Forensic Analysis · General / Diversified · as of Jun 27, 2026
Vestis Corp (VSTS)
A forensic read on Vestis Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
1.5
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-2.0%
ROE
$1.9B
Market cap
Vestis Corp earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 1.5, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
2%Return on invested capital.Return on invested capital is 2% and slipping from 6% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
0% of revStock-based comp load.Stock-based compensation ran 0% of revenue and 200% of free cash flow in FY2025 — about $0.09 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
+0.3%/yrShare-count dilution.Diluted share count changed +1% over the last 3 years to FY2025 (+0.3%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
240% of FCFShareholder returns.Returned $14M to shareholders (buybacks + dividends) in FY2025 — 240% of free cash flow, but 22% of operating cash flow. Returns run ahead of free cash flow because the business is also funding heavy growth capex (usually debt-financed); the payout itself is covered by operating cash — sustainable as long as that spending is genuine expansion, not upkeep.
Key fundamentals
Net Margin-1.5%
Debt / Equity1.33x
Free Cash Flow$5.8M
Latest Revenue$2.73B
Return on Equity-4.6%
Revenue Growth YoY-2.5%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Vestis Corp:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about VSTS's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown