Liquidity remains substantial with $206.1 million in cash as of 2026Q1, though erratic FFO-to-OCF conversion suggests potential timing differences in rent collections.
| 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 | 169.79M | 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 % | 113.86% | 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 % | 57.09% | 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 | 328.2M | 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 | 1.59M | 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 | -150.17M | -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 | -5.16M | 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 | -294M | -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 | -283.71M | -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 | 289.45M | 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 | -69.64M | -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 | -52.19M | 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) | -2M | 1000K | -1000K | -1000K | -647.96K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 123.22K |
| Share Repurchases | -856.75K | -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 | 83.22M | -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 | 156.72M | 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 | -8.52M | 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 | 337.6M | 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 | 206.1M | 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 | 153.98M | 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 % | 15.9% | 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 % | 51.77% | 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% |
Energy infrastructure bottlenecks
According to reported financial data, VTMX's dividend payout ratio relative to AFFO has fluctuated significantly, reaching 1.03 in 2025Q1 before stabilizing at 0.17 in 2026Q1, which suggests that while the dividend is currently well-covered, the underlying cash flow remains sensitive to periodic capital expenditure requirements.
The wide variance in the payout ratio indicates that investors should monitor the sustainability of cash distributions during periods of heavy development activity. While the current coverage appears comfortable, the historical volatility in AFFO suggests that dividend security is contingent upon the successful stabilization of new industrial assets.
As evidenced by the provided quarterly data, the relationship between Net Income and FFO is highly inconsistent, with FFO/NI ratios ranging from -0.57 to 2.00, highlighting the substantial impact of non-cash fair value adjustments on the company's reported GAAP earnings profile.
This disconnect implies that GAAP net income is an unreliable proxy for the company's actual cash-generating capacity. Analysts should prioritize FFO as the primary metric for evaluating operational performance, as it strips away the non-cash revaluations that frequently obscure the true economic reality of the portfolio.
Based on the provided cash flow statements, VTMX has demonstrated significant variability in capital deployment, with maintenance and development expenditures reaching $15.7M in 2026Q1, a trend that warrants further investigation into the efficiency of capital allocation relative to the company's $336M cash balance.
The inconsistent nature of these capital outflows suggests that the company is in a phase of aggressive growth, which may temporarily suppress free cash flow margins. Investors should monitor whether these investments translate into commensurate rent growth, as failure to deploy this capital effectively could lead to persistent cash drag.
As reported in financial statements, the conversion of FFO into GAAP operating cash flow remains erratic, with OCF often failing to track with FFO, which may indicate that working capital fluctuations or timing differences in rent collections are impacting the company's liquidity profile.
The lack of a stable correlation between these two metrics suggests that VTMX's cash flow quality is subject to operational timing issues rather than just structural earnings power. This warrants a cautious approach when assessing the company's ability to fund its development pipeline solely through internal cash generation.
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.