Vestis
VSTS on NYSE. Vestis rents uniforms and workplace supplies to businesses in the US and Canada. Market value $1.9bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to September 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $7.41 of spare cash in the past 12 months. A savings account pays about $4.
You pay 30.8 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$13.92 a share, 209% above its 1-year low
Over the past year the price has ranged from $4.50 to $16.90.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $136 million in the past 12 months, $6 million in the year to September 2025.
| Revenue | ||
| Revenue | $2.8bn | $2.7bn |
| Operating margin | ||
| Operating margin | 5.6% | 2.4% |
| Debt to equity | ||
| Debt to equity | 1.45 | 1.54 |
| Shares outstanding | ||
| Shares outstanding | 0.13bn | 0.13bn |
Health checks
- Free cash flow positive2 of 2 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)3 of 9
- Profit backed by cash (accruals)Yes
- Debt1.54× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $662 million last quarter, down 2% on a year ago.
- Profit: $11 million, after a loss of $676,000 a year ago.
- It keeps 4 cents of each $1 of sales as operating profit, up from 3 cents a year earlier.
- Spare cash over the past 12 months: $136 million, down from $258 million.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $1.2 billion more than cash, down from $1.3 billion a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $684m |
| December 2024 | $684m |
| March 2025 | $665m |
| June 2025 | $674m |
| September 2025 | $712m |
| December 2025 | $663m |
| March 2026 | $659m |
| June 2026 | $662m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$2m |
| December 2024 | $832,000 |
| March 2025 | -$28m |
| June 2025 | -$676,000 |
| September 2025 | -$13m |
| December 2025 | -$6m |
| March 2026 | $3m |
| June 2026 | $11m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 2 December 2025
- Next quarterly (estimated, 10-Q)
- 10 November 2026
Who owns it
3 long-term investors we follow own it, up from 2 last quarter. 282 funds in all.
- Corvex ManagementKeith Meister
- Value
- $288m
- Share of fund
- 8.9%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Corvex ManagementKeith Meister | $288m | 8.9% | |
| Gotham Asset ManagementJoel Greenblatt | $160,330 | <0.1% | New |
| Barrow HanleyBarrow Hanley team | $3,848 | <0.1% | New |
Sold out this quarter
- Royce & AssociatesChuck RoyceSold out
Largest holders overall
- Corvex Management$288m
- BlackRock$232mAdded
- FMR$143mCut
- Alberta Investment Management$80mCut
- Greenstone Partners$74m
- Royal Bank of Canada$72mCut
- Vanguard Capital Management$72m
- Vanguard Portfolio Management$65mAdded
- State Street$63mAdded
- Dimensional Fund Advisors LP$62mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%; 1 of them is pushing for change.
- Corvex ManagementActivistat least 15.0%+0.7 pts(filed with 1 related holder)Since 17 December 2025
- BlackRock, Inc.Passive investor12.5%Since 30 June 2025
- FMR LLCPassive investorat least 7.8%−2.5 pts(filed with 1 related holder)Since 31 December 2025
- Alberta Investment Management CorpPassive investor7.4%+2.3 ptsSince 30 June 2025
- Pacer Advisors, Inc.Passive investorSold down below 5%Since 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Corvex Management Activist | at least 15.0%+0.7 pts (filed with 1 related holder) | 17 December 2025 | |
BlackRock, Inc. Passive investor | 12.5% | 30 June 2025 | |
FMR LLC Passive investor | at least 7.8%−2.5 pts (filed with 1 related holder) | 31 December 2025 | |
Alberta Investment Management Corp Passive investor | 7.4%+2.3 pts | 30 June 2025 | |
Pacer Advisors, Inc. Passive investor | Sold down below 5% | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $9m of shares on the open market.
- Barber James J.President & CEO, DirectorBought
- Date
- 2 September 2026
- Shares
- 84,500
- Price
- $12.37
- Value
- $1m
- Pertz Douglas ADirectorBought
- Date
- 19 December 2025
- Shares
- 15,000
- Price
- $6.90
- Value
- $103,500
- Pertz Douglas ADirectorBought
- Date
- 18 December 2025
- Shares
- 10,000
- Price
- $6.90
- Value
- $69,000
- Corvex Management LPDirectorBought
- Date
- 17 December 2025
- Shares
- 209,842
- Price
- $6.79
- Value
- $1m
- Corvex Management LPDirectorBought
- Date
- 16 December 2025
- Shares
- 800,222
- Price
- $6.81
- Value
- $5m
- Goetz WilliamDirectorBought
- Date
- 8 December 2025
- Shares
- 6,746
- Price
- $7.42
- Value
- $50,055
- Barber James J.President & CEO, DirectorBought
- Date
- 4 December 2025
- Shares
- 82,367
- Price
- $6.36
- Value
- $523,854
- Barber James J.President & CEO, DirectorBought
- Date
- 3 December 2025
- Shares
- 81,633
- Price
- $6.34
- Value
- $517,553
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 September 2026 | Barber James J. President & CEO, Director | Bought | 84,500 | $12.37 | $1m |
| 19 December 2025 | Pertz Douglas A Director | Bought | 15,000 | $6.90 | $103,500 |
| 18 December 2025 | Pertz Douglas A Director | Bought | 10,000 | $6.90 | $69,000 |
| 17 December 2025 | Corvex Management LP Director | Bought | 209,842 | $6.79 | $1m |
| 16 December 2025 | Corvex Management LP Director | Bought | 800,222 | $6.81 | $5m |
| 8 December 2025 | Goetz William Director | Bought | 6,746 | $7.42 | $50,055 |
| 4 December 2025 | Barber James J. President & CEO, Director | Bought | 82,367 | $6.36 | $523,854 |
| 3 December 2025 | Barber James J. President & CEO, Director | Bought | 81,633 | $6.34 | $517,553 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It isn't cheap on profits: 30.8× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.