Share count
849Mpeak FY2024
← All companies ← VTEX Manual WAVE → ← VAC Real Estate Development & Services
VTMX, Vesta Real Estate Corporation, S.A.B. de C.V.
A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$283M
+12.2% YoY · 15% 4-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $283M 5-yr avg $218M
The business in brief
What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best.
- Is it a good business?
- Return on equity has hovered around the cost of equity (median 12%, above 12% in 2 of 5 years). A mortgage REIT lives on the spread between what its mortgages earn and what its borrowing costs, levered many times over; weigh the worst rate and credit years in the record, not the average, and read the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2021–2025
realized figures from each filing · older years to the left| 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| $161M | $178M | $214M | $252M | $283M | $283M | RevenueRevenue |
| ($45M) | ($42M) | ($35M) | ($27M) | ($48M) | ($48M) | Net interest incomeNet int. |
| $174M | $244M | $317M | $223M | $242M | $242M | Net incomeNet inc. |
| 32% | 17% | 17% | 48% | -3% | -3% | Effective tax rateTax rate |
| Cash flow & returns | ||||||
| 6.3% | 8.2% | 8.3% | 5.6% | 5.3% | 5.3% | Return on assetsROA |
| 12% | 15% | 13% | 9% | 9% | 9% | Return on equityROE |
| 8% | 11% | 10% | 6% | 6% | 6% | Retained to equityRetained/eq |
| 12% | 15% | 13% | 9% | 9% | 9% | Return on tangible equityROTCE |
| Balance sheet | ||||||
| $2.8B | $3.0B | $3.8B | $4.0B | $4.5B | $4.5B | Total assetsAssets |
| $1.5B | $1.6B | $2.5B | $2.6B | $2.7B | $2.7B | Shareholders’ equityEquity |
| Per share | ||||||
| 648M | 683M | 757M | 871M | 849M | 846M | Shares out (diluted)Shares |
| $0.27 | $0.36 | $0.42 | $0.26 | $0.28 | $0.29 | EPS (diluted)EPS |
| $0.09 | $0.08 | $0.08 | $0.07 | $0.08 | $0.08 | Dividends / shareDiv/sh |
| $2.24 | $2.40 | $3.29 | $2.98 | $3.24 | $3.25 | Book value / shareBVPS |
| $2.24 | $2.40 | $3.29 | $2.98 | $3.24 | $3.25 | Tangible book / shareTBVPS |
Per-share growththe realized rate an owner's share compounded
| 4-yr | 5-yr | |
|---|---|---|
| Revenue / share | +7.7%/yr | +7.7%/yr (4-yr) |
| Owner earnings / share | +10.0%/yr | +10.0%/yr (4-yr) |
| EPS | +1.5%/yr | +1.5%/yr (4-yr) |
| Dividends / share | −1.5%/yr | −1.5%/yr (4-yr) |
| Capital spending / share | +30.7%/yr | +30.7%/yr (4-yr) |
| Book value / share | +9.6%/yr | +9.6%/yr (4-yr) |
The record, charted
FY2021–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$283Mlow FY2021
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Is it a good business?
- Below the cost of equityNet income $242M ÷ equity $2.7BIndustry peers: median 11%
What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
- ModestNet income ÷ (equity − goodwill $0 − intangibles $0)Industry peers: median 12%
What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
- Not enough dataIndustry peers: median 62%
What this means
Noninterest expense or revenue missing.
Is it sound?
- Capital (equity / assets) 60.5%Well capitalizedEquity $2.7B ÷ assets $4.5B
What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
- Borrowed against bookAssets $4.5B ÷ equity $2.7B
What this means
A mortgage REIT finances a pool of mortgages with borrowed money — mostly short-term repo, which sits in liabilities rather than as tagged debt — so its true leverage is the whole balance sheet against the owners' equity, not just labeled debt. That leverage magnifies both the spread it earns and the loss when rates or credit move against it; read it beside the book value, the question being whether the spread compensated for the leverage through a cycle.
- Credit cost —Not enough data
What this means
Provision or net interest income missing.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$397M
- Cash & short-term investments$337M
- Other current assets$60M
Current liabilities$82M
- Debt due within a year$47M
- Accounts payable$31M
- Other current liabilities$4M
Current ratio4.84×all current assets ÷ what's due · Graham looked for 2×
Quick ratio4.84×stricter: inventory excluded
Cash ratio4.10×strictest: cash alone against what's due
Working capital$315Mthe cushion left after near-term bills
Debt due this year vs. cash$47M due · $337M cash
covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2025 balance sheet
Deeper floors
Tangible book value$2.7Bequity stripped of goodwill & intangibles
Net current asset value($1.4B)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$1.3B$1M of it operating leases
From the company's latest filing.
Peers, nearest by economic model
No close industry peers in the catalog yet, so these are the nearest by economic model (reit / real estate), compared on the bank lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | ROE | ROTCE | Efficiency | NII / assets |
|---|---|---|---|---|---|
| CPFCentral Pacific Financial Corp New | $293M | 11% | 12% | 64% | 3.0% |
| NEWTNewtekOne Inc. | $285M | 17% | 18% | 63% | 1.9% |
| VTMXVesta Real Estate Corporation, S.A.B. de C.V. | $283M | 12% | 12% | — | -1.1% |
| CTBICommunity Trust Bancorp Inc. | $283M | 11% | 12% | 56% | 3.2% |
| CCNECNB Financial Corporation | $282M | 10% | 12% | 64% | 3.1% |
| FMNBFarmers National Banc Corp. | $280M | 12% | 14% | 61% | 3.1% |
| HAFCHanmi Financial Corporation | $270M | 10% | 11% | 54% | 3.1% |
| CMTGClaros Mortgage Trust Inc. | $188M | 5% | 5% | — | 2.8% |
| Group median | — | 11% | 12% | — | 3.0% |
The price
What a price has to assume.
What the price implies
price / tangible bookEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American Depositary Shares, each representing ten ordinary”; Vesta Real Estate Corporation, S.A.B. de C.V. reports in USD, so every figure in this tool is stated per ADS so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed.
A mortgage REIT is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what Vesta Real Estate Corporation, S.A.B. de C.V.’s record justifies.
$
The assumptions
Tangible book / share, delivered10%/yr’21→’25
The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A mortgage REIT earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a mortgage REIT.
Enter a price above to run it.
Price / tangible book—
Justified by the return—
Normalized return on tangible equity12%
Price / book—
Earnings yield—
P/E (3-yr avg ’23–’25)—
Graham’s price gate—
Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Tangible book $2.7B on 88M shares, a 12% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the mortgage REIT keeps earning that return; a rate shock, a spread that compresses or a credit cycle changes it, which is what the record and the 10-K are for.
Cite: Owner Scorecard, "Vesta Real Estate Corporation, S.A.B. de C.V. (VTMX), the owner's record," https://ownerscorecard.com/c/VTMX, data as of 2026-07-09.
Manual order: ← VTEX its page in the Manual WAVE →
Industry order: ← VAC the Real Estate Development & Services chapter