Corporación Inmobiliaria Vesta, S.A.B. de C.V.
- Open
- 35.17
- Day high
- 35.17
- Day low
- 34.41
- Prev close
- 34.80
- Volume
- 41K
- Mkt cap
- $2.9B
- P/E (TTM)
- 8.8
- EPS (TTM)
- $3.93
- P/B
- 1.0
- P/S
- 9.9
- Yield
- 1.22%
- Per share
- $0.42
- ▼Insiders net selling -$9.9M over the last 3 months (0 open-market buys, 37 sales)
- 🏛Institutions mixed (13F)
Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) is a Real Estate company listed on NYSE. The stock is up 34% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 37 sales (SEC Form 4).
Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
VTMX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 24, 2026 | $0.40 | $1.25 | +212.5% | $77M | -0.1% |
| Feb 19, 2026 | $0.49 | $2.01 | +306.3% | $80M | -93.8% |
| Oct 23, 2025 | $0.50 | $0.29 | -42.0% | $74M | -94.3% |
| Jul 24, 2025 | $0.50 | $0.32 | -36.0% | $69M | -95.1% |
| Apr 23, 2025 | $0.50 | $0.17 | -66.0% | $61M | -95.9% |
| Oct 24, 2024 | $0.20 | $0.46 | +130.0% | $63M | -6.5% |
| Jul 25, 2024 | $0.50 | $1.23 | +146.0% | $63M | -1.3% |
| Apr 25, 2024 | $0.50 | $1.41 | +182.0% | $61M | +3.6% |
| Feb 21, 2024 | $0.40 | $1.32 | +230.0% | $56M | -4.5% |
| Oct 19, 2023 | $0.40 | $0.91 | +127.5% | $56M | +4.3% |
| Jul 20, 2023 | $0.54 | $1.38 | +157.9% | $51M | -0.9% |
| Mar 30, 2019 | — | $0.04 | — | $36M | — |
VTMX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | Bettinger Davo Maria Fernandaofficer: INVESTOR RELATIONS OFFICER | Sell | 21,200 | $3.40 |
| Jul 1, 2026 | BERHO CARRANZA LORENZO DOMINIQUEofficer: Chief Executive Officer | Sell | 50,000 | $3.42 |
| Jul 1, 2026 | BERHO CORONA LORENZO MANUELdirector | Sell | 50,000 | $3.42 |
| Jul 1, 2026 | Berho Carranza Diegoofficer: Chief Portfolio Officer | Sell | 3,500 | $3.41 |
| Jun 22, 2026 | BERHO CORONA LORENZO MANUELdirector | Sell | 50,000 | $3.49 |
| Jun 22, 2026 | BERHO CORONA LORENZO MANUELdirector | Sell | 4,513 | $3.45 |
| Jun 22, 2026 | BERHO CORONA LORENZO MANUELdirector | Sell | 3,700 | $3.50 |
| Jun 18, 2026 | Bettinger Davo Maria Fernandaofficer: INVESTOR RELATIONS OFFICER | Sell | 46,356 | $3.46 |
| Jun 16, 2026 | BERHO CORONA LORENZO MANUELdirector | Sell | 1,648 | $3.43 |
| Jun 16, 2026 | BERHO CORONA LORENZO MANUELdirector | Sell | 48,352 | $3.48 |
| Jun 10, 2026 | MARTIN COLMENARES SERGIO RAULofficer: DEVELOPMENT &CP MANAGER | Sell | 34,239 | $3.42 |
| Jun 10, 2026 | Berho Carranza Diegoofficer: Chief Portfolio Officer | Sell | 10,000 | $3.44 |
| Jun 5, 2026 | SOTTIL ACHUTEGUI JUAN FELIPEofficer: CHIEF FINANCIAL OFFICER | Sell | 305 | $3.50 |
| Jun 5, 2026 | SOTTIL ACHUTEGUI JUAN FELIPEofficer: CHIEF FINANCIAL OFFICER | Sell | 97,183 | $3.49 |
| Jun 4, 2026 | SOTTIL ACHUTEGUI JUAN FELIPEofficer: CHIEF FINANCIAL OFFICER | Sell | 148,653 | $3.44 |
Source: VTMX SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full VTMX insider & 13F page →Corporación Inmobiliaria Vesta, S.A.B. de C.V. company profile
Overview
Corporación Inmobiliaria Vesta, S.A.B. de C.V. (NYSE:VTMX) is a Mexican industrial real estate investment trust that develops, owns, and operates industrial properties across Mexico's key manufacturing regions. Founded in 1998 and headquartered in Mexico City, Vesta has positioned itself as a leading player in Mexico's industrial real estate sector, capitalizing on the country's strategic role in North American manufacturing and the ongoing nearshoring trend. The company went public on the New York Stock Exchange in June 2023, providing international investors access to Mexico's growing industrial property market.
Business
Vesta operates in the industrial real estate sector, specifically focusing on developing and leasing industrial buildings and distribution centers throughout Mexico. Industrial real estate refers to properties used for manufacturing, warehousing, distribution, and logistics operations - essentially the physical infrastructure that supports modern supply chains and manufacturing processes. The company's core business revolves around industrial parks and logistics facilities that serve multinational corporations looking to establish or expand their manufacturing and distribution operations in Mexico. These facilities typically include manufacturing plants, warehouses, distribution centers, and logistics hubs that companies use to produce goods or store and distribute products across North America. Vesta's portfolio spans approximately 45-50 million square feet across Mexico's most strategic industrial markets, including northern border cities like Tijuana and Ciudad Juárez (which benefit from proximity to the U.S. market), central manufacturing hubs like Querétaro and Mexico City (known for automotive and aerospace industries), and western regions like Guadalajara. The company focuses on Class A industrial properties - modern, high-quality facilities with advanced infrastructure, security, and logistics capabilities that meet the standards of global multinational tenants. The business model centers on three main activities: 1) Development - acquiring land and constructing new industrial facilities, 2) Leasing - renting these properties to corporate tenants under long-term contracts, and 3) Asset management - maintaining and optimizing the performance of existing properties. Approximately 89% of Vesta's rental income is denominated in U.S. dollars, providing natural currency hedging for a company operating in Mexico but serving primarily international clients.
Revenue model
Vesta generates revenue primarily through rental income from long-term lease agreements with corporate tenants. The company operates as a real estate investment trust (REIT), collecting monthly or quarterly rent payments from tenants who occupy its industrial facilities. These lease agreements typically span multiple years, providing predictable recurring revenue streams. The company's paying customers are primarily multinational corporations across various industries, with significant exposure to logistics and e-commerce companies (45-50% of portfolio), automotive manufacturers (25%), and other sectors including aerospace, medical devices, and electronics. Major tenants include global names like Amazon, Mercado Libre, Walmart, OXXO, and Polaris. These companies choose Vesta's facilities to establish manufacturing operations, distribution centers, or logistics hubs that serve the North American market. Vesta's revenue growth drivers include several key factors. Nearshoring trends represent the primary tailwind, as companies relocate manufacturing operations from Asia to Mexico to reduce supply chain risks and costs while maintaining proximity to U.S. consumers. This trend has accelerated post-COVID and amid U.S.-China trade tensions. Rental rate increases provide another growth lever, with the company achieving spreads of 7-11% on lease renewals as market rents rise due to strong demand and limited supply. Development activities also drive growth, as Vesta converts land into income-producing properties, typically targeting development yields around 10%. Several factors could pressure margins. Construction costs and land prices have increased significantly, potentially reducing development margins if not offset by higher rents. Interest rates affect both development financing costs and property valuations. Currency fluctuations between the peso and dollar could impact costs (mostly peso-denominated) versus revenues (mostly dollar-denominated). Competition from other developers could limit rent growth, while economic slowdowns in either Mexico or the U.S. could reduce tenant demand and occupancy rates.
Competitive moat
Vesta's competitive moat appears moderate but strengthening, built primarily around strategic land positions and operational expertise rather than insurmountable barriers to entry. The company's strongest defensive characteristic is its prime land bank in Mexico's key industrial corridors, particularly urban infill locations with established infrastructure, utilities, and transportation access. These strategic locations become increasingly scarce and expensive over time, creating barriers for new entrants seeking to develop competing facilities in the same markets. The company benefits from established relationships with multinational corporations and a track record of developing high-quality facilities that meet global standards. Vesta's 25+ year operating history and reputation for reliable project execution provide advantages when competing for large corporate tenants who prioritize operational certainty. The company's focus on dollar-denominated leases and understanding of both Mexican regulations and international corporate requirements creates some differentiation from local competitors. However, the industrial real estate sector faces meaningful competitive threats. Capital barriers are relatively low for well-funded competitors, as industrial development primarily requires land acquisition and construction capabilities rather than proprietary technology or unique assets. Large international real estate companies, private equity funds, or other REITs could enter Mexican markets with sufficient capital. Government policy changes regarding foreign investment, environmental regulations, or tax treatment could alter the competitive landscape. Additionally, economic cycles significantly impact demand for industrial space, and Vesta's tenant concentration in certain sectors (logistics, automotive) creates vulnerability to industry-specific downturns. The company's moat is likely strengthening due to nearshoring trends and increasing land scarcity in prime locations, but remains dependent on continued economic growth and favorable trade policies between Mexico and the United States.
Risks & safety
Vesta demonstrates a strong financial position with solid liquidity and conservative leverage, though valuation metrics suggest limited margin of safety at current prices. **Liquidity and Solvency:** - Cash position of $48.7 million as of Q1 2025, down from $184 million in Q4 2024 due to capital deployment - Strong free cash flow generation of $18.4 million in Q1 2025, with full-year 2024 FCF of $86.7 million - Debt-to-equity ratio of 32%, indicating conservative leverage - Net debt-to-EBITDA of approximately 3.2x, within reasonable range for REITs - $545 million syndicated credit facility provides additional liquidity cushion **Valuation Metrics:** - Price-to-book ratio of 0.078, suggesting potential undervaluation relative to asset base - EV/EBITDA of approximately 14.7x based on recent results - Price-to-earnings appears distorted due to one-time items and REIT accounting **Other Considerations:** - 89% of revenues in U.S. dollars provides natural currency hedging - High occupancy rates (93-97%) indicate strong operational performance - Active share buyback program ($150 million authorized) demonstrates management confidence - Geographic concentration in Mexico creates sovereign and regulatory risk exposure
Recent development
Over the past few years, Vesta has executed several strategic initiatives positioning the company for continued growth in Mexico's industrial real estate market. The company unveiled its "Route 2030" strategic plan in late 2024, establishing long-term objectives for balanced investment, growth, and ESG (environmental, social, governance) initiatives. Capital allocation strategy has become increasingly sophisticated, with management implementing a $150 million share buyback program while continuing selective development activities. The company has maintained a disciplined approach to land acquisition, focusing on urban infill locations in strategic markets like Mexico City, Monterrey, Tijuana, and Querétaro where infrastructure access and barriers to entry are highest. Recent acquisitions include 36 hectares in Tijuana and strategic parcels in Mexico City and Monterrey. Development pipeline management has evolved toward a more conservative approach, with Vesta targeting approximately 2 million square feet of annual development rather than pursuing volume growth. The company currently has 2.8 million square feet under construction with an estimated investment of $214 million, and maintains development yields around 10%. This measured approach reflects management's focus on profitability over rapid expansion. Financial structure optimization represents another key development, with Vesta securing a $545 million global syndicated sustainability-linked credit facility that provides enhanced liquidity and demonstrates the company's commitment to ESG principles. The facility's sustainability linkage aligns with growing institutional investor focus on environmental and social responsibility. Tenant diversification efforts have intensified, with the company maintaining exposure across logistics/e-commerce (45-50%), automotive (25%), and emerging sectors like aerospace and medical devices. This diversification strategy aims to reduce concentration risk while capitalizing on Mexico's expanding manufacturing base beyond traditional automotive assembly.
VTMX company profile · for informational purposes only — not investment advice.
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