Vestis Corporation

Vestis rents work uniforms and supplies workplace essentials to businesses in the United States and Canada. Besides uniforms, it provides floor mats, towels, linens, restroom and first-aid supplies, and safety products. It also makes garments for cleanrooms, the dust-free rooms used to make electronics, pharmaceuticals and medical equipment. Its more than 300,000 customer accounts range from one-location family businesses to national franchises in manufacturing, hospitality, retail, food processing, healthcare and automotive. The 10 largest customers made up less than 10% of revenue in the fiscal year ended October 3, 2025 (fiscal 2025).

Rentals drive the business, making up 95% of fiscal 2025 revenue, with direct uniform sales making up the other 5%. Route drivers visit customers, typically weekly. They swap dirty uniforms, mats and towels for clean ones and restock supplies. Most customers sign multi-year contracts and typically agree to pay exit costs if they cancel early without cause. About 60% of its uniforms and linens are made at its two plants in Mexico.

Fiscal 2025 revenue was about $2.7 billion, with 91% from the United States and 9% from Canada. Vestis calls itself the second-largest provider in its industry in the two countries. It competes with Cintas, UniFirst, local and regional rivals, and businesses that do the work in-house. Aramark spun it off as a separate public company on September 30, 2023.

• In Q3 FY2026 (ended Jul 3, 2026), revenue was $661.7M, down 1.8% from a year earlier, and net income was $11.0M.
• For fiscal 2025, revenue was $2.73B (-2.5% year over year; +0.6% a year from FY2022 to FY2025) with a -1.5% net margin.

• Over FY2022–FY2025: $0.00 in buybacks and $27.6M in dividends.
• Shares outstanding changed +0.5% from Jan 26, 2024 to Aug 4, 2026.

Rank among 1514 US companies

Market value at each year end

Vestis’s market value went from $2.00B at the end of 2024 to $2.02B on Oct 28, 2026, up 1%; since the end of 2025 it is up 129%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 5 open-market purchases ($8.1M) and 0 sales ($0.00).

Large shareholders (13G filings)

ETFs with the most weight in VSTS

1. Losing more business than it wins. In its annual report filed December 2, 2025, Vestis said lost business had outpaced new wins, which shrank rental revenue. New accounts also bring start-up costs that squeeze profit margins at first.
2. Heavy debt with strict loan terms. As of July 3, 2026, total debt was about $1.09 billion against about $58 million in cash. Lenders cap debt relative to earnings, and floating-rate loans cost more when interest rates rise.
3. Thin profits and an unproven turnaround. Vestis lost $40.2 million in the year ended October 3, 2025, keeping 2.4 cents of operating profit per sales dollar. Its restructuring plan may fall short of expected benefits and could disrupt the business.
4. Mexican factories and trade policy. About 60% of its uniforms and linens are made at two plants in Mexico. New tariffs or changes in trade policy could raise costs, and some materials and products come from a single supplier.
5. Uniform demand follows customers' payrolls. Weak economic conditions hurt Vestis early in the COVID-19 pandemic, and its December 2025 annual report said they were weighing on it. Customers that cut staff need fewer uniforms, and struggling customers may not pay.
6. Fuel, labor and union costs. Vestis runs more than 3,300 delivery routes, so fuel prices matter. Higher wages, more unionization, strikes and pension plans shared with other unionized employers could also raise costs or disrupt service.

• Sep 28, 2026 Executive or board change; Investor presentation or announcement
• Aug 11, 2026 Quarterly results released
• Jun 15, 2026 Executive or board change
• May 12, 2026 Quarterly results released
• Feb 24, 2026 Shareholder vote results
• Feb 10, 2026 Quarterly results released
• Dec 16, 2025 Executive or board change; Investor presentation or announcement
• Dec 1, 2025 Quarterly results released

Vestis is not an income stock. It paid $0.035 per share in each of fiscal 2024 and 2025 with no increases, and its dividend yield was 0% as of October 28, 2026. Fiscal 2025 dividends of about $13.8 million equaled roughly 240% of free cash flow (cash left after running and investing in the business), and the year ended in a net loss. No buybacks were recorded from fiscal 2022 to 2025. The annual report warns that dividends may not be paid in the future. That leaves share-price gains as the main source of return.

The shares began trading on October 2, 2023, so there is no record from the 2008 crisis, the 2020 COVID crash or the 2022 bear market. The price fell 27.1% in 2024 and 56.1% in 2025, then rose 128.6% in 2026 through October 28. At its worst, it was 81.5% below an earlier peak. Single stocks carry more risk than diversified funds.