VSTSVestis Corp

Wholesale-Miscellaneous Nondurable Goods

Revenue: $2.7B; 2.5% YoY
Operating margin: 2.4%; 58% YoY
EBITDA: $207M; 31% YoY
Market cap: $2.0B
Employees: 18,150; $151K revenue each
Net debt / EBITDA: 5.4×; $1.1B net debt
AI in 10-K: 1.8; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
22% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
34% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$151K · 6th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 51st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.7B	$2.8B	$2.8B	$2.7B	2.5%
Operating income	$192M	$218M	$158M	$64M	59%
Net income	$142M	$213M	$21M	−$40M	292%
Operating cash flow	$233M	$257M	$472M	$64M	86%
Capex	$76M	$78M	$79M	$58M	26%
Stock-based comp	$17M	$14M	$16M	$12M	29%
Dividends	$0	$0	$14M	$14M	0.2%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 17, 2025	Corvex Management LP	SCHEDULE 13D/A	15.0%	Passive
May 28, 2025	Corvex Management LP	SCHEDULE 13D/A	28.6%	Passive
May 6, 2025	Corvex Management LP	SCHEDULE 13D/A	25.8%	Passive
Jun 20, 2024	Corvex Management LP	SC 13D/A	12.9%	Passive
May 8, 2024	Corvex Management LP	SC 13D	12.6%	Active

Insider trading

Open-market buys, 12 mo: $9M · 8
Open-market sells, 12 mo: $0 · 0
Net: $9M

Pay vs performance

No pay-versus-performance disclosure yet.