a timing gap between accrual earnings and cash receipts.
Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) cash flow statement — 15-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | 151.97M | 161.89M | 87.26M | 144.8M | 57.73M | 107.17M | 100.57M | 103.35M | 87.27M | 82.16M | 68.28M | 68.69M | 32.84M | 32.52M | 35.8M | 41.14M |
| Operating CF Growth % | 45.45% | 85.52% | -39.74% | 150.82% | -46.13% | 6.56% | -2.68% | 18.42% | 6.22% | 20.34% | -0.6% | 109.18% | 0.96% | -9.14% | -12.98% | - |
| Operating CF / Revenue % | 48.36% | 55.64% | 34.73% | 67.51% | 32.43% | 66.65% | 67.11% | 71.59% | 65.78% | 75.09% | 75.43% | 87.43% | 47.36% | 55.58% | 69.02% | 81.89% |
| Net Income | 402.04M | 242.68M | 222.43M | 381.62M | 291.85M | 256.03M | 127.5M | 185.2M | 128.04M | 157.56M | 100.08M | 34.04M | 51.15M | 127.88M | 48.71M | 33.1M |
| Depreciation & Amortization | 1.94M | 1.73M | 1.41M | 1.59M | 1.46M | 1.6M | 1.48M | 1.49M | 573.18K | 356.73K | 322.63K | 188.27K | 40.54K | 78.48K | 56.33K | 56.69K |
| Stock-Based Compensation | 3.3M | 0 | 0 | 8M | 6.65M | 5.55M | 3.68M | 2.79M | 1.94M | 1.48M | 860.13K | 1.07M | 323.76K | 0 | 0 | 0 |
| Other Non-Cash Items | -234.56M | -84.21M | -135.44M | -252.43M | 43.76M | 50.19M | -30.24M | -83.14M | 34.72M | -69.58M | -26.45M | 29.67M | -3.84M | -82.97M | -6.83M | 7.06M |
| Working Capital Changes | -12.46M | 1.68M | -1.13M | 6.01M | -41.52M | -1.61M | -1.85M | -3M | -13.36M | -7.65M | -6.53M | 3.73M | -14.83M | -12.46M | -6.14M | 917.56K |
| Cash from Investing | -259.12M | -336.87M | -225.73M | -223.07M | -254.67M | 16.71M | -73.35M | 1.27M | -138.71M | -196.48M | 23.38M | -266.5M | 29.76M | -208.82M | -178.79M | -10.78M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.32K |
| Purchase of Investments | -248.07M | -341.55M | -230.19M | 0 | 0 | 0 | 0 | -80.57K | 0 | -64.81K | -157.44M | -154.36M | -118.51M | -112.71M | -116.1M | 0 |
| Sale of Investments | 5.52M | 5.52M | 5.05M | 0 | 0 | 684.94K | 120.03K | 0 | 0 | 0 | 178.17M | 0 | 138.03M | 0 | 0 | 0 |
| Other Investing | 0 | 0 | 0 | -220.99M | -254.45M | 16.25M | -72.64M | 2.95M | -137.51M | -196.15M | 3.37M | -110.54M | 10.36M | -95.98M | -62.41M | -10.79M |
| Cash from Financing | 453.77M | 326.53M | -183.05M | 444.74M | -119.78M | 212.54M | 16.91M | -94.6M | 26.61M | 158.71M | -64.75M | 215.52M | -50.42M | 147.61M | 174.77M | -30.54M |
| Dividends Paid | -70.91M | -68.55M | -63.41M | -59.51M | -57.02M | -55.37M | -53.98M | -39.44M | -47.99M | -39.11M | -28.83M | -22.32M | -16.85M | -10.47M | -10.87M | -5.78M |
| Common Dividends | -34.84M | 0 | -63.41M | -59.51M | -57.02M | -55.37M | -53.98M | -39.44M | -47.9M | -39.11M | -28.83M | -22.32M | -16.85M | -10.47M | -10.87M | -5.78M |
| Debt Issuance (Net) | -707.98K | 1000K | -1000K | -1000K | -647.96K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 123.22K |
| Share Repurchases | -6.37K | -36.53M | -43.98M | 0 | -15.6M | 0 | -14.8M | -27.9M | -11.26M | -26.95M | -11.66M | -998.63K | 0 | 0 | 0 | 0 |
| Other Financing | -16.87M | -836.97K | -6.33M | -72.73M | -46.51M | -58.24M | -37.99M | -41.7M | -30.71M | -18.23M | -26.19M | -24.09M | -22.29M | -23.64M | -25.05M | -24.88M |
| Net Change in Cash | 338.25M | 152.8M | -317.05M | 362.02M | -313.67M | 332.28M | 45.48M | 10.58M | -26.52M | 40.28M | 23.01M | 17.77M | 2.38M | -28.65M | 32.1M | -457.84K |
| Exchange Rate Effect | -8.37M | 1.26M | 4.47M | -4.45M | 3.05M | -4.15M | 1.34M | 566.65K | -1.7M | -4.11M | -3.9M | 61.77K | -9.79M | 37.5K | 316.28K | -274.97K |
| Cash at Beginning | 206.15M | 184.11M | 501.16M | 139.88M | 453.56M | 121.28M | 75.8M | 65.22M | 91.74M | 51.46M | 28.44M | 10.67M | 8.3M | 36.95M | 4.85M | 5.31M |
| Cash at End | 404.23M | 336.91M | 184.11M | 501.9M | 139.88M | 453.56M | 121.28M | 75.8M | 65.22M | 91.74M | 51.46M | 28.44M | 10.67M | 8.3M | 36.95M | 4.85M |
| Free Cash Flow | 135.41M | 161.05M | 86.67M | 142.72M | 57.51M | 106.95M | 99.75M | 101.74M | 86.08M | 81.9M | 67.56M | 67.08M | 32.72M | 32.4M | 35.52M | 41.14M |
| FCF Growth % | -6.91% | 85.83% | -39.28% | 148.17% | -46.23% | 7.22% | -1.95% | 18.19% | 5.09% | 21.23% | 0.72% | 105.01% | 0.99% | -8.79% | -13.65% | - |
| FCF / Revenue % | 43.09% | 55.35% | 34.49% | 66.55% | 32.3% | 66.52% | 66.56% | 70.47% | 64.88% | 74.85% | 74.64% | 85.38% | 47.19% | 55.36% | 68.49% | 81.89% |
Quick answers to the most common questions about buying VTMX stock.
Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) generated $161.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) generated $161.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) spent $0.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) returned $68.5M to shareholders via cash dividends and spent $36.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Earnings quality from non-cash gains
AFFO Coverage Remains Comfortable
In 2026Q2, AFFO of $101.5M covered dividends of $18.6M by a 5.5x margin, indicating robust distributable cash flow, as per the latest quarterly cash flow statement.
The dividend payout ratio of 18% in 2026Q2 is exceptionally low, leaving substantial retained AFFO to fund the development pipeline. This suggests VTMX is prioritizing internal growth over shareholder distributions, which may be appropriate given the nearshoring opportunity. Investors should monitor whether this retained cash is deployed efficiently to maintain the current growth trajectory.
Non-Cash Gains Distort Net Income
GAAP net income of $101.6M in 2026Q2 is nearly triple operating cash flow of $32.2M, highlighting significant non-cash fair value gains, as reported in the financial statements.
The FFO-to-net-income ratio of 0.32 in 2026Q2 confirms that a large portion of reported earnings stems from property revaluations rather than cash generation. This divergence suggests that investors should rely on FFO and AFFO rather than net income to assess VTMX's true cash-generating ability. The pattern is consistent across quarters, with 2025Q4 showing a similar gap, indicating a recurring accounting distortion.
Cash Conversion Lags FFO
Operating cash flow of $32.2M in 2026Q2 represents only 32% of FFO of $102.0M, indicating a significant timing gap between accrual earnings and cash receipts, based on the cash flow data.
The low cash conversion in recent quarters may reflect the lease-up period of new developments, where rental income is recognized but cash collections lag. However, the 2025Q3 and 2025Q2 quarters showed OCF exceeding FFO, suggesting the gap is not structural but tied to specific project timing. This volatility warrants monitoring, as sustained low conversion could signal tenant receivable issues or aggressive revenue recognition.
Minimal Maintenance CapEx Signals Growth Focus
CapEx in 2026Q2 was only $498K against AFFO of $101.5M, implying nearly all capital is directed to development rather than maintenance, as per the cash flow statement.
The negligible maintenance capex is consistent with a triple-net lease model where tenants bear most property-level costs. However, this also means VTMX's AFFO may overstate true free cash flow if deferred maintenance accumulates. The company's heavy investment in new developments, evidenced by the $336M cash balance, suggests a deliberate strategy to expand GLA, but investors should verify that this capital is generating yields above the cost of capital.
IPO Proceeds Fund Growth Ambitions
With debt-to-equity of only 0.46% and $336M in cash, VTMX appears well-positioned to fund its development pipeline without external debt, based on the balance sheet data.
The recent NYSE IPO has provided a substantial liquidity cushion, reducing the need for near-term financing. This low leverage gives VTMX a competitive advantage over peers in a high-rate environment, allowing it to pursue acquisitions or developments opportunistically. However, the large cash balance may create a drag on ROE until deployed, and investors should monitor the pace of investment to ensure it does not signal a lack of attractive opportunities.
Cash Flow Hides Development Risks
The cash flow statement shows minimal maintenance capex, but VTMX's development pipeline likely requires significant future outlays not captured in current CapEx, as per the reported figures.
While AFFO appears robust, the company's growth strategy depends on completing new projects, which involves construction costs and lease-up periods that are not reflected in the current cash flow data. Energy infrastructure bottlenecks in Mexico could delay stabilization, impacting cash flows. Investors should scrutinize the development pipeline's funding requirements and potential cost overruns, which may not be visible in the simplified cash flow statement.