Vestand (VSTD)
Market Price (3/30/2026): $0.2841 | Market Cap: $1.5 MilSector: Consumer Discretionary | Industry: Restaurants
Vestand (VSTD)
Market Price (3/30/2026): $0.2841Market Cap: $1.5 MilSector: Consumer DiscretionaryIndustry: Restaurants
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39% | Weak multi-year price returns2Y Excs Rtn is -102%, 3Y Excs Rtn is -142% | Penny stockMkt Price is 0.3 |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -84% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -2.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -20% | |
| Attractive yieldFCF Yield is 7.2% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 900% | |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -172% | ||
| High stock price volatilityVol 12M is 145% | ||
| Key risksVSTD key risks include [1] potential Nasdaq delisting for filing non-compliance, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -84% |
| Attractive yieldFCF Yield is 7.2% |
| Weak multi-year price returns2Y Excs Rtn is -102%, 3Y Excs Rtn is -142% |
| Penny stockMkt Price is 0.3 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -2.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -20% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 900% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -172% |
| High stock price volatilityVol 12M is 145% |
| Key risksVSTD key risks include [1] potential Nasdaq delisting for filing non-compliance, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Ongoing Nasdaq Non-Compliance and Delisting Threat.
Vestand received a Nasdaq notification on December 2, 2025, concerning a late 10-Q filing and continued listing requirements. The company faces a deadline in June 2026 to meet the Nasdaq minimum $1 bid price requirement, indicating a significant risk of delisting if compliance is not achieved.
2. Suspension of Restaurant Operations Due to Severe Financial Strain.
On March 2, 2026, Vestand's Board approved a temporary suspension of its restaurant operations, leading to the closure of a dozen locations across Nevada and California. This decision was made to curb operating losses and stabilize finances, with the company disclosing that several California sites are already in lease-related default, highlighting critical operational and financial distress.
Show more
Stock Movement Drivers
Fundamental Drivers
The -47.9% change in VSTD stock from 11/30/2025 to 3/29/2026 was primarily driven by a -47.9% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.55 | 0.29 | -47.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13 | 13 | 0.0% |
| P/S Multiple | 0.2 | 0.1 | -47.9% |
| Shares Outstanding (Mil) | 5 | 5 | 0.0% |
| Cumulative Contribution | -47.9% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| VSTD | -47.9% | |
| Market (SPY) | -5.3% | 1.6% |
| Sector (XLY) | -10.4% | 6.5% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| VSTD | ||
| Market (SPY) | 0.6% | 10.5% |
| Sector (XLY) | -8.5% | 8.4% |
Fundamental Drivers
nullnull
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| VSTD | ||
| Market (SPY) | 9.8% | 10.5% |
| Sector (XLY) | -1.3% | 8.4% |
Fundamental Drivers
nullnull
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| VSTD | ||
| Market (SPY) | 69.4% | 10.5% |
| Sector (XLY) | 49.0% | 8.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VSTD Return | - | - | - | - | -84% | 28% | -79% |
| Peers Return | 61% | -33% | 87% | -14% | 39% | 3% | 149% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| VSTD Win Rate | - | - | - | - | 25% | 67% | |
| Peers Win Rate | 43% | 33% | 53% | 38% | 37% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| VSTD Max Drawdown | - | - | - | - | -85% | -5% | |
| Peers Max Drawdown | -18% | -54% | -12% | -37% | -46% | -15% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: KRUS, RAVE, GTIM, BTBD, OPEN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
VSTD has limited trading history. Below is the Consumer Discretionary sector ETF (XLY) in its place.
| Event | XLY | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -40.3% | -25.4% |
| % Gain to Breakeven | 67.4% | 34.1% |
| Time to Breakeven | 680 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -33.9% | -33.9% |
| % Gain to Breakeven | 51.3% | 51.3% |
| Time to Breakeven | 82 days | 148 days |
| 2018 Correction | ||
| % Loss | -21.9% | -19.8% |
| % Gain to Breakeven | 28.1% | 24.7% |
| Time to Breakeven | 105 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -60.1% | -56.8% |
| % Gain to Breakeven | 150.8% | 131.3% |
| Time to Breakeven | 779 days | 1,480 days |
Compare to KRUS, RAVE, GTIM, BTBD, OPEN
In The Past
SPDR Select Sector Fund's stock fell -40.3% during the 2022 Inflation Shock from a high on 11/19/2021. A -40.3% loss requires a 67.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Vestand (VSTD)
AI Analysis | Feedback
- Japanese Ramen: Specializing in bone broth ramen, this is Yoshiharu's signature and acclaimed main dish.
- Sushi Rolls: A variety of sushi options are offered to customers alongside ramen.
- Bento Menu: Customers can enjoy various bento box meals.
- Other Japanese Cuisine: The restaurants also provide a wide selection of other favorite Japanese dishes.
- Restaurant Franchising: (Expected by end of 2022) Offering franchise licenses to operate Yoshiharu restaurants domestically and internationally.
AI Analysis | Feedback
Vestand (symbol: VSTD) primarily sells its restaurant services and food products directly to individual consumers through its Yoshiharu restaurant chain. The company does not have major corporate customers. The primary categories of customers served are:- General Public / Food Enthusiasts: Individuals seeking an authentic and modernized Japanese dining experience, including ramen, sushi, and other Japanese cuisine. The company aims to bring Japanese ramen and cuisine to the mainstream.
- Students: Yoshiharu offers specific discounts to students, indicating they are a targeted customer demographic.
- Seniors: Yoshiharu also provides discounts for seniors, identifying them as another specific customer segment.
AI Analysis | Feedback
nullAI Analysis | Feedback
Ji-Won Kim, Chief Executive Officer
Ji-Won Kim is a seasoned leader with over 20 years of hands-on experience in the food service industry. He is recognized as an expert in brand development and operations, having successfully launched and established multiple brands, including the Macho Galbi restaurant brand. Mr. Kim served as the Chief Executive Officer of Macho Galbi since April 2016, where he oversaw the implementation of franchise systems, menu, distribution management, and overall store operations. In 2025, he was also appointed Managing Director of BS1 Fund, an investment fund in Korea.
Jaeho Yoon, Chief Financial Officer
Jaeho Yoon is a veteran financial leader who most recently served as a senior manager in the corporate planning team at BGF EcoMaterials. In this role, he oversaw company-wide management reporting and managed subsidiaries across the U.S., China, and India. His previous experience includes a role as a manager in the new business development team at BGF Holdings, and consulting positions at Roland Berger Strategic Consultants and Deloitte Consulting Southeast Asia.
Andrew Yun, Chief Compliance Officer
Andrew Yun is a highly regarded attorney with extensive experience in corporate law, real estate, mergers and acquisitions, and corporate governance. He is the managing partner of Yun Law Group, where his practice focuses on business transactions, corporate governance, and mergers and acquisitions. Before founding his law firm, Mr. Yun worked as senior legal counsel for major energy and electronics conglomerates. He joined Vestand's Board of Directors in October 2025.
AI Analysis | Feedback
The primary key risk to Vestand (VSTD) is its ability to continue as a going concern. The company has experienced recurring losses from operations, negative cash flow, and a significant accumulated deficit, leading its independent registered public accounting firm to include a going concern uncertainty explanatory paragraph in their report.
AI Analysis | Feedback
null
AI Analysis | Feedback
The addressable markets for Vestand (VSTD), which operates Yoshiharu Japanese ramen restaurants, can be identified at both the U.S. and global levels for Japanese cuisine and specifically for ramen restaurants. In the U.S., the ramen restaurant market size is projected to be $1.6 billion in 2025 and 2026. This market experienced a compound annual growth rate (CAGR) of 7.6% between 2020 and 2025. The broader Japanese restaurant market in the U.S. was valued at $32.2 billion in 2024 and is projected to reach $32.5 billion in 2025. This segment saw a CAGR of 0.2% over the last five years, including a 1.0% rise in 2024 alone. Globally, the Japanese restaurant market was valued at approximately USD 18.86 billion in 2024 and is expected to grow to USD 24.53 billion by 2032, with a CAGR of 3.99% during this period. Another estimate projects the global Japanese restaurant market to expand from USD 19.61 billion in 2025 to approximately USD 25.50 billion by 2033, reflecting a similar CAGR of about 3.99% (2025–2033). While including instant noodles, the broader global ramen noodles market reached approximately USD 58 billion in 2023 and is expected to reach USD 90.09 billion by 2031, growing at a CAGR of 6.96% during the forecast period of 2024-2031.AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Vestand (VSTD) over the next 2-3 years:
- Expansion of Corporate-Owned Restaurant Locations: Vestand plans to accelerate the pace of new corporate-owned restaurant openings, expecting to operate over 17 locations by year-end 2022, including stores currently under development and additional planned openings.
- Launch and Growth of Franchise Program: The company is in the process of registering its franchise program, with plans to offer domestic and international franchisee opportunities, aiming for a potential of 20 new franchisee stores per year in the U.S. and exploring country-wide exclusivity globally.
- Expansion into New Domestic and International Markets: Beyond increasing store count, Yoshiharu sees an opportunity to expand into new U.S. markets and internationally, leveraging the widespread consumer appetite for Asian cuisine.
- Increase in Average Check Size: Vestand has demonstrated a positive trend in its average check size, which increased from $30.11 in 2020 to $33.70 in 2021, and further to $42.16 for the six months ended June 30, 2022, indicating a driver for increased revenue per customer.
AI Analysis | Feedback
Capital Expenditures
- A primary focus has been the acceleration of new "corporate-owned" restaurant openings.
- The company expected to operate over 17 corporate-owned locations by year-end 2022, including one new restaurant store under construction/development and an additional eight restaurant stores expected to open in 2022.
- New restaurants are designed with a flexible physical footprint, ranging from 1,500 to 2,500 square feet, allowing for in-line and end-cap formats in strip malls and shopping centers, facilitating market penetration in both suburban and urban areas.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Vestand Earnings Notes | 12/16/2025 | |
| null | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to VSTD.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02272026 | MBLY | Mobileye Global | Dip Buy | DB | Cash/EquityDip Buyer with High Net Cash % EquityBuying dips for companies with significant net cash as a % of market cap along with meaningful cash flow generation | 0.0% | 0.0% | 0.0% |
| 02202026 | SAH | Sonic Automotive | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -5.9% | -5.9% | -6.1% |
| 02132026 | MAT | Mattel | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 2.9% | 2.9% | 0.0% |
| 02132026 | SONO | Sonos | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -0.7% | -0.7% | -4.6% |
| 02062026 | DECK | Deckers Outdoor | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 1.6% | 1.6% | -0.8% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 2.10 |
| Mkt Cap | 0.0 |
| Rev LTM | 76 |
| Op Inc LTM | -2 |
| FCF LTM | 1 |
| FCF 3Y Avg | 1 |
| CFO LTM | 3 |
| CFO 3Y Avg | 4 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.5% |
| Rev Chg 3Y Avg | 5.3% |
| Rev Chg Q | -2.0% |
| QoQ Delta Rev Chg LTM | -0.6% |
| Op Mgn LTM | -3.8% |
| Op Mgn 3Y Avg | -3.9% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 7.0% |
| CFO/Rev 3Y Avg | 6.0% |
| FCF/Rev LTM | 1.1% |
| FCF/Rev 3Y Avg | -1.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.0 |
| P/S | 0.8 |
| P/EBIT | -2.1 |
| P/E | -1.9 |
| P/CFO | 3.8 |
| Total Yield | -4.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 7.7% |
| D/E | 0.3 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.2% |
| 3M Rtn | 8.8% |
| 6M Rtn | -26.3% |
| 12M Rtn | 8.3% |
| 3Y Rtn | -21.5% |
| 1M Excs Rtn | 3.9% |
| 3M Excs Rtn | 18.7% |
| 6M Excs Rtn | -22.3% |
| 12M Excs Rtn | -4.6% |
| 3Y Excs Rtn | -81.6% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2024 | 03/27/2025 | 10-K |
| 09/30/2024 | 11/19/2024 | 10-Q |
| 06/30/2024 | 08/19/2024 | 10-Q |
| 03/31/2024 | 08/14/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/30/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 09/12/2022 | 424B4 |
| 03/31/2022 | 05/31/2022 | S-1/A |
| 09/30/2021 | 02/09/2022 | S-1/A |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Chae, James | Direct | Sell | 12122025 | 0.44 | 25,000 | 11,028 | 946,987 | Form | |
| 2 | Chae, James | Direct | Sell | 12122025 | 0.43 | 15,000 | 6,390 | 908,167 | Form | |
| 3 | Chae, James | Direct | Sell | 12122025 | 0.43 | 15,889 | 6,753 | 899,261 | Form | |
| 4 | Chae, James | Direct | Sell | 12102025 | 0.41 | 10,000 | 4,122 | 895,275 | Form | |
| 5 | Chae, James | Direct | Sell | 12012025 | 0.57 | 40,000 | 22,616 | 1,236,349 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.