企業概要
Vestis Corporation engages in the provision of uniform rentals and workplace supplies across the United States and Canada, offering a diverse portfolio that includes shirts, pants, outerwear, gowns, scrubs, high visibility garments, particulate-free garments, flame-resistant garments, shoes, and accessories. This operational model situates the firm within the Industrials sector, specifically under the Rental & Leasing Services industry, where it functions as a critical B2B supplier supporting various corporate and industrial workforces. The company demonstrates a substantial scale with a market capitalization of 1.08 billion US dollars, annual revenue of 2.71 billion US dollars, and an employee base comprising 18,150 individuals. These valuation and revenue figures indicate that Vestis Corporation maintains a significant market presence within the rental services landscape, reflecting its established distribution network and operational capacity to serve a broad client base in the uniform supply market.
財務健全性
The company reported revenue of 2.71 billion US dollars over the trailing twelve months, yet recorded a net income loss of 47.446 million US dollars, revealing a cost structure where operating expenses and non-operating costs exceed the gross profit generated. Despite the net loss, the company generated an EBITDA of 210.91 million US dollars, suggesting that core operational cash generation remains robust even when accounting for interest and tax obligations. Free cash flow stood at 6.37 million US dollars, which indicates a degree of financial flexibility allowing the company to cover capital expenditures and potentially service debt obligations despite reported earnings losses. The gross margin is 26.1%, indicating the percentage of revenue retained after direct costs of goods sold, while the operating margin of 3.3% reflects the efficiency of the core business operations before interest and taxes. The profit margin of -1.7% confirms the net loss position relative to total revenue, highlighting the impact of interest expenses or other non-operating factors on the bottom line. On the balance sheet, total cash of 41.55 million US dollars is significantly outweighed by total debt of 1.41 billion US dollars, resulting in a debt-to-equity ratio of 162.84, which characterizes the company as highly leveraged. The current ratio of 2.17 suggests that the company holds sufficient current assets to cover its short-term liabilities, indicating reasonable liquidity management despite the high debt load. Return on Equity is -5.4%, reflecting the dilutive effect of the net loss on shareholders' equity, while Return on Assets stands at 1.5%, indicating that asset utilization is generating a modest positive return before financial leverage effects.
バリュエーション評価
The trailing twelve-month P/E ratio is listed as N/A due to the negative net income, whereas the forward P/E is 15.38, implying that the market expects a turnaround in earnings or a significant reduction in losses to support a traditional valuation multiple in the near future. The price-to-book ratio is 1.25, indicating that the stock trades at a slight premium relative to its book value, suggesting investors are pricing in future growth potential or asset quality beyond the current net asset value. Alternative valuation metrics such as the price-to-sales ratio of 0.40 and an EV/EBITDA of 11.58 provide context for valuation independent of earnings, showing the company is trading at a discount relative to sales and at a reasonable multiple of enterprise value adjusted for earnings before interest, taxes, depreciation, and amortization. The 52-week high is 9.80 US dollars and the 52-week low is 3.98 US dollars, with the current market price situated within this range, reflecting recent volatility but remaining below the yearly peak. The beta value of 0.60 indicates that the stock's price volatility is lower than that of the broader market, suggesting it may act as a defensive holding within a diversified portfolio.
Growth & Income
Revenue growth year-over-year declined by 3.0%, while earnings growth is N/A due to the recent loss, indicating that the company is currently in a contractionary phase regarding top-line sales rather than a period of earnings acceleration. The dividend yield is 1.8% with a payout ratio of 175.0%, which signifies that the company is distributing more in dividends than it generates in net income, a situation that relies on cash flow or existing reserves to sustain payouts. Given the payout ratio exceeding 100%, the dividend is not directly sustainable from current net earnings, relying instead on the positive EBITDA and free cash flow to fund distributions. The overall growth and income profile presents a mixed picture characterized by declining revenue, a highly leveraged balance sheet, and a dividend yield that exceeds current profitability metrics.