Vestis Corp financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Vestis Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2022	FY2024	FY2024	FY2025
Revenue	2,687	2,825	2,806	2,735
Cost of revenue	1,910	1,970	1,990	2,010
Gross profit	777	855	816	725
Selling, general and administrative	451	501	517	517
Operating income	192	218	158	64.4
Interest expense	4.55	2.11	127	93.6
Other non-operating income	-2.26	2.1	0.64	-13.7
Pre-tax income	190	270	32	-44.3
Income tax	48.3	56.6	11.1	-4.08
Net income	142	213	21	-40.2
EBITDA	327	354	299	207
EPS, basic	1.08	1.63	0.16	-0.31
EPS, diluted	1.08	1.63	0.16	-0.31
Shares, basic (weighted)	131	131	132	132
Shares, diluted (weighted)	131	131	132	132
Dividend per share			0.04	0.04

Balance sheet

	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	23.7	36.1	31	29.7
Receivables		393	177	162
Inventory		175	165	179
Other current assets		17.2	44	73.3
Total current assets		1,020	813	850
Property, plant and equipment		665	671	663
Lease right-of-use assets		57.9	73.5	85.1
Goodwill	963	964	964	962
Intangible assets	239	239	213	189
Other non-current assets		213	198	158
Total assets		3,157	2,932	2,907
Accounts payable		134	163	158
Accrued liabilities		73.4	145	101
Short-term debt		26.3	0	0
Total current liabilities		396	456	409
Long-term debt		1,463	1,148	1,155
Lease liabilities		46.1	66.1	77
Other non-current liabilities		52.6	52.6	91.7
Total liabilities		2,280	2,029	2,041
Total debt		1,489	1,163	1,169
Paid-in capital		0	928	938
Retained earnings		0	2.57	-46.9
Other comprehensive income		-31.2	-28.9	-26.3
Shareholders' equity	2,336	877	903	866
Total equity	2,336	877	903	866
Total liabilities and equity		3,157	2,932	2,907
Shares outstanding			131	132

Cash flow statement

	FY2022	FY2024	FY2024	FY2025
Net income	142	213	21	-40.2
Depreciation and amortization	134	137	141	143
Stock-based compensation	17.4	14.5	16.3	11.6
Deferred income tax	20.6	14.4	-19.6	-13.4
Change in receivables	-53.9	-23.6	216	14
Change in inventory	-0.63	8.93	9.87	-13.7
Change in payables	31.4	-32.9	21.7	-0.27
Cash from operations	233	257	472	64.2
Capital expenditures	-76.4	-77.9	-78.9	-58.5
Acquisitions	-17.2	0	0
Cash from investing	-86.1	-14.7	-73.6	-19.8
Debt issued	0	1,500	798	167
Debt repaid	0	0	-1,138	-161
Stock issued			0.1	0
Dividends paid	0	0	-13.8	-13.8
Cash from financing	-163	-230	-403	-46.1
Net change in cash	-17.4	12.3	-5.04	-1.26
Free cash flow	156	179	393	5.77
Income taxes paid	3.5	0.2	19.1	26.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 3, 2026; growth uses fiscal years. Valuation uses the share price of $13.65 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	26.3%	Gross profit / revenue.
Operating margin	3.6%	Operating income / revenue.
EBITDA margin	8.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.1%	Pre-tax income / revenue.
Net margin	-0.2%	Net income / revenue.
FCF margin	5.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.1%	Cash from operations / revenue.
Return on equity (ROE)	-0.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.2%	Net income / average total assets.
Return on invested capital (ROIC)	4.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	17.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.1%	Capital expenditures / revenue.
D&A / revenue	5.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	-11.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-59.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-30.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-30.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-14.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-291.8%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-293.8%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-86.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-34.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-98.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-66.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-4.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-28.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-0.9%	Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y	-0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.17x	Current assets / current liabilities.
Quick ratio	0.52x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.15x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.24x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	38.4%	Total debt / total assets.
Liabilities / assets	69.0%	Total liabilities / total assets.
Net debt	$1.03B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.36x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$447.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	39.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$251.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.95x	Revenue / average total assets.
Fixed asset turnover	4.19x	Revenue / average property, plant and equipment.
Inventory turnover	12.5x	Cost of revenue / average inventory.
Days inventory	29 days	365 x average inventory / cost of revenue.
Receivables turnover	18.9x	Revenue / average receivables.
Days sales outstanding	19 days	365 x average receivables / revenue.
Days payables	24 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	25 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	28.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.04	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$20.07	Revenue / diluted weighted shares.
FCF per share	$1.02	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.43	Cash from operations / diluted weighted shares.
Book value per share	$6.64	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.90	Tangible book value / shares outstanding.
Cash per share	$0.44	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	0.0%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.80B	Share price x shares outstanding.
Enterprise value	$2.83B	Market cap + total debt - cash - short-term investments.
P/S	0.67x	Market cap / revenue.
P/B	2.06x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	13.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.41x	Market cap / cash from operations, when positive.
EV/Sales	1.05x	Enterprise value / revenue.
EV/EBIT	28.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.6%	Free cash flow / market cap.
Earnings yield	-0.3%	Net income / market cap (the inverse of P/E).
Dividend yield	0.0%	Dividends paid over the period / market cap.
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was Vestis Corp's revenue in fiscal 2025?

Vestis Corp reported revenue of $2.73B for fiscal 2025, 2.5% lower than the year before.

Was Vestis Corp profitable in fiscal 2025?

No. It reported a net loss of $40.2M.

How much free cash flow did Vestis Corp generate in fiscal 2025?

Cash from operations of $64.2M minus capital expenditures of $58.5M left free cash flow of $5.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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