Vestis Corporation
5.38+0.02 (+0.37%)
Oct 28, 4:00:02 PM EDT · NYSE · VSTS · USD
Key Stats
Market Cap
709.30MP/E (TTM)
-Basic EPS (TTM)
-0.23Dividend Yield
0.02%Recent Filings
8-K
Vestis grants executive RSUs
Vestis Corporation's Compensation Committee approved one-time retention awards of time-vesting RSUs to key executives, excluding CEO Jim Barber, effective August 25, 2025, to secure talent vital for future success. CFO Kelly Janzen receives 200,000 RSUs, while COO William J. Seward, CLO André C. Bouchard, and CTO Grant Shih each get 80,000 RSUs—ranging from 0.3x to 1.0x typical annual grants. Two-thirds vest on the second anniversary, one-third on the third, with pro-rata vesting for death, disability, or involuntary termination without cause. Retention hinges on restrictive covenants.
10-Q
Q3 FY2026 results
Vestis posted Q3 revenue of $673.8M, down 3.5% y/y from $698.2M, with U.S. operations (91% of sales) dropping 3.7% on lost business and existing customer weakness, while Canada held steady. Gross margins held firm at 27.0% despite higher rental amortization, but operating income fell 33.5% y/y to $25.0M as SG&A costs eased on lower share-based comp. Net loss swung to $(0.7)M from $5.0M profit, driven by $22.5M interest and $3.2M A/R facility fees; diluted EPS of $(0.01) reconciles to 131,812K shares with no anti-dilution. Cash dipped to $23.7M with $33.3M YTD operating cash flow, $1.17B debt (6.68% rate), and $266.3M revolver availability under relaxed covenants. No M&A; YTD free cash flow not disclosed in the 10-Q. Shareholder suits over disclosures loom as a key risk.
8-K
Vestis Q3 revenue dips 3.5%
Vestis Corporation reported third-quarter fiscal 2025 revenue of $674 million, down 3.5% year-over-year due to $14.6 million in net customer losses and a $4.3 million hit from a national account departure, while gross profit fell 10.1% to $182 million amid unfavorable product mix and higher amortization. Adjusted EBITDA dropped 26.3% to $64 million, yet free cash flow held at $8 million with liquidity steady at $290 million and net leverage at 4.50x—well under the 5.25x covenant cap. New CEO Jim Barber eyes operational tweaks for leverage gains. Revenue slid on churn.
8-K
Vestis names new CAO
Vestis Corporation appointed John Laveck as Vice President and Chief Accounting Officer, effective June 2, 2025, to serve as its principal accounting officer. Laveck brings extensive experience from Smurfit Westrock, WestRock, and a 15-year stint at General Electric, where he held key accounting roles. He starts with a $350,000 base salary, 35% target bonus, and $385,000 in equity grants. This bolsters financial oversight amid growth demands.
8-K
Vestis names UPS veteran CEO
Vestis Corporation appointed Jim Barber, former UPS COO with 35 years of logistics experience, as President and CEO effective June 2, 2025, alongside a board seat. The deal includes a $950,000 base salary, 125% target bonus, $3 million sign-on RSUs vesting in three years, and $4 million annual equity targets from 2026. Barber's logistics savvy could sharpen Vestis's operations. Yet severance risks loom if ties sour early.
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