Vtex is a US-listed company in the application software industry. Its financial year ends in December.
Stock price today
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Third-party market data · may be delayed
Model estimate per share
~$3.8
Forward price-to-earnings vs peers
Base case. Range ~$3.1–$6.4. Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings.
Price vs value
No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.
Who’s trading
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
- Insiders0 buying, 4 selling0 purchases and 57 sales by directors and officers, last 12 monthsInsider trades
- Funds66 adding, 66 cuttingOf 28 active managers that changed their stake, 18 added; quarter to June 30, 2026Fund buyers and sellers
The Fundamentalytics view
Vtex's trailing-twelve-month revenue grew 6.1% year on year, with a free-cash-flow margin of 13.4%. Where it stands out: change in share count of -3.8% ranks 24 of 163 application software companies we cover. Where it lags: change in growth rate of -6.7pp ranks 159 of 184 application software companies we cover.
Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 86% in the quarter to 2026-06-30, the 4th beat in the last four quarters.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Highlights
How we pick theseStrengths
- Margins widening. Operating margin is up 4.3 points on a year ago.
- Shrinking share count. Diluted shares fell 3.8% in a year, so each share owns more of the business.
- Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
Things to watch
- Growth slowing. The growth rate is 6.7 points lower than a quarter earlier.
- Below peers: days sales outstanding. Days sales outstanding of 93 days ranks 130 of 162 application software companies we cover (median 57 days).
Latest results
- Earnings per share
- $0.08 against an average estimate of $0.04: beat by 86.1%
- Next report
- November 5, 2026; average EPS estimate $0.05
Price chart
- 1 day0.0%
- 1 week0.0%
- 1 month+9.0%
- This year+5.9%
- 1 year-11.4%
- 5 years-76.2%
- S&P 500 this year+11.2%
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Third-party market data · may be delayed
At a glance
Profitability
- Revenue (TTM)
- $241M
- Operating margin
- 7.5%
- Net margin
- 8.3%
- EPS (TTM, diluted)
- $108.10
Growth
- Revenue growth
- +6.1%
- Change in growth rate
- −6.7 pts
- Share count change
- −3.8%
Cash
- Free cash flow (TTM)
- $32.3M
- FCF margin
- 13.4%
- Stock pay % of revenue
- 7.2%
News & updates
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for VTEX from the sources we follow. See filings →
Valuation
Vtex valuation models and calculatorValuation models
We value Vtex as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.05 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$2400 ~$2000–$2700 | Left out: out of range vs price (591.65x) |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$3.8 ~$3.1–$6.4 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$410 ~$260–$670 | Left out: out of range vs price (103.94x) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity below long-run growth |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: earnings are positive: price-to-earnings is the better measure |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | ~$3600 ~$3100–$4200 | Left out: out of range vs price (904.82x) |
| Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$3.8 ~$3.1–$6.4 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Vtex with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Valuation multiples over time Market data may be delayed
| At fiscal year end | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Share price | $10.72 | $3.75 | $6.88 | $5.89 | $3.76 |
| Market value | $1.9bn | $715m | $1m | $1m | $696010 |
| + Net debt (− = net cash) | −$118m | −$23m | $0 | −$19m | −$16m |
| Enterprise value | $1.8bn | $692m | $1m | −$18m | −$15m |
| Multiples | |||||
| Price / sales | 15.5x | 4.5x | 0.0x | 0.0x | 0.0x |
| Price / earnings | — | — | — | 0.1x | 0.0x |
| Price / free cash flow | — | — | 0.3x | 0.0x | 0.0x |
| EV / EBITDA | — | — | — | n/m | n/m |
Moat
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.
Forecasts and guidance
Next results: November 5, 2026, after the close. Analysts expect revenue of $63m and EPS of $0.05 (range $0.05 to $0.05) for the quarter.
Analysts' consensus
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.22 | +8% | $264m | +10% |
| Next | $0.28 | +26% | $283m | +7% |
Next year's EPS estimate has moved +4.5% in 90 days, across 4 analysts.
How the EPS forecast has moved
The consensus EPS forecast for the current fiscal year is +11.0% on 90 days ago. In the last 30 days, 1 analyst raised Vtex's forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
View chart data
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $0.20 | $0.26 |
| 60 days ago | $0.22 | $0.28 |
| 30 days ago | $0.22 | $0.28 |
| 7 days ago | $0.22 | $0.28 |
| Now | $0.22 | $0.28 |
Earnings against estimates
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.04 | $0.08 | +86.1% |
| Mar 2026 | $0.03 | $0.05 | +62.1% |
| Dec 2025 | $0.05 | $0.08 | +61.2% |
| Sept 2025 | $0.03 | $0.06 | +113.6% |
Adjusted EPS as companies report it, against the average analyst estimate.
Positioning
- Short interest
- 4.6% of tradable shares
- Days to cover
- 2.49 at average volume
- Short interest, 1 month
- −2% to October 15, 2026
- Held by institutions
- 36% of shares
- Held by insiders
- 47.6% of shares
- Employees
- 1,139 full time
Share-price performance
Market data may be delayedReturn and risk by year
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| VTEX | −65% | +84% | −14% | −36% | +6% |
| Industry peers (median) | −50% | +19% | +2% | −20% | −14% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| VTEX | 33% | 67% | 42% | 58% | 64% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| VTEX | −74% | −31% | −40% | −45% | −24% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since July 21, 2021: 91% from August 9, 2021 to July 15, 2022. Getting back needed a 1060% gain, and the shares have not yet recovered.
Price behaviour
- 52-week range
- $2.87 – $4.54
- From 52-week high
- −12.3%
- vs 50-day average
- +5.0%
- vs 200-day average
- +5.8%
- Volatility (1 year)
- 45%
- Beta vs S&P 500
- 0.50
Vtex in five measures
Fundamentals
Where the money goes
Each dollar Vtex took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.
| Revenue | $241M | |
|---|---|---|
| Other income | $4.4M | 1.8% of revenue |
| Cost of revenue | $54.2M | 22.5% of revenue |
| Gross profit | $186M | 77.5% of revenue |
| Research and development | $63.9M | 26.6% of revenue |
| Selling, general and admin | $103M | 42.7% of revenue |
| Other operating costs | $1.7M | 0.7% of revenue |
| Operating income | $18.1M | 7.5% of revenue |
| Income tax | $2.5M | 1.0% of revenue |
| Net income | $20M | 8.3% of revenue |
Financial statements
| Fiscal year | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 61 | 99 | 126 | 158 | 201 | 227 | 241 |
| Gross profit | 41 | 64 | 76 | 105 | 140 | 167 | 186 |
| EBITDA | 1 | 9 | −62 | −45 | −10 | 11 | 21 |
| Operating income | −2 | 7 | −66 | −50 | −14 | 7 | 18 |
| Net income | −5 | −1 | −61 | −52 | −16 | 16 | 20 |
| Diluted EPS | — | — | −$0.33 | −$0.28 | −$0.09 | $0.08 | $0.11 |
| Growth (year on year) | |||||||
| Revenue | — | +60.9% | +27.5% | +25.3% | +27.4% | +12.9% | +6.1% |
| EBITDA | — | — | −793.5% | — | — | — | +101.3% |
| Operating income | — | — | <−999% | — | — | — | +145.2% |
| Net income | — | — | — | — | — | — | +26.5% |
| Diluted EPS | — | — | — | — | — | — | +31.7% |
| Margins | |||||||
| Gross margin | 67.0% | 64.7% | 60.6% | 66.5% | 69.6% | 73.7% | 77.5% |
| EBITDA margin | 1.2% | 9.0% | −49.2% | −28.7% | −5.0% | 4.7% | 8.9% |
| Operating margin | −2.9% | 6.6% | −52.4% | −31.7% | −7.0% | 3.3% | 7.5% |
| Net margin | −7.5% | −0.9% | −48.1% | −33.3% | −7.9% | 7.0% | 8.3% |
| Free-cash-flow margin | 0.4% | 9.6% | −43.2% | −18.8% | 2.5% | 10.5% | 13.4% |
| Cash flow | |||||||
| Cash from operations | 2 | 11 | −53 | −29 | 5 | 26 | 33 |
| Capital spending | 2 | 2 | 1 | 0 | 0 | 2 | 1 |
| Free cash flow | 0 | 10 | −54 | −30 | 5 | 24 | 32 |
| Stock-based pay | 1 | 3 | 9 | 12 | 16 | 17 | 17 |
| Free cash flow after stock pay | −1 | 7 | −64 | −42 | −11 | 7 | 15 |
| Balance sheet | |||||||
| Cash | 30 | 59 | 121 | 24 | — | 19 | 16 |
| Total debt | 11 | 6 | 3 | 1 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −19 | −52 | −118 | −23 | — | −19 | −16 |
| Diluted shares | — | — | 182m | 191m | — | — | — |
| Returned to shareholders | |||||||
| Buybacks | — | — | — | — | 35 | 11 | 59 |
| Total returned | — | — | — | — | 35 | 11 | 59 |
Financial health
- Short-term assets cover short-term liabilities $268m of assets due within a year against $88m of liabilities due within a year.
- Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
- More cash than debt Cash or debt not separately reported. Not assessable.
- Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
- Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
- A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
- Operating profit covers interest at least five times over Interest not separately reported. Not assessable.
Dividends, buybacks and capital spending
- Buybacks (TTM)
- $59.1M
- Returned to shareholders
- 183%
- of free cash flow
- Buybacks, last 3 fiscal years
- $106M
- Diluted share count
- −3.8%
- year over year
- R&D spending
- 26.6%
- of revenue
- Days sales outstanding
- 93 days
- receivables vs revenue
Competitors: side by side with peers
| Last 12 months unless stated | VTEX | PDFS | GCL | DCBO | AI | OSPN | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $241m | $241m | $239m | $243m | $232m | $253m | $482m |
| Revenue growth, last 12 months | 6.1% | 23.0% | 68.2% | 11.9% | −37.5% | 4.9% | 12.0% |
| Revenue growth, 3-year average | — | 14.0% | — | — | −5.3% | 3.4% | 11.1% |
| Revenue growth, latest quarter | — | 18.9% | — | — | −25.5% | 12.0% | 11.9% |
| Gross margin | 77.5% | 71.5% | 10.3% | 80.3% | 29.1% | 74.3% | 69.2% |
| Operating margin | 7.5% | 8.2% | −5.6% | 9.6% | −203.1% | 17.9% | 1.1% |
| Operating margin, 3-year average | — | −1.8% | — | — | −133.9% | 17.3% | −0.8% |
| Net margin | 8.3% | 4.3% | −10.5% | 15.5% | −192.1% | 27.5% | 2.1% |
| Cash from operations / revenue | 13.9% | 16.0% | −4.4% | 11.6% | −66.5% | 22.6% | 18.2% |
| Free-cash-flow margin | 13.4% | −0.7% | −4.9% | 11.2% | −67.0% | 17.6% | 15.0% |
| Free-cash-flow margin, 3-year average | — | −0.9% | — | — | −37.5% | 17.8% | 16.2% |
| Stock pay / revenue | 7.2% | 10.6% | 0.0% | 2.5% | 111.1% | 4.9% | 9.3% |
| Change in share count | −3.8% | 2.7% | 15.0% | −5.2% | 10.4% | −1.4% | 2.2% |
Peer comparison
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 6.1% | 12.0% | 125 of 184 |
| Change in growth rate Growth | -6.7pp | +0.2pp | 159 of 184 |
| Gross margin Profitability | 77.5% | 69.8% | 45 of 160 |
| Operating margin Profitability | 7.5% | 1.1% | 69 of 181 |
| Net margin Profitability | 8.3% | 2.1% | 69 of 185 |
| Free-cash-flow margin Cash generation | 13.4% | 15.2% | 98 of 180 |
| Stock pay as % of revenue Cash generation | 7.2% | 9.3% | 64 of 177 |
| Change in share count Balance sheet | -3.8% | 1.7% | 24 of 163 |
| Days sales outstanding Balance sheet | 93 days | 57 days | 130 of 162 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
Who owns it
Funds buying and selling- Reported value
- $249M
- Institutions reporting
- 107
- Shares held vs prior quarter
- ▲ 0.8%
- Positions opened / closed
- 28 / 30
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Softbank Group Corp. | $154M | 38.4M | 61.8% | 0.0% |
| Acadian Asset Management LLC | $13.8M | 3.5M | 5.6% | ▲ 75.5% |
| Arrowstreet Capital, Limited Partnership | $10.9M | 2.7M | 4.4% | New |
| Millennium Management LLC | $5.6M | 1.4M | 2.2% | ▲ 244.6% |
| Citadel Advisors LLC | $5.6M | 1.4M | 2.2% | ▲ 223.0% |
| Russell Investments Group, Ltd. | $5.1M | 1.3M | 2.0% | ▼ 11.2% |
| UBS Group AG | $5M | 1.2M | 2.0% | ▲ 54.7% |
| Marshall Wace, LLP | $4.3M | 1.1M | 1.7% | ▲ 515.1% |
| Legal & General Group PLC | $4.2M | 1.1M | 1.7% | ▲ 91.6% |
| AQR Capital Management LLC | $3.9M | 979K | 1.6% | ▼ 1.1% |
| Lazard Asset Management LLC | $3M | 760K | 1.2% | New |
| Renaissance Technologies LLC | $2.4M | 594K | 1.0% | ▼ 16.9% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Vtex's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
Insider trading activity
Full insider history and chart| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Do Carmo Thomaz Junior Geraldo Chief Executive Officer | October 26, 2026 | Sell pre-set plan | 4,808 | $4.03 | $19,376 |
| Gomide De Faria Mariano Chief Executive Officer | October 26, 2026 | Sell pre-set plan | 4,808 | $4.03 | $19,376 |
| Gomide De Faria Mariano Chief Executive Officer | October 19, 2026 | Sell pre-set plan | 4,808 | $4.10 | $19,713 |
| Do Carmo Thomaz Junior Geraldo Chief Executive Officer | October 19, 2026 | Sell pre-set plan | 4,808 | $4.09 | $19,665 |
| Gomes Andre Spolidoro Ferreira Chief Strategy Officer | October 16, 2026 | Sell pre-set plan | 3,000 | $4.19 | $12,570 |
| Gomide De Faria Mariano Chief Executive Officer | October 12, 2026 | Sell pre-set plan | 4,808 | $4.00 | $19,232 |
| Do Carmo Thomaz Junior Geraldo Chief Executive Officer | October 12, 2026 | Sell pre-set plan | 4,808 | $4.00 | $19,232 |
| Gomes Andre Spolidoro Ferreira Chief Strategy Officer | September 16, 2026 | Sell pre-set plan | 3,000 | $3.68 | $11,040 |
| Scannapieco Alejandro Raul Director | August 24, 2026 | Sell | 11,994 | $3.67 | $44,018 |
| Gomide De Faria Mariano Chief Executive Officer | August 18, 2026 | Sell | 43,203 | $3.52 | $152,075 |
| Do Carmo Thomaz Junior Geraldo Chief Executive Officer | August 18, 2026 | Sell | 43,203 | $3.52 | $152,075 |
| Gomes Andre Spolidoro Ferreira Chief Strategy Officer | August 17, 2026 | Sell pre-set plan | 3,000 | $3.57 | $10,710 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Earnings dates and SEC filings
Data status
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
Vtex in brief
- What does Vtex do?
- Vtex is a US-listed company in the application software industry. Its financial year ends in December.
- What is Vtex's stock ticker?
- Vtex trades under the ticker VTEX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
- What is Vtex's revenue, and how fast is it growing?
- Over its most recent trailing twelve months, Vtex reported revenue of $241M, 6.1% higher than a year earlier, according to its SEC filings.
- What is Vtex's free cash flow?
- Vtex's free-cash-flow margin is 13.4% of revenue over the trailing twelve months, ranking 98 of the 180 application software companies we cover.
- Who are Vtex's largest institutional shareholders?
- By value reported in 13F filings for June 30, 2026, the largest reported holders are Softbank Group Corp., Acadian Asset Management LLC and Arrowstreet Capital, Limited Partnership. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
- Is Vtex buying back stock, and does it pay a dividend?
- Vtex spent $59.1M on share repurchases over the trailing twelve months, and its diluted share count fell 3.8% over the year.
- What is Vtex's market cap?
- On December 31, 2025, Vtex's market capitalisation was about $696,010 and net debt of -$15.7M. Market figures come from third-party market data and may be delayed.
- Who are Vtex's competitors?
- In our Application Software peer group, the companies closest to Vtex are PDF Solutions Inc, GCL Global Holdings Ltd, Docebo Inc., C3.ai, Inc. and Onespan Inc. The side-by-side comparison below sets their revenue, margins and growth against Vtex's.
- Are insiders buying or selling Vtex stock?
- Over the last 12 months, Vtex's directors and officers reported 0 open-market purchases and 57 sales on Form 4. The insider trading page charts every trade.
- When is Vtex's next earnings date?
- Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Vtex announces its own schedule.
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