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Real estate services · Real Estate · Fiscal year ends Dec 31
Vesta Real Estate Corporation, S.A.B. de C.V. reported revenue of $283M in the fiscal year ended Dec 2025, up 12.2% from the year before. Operating income was $287M, an operating margin of 101.4%, and net income was $242M. Operating cash flow of $207M less capital expenditure of $837,371 left free cash flow of $206M. Net debt was $984M.
Ranks among the 16 real estate services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 161 | 178 | 214 | 252 | 283 |
| Operating incomederived: pre-tax income + interest | 302 | 337 | 426 | 468 | 287 |
| Interest expense | 45.5 | 44.9 | 44.3 | 41.9 | 53.1 |
| Pre-tax income | 256 | 292 | 382 | 426 | 234 |
| Income tax | 82.1 | 48.2 | 65.0 | 203 | −7.9 |
| Net income | 174 | 244 | 317 | 223 | 242 |
| Diluted EPS | 0.26 | 0.35 | 0.41 | 0.25 | 0.28 |
| Diluted shares | 693 | 694 | 769 | 883 | 861 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 453 | 139 | 501 | 184 | 337 |
| Current assets | 482 | 202 | 566 | 244 | 397 |
| Total assets | 2,760 | 2,953 | 3,792 | 3,958 | 4,542 |
| Payables | 3.0 | 16.6 | 13.2 | 14.2 | 30.8 |
| Current liabilities | 67.2 | 60.0 | 148 | 90.8 | 82.1 |
| Short-term debt | 2.9 | 4.6 | 69.6 | 49.9 | 47.4 |
| Long-term debt | 931 | 926 | 846 | 797 | 1,273 |
| Total liabilities | 1,306 | 1,313 | 1,305 | 1,361 | 1,795 |
| Shareholders' equity | 1,454 | 1,640 | 2,487 | 2,597 | 2,748 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 108 | 65.2 | 145 | 130 | 207 |
| Capital expenditure | 0.2 | 0.2 | 2.1 | 0.6 | 0.8 |
| Free cash flow | 108 | 65.0 | 143 | 129 | 206 |
| Stock-based compensation | 5.6 | 6.7 | 8.0 | 9.0 | 9.1 |
| Share buybacks | 0.0 | 15.6 | 0.0 | 44.2 | 36.4 |
| Dividends paid | 55.4 | 57.0 | 59.5 | 63.7 | 68.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.7% | 20.5% | 17.7% | 12.2% |
| Operating income growth (YoY) | – | 11.7% | 26.5% | 9.9% | −38.7% |
| EPS growth (YoY) | – | 33.1% | 17.4% | −38.6% | 11.1% |
| Operating margin | 187.5% | 189.1% | 198.6% | 185.5% | 101.4% |
| Net margin | 108.2% | 136.8% | 147.6% | 88.5% | 85.4% |
| Return on equityBlank when equity is negative | 12.0% | 14.9% | 12.7% | 8.6% | 8.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.2% | 11.6% | 11.7% | 12.1% | 6.4% |
| Free cash flow margin | 67.0% | 36.5% | 66.5% | 51.2% | 72.9% |
| Cash conversion (CFO ÷ net income) | 0.62x | 0.27x | 0.46x | 0.58x | 0.86x |
| Interest cover | 6.63x | 7.51x | 9.61x | 11.2x | 5.41x |
| Debt ÷ equity | 0.64x | 0.57x | 0.37x | 0.33x | 0.48x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 481 | 791 | 414 | 663 | 984 |
| Current ratio | 7.17x | 3.37x | 3.84x | 2.68x | 4.84x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.