Vesta Real Estate Corporation, S.A.B. De C.V.

$VTMX Market Cap: $45.69 Billion

Research Board Inbox Deep Research Not Interested Shortlisted

Financial Snapshot

Revenue

$235.9M

TTM

Gross Margin

90.92%

TTM

Net Earnings

$424.2M

TTM

Current Assets

$451.1M

Q2 2024

Current Liabilities

$104.6M

Q2 2024

Current Ratio

431.29%

Q2 2024

Total Assets

$3.985B

Q2 2024

Total Liabilities

$1.325B

Q2 2024

Book Value

$2.661B

Q2 2024

Cash

$376.9M

Q2 2024

P/E

107.7

Nov 29, 2024 EST

Free Cash Flow

-$188.5M

TTM

Revenues

Revenue YoY Change

Revenues

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	$214.5M	$178.0M	$160.8M	$149.9M	$144.4M	$132.7M	$109.4M	$90.51M	$78.56M	$69.33M	$58.50M	$51.90M	$50.20M	$50.20M	$44.90M	$40.40M
YoY Change	20.47%	10.72%	7.29%	3.8%	8.82%	21.24%	20.9%	15.21%	13.31%	18.52%	12.72%	3.39%	0.0%	11.8%	11.14%

Expenses

Cost Of Revenues

Gross Profit

Gross Profit Margin

Gross Profit

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	$214.5M	$178.0M	$160.8M	$149.9M	$144.4M	$132.7M	$109.4M	$90.51M	$78.56M	$69.33M	$58.50M	$51.90M	$50.20M	$50.20M	$44.90M	$40.40M
Cost Of Revenue	$18.24M	$11.42M	$10.73M	$10.15M	$8.141M	$5.677M	$4.993M	$4.376M	$3.530M	$3.600M	$3.500M	$4.100M	$6.800M	$6.000M	$5.000M	$3.700M
Gross Profit	$196.2M	$166.6M	$150.1M	$139.7M	$136.2M	$127.0M	$104.4M	$86.14M	$75.03M	$65.73M	$55.10M	$47.80M	$43.40M	$44.20M	$39.90M	$36.70M
Gross Profit Margin	91.5%	93.58%	93.33%	93.22%	94.36%	95.72%	95.44%	95.16%	95.51%	94.81%	94.19%	92.1%	86.45%	88.05%	88.86%	90.84%

Selling, General & Admin Expense

Research & Development

Depreciation, Depletion & Amortization

SGA Expense to Gross Profit Ratio

R&D To Gross Profit Ratio

DDA To Gross Profit Ratio

Operating Expenses Total

Operating Profits/Loss

Operational Expenses

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Selling, General & Admin	$27.78M	$21.98M	$18.98M	$15.92M	$16.12M	$14.14M	$12.63M	$10.02M	$8.987M	$7.429M	$6.100M	$6.000M	$3.100M	$2.100M	$1.500M	$1.700M
YoY Change	26.42%	15.78%	19.27%	-1.26%	14.02%	11.93%	26.0%	11.54%	20.97%	21.79%	1.67%	93.55%	47.62%	40.0%	-11.76%
% of Gross Profit	14.16%	13.19%	12.65%	11.39%	11.83%	11.13%	12.09%	11.64%	11.98%	11.3%	11.07%	12.55%	7.14%	4.75%	3.76%	4.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$1.578M	$1.464M	$1.601M	$1.477M	$1.495M	$573.2K	$356.7K	$323.0K	$188.0K	$40.54K	$80.00K	$60.00K	$60.00K	$60.00K	$50.00K	$60.00K
YoY Change	7.79%	-8.57%	8.38%	-1.16%	160.79%	60.68%	10.44%	71.81%	363.74%	-49.33%	33.33%	0.0%	0.0%	20.0%	-16.67%
% of Gross Profit	0.8%	0.88%	1.07%	1.06%	1.1%	0.45%	0.34%	0.37%	0.25%	0.06%	0.15%	0.13%	0.14%	0.14%	0.13%	0.16%
Operating Expenses	$27.26M	$23.44M	$20.59M	$17.39M	$17.61M	$14.71M	$12.99M	$10.35M	$9.175M	$7.470M	$6.100M	$6.000M	$3.100M	$2.200M	$1.500M	$1.700M
YoY Change	16.29%	13.88%	18.35%	-1.25%	19.74%	13.27%	25.51%	12.77%	22.83%	22.45%	1.67%	93.55%	40.91%	46.67%	-11.76%
Operating Profit	$169.0M	$143.2M	$129.5M	$122.3M	$118.6M	$112.3M	$91.45M	$75.79M	$65.86M	$58.26M	$49.00M	$41.80M	$40.30M	$42.00M	$38.40M	$35.00M
YoY Change	18.03%	10.57%	5.86%	3.12%	5.64%	22.78%	20.66%	15.08%	13.03%	18.9%	17.22%	3.72%	-4.05%	9.38%	9.71%

Interest Expenses

Interest Expenses To Operating Income %

Other Expense/Income

Interest & Other Expense/Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Interest Expense	$215.5M	$150.2M	$127.3M	$6.458M	$67.05M	$17.24M	$66.95M	$24.78M	-$31.61M	-$5.953M	$79.80M	$7.600M	-$31.00M	-$22.30M	-$20.80M	-$33.60M
YoY Change	43.41%	17.98%	1871.94%	-90.37%	288.86%	-74.24%	170.15%	-178.39%	430.98%	-107.46%	950.0%	-124.52%	39.01%	7.21%	-38.1%
% of Operating Profit	127.52%	104.95%	98.36%	5.28%	56.53%	15.36%	73.21%	32.7%	-48.0%	-10.22%	162.86%	18.18%	-76.92%	-53.1%	-54.17%	-96.0%
Other Income/Expense, Net	-$462.0K	-$587.3K	$27.80K	$7.850K	$1.052M	$476.2K	$449.2K	$722.4K	$639.6K	-$290.1K	-$100.0K	$0.00	$23.70M	$700.0K	$500.0K	$700.0K
YoY Change	-21.33%	-2212.41%	254.14%	-99.25%	120.88%	6.02%	-37.82%	12.94%	-320.52%	190.06%		-100.0%	3285.71%	40.0%	-28.57%

Income/Loss

Pretax Income

Income Tax

Net Profits/Loss

Pretax Income YoY Change

Income Tax Rate

Net Profits/Loss YoY Change

Basic EPS

Net Income To Revenue Ratio

Pretax & Net Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Pretax Income	$381.6M	$291.8M	$256.0M	$127.5M	$185.2M	$128.0M	$157.6M	$100.1M	$34.04M	$51.15M	$127.9M	$48.70M	$33.10M	-$17.90M	$20.80M	$70.90M
YoY Change	30.76%	13.99%	100.8%	-31.15%	44.64%	-18.73%	57.44%	194.01%	-33.45%	-60.01%	162.63%	47.13%	-284.92%	-186.06%	-70.66%
Income Tax	$64.98M	$48.22M	$82.09M	$60.55M	$50.59M	$34.98M	$31.53M	$55.00M	$37.87M	$26.92M	$38.40M	$7.900M	$19.80M	-$10.40M	$2.600M	$24.10M
% Of Pretax Income	17.03%	16.52%	32.06%	47.49%	27.32%	27.32%	20.01%	54.95%	111.24%	52.64%	30.02%	16.22%	59.82%		12.5%	33.99%
Net Earnings	$316.6M	$243.6M	$173.9M	$66.96M	$134.6M	$93.06M	$126.0M	$45.08M	-$3.825M	$24.22M	$89.40M	$40.80M	$13.30M	-$7.500M	$18.20M	$46.80M
YoY Change	29.97%	40.06%	159.79%	-50.26%	44.65%	-26.16%	179.55%	-1278.58%	-115.79%	-72.91%	119.12%	206.77%	-277.33%	-141.21%	-61.11%
Net Earnings / Revenue	147.64%	136.85%	108.18%	44.68%	93.24%	70.14%	115.17%	49.81%	-4.87%	34.94%	152.82%	78.61%	26.49%	-14.94%	40.53%	115.84%
Basic Earnings Per Share
Diluted Earnings Per Share	$0.42	$0.36	$0.25	$0.12	$0.23	$0.16	$0.21	$0.07	-$0.01	$0.05	$0.20	$0.14	$0.06	-$0.03	$0.08	$0.21

Assets & Liabilities

Cash & Short-Term Investments

Cash & Equivalents

Cash To Operating Expenses Ratio

Inventory

Receivables

Total Short-Term Assets

Property, Plant And Equipment

Long-Term Investments

Total Long-Term Assets

Total Assets

Net Income To Total Assets Percentage

Accounts Payable

Short-Term Debt

Long Term Debt Due

Total Short-Term Liabilities

Long-Term Debt

Other Long-Term Liabilities

Total Long-Term Liabilities

Total Liabilities

Short-Term To Long-Term Debt Ratio

Short-Term Assets To Debt Ratio

Long-Term Debt To Net Income Ratio

Assets & Liabilities

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Cash & Short-Term Investments	$501.2M	$139.1M	$452.8M	$120.4M	$75.84M	$65.16M	$91.09M	$48.67M	$231.3M	$101.9M	$236.8M	$157.3M	$700.0K	$1.100M	$7.000M	$23.90M
YoY Change	260.17%	-69.27%	276.03%	58.78%	16.39%	-28.47%	87.17%	-78.96%	127.05%	-56.98%	50.54%	22371.43%	-36.36%	-84.29%	-70.71%
Cash & Equivalents	$501.2M	$139.1M	$452.8M	$119.7M	$75.03M	$64.43M	$90.42M	$48.05M	$27.75M	$6.848M	$3.800M
Short-Term Investments			$0.00	$684.9K	$805.0K	$724.4K	$677.8K	$613.0K	$203.6M	$95.03M	$233.1M	$120.3M
Other Short-Term Assets	$21.37M	$25.31M	$502.7K	$1.230M	$1.300M	$586.8K	$955.9K	$2.704M		$21.40M	$21.40M	$0.00	$4.100M	$4.500M	$7.400M	$3.600M
YoY Change	-15.56%	4935.01%	-59.15%	-5.33%	121.47%	-38.61%	-64.64%			0.01%		-100.0%	-8.89%	-39.19%	105.56%
Inventory
Prepaid Expenses
Receivables	$31.40M	$7.690M	$9.039M	$6.361M	$8.272M	$8.131M	$5.222M	$7.029M	$7.404M	$7.505M	$6.700M	$4.300M	$5.900M	$8.000M	$4.100M	$5.800M
Other Receivables	$33.87M	$30.09M	$19.38M	$14.86M	$10.37M	$26.34M	$26.68M	$21.79M	$20.82M	$27.71M	$0.00	$10.40M	$4.400M	$5.800M	$7.400M	$10.80M
Total Short-Term Assets	$566.4M	$202.2M	$481.7M	$142.9M	$95.77M	$100.2M	$123.9M	$80.19M	$259.5M	$141.4M	$264.9M	$172.0M	$15.20M	$19.40M	$25.80M	$44.10M
YoY Change	180.09%	-58.02%	237.18%	49.17%	-4.43%	-19.15%	54.56%	-69.1%	83.59%	-46.63%	54.01%	1031.58%	-21.65%	-24.81%	-41.5%
Property, Plant & Equipment	$3.376M	$2.856M	$3.464M	$3.512M	$4.168M	$2.491M	$1.869M	$1.965M	$1.842M	$421.3K	$300.0K	$300.0K	$100.0K	$200.0K	$200.0K	$300.0K
YoY Change	18.21%	-17.55%	-1.38%	-15.72%	67.32%	33.29%	-4.91%	6.69%	337.18%	40.45%	0.0%	200.0%	-50.0%	0.0%	-33.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$3.212B	$2.738B	$2.263B	$2.103B	$1.989B	$1.885B	$1.701B	$1.416B	$1.215B	$1.101B	$951.9M	$744.8M	$658.9M	$623.1M	$656.8M	$601.4M
YoY Change	17.3%	21.0%	7.61%	5.74%	5.55%	10.79%	20.15%	16.53%	10.31%	15.7%	27.81%	13.04%	5.75%	-5.13%	9.21%
Other Assets	$10.24M	$9.601M	$11.51M	$4.507M	$4.625M	$6.757M	$5.267M	$2.920M		$2.968M	$3.000M	$2.800M	$2.800M	$2.900M	$5.400M	$3.400M
YoY Change	6.7%	-16.59%	155.42%	-2.57%	-31.55%	28.28%	80.36%			-1.07%	7.14%	0.0%	-3.45%	-46.3%	58.82%
Total Long-Term Assets	$3.226B	$2.751B	$2.278B	$2.111B	$1.998B	$1.894B	$1.708B	$1.421B	$1.218B	$1.105B	$955.2M	$747.8M	$661.7M	$626.2M	$662.5M	$605.1M
YoY Change	17.26%	20.75%	7.91%	5.67%	5.49%	10.87%	20.24%	16.64%	10.26%	15.65%	27.73%	13.01%	5.67%	-5.48%	9.49%
Total Assets	$3.792B	$2.953B	$2.760B	$2.254B	$2.094B	$1.994B	$1.832B	$1.501B	$1.478B	$1.246B	$1.220B	$919.8M	$676.9M	$645.6M	$688.3M	$649.2M
YoY Change
Accounts Payable	$27.97M	$29.67M	$3.011M	$3.749M	$3.334M	$7.302M	$4.082M	$1.796M	$3.108M	$9.486M	$9.500M	$1.000M	$1.000M	$100.0K	$0.00	$100.0K
YoY Change	-5.73%	885.38%	-19.68%	12.46%	-54.34%	78.87%	127.32%	-42.22%	-67.24%	-0.15%	850.0%	0.0%	900.0%		-100.0%
Accrued Expenses	$3.756M	$4.454M	$19.09M	$7.142M	$7.449M	$8.979M	$7.593M	$3.591M		$3.170M	$3.200M	$3.400M	$3.500M	$3.600M	$3.400M	$3.500M
YoY Change	-15.67%	-76.66%	167.25%	-4.13%	-17.04%	18.25%	111.49%			-0.94%	-5.88%	-2.86%	-2.78%	5.88%	-2.86%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due	$70.22M	$5.233M	$3.345M	$510.4K	$435.2K				$301.3M	$0.00	$8.200M	$9.800M	$13.10M	$8.100M	$7.200M	$5.300M
YoY Change	1241.87%	56.44%	555.35%	17.29%						-100.0%	-16.33%	-25.19%	61.73%	12.5%	35.85%
Total Short-Term Liabilities	$140.1M	$53.58M	$67.23M	$28.45M	$26.05M	$16.69M	$12.02M	$5.937M	$304.7M	$28.83M	$23.70M	$17.00M	$21.90M	$16.90M	$19.10M	$9.000M
YoY Change	161.51%	-20.3%	136.28%	9.23%	56.04%	38.88%	102.47%	-98.05%	956.85%	21.65%	39.41%	-22.37%	29.59%	-11.52%	112.22%
Long-Term Debt	$845.9M	$926.8M	$931.6M	$838.1M	$714.4M	$695.3M	$582.0M	$340.9M	$46.69M	$298.1M	$309.8M	$318.0M	$322.1M	$326.9M	$335.0M	$312.2M
YoY Change	-8.73%	-0.52%	11.16%	17.32%	2.74%	19.47%	70.74%	630.09%	-84.34%	-3.77%	-2.58%	-1.27%	-1.47%	-2.42%	7.3%
Other Long-Term Liabilities	$42.36M	$33.04M	$15.87M	$18.06M	$13.26M	$13.05M	$11.54M	$8.869M	$7.206M	$5.706M	$5.500M	$5.100M	$4.800M	$4.200M	$3.300M	$3.200M
YoY Change	28.2%	108.2%	-12.12%	36.22%	1.55%	13.12%	30.12%	23.07%	26.29%	3.75%	7.84%	6.25%	14.29%	27.27%	3.13%
Total Long-Term Liabilities	$888.2M	$959.8M	$947.4M	$856.1M	$727.6M	$708.3M	$593.5M	$349.7M	$53.90M	$303.8M	$315.3M	$323.1M	$326.9M	$331.1M	$338.3M	$315.4M
YoY Change	-7.46%	1.31%	10.67%	17.66%	2.72%	19.34%	69.71%	548.93%	-82.26%	-3.64%	-2.41%	-1.16%	-1.27%	-2.13%	7.26%
Total Liabilities	$1.305B	$1.313B	$1.306B	$1.145B	$982.6M	$940.4M	$809.8M	$541.4M	$502.7M	$448.3M	$430.5M	$402.6M	$412.4M	$395.2M	$418.4M	$384.5M
YoY Change	-0.62%	0.55%	14.04%	16.58%	4.49%	16.13%	49.57%	7.69%	12.14%	4.13%	6.93%	-2.38%	4.35%	-5.54%	8.82%

Ownership

Basic Shares Outstanding

Diluted Shares Outstanding

Preferred Stock

Treasury Stock Shares

Stock Issuance & Repurchase

Ownership Data

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Basic Shares Outstanding
Diluted Shares Outstanding
Preferred Stock
Treasury Stock Shares

Return On Shareholders' Equity

Book Value

Free Cash Flow

Free Cash Flow YoY

Free Cash Flow Margin

Dividends

Stock Price

Market Cap: $45.686 Billion

About Vesta Real Estate Corporation, S.A.B. de C.V.

Corporación Inmobiliaria Vesta SAB de CV engages in the development of real estate properties. The company is headquartered in Mexico City, Mexico, D.F. and currently employs 100 full-time employees. The company went IPO on 2012-07-20. The Company’s scope of activities includes development, sale, purchase, rental, and administration of industrial buildings as well as distribution centers in Mexico. In addition, the Company provides solutions for light manufacturing, distribution, and e-commerce operation. Vesta’s activities are present in multiple states of Mexico with over 200 functioning industrial buildings. The real estate operations performed by the Firm support industries such as automotive, food and beverages, logistics as well as plastics. The firm has a number of subsidiaries in Mexico, such as CIV Infraestructura S de RL de CV, Proyectos Aeroespaciales S de RL de CV, QVC II S de RL de CV, as well as Vesta Baja California S de RL de CV, among others.

Industry: Real Estate Peers: