Vesta achieved a robust 90.4% NOI margin in 2026Q1, reflecting the resilience of its triple-net lease structure against inflationary pressures.
| 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 |
|---|
| Revenue | 297.41M | 290.98M | 251.29M | 214.47M | 178.03M | 160.79M | 149.86M | 144.37M | 132.67M | 109.43M | 90.51M | 78.56M | 69.33M | 58.52M | 51.86M | 50.24M |
| Revenue Growth % | 15.72% | 15.79% | 17.17% | 20.47% | 10.72% | 7.29% | 3.8% | 8.82% | 21.24% | 20.9% | 15.21% | 13.31% | 18.47% | 12.84% | 3.24% | - |
| Property Operating Expenses | 33.05M | 31.83M | 25.9M | 18.24M | 11.42M | 10.73M | 10.15M | 8.14M | 5.68M | 4.99M | 4.38M | 3.53M | 3.6M | 3.45M | 4.07M | 6M |
| Net Operating Income (NOI) | 264.36M | 259.15M | 225.39M | 196.23M | 166.6M | 150.06M | 139.7M | 136.22M | 126.99M | 104.43M | 86.14M | 75.03M | 65.73M | 55.07M | 47.79M | 44.24M |
| NOI Margin % | 88.89% | 89.06% | 89.69% | 91.5% | 93.58% | 93.33% | 93.22% | 94.36% | 95.72% | 95.44% | 95.16% | 95.51% | 94.81% | 94.1% | 92.14% | 88.06% |
| Operating Expenses | 36.38M | 35.68M | 32.63M | 196.23M | 24.27M | 21.4M | 139.7M | 19.13M | 16.56M | 13.61M | 10.66M | 9.22M | 8.1M | 6.75M | 4.13M | 3.19M |
| G&A Expenses | 17.74M | 0 | 34.18M | 30.14M | 2.8M | 2.5M | 17.18M | 4.29M | 5.24M | 4.38M | 3.92M | 3.73M | 8.06M | 981.77K | 1.72M | 2.4M |
| EBITDA | 236.54M | 225.2M | 194.17M | 184.33M | 143.8M | 130.3M | 168.03M | 225.86M | 163.77M | 177.59M | 100.4M | 34.23M | 51.19M | 127.96M | 48.77M | 57.93M |
| EBITDA Margin % | 79.53% | 77.39% | 77.27% | 85.95% | 80.77% | 81.04% | 112.13% | 156.45% | 123.45% | 162.29% | 110.93% | 43.57% | 73.83% | 218.65% | 94.03% | 115.33% |
| Depreciation & Amortization | 1.59M | 1.73M | 1.41M | 1.58M | 1.46M | 1.6M | 1.48M | 1.49M | 573.18K | 356.73K | 322.63K | 188.27K | 40.54K | 78.48K | 56.33K | 56.69K |
| D&A / Revenue % | 0.53% | 0.59% | 0.56% | 0.74% | 0.82% | 1% | 0.99% | 1.04% | 0.43% | 0.33% | 0.36% | 0.24% | 0.06% | 0.13% | 0.11% | 0.11% |
| Operating Income | 234.95M | 223.47M | 192.76M | 182.75M | 142.33M | 128.7M | 0 | 224.36M | 163.2M | 177.23M | 100.08M | 34.04M | 51.15M | 127.88M | 48.71M | 57.88M |
| Operating Margin % | 79% | 76.8% | 76.71% | 85.21% | 79.95% | 80.05% | 0% | 155.41% | 123.01% | 161.96% | 110.57% | 43.33% | 73.77% | 218.52% | 93.92% | 115.21% |
| Interest Expense | 4M | 56.41M | 44.08M | 46.31M | 46.4M | 50.26M | 39.05M | 39.16M | 35.16M | 19.67M | 19.86M | 23.37M | 22.19M | 23.44M | 24.96M | 24.78M |
| Interest Coverage | - | 5.16x | 4.37x | 9.24x | 7.29x | 5.98x | 4.26x | 5.73x | 4.64x | 9.01x | 6.04x | 2.46x | 3.31x | 6.46x | 2.95x | 2.34x |
| Non-Operating Income | 2.6M | -67.66M | -275.73M | -263.23M | -194.37M | -172M | -166.56M | 0 | 0 | 0 | -19.86M | -23.37M | -22.19M | -23.44M | -24.96M | -16.83M |
| Pretax Income | 303.46M | 234.72M | 424.41M | 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 |
| Pretax Margin % | 102.04% | 80.67% | 168.89% | 177.94% | 163.94% | 159.24% | 85.09% | 128.29% | 96.51% | 143.99% | 110.57% | 43.33% | 73.77% | 218.52% | 93.92% | 65.89% |
| Income Tax | -24.74M | -7.96M | 201.98M | 64.98M | 48.22M | 82.09M | 60.55M | 50.59M | 34.98M | 31.53M | 55M | 37.87M | 26.92M | 38.45M | 7.87M | 19.81M |
| Effective Tax Rate % | -8.15% | -3.39% | 47.59% | 17.03% | 16.52% | 32.06% | 47.49% | 27.32% | 27.32% | 20.01% | 54.95% | 111.24% | 52.64% | 30.07% | 16.15% | 59.84% |
| Net Income | 328.2M | 242.68M | 222.43M | 316.64M | 243.62M | 173.94M | 66.96M | 134.61M | 93.06M | 126.03M | 45.08M | -3.83M | 24.22M | 89.43M | 40.84M | 13.29M |
| Net Margin % | 110.35% | 83.4% | 88.51% | 147.64% | 136.85% | 108.18% | 44.68% | 93.24% | 70.14% | 115.17% | 49.81% | -4.87% | 34.94% | 152.82% | 78.75% | 26.46% |
| Net Income Growth % | 191.9% | 9.11% | -29.75% | 29.97% | 40.06% | 159.79% | -50.26% | 44.65% | -26.16% | 179.55% | 1278.58% | -115.79% | -72.92% | 118.96% | 207.24% | - |
| Funds From Operations (FFO) | 329.79M | 244.41M | 223.84M | 318.22M | 245.09M | 175.54M | 68.43M | 136.11M | 93.63M | 126.39M | 45.41M | -3.64M | 24.26M | 89.51M | 40.9M | 13.35M |
| FFO Margin % | 110.89% | 84% | 89.08% | 148.37% | 137.67% | 109.18% | 45.67% | 94.28% | 70.58% | 115.5% | 50.17% | -4.63% | 34.99% | 152.95% | 78.86% | 26.58% |
| FFO Growth % | 809.28% | 9.19% | -29.66% | 29.84% | 39.62% | 156.52% | -49.72% | 45.36% | -25.92% | 178.35% | 1348.46% | -114.99% | -72.89% | 118.85% | 206.36% | - |
| FFO per Share | 3.84 | 2.84 | 2.53 | 4.14 | 3.53 | 2.53 | 1.19 | 2.32 | 1.56 | 2.07 | 0.72 | -0.06 | 0.48 | 1.98 | 1.38 | 0.51 |
| FFO Payout Ratio % | 15.83% | 28.04% | 28.33% | 18.7% | 23.26% | 31.54% | 78.87% | 28.98% | 51.15% | 30.94% | 63.49% | -613.74% | 69.43% | 11.69% | 26.59% | 43.26% |
| EPS (Diluted) | 3.82 | 2.80 | 2.50 | 4.10 | 3.50 | 2.60 | 1.20 | 2.30 | 1.60 | 2.10 | 0.72 | -0.06 | 0.50 | 2.00 | 1.40 | 0.51 |
| EPS Growth % | -82.11% | 12% | -39.02% | 17.14% | 34.62% | 116.67% | -47.83% | 43.75% | -23.81% | 191.67% | 1280.33% | -112.2% | -75% | 42.86% | 174.51% | - |
| EPS (Basic) | - | 2.90 | 2.60 | 4.20 | 3.60 | 2.70 | 1.20 | 2.30 | 1.60 | 2.10 | 0.72 | -0.06 | 0.50 | 2.00 | 1.40 | 0.51 |
| Diluted Shares Outstanding | 85.9M | 86.11M | 88.33M | 76.88M | 69.43M | 69.29M | 57.36M | 58.72M | 59.99M | 60.99M | 63.03M | 62.22M | 50.75M | 45.24M | 29.63M | 26.32M |
Energy infrastructure bottlenecks
As reported in recent financial statements, VTMX achieved a 14.3% revenue increase in 2026Q1, reflecting the sustained demand for industrial space in Mexico as multinational tenants continue to expand their regional manufacturing footprints to capitalize on favorable supply chain shifts and nearshoring tailwinds.
The consistent top-line expansion suggests that Vesta's internal development platform is successfully capturing market share in high-barrier-to-entry regions. Investors should monitor whether this growth trajectory can be maintained as the company scales its portfolio and faces potential constraints in power and water infrastructure.
Based on the company's reported figures, VTMX maintained a robust NOI margin of 90.4% in 2026Q1, demonstrating the effectiveness of its triple-net lease structure in insulating property-level profitability from rising operating expenses and inflationary pressures within the Mexican industrial real estate market.
The high margin profile appears to be a direct result of the company's ability to pass through property-level costs to tenants while maintaining lean corporate overhead. This level of operational efficiency warrants further investigation into whether such margins are sustainable as the portfolio ages and requires increased maintenance capital expenditures.
According to SEC filings, VTMX's FFO per share has exhibited significant quarterly volatility, ranging from a low of -$0.71 in 2024Q4 to a high of $2.04 in 2025Q4, which suggests that non-recurring items and fair value adjustments may be distorting the true operational earnings power.
The erratic FFO trajectory complicates the assessment of dividend safety and long-term earnings growth. Analysts should focus on the stability of AFFO, which provides a clearer picture of the cash available for distribution after accounting for the recurring capital requirements of the industrial asset base.
As indicated by the discrepancy between net income and cash flow metrics in recent filings, VTMX's reported profitability is heavily influenced by non-cash fair value adjustments on investment properties, which may not accurately reflect the company's actual ability to generate distributable cash for shareholders.
Investors should be cautious when relying on headline net income figures, as these are often inflated by accounting revaluations rather than operational performance. The significant variance between net income and AFFO suggests that the underlying cash generation may be more modest than the GAAP results imply.
Quick answers to the most common questions about buying VTMX stock.
For fiscal year 2025, Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) reported total revenue of $291.0M. This represents a 479.2% increase compared to $50.2M in 2011.
Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) is profitable, generating $242.7M in net income for the fiscal year ending 2025 with a net profit margin of 83.4%.
Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) reported an operating income of $223.5M, resulting in an operating profit margin of 76.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) generated $259.1M in gross profit for the year, representing a gross profit margin of 89.1%. This demonstrates the company's core pricing power and production efficiency.