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olivLaw · US equity research

Corporación Inmobiliaria Vesta, S.A.B. de C.V. VTMX

Real Estate · SIC 6500 · Vertical: Real Estate (SIC 6500)

37.01USD+2.66% · 1 dayClose 04 Nov 2026

Vesta is a fully integrated, internally managed Mexican company that owns, manages, develops and leases industrial parks and buildings in Mexico, with a portfolio of 231 buildings and a stabilized occupancy rate of 93.6%. Its relevance grows with nearshoring and trade with the United States, as nearly 90% of rents are denominated in dollars.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) stock was 37.01 USD (+2.66% on the day), with market capitalisation 32.7 bn USD, P/E 131.8 on diluted EPS of 0.28 USD over the last 12 months, dividend yield 0.19%, beta 0.49, 52-week range 29.96–37.49 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
32.7 bn USD
shares as of 27 Feb 2026
P/E (TTM)
131.8
Diluted EPS TTM 0.28 · TTM to 31 Dec 2025
E/P (TTM)
0.76%
TTM to 31 Dec 2025
Dividend yield
0.19%
DPS 12m 0.07
Beta (2y)
0.49
Volatility (1y) 24%
52-week range
29.9637.49

Price history

Loading chart…

Technical reading

RSI (14)
63.7
strong (55–70)
Bollinger (20, 2)
33.55 – 37.92
in the upper half of the band · %B 0.79 · band width 12.2%
SMA 50 / 200
34.37 / 34.15
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.74 / 0.73
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+13.6%−1.1%+14.7 pp—
3 months+10.1%−0.5%+10.6 pp—
6 months+1.7%+4.4%−2.7 pp—
Year to date+21.4%+12.3%+9.1 pp—
1 year+24.4%+13.5%+10.9 pp−12.2%
3 years+6.5%+76.4%−69.9 pp−5.4%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−14.3%
24 Feb 2026 → 20 Mar 2026
Max drawdown (5y)
−47.0%
08 Apr 2024 → 08 Apr 2025
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 100 percentile of its own 3-quarter history (min 96.2, median 101.2, max 108.5; quarters with earnings only).

Fiscal years

Fiscal year20212022202320242025
Revenue160.8 m178.0 m214.5 m252.3 m283.2 m
Revenue YoYunavailable+10.7%+20.5%+17.7%+12.2%
Net income173.9 m243.6 m316.6 m223.3 m241.9 m
Net income YoYunavailable+40.1%+30.0%−29.5%+8.3%
Diluted EPS0.260.350.410.250.28
Diluted EPS YoYunavailable+33.1%+17.4%−38.6%+11.1%
net %108.2%136.8%147.6%88.5%85.4%
Free cash flow107.7 m65.0 m142.7 m129.1 m206.4 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
336.9 m USD
Financial debt
1.3 bn USD
Net debt
983.9 m USD
Equity
2.7 bn USD
Total assets
4.5 bn USD
Debt / equity
0.48x
Current ratio
4.84x
ROE
9.1%
ROA
5.7%
FCF margin
72.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
214.5 m
2024
252.3 m
2025
283.2 m

SEC (XBRL)· 17 Mar 2026verified

Interest expense
2023
46.3 m
2024
44.3 m
2025
56.2 m

SEC (XBRL)· 17 Mar 2026verified

Pre-tax income
2023
381.6 m
2024
426.2 m
2025
234.0 m

SEC (XBRL)· 17 Mar 2026verified

Income tax
2023
65.0 m
2024
202.8 m
2025
-7.9 m

SEC (XBRL)· 17 Mar 2026verified

Net income
2023
316.6 m
2024
223.3 m
2025
241.9 m

SEC (XBRL)· 17 Mar 2026verified

Diluted EPS
2023
0.41
2024
0.25
2025
0.28

SEC (XBRL)· 17 Mar 2026verified

Weighted average diluted shares
2023
768.8 m
2024
883.3 m
2025
861.1 m

SEC (XBRL)· 17 Mar 2026verified

Dividend per share
2023
0.07
2024
0.07
2025
—

SEC (XBRL)· 21 Apr 2025derived

Balance sheet · USD

Cash
2023
501.1 m
2024
184.0 m
2025
336.9 m

SEC (XBRL)· 17 Mar 2026verified

Current assets
2023
566.4 m
2024
243.8 m
2025
397.4 m

SEC (XBRL)· 17 Mar 2026verified

Total assets
2023
3.8 bn
2024
4.0 bn
2025
4.5 bn

SEC (XBRL)· 17 Mar 2026verified

Accounts payable
2023
13.2 m
2024
14.2 m
2025
30.8 m

SEC (XBRL)· 17 Mar 2026verified

Short-term debt
2023
69.6 m
2024
49.9 m
2025
47.4 m

SEC (XBRL)· 17 Mar 2026verified

Long-term debt
2023
845.6 m
2024
797.2 m
2025
1.3 bn

SEC (XBRL)· 17 Mar 2026verified

Current liabilities
2023
147.6 m
2024
90.8 m
2025
82.1 m

SEC (XBRL)· 17 Mar 2026verified

Total liabilities
2023
1.3 bn
2024
1.4 bn
2025
1.8 bn

SEC (XBRL)· 17 Mar 2026verified

Equity
2023
2.5 bn
2024
2.6 bn
2025
2.7 bn

SEC (XBRL)· 17 Mar 2026verified

Shares outstanding at year end
2023
884.5 m
2024
884.5 m
2025
—

SEC (XBRL)· 21 Apr 2025verified

Cash flow · USD

Operating cash flow
2023
144.8 m
2024
129.7 m
2025
207.3 m

SEC (XBRL)· 17 Mar 2026verified

Capex
2023
2.1 m
2024
597.3 k
2025
837.4 k

SEC (XBRL)· 17 Mar 2026verified

Free cash flow
2023
142.7 m ≈
2024
129.1 m ≈
2025
206.4 m ≈

SEC (XBRL)· 17 Mar 2026derived

Investing cash flow
2023
-223.1 m
2024
-226.7 m
2025
-335.8 m

SEC (XBRL)· 17 Mar 2026verified

Financing cash flow
2023
444.7 m
2024
-225.9 m
2025
279.6 m

SEC (XBRL)· 17 Mar 2026verified

Dividends paid
2023
59.5 m
2024
63.7 m
2025
68.3 m

SEC (XBRL)· 17 Mar 2026verified

Share repurchases
2023
0
2024
44.2 m
2025
36.4 m

SEC (XBRL)· 17 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
12.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
16.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
8.3%
computed by olivLawFY 2025
Net income CAGR 3Y
-0.2%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
11.1%
computed by olivLawFY 2025
EPS CAGR 3Y
-7.1%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
59.9%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
85.4%
computed by olivLawFY 2025
FCF margin
72.9%
computed by olivLawFY 2025

Returns

ROE
9.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
5.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
25.6%
computed by olivLawFY 2025
Payout ratio (FCF)
33.1%
computed by olivLawFY 2025

Balance sheet

Net debt
983.9 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.5x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
4.8x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
4.1x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
207.3 m USD
computed by olivLawFY 2025
Capital expenditure
837.4 k USD
computed by olivLawFY 2025
Free cash flow
206.4 m USD
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Market and valuation

Market capitalisation
32.7 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
33.7 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
135.3x
computed by olivLawFY 2025
P/E (TTM)
131.8x
computed by olivLawFY 2025
Earnings yield
0.8%
computed by olivLawFY 2025
P/B
11.9x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
115.6x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
119.1x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
0.2%
computed by olivLawFY 2025
Shareholder yield (distributions)
0.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

9 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 34 / 100

A scoring methodology on indicators and valuation, not investment advice.

score < 40

Closing price

37.01 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 32.7 bn USD

Key indicators

Market capitalisation
32.7 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
131.8x
computed by olivLawFY 2025
P/B
11.9x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
9.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
85.4%
computed by olivLawFY 2025
Revenue growth (YoY)
12.2%
computed by olivLawFY 2025
Dividend yield
0.2%
computed by olivLawFY 2025

Coverage and freshness

25/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 27 Feb 2026
Source: SEC (XBRL)published 17 Mar 2026
verified 129derived 2

Score by group

  • Returns33
  • Growth100
  • Valuation2
  • Quality83

Estimated value range

Low
1.24
USD per share
Mid
1.86
USD per share
High
3.17
USD per share
Price: 37.01 USD
The price is above the range
Potential to the central value: -95.0% (value / price − 1)
Margin of safety: -1,889.3% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.95 – 5.06 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Net asset value (NAV)unavailable · input data missing
  • Dividend discount (DDM)0.95 – 1.27 (Mid 1.09)
  • Peers: P/B1.54 – 5.06 (Mid 2.64)
    19 companies used · median multiple 0.8x · quartiles 0.5x – 1.6x
    AEI, AHRT, AIRE, BEEP, CHCI, CIGI, CMTG, CURB, CWK, FOR, FRPH, GTY, HPP, IIPR, LPA, OPI, TRC, TRNO, UE
Multiple comparisons use the SIC vertical: Real Estate (SIC 6500)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Unattractive profile · Score 34/100

FactorValueScoreWeight used
ROE · Quality9.1%83 (vs peers)10%
EBITDA margin · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth16.7%100 (on a fixed band)14%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
P/B · Valuation11.9x0 (vs peers)31%
P/E (TTM) · Valuation131.8x7 (vs peers)14%
Dividend yield · Returns0.2%14 (vs peers)24%
Payout ratio (EPS) · Returns25.6%100 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/2 factors with a value
  • Growth100/100 · 1/1 factors with a value
  • Quality· partial83/100 · 1/2 factors with a value
  • Returns33/100 · 2/2 factors with a value
  • Valuation2/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Vesta Real Estate Corporation, S.A.B. de C.V. (VTMX). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 283.2 m USD in 2025; YoY growth 12.2%; net margin 85.4%; ROE 9.1%.

The estimated value range is 1.24–3.17 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1.86 USD, the price of 37.01 USD leaves a potential of -95.0% (value / price − 1) and a margin of safety of -1,889.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 34/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, quality. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROE: 9.1%
  • Revenue CAGR 3Y: 16.7%
  • Payout ratio (EPS): 25.6%

What contradicts it

  • P/B: 11.9x
  • P/E (TTM): 131.8x
  • Dividend yield: 0.2%
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Net debt / EBITDA, Interest coverage.

Versus the vertical median

Real Estate (SIC 6500) · same industry (4-digit SIC) · compared with 31 companies

Multiples and returns vs the median

P/E
131.8x
vertical median 24.6x
above median (+435.9%)
EV/EBITDA
—
vertical median 13.3x
P/S
115.6x
vertical median 2.1x
above median (+5,291.0%)
P/B
11.9x
vertical median 0.9x
above median (+1,193.3%)
ROE
9.1%
vertical median 1.3%
above median (+611.4%)
Net margin
85.4%
vertical median 2.7%
above median (+3,030.4%)
EBIT margin
—
vertical median 6.1%
Revenue YoY
12.2%
vertical median 7.5%
above median (+63.6%)
Net debt/EBITDA
—
vertical median 2.6x
Dividend yield
0.2%
vertical median 5.2%
below median (−96.3%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
CBRECbre Group, Inc.40.7 bn30.216.1%3.1%+13.4%−13% / +79%
VTMXVesta Real Estate Corporation, S.A.B. de C.V.32.7 bn131.89.1%85.4%+12.2%+24% / +7%
TRNOTerreno Realty Corporation7.5 bn20.38.3%68.1%+24.5%+8% / +19%
FSVFirstService Corporation7.1 bn49.014.9%3.5%+5.4%−1% / −1%
CIGIColliers International Group Inc.4.0 bn48.815.7%4.0%+15.3%−32% / −5%
CURBCurbline Properties Corp.3.7 bn125.41.3%11.2%+51.3%+26% / unavailable
CWKCushman & Wakefield Ltd.3.5 bn50.53.4%0.6%+8.9%−11% / +82%
UEUrban Edge Properties2.7 bn24.67.9%22.2%+6.1%+10% / +26%
GTYGetty Realty Corp.1.9 bn17.48.9%42.4%+9.0%+1% / −2%
IIPRInnovative Industrial Properties, Inc.1.6 bn12.57.6%53.2%−13.8%+14% / −31%
FORForestar Group Inc.1.3 bn7.59.6%9.9%+10.1%−2% / −18%
HPPHudson Pacific Properties, Inc.572.8 m—-19.8%-69.1%−1.3%−24% / −74%
DUOFangdd Network Group Ltd.548.5 m—-17.9%-23.9%+9.2%−68% / −96%
AHRTAh Realty Trust, Inc.500.6 m—-6.7%-18.2%+4.1%+3% / −38%
TRCTejon Ranch Co.439.9 m71.31.3%10.6%+18.4%+0% / +3%
FRPHFrp Holdings, Inc.360.7 m2,041,655.00.0%0.2%+2.6%−19% / −32%
MLPMaui Land & Pineapple Co Inc289.5 m—-16.1%-28.6%+68.2%−8% / −2%
OPIOffice Properties Income Trust285.6 m—-40.5%-73.0%−11.8%unavailable / unavailable
CMTGClaros Mortgage Trust, Inc.261.0 m—-36.5%-391.9%−24.4%−44% / −85%
CHCIComstock Holding Companies, Inc.165.7 m6.736.4%32.2%+22.6%+46% / +352%
BEEPMobile Infrastructure Corporation100.4 m—-16.1%-67.2%−5.2%−22% / −54%
LPALogistic Properties of the Americas78.1 m7.54.3%20.9%+14.3%−27% / unavailable
OZBelpointe PREP, LLC47.6 m——-212.1%+243.4%−41% / −50%
AEIAlset Inc.21.1 m—-43.4%-951.4%−78.8%−80% / −54%
CWDCalibercos Inc.4.7 m——-117.3%−60.7%−80% / −98%

1- and 3-year price returns: for VTMX from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
23.55
Total return -36% · Per year -36%
41.44
Total return 12% · Per year 12%
62.16
Total return 68% · Per year 68%
3 years
27.93
Total return -24% · Per year -9%
54.80
Total return 49% · Per year 14%
89.51
Total return 143% · Per year 34%
5 years
33.13
Total return -9% · Per year -2%
72.48
Total return 97% · Per year 15%
128.89
Total return 250% · Per year 28%
What moves the 3-year price the most
  • Exit P/E± 13.70
  • Net margin± 9.59
  • Annual revenue growth± 7.15
  • Annual dilution± 0.81

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 17 Mar 2026; since then the company filed 6-K (22 Oct 2026), 6-K (02 Oct 2026), 6-K (09 Sept 2026), 6-K (31 Aug 2026), 6-K (24 Aug 2026), 6-K (22 Jul 2026).

In brief

Vesta is a fully integrated, internally managed Mexican company that owns, manages, develops and leases industrial parks and buildings in Mexico, with a portfolio of 231 buildings and a stabilized occupancy rate of 93.6%. Its relevance grows with nearshoring and trade with the United States, as nearly 90% of rents are denominated in dollars.

SWOT

Strengths

  • A modern, integrated portfolio with high stabilized occupancy and a diversified tenant base 1.
  • Rents are predominantly in US dollars, reducing currency exposure on a large part of revenue 1.
  • An in-house development platform with land reserves and over two decades of experience supports growth 1.

Weaknesses

  • Concentration on one segment and one country makes the company sensitive to the Mexican economic cycle 1.
  • One main client occupies a significant share of space, which raises concentration risk 1.
  • Reliance on external financing and capital markets may limit flexibility in periods of stress 1.

Opportunities

  • Manufacturing relocation and logistics expansion in Mexico could create extra demand for the company's space 1.
  • Land reserves allow new space to be developed without depending entirely on acquisitions 1.
  • Demand for energy-efficient and ESG-certified buildings could support leasing and rents 1.

Threats

  • A recession in Mexico or the United States could reduce occupancy and slow leasing of new space 1.
  • Rising construction costs and supply chain problems may weigh on margins of new projects 1.
  • Changes in trade policy or tax regulation could affect clients and the company's results 1.

Risks

  • Dependence on tenantshigh

    A substantial part of revenue depends on a limited number of tenants, and a default by a few of them could significantly affect results 1.

  • Mexican economyhigh

    The company's activity depends on economic conditions in Mexico, and a slowdown could reduce demand and asset values 1.

  • Financing and refinancingmedium

    The company could face difficulty refinancing debt or meeting loan covenants if financial markets deteriorate 1.

  • Construction costsmedium

    Higher construction costs and supply chain problems may affect projects under development 1.

  • Exchange rateslow

    Changes in the peso-dollar rate may affect financial position, although a large part of rents is in dollars 1.

Investment thesis

What would need to be true (bull case)

  • If demand for industrial space in Mexico stays solid, high occupancy and dollar rents could support stable long-term revenue 1.
  • Land reserves and the integrated platform could allow portfolio growth without heavy reliance on costly acquisitions 1.
  • ESG certifications and green leases could strengthen long-term relationships with multinational tenants 1.

What would break the thesis

  • If the Mexican or US economy slows, occupancy and rents could fall and the portfolio's value could be affected 1.
  • Concentration on a few large tenants could amplify the revenue impact of losing one client 1.
  • Higher interest rates or tighter financing could make development and refinancing more expensive 1.

What to watch

  • Trend in stabilized occupancy, which declined from 96.7% to 93.6% over three yearsNext annual report
  • Re-leasing pace for space with leases expiring in 20262026
  • Execution of the Route 2030 strategy and development pace on land reserves2027
  • Evolution of profit and Adjusted NOI after the 2025 increaseNext annual report

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 17 Mar 2026; since then the company filed 6-K (22 Oct 2026), 6-K (02 Oct 2026), 6-K (09 Sept 2026), 6-K (31 Aug 2026), 6-K (24 Aug 2026), 6-K (22 Jul 2026).

The business

Vesta is a fully integrated, internally managed real estate company focused on a single segment: industrial parks and industrial buildings in Mexico 1. Its portfolio includes 231 buildings with a total GLA of 42,954,022 square feet across sixteen Mexican states 1. The company develops both BTS Buildings, tailored to a client or industry, and Inventory Buildings, built without a prior lease, which lets it adjust its building mix to client demand 1. Its revenue comes mainly from rents collected under operating leases 1.

Segments

Light-manufacturing and logistics buildings

The portfolio is split between light-manufacturing, at 58.8% of GLA, and logistics, at 41.2% 1. Clients include companies in automotive, aerospace, high-tech, pharmaceuticals, electronics, food and beverage and e-commerce, among them Mercado Libre, Nestlé, Safran, Foxconn and Nissan 1. Mercado Libre is the only client occupying more than 5% of total GLA, at 5.6% 1.

Market context

Vesta operates mainly in Mexico's industrial zones and trade corridors linked to the United States, where manufacturing and logistics centers are concentrated 1. The company reports that 89.6% of rents are in US dollars and that the weighted average remaining lease term is 4.8 years 1. According to the company, revenues could be affected by economic conditions and demand, and a slowdown could affect occupancy and rent levels 1.

Trends

  • Manufacturing relocation to Mexicotailwind

    The company notes that the regions where it operates are well positioned to benefit from manufacturing and logistics trends, which could support demand for its space 1.

  • ESG standards and green buildingstailwind

    Vesta has LEED and EDGE certified buildings and sets 2030 ESG goals, including green leases, which may attract tenants seeking energy-efficient space 1.

  • Economic slowdown and financing conditionsheadwind

    The company warns that a recession or higher interest rates could reduce demand, raise costs and limit access to financing 1.

  • Trade policy and exchange ratesmixed

    Developments in the United States and other countries and peso-dollar moves could affect the Mexican economy and results, although dollar-denominated rents partly offset this exposure 1.

Competitive position

The company claims to be one of the few large Mexican industrial companies that is fully vertically integrated and internally managed 1. Stronger competition could, however, lead to lower occupancy and rental income and fewer investment opportunities 1.

  • Other Mexican industrial developers

    Direct competitors in the same market that may pursue the same tenants and land, as the company describes competition 1.

  • US industrial developers

    Companies offering industrial and logistics space that may attract multinational clients operating in Mexico 1.

  • International logistics park operators

    Global players that may compete for the same logistics and light-manufacturing clients 1.

  • Regional developers in local markets

    Regional companies active in specific industrial states that may offer alternatives for smaller clients 1.

News & filings

In the press

The latest news item in our archive is from 29 Sept 2026; the newest SEC filing is from 22 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Corporación Inmobiliaria Vesta, S.A.B. de C.V. · 17 Mar 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.