| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 63 | 7.8x | 17.8x | Around median | |
Growth | 85 | 6.8% | 7.1% | Top tier | |
Quality | 70 | 7.3% | 4.5% | Top tier | |
Safety | 65 | 2.2x | 2.6x | Around median | |
Capital Return | 14 | 0.23% | 2.12% | Bottom tier | |
Momentum | 59 | 20.3% | 2.9% | Around median | |
Sentiment | 23 | 2 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Corporación Inmobiliaria Vesta, S.A.B. de C.V. is an industrial real estate company in Mexico that generates its income primarily by leasing high-quality buildings to manufacturing, logistics, and e-commerce companies. Its portfolio focuses on locations with infrastructure, power, and connectivity to industrial corridors, and serves sectors including electronics, AI-related infrastructure, aerospace, automotive, medical devices, and logistics. Its Vesta 2030 strategy also relies on developing properties on a secured land bank rather than making acquisitions the primary growth driver.
In Q2 fiscal 2026, total revenue increased 16.7% year over year to $78.5 million, and rental revenue excluding energy reached $76 million, up 16.2%, meaning energy-related activities represented approximately $2.5 million of the total. Dollar-denominated contracts accounted for 89.3% of rental revenue, compared with 89.4% in the corresponding period. Adjusted net operating income increased 15.6% to $71.5 million at a 94% margin, and adjusted EBITDA increased 15.7% to $63.6 million at an 83.7% margin, while FFO excluding current tax grew 6.8% to $46.1 million.
The annual statements showed continued expansion of the revenue base; revenue increased from $252.3 million in fiscal 2024 to $283.2 million in fiscal 2025, or approximately 12.2%, and net income rose from $223.3 million to $241.9 million. In Q2 fiscal 2026, income before tax reached $98.8 million compared with $54.5 million in the corresponding period, driven partly by higher gains from the revaluation of investment properties and by interest income and other revenue, not solely by rental performance. Portfolio occupancy was 91.7%, stabilized occupancy was 93.7%, and same-store occupancy was 95%, reflecting improved conversion of leasing activity into actual revenue.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is Buy, with an average price target of $42 and a narrow range between $41 and $43; the average is approximately 12.3% above the 52-week range high of $37.41, while the annual range extends from $25.59 to $37.41. The target reflects clear confidence in rental and development growth, but the narrow spread among analyst targets does not eliminate the risks of margin contraction, higher interest expense, and USMCA uncertainty.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
Total revenue increased 16.7% year over year to $78.5 million, while rental revenue excluding energy reached $76 million, up 16.2%. The company attributed this to rental income from new leases and inflation adjustments across the portfolio. Leasing activity of 2.4 million square feet also increased portfolio occupancy from 89.7% in Q1 fiscal 2026 to 91.7%.
Management said on July 23, 2026 that companies related to servers, cooling, cables, and electrical equipment for data centers are driving demand in Guadalajara, Ciudad Juárez, Tijuana, and Monterrey. At the Apodaca project in Monterrey, Vesta signed leases for two of the three buildings with tenants that provide data center- and AI-related equipment. This demand complements aerospace, electronics, medical devices, e-commerce, and logistics, broadening the tenant-sector base.
The company ended Q2 fiscal 2026 with $404 million in cash and equivalents after a follow-on equity offering that generated gross proceeds of approximately $270 million. Total debt was $1.2 billion, net debt to EBITDA was approximately 3.1 times, and the loan-to-value ratio was 24.3%. Vesta plans to use the equity proceeds alongside debt and retained earnings to fund projects in Monterrey, Guadalajara, Mexico City, Tijuana, and Ciudad Juárez.
Portfolio occupancy was 91.7%, stabilized occupancy was 93.7%, and same-store occupancy was 95%. Renewals reached 1.5 million square feet with a weighted average term of approximately seven years, and renewals and re-leasing recorded a weighted spread of 10.3% over twelve months. Occupancy was also above 80% in Monterrey and 100% in both Mexico City and the Central Southeast region.
The adjusted net operating income margin decreased 51 basis points to 94% in Q2 fiscal 2026 due to higher property operating costs relative to rental revenue. The adjusted EBITDA margin contracted 41 basis points to 83.7%, while FFO grew only 6.8% compared with revenue growth of 16.7%. Interest expense also increased as debt reached $1.2 billion, while the 1.8 million-square-foot construction pipeline requires an estimated investment of $162 million.
Revenue increased from $160.8 million in fiscal 2021 to $283.2 million in fiscal 2025. Between fiscal 2024 and fiscal 2025, revenue increased from $252.3 million to $283.2 million, and net income rose from $223.3 million to $241.9 million. However, fiscal 2025 net income remained below the $316.6 million recorded in fiscal 2023, illustrating that net income does not always move in parallel with rental growth because of items such as property revaluations.
