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

VTMX

Corporación Inmobiliaria Vesta, S.A.B. de C.V., together with its subsidiaries, acquires, develops, manages, operates industrial buildings and distribution facilities in Mexico. It offers rental income from operating leases, including reimbursable building services and energy income. The company serves corporations in diverse industries, such as food and beverage, automotive, aerospace, medical, logistics, and plastics. Corporación Inmobiliaria Vesta, S.A.B. de C.V. was incorporated in 1996 and is headquartered in Mexico City, Mexico.

About the company

Country: MexicoPrice: $37.45Market Cap: $3.5B

Investment snapshot

35%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

7 / 3

NEUTRAL / FAIL

Median fair value

$4.53

-87.9% vs price

Models with upside

6 / 17

Positive margin of safety

Strongest signal

6 of 10 pass — Buffett, Piotroski, Dreman +1 more object

Key risk

Split decision: 7 NEUTRAL · 4 PASS · 3 FAIL · 2 BUY

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	PASS	FAIL	FAIL	Not ranked	PASS	PASS	BUY	NEUTRAL	FAIL	NEUTRAL	BUY	NEUTRAL	PASS	NEUTRAL	NEUTRAL	NEUTRAL	NEUTRAL
Score
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Intrinsic Value (annual)					N/A								N/A	N/A	N/A	N/A	N/A
Margin of Safety	+17.3%	-28.7%	-732.2%	-1.8%	N/A	+20.8%	+35.5%	-43.5%	+51.7%	+20.0%	+57.2%	-17.8%	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-17 Score computed: 2026-11-14

Where It Passes

Verdicts67% pass✓ 6✗ 3▾
Split decision: 7 NEUTRAL · 4 PASS · 3 FAIL · 2 BUY
Overall verdict
✓GrahamPASS (5/9)✗BuffettFAIL (2/9)✗LynchFAIL (3/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✓DremanPASS (6/11)✓MungerBUY (3/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (1/6)•MarksNEUTRAL (4/5)✓AckmanBUY (7/9)•TempletonNEUTRAL (5/8)✓SleepPASS (3/6)•AsnessNEUTRAL (Not ranked)•NeffNEUTRAL (4/6)•SchlossNEUTRAL (5/7)•OshaughnessyNEUTRAL (Not ranked)
Cash Flow60% pass✓ 8✗ 4▾
6 of 10 pass — Buffett, Piotroski, Dreman +1 more object
Free Cash Flow Proxy
✗BuffettPositive and growing
FCF Positive and Growing$206.4M
✓LynchPositive and growing
Operating Cash Flow$207.3M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=4.56%, ROA=5.33%
✗PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)15.3x
✗Dreman< 8x
P/E or FCF YieldP/E=13.3x, FCF Yield=5.9%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive5/5 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap6.5%
✓Ackman>= 4%
Price / FCF per Share15.3x
✓Ackman<= 25
Positive Operating Cash Flow frequency5/5 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$206.4M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+5.94%; #1374/4519 (top 30.4%)
✗OshaughnessyTop 10% of eligible cross-section
Valuation models55% pass✓ 6✗ 5▾
Models split on VTMX at $37.45 — fair values range $0.45–$8.74
Graham fair value$4.53
✓Graham+17.3% margin vs $37.45
Buffett fair value$2.91
✗Buffett-28.7% margin vs $37.45
Lynch fair value$0.45
✗Lynch-732.2% margin vs $37.45
Greenblatt fair value$3.68
✗Greenblatt-1.8% margin vs $37.45
Dreman fair value$4.73
✓Dreman+20.8% margin vs $37.45
Munger fair value$5.81
✓Munger+35.5% margin vs $37.45
Pabrai fair value$2.61
✗Pabrai-43.5% margin vs $37.45
Akre fair value$7.75
✓Akre+51.7% margin vs $37.45
Marks fair value$4.68
✓Marks+20.0% margin vs $37.45
Ackman fair value$8.74
✓Ackman+57.2% margin vs $37.45
Templeton fair value$3.18
✗Templeton-17.8% margin vs $37.45

Where It Falls Short

Profitability19% pass✓ 11✗ 24▾
13 of 16 flag VTMX's profitability — Graham, Buffett, Lynch +10 more
Net income / market capitalization+6.96%; #1187/6340 (top 18.7%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive EPS (10 years)5/6 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)2.6%
✗Graham>= 33% growth
Net Income Positive (10+ years)5/6 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)11.4%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)0.19
✓BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)8.32
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR1.6%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE8.8%
✗Lynch> 15%
EBIT / Enterprise Value6.4%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=6.4%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets5.33%
✓PiotroskiROA > 0
ROA Change YoY5.64% -> 5.33% (delta: -0.32%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=4.56%, ROA=5.33%
✗PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue82.6%
✓Dreman>= 8%
Net Income / Shareholders' Equity8.8%
✗Dreman> 12%
Margin of SafetyP/E=13.3x, P/B=1.2x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity10.0% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value20.8% (IV=$4.73 vs Price=$3.75)
✓Marks>= 20% below intrinsic value
Positive Net Income Frequency5/5 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity8.8%
✗Ackman>= 15%
5-Year EPS CAGR1.6% CAGR over 4 years
✓Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Gross profit / total assets
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+8.80%; #1984/5226 (top 38.0%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0129; #1005/5884 (top 17.1%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR1.6% over 4 years
✗Neff7%-20% annualized
Positive Diluted-EPS Years5/5 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag VTMX's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio4.84
✓Graham>= 2.0
ROIC (3-5 yr avg)
✗Buffett> 10%
ROIC - WACC
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)
✗Greenblatt> 25%
Current Ratio Change YoY2.68 -> 4.84
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.06x -> 0.06x
✗PiotroskiImproved YoY
Current Assets / Current Liabilities4.84
✓Dreman> 1.5
Return on Invested Capital
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)
✗SleepROIC > 12% in a majority of years
Valuation38% pass✓ 13✗ 15▾
8 of 13 flag VTMX's valuation — Lynch, Greenblatt, Dreman +5 more
Price / Book Value per Share1.2x
✓Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Net income / market capitalization+6.96%; #1187/6340 (top 18.7%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Price / 3-yr avg EPS11.9x
✓Graham<= 15x
Price-to-Book Ratio1.2x
✓Graham<= 1.5x
P/E x P/B13.70
✓Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)8.32
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value6.4%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=6.4%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS13.3x
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)15.3x
✗Dreman< 8x
Valuation ReasonablenessP/E=13.3x
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=13.3x, FCF Yield=5.9%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=13.3x, P/B=1.2x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value20.8% (IV=$4.73 vs Price=$3.75)
✓Marks>= 20% below intrinsic value
Price / FCF per Share15.3x
✓Ackman<= 25
Price vs. Trailing Low164% of trailing low ($2.28)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Positive book equity / market capitalization+0.7905; #1952/6449 (top 30.3%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS13.3x
✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E0.28
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share1.15x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change+65.3%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.0815; #4422/5247 (top 84.3%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+5.94%; #1374/4519 (top 30.4%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+5.20%; #2147/6202 (top 34.6%)
✗OshaughnessyTop 10% of eligible cross-section
Growth38% pass✓ 7✗ 6▾
5 of 8 flag VTMX's growth — Graham, Lynch, Dreman +2 more
EPS Growth (3-yr avg, 10-yr window)2.6%
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)8.32
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR1.6%
✓Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth Direction$0.26 (2021) -> $0.28 (2025)
✓DremanPositive over recent years
EPS CAGR1.6% CAGR over 4 years
✗Dreman> 5% annualized
Positive Net Income Frequency5/5 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth17.7%
✓Ackman>= 5%
Positive EPS Growth Frequency3/4 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR1.6% CAGR over 4 years
✓Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR1.6% over 4 years
✗Neff7%-20% annualized
Debt & Leverage50% pass✓ 8✗ 7▾
6 of 12 pass — Graham, Lynch, Piotroski +3 more object
Debt Levels0.48
✓MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
LT Debt vs Net Current AssetsLT Debt $1.3B vs NCA $315.3M
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.48, IC: 5.4x
✓BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.48
✗Lynch< 0.33
Cash - Long-term Debt$-936.5M
✗LynchPositive preferred
LT Debt / Total Assets Change20.14% -> 28.03%
✗PiotroskiDecreased YoY
Current Assets / Current Liabilities4.84
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.48
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Interest Coverage & Debt/EBITDAIC=5.4x, D/EBITDA=N/A (D&A unavailable)
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.48
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.4807; #2432/4210 (top 57.8%)
✗AsnessTop 30% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Real Estate

Size: Mid Cap($3.5B)

Revenue: $283.2M+12.2% YoY

Net Income: $241.9M+8.3% YoY

Financial Snapshot

Operating Margin--

Return on Equity8.8%

Debt / Equity0.48

Current Ratio4.84

EPS (Diluted)$0.28+11.1% 1y

Buybacks (1y)$36.4M

Buybacks (2y)$80.6M

Shares Retired1.3% / 4.3% 2y

Similar Companies

JLLJONES LANG LASALLE INC

GTYGETTY REALTY CORP /MD/

$1.9B

Shareholder Return

Fiscal 2025

Retired 1.3% of shares last year, 4.3% over two.

Buybacks: $36.4M
Dividends: $68.3M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

33.1% = 40.1% + −5.0%

FY23

17.4% = 30.0% + −9.7%

FY24

−38.6% = −29.5% + −12.9%

FY25

11.1% = 8.3% + 2.6%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 20-F · 2026-03-17	FY 2024 Sources 20-F · 2025-04-21	FY 2023 Sources 20-F · 2024-04-19	FY 2022 Sources 20-F · 2024-04-19	FY 2021 Sources 20-F · 2024-04-19
Market Cap	$3.5Bcurrent	$21.9Best.	$32.0Best.	$20.7Best.	--
Revenue	$283.2M↑12%	$252.3M↑18%	$214.5M↑20%	$178.0M↑11%	$160.8M
Operating Income	--	--	--	--	--
Net Income	$241.9M↑8%	$223.3M↓29%	$316.6M↑30%	$243.6M↑40%	$173.9M
EPS (Diluted)	$0.28↑11%	$0.25↓39%	$0.41↑17%	$0.35↑33%	$0.26
Gross Margin	—	—	—	—	—
Operating Margin	—	—	—	—	—
ROE	8.8%↑2%	8.6%↓32%	12.7%↓14%	14.9%↑24%	12.0%
Total Debt	$1.3B↑55%	$854.2M↓8%	$923.8M↓2%	$940.6M	$943.5M
Shareholders' Equity	$2.7B↑6%	$2.6B↑4%	$2.5B↑52%	$1.6B↑13%	$1.5B
Current Ratio	4.84↑80%	2.68↓30%	3.84↑14%	3.37↓53%	7.17
Debt / Equity	0.48↑46%	0.33↓11%	0.37↓35%	0.57↓12%	0.65
Operating Cash Flow	$207.3M↑60%	$129.7M↓10%	$144.8M↑122%	$65.2M↓40%	$107.9M
Free Cash Flow	$206.4M↑60%	$129.1M↓10%	$142.7M↑120%	$65.0M↓40%	$107.7M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Real Estate

VTMX vs Peers — Financial Grading

Revenue$283.2MBottom 25%

Net Income$241.9MTop 25%

ROE8.8%Median

D/E0.48Median

Op. Margin—

Curr. Ratio4.84Top 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
JONES LANG LASALLE INCJLL	$16.8B	$366.83	$26.1B	$792.1M	10.6%	0.12	4.2%	1.11	2/9	2/9	3/7	1/3	F-Score 8	3/11
FirstService CorpFSV	$6.5B	$154.42	$5.5B	$190.7M	13.9%	0.79	6.1%	1.70	2/9	4/9	3/7	1/3	F-Score 6	6/11
ST JOE CoJOE	$4.0B	$70.36	$513.2M	$115.6M	15.1%	0.51	28.5%	—	1/9	2/9	4/7	0/3	F-Score 8	4/11
GETTY REALTY CORP /MD/GTY	$1.9B	$28.66	$221.7M	$79.2M	7.4%	0.93	57.2%	—	2/9	3/9	1/7	0/3	F-Score 5	2/11
Ellington Financial Inc.EFC	$1.5B	$11.11	—	$118.7M	6.5%	—	—	—	4/9	0/9	3/7	1/3	F-Score 2	4/11
Piedmont Realty Trust, Inc.PDM	$1.2B	$10.00	$565.0M	$83.6M	-5.6%	1.49	14.1%	—	2/9	2/9	1/7	0/3	F-Score 3	2/11
IRSA INVESTMENTS & REPRESENTATIONS INCIRS	$1.1B	$12.54	$394.6M	$164.4M	12.4%	0.41	36.8%	1.66	1/9	0/9	1/7	1/3	F-Score 5	5/11
CRESUD INCCRESY	$690.8M	$9.74	$770.0M	$81.0M	4.3%	0.61	—	1.24	1/9	0/9	1/7	3/3	F-Score 4	3/11