VERX

MKT CAP:$2B

Vertex, Inc.

Market Cap

$2B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$12.50-$6.51 (-34.25%)

Apr 21, 2026

Company Details

Vertex, Inc. provides tax technology solutions for corporations in retail, communication, leasing, and manufacturing industries in the United States and internationally. It offers tax determination, compliance and reporting, tax data manage...

CEO

Christopher David Young

IPO Date

Jul 29, 2020

Website

www.vertexinc.com

Key Metrics TTM

Revenue

$748M

+12.2% YoY

Net Income

$7M

EPS (Diluted)

$0.05

Free Cash Flow

$74M

Revenue / Share

$4.27

Gross Margin

63.4%

Operating Margin

0.9%

Net Margin

1.0%

FCF Margin

9.8%

P/S

2.7x

P/E

277.8x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 24, 2026

$748M+12.2%EPS $0.04

Q4 2025

Feb 24, 2026

$195M+9.1%EPS -$0.04

Q3 2025

Nov 3, 2025

$192M+12.7%EPS $0.02

Q2 2025

Aug 6, 2025

$185M+14.6%EPS -$0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$115M	$70M	$468.0K
Q2 22	$119M	$71M	-$4M
Q3 22	$126M	$76M	-$871.0K
Q4 22	$131M	$82M	-$3M
Q1 23	$133M	$81M	-$9M
Q2 23	$140M	$86M	-$4M
Q3 23	$145M	$88M	-$2M
Q4 23	$155M	$94M	-$2M
Q1 24	$157M	$96M	-$2M
Q2 24	$161M	$103M	$8M
Q3 24	$170M	$111M	$5M
Q4 24	$178M	$117M	-$13M
Q1 25	$177M	$113M	$4M
Q2 25	$185M	$121M	-$4M
Q3 25	$192M	$121M	$4M
Q4 25	$195M	$119M	$2M

Valuation

Quarter	P/S	P/E
Q1 22	4.5x	—
Q2 22	4.4x	—
Q3 22	4.2x	—
Q4 22	4.1x	—
Q1 23	3.9x	—
Q2 23	3.8x	—
Q3 23	3.7x	—
Q4 23	3.5x	—
Q1 24	3.4x	259.4x
Q2 24	3.2x	101.2x
Q3 24	3.1x	65.9x
Q4 24	3.0x	—
Q1 25	2.9x	—
Q2 25	2.8x	—
Q3 25	2.7x	—
Q4 25	2.7x	277.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$3M	-$14M
Q2 22	$6M	-$5M
Q3 22	$15M	-$1M
Q4 22	$44M	$24M
Q1 23	$3M	-$11M
Q2 23	-$4M	-$21M
Q3 23	$28M	$9M
Q4 23	$48M	$29M
Q1 24	$25M	$5M
Q2 24	$46M	$31M
Q3 24	$41M	$18M
Q4 24	$41M	$18M
Q1 25	$15M	-$12M
Q2 25	$46M	$30M
Q3 25	$62M	$36M
Q4 25	$47M	$20M

Capital Expenditures

Quarter	CapEx
Q1 22	$17M
Q2 22	$11M
Q3 22	$16M
Q4 22	$20M
Q1 23	$14M
Q2 23	$17M
Q3 23	$19M
Q4 23	$19M
Q1 24	$20M
Q2 24	$15M
Q3 24	$23M
Q4 24	$23M
Q1 25	$27M
Q2 25	$16M
Q3 25	$26M
Q4 25	$27M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+17.0%	+19.2%
Q2 22	+13.7%	+16.1%
Q3 22	+14.0%	+11.2%
Q4 22	+17.4%	+20.5%
Q1 23	+15.5%	+23.7%
Q2 23	+17.1%	+16.3%
Q3 23	+14.9%	+15.7%
Q4 23	+18.1%	+17.0%
Q1 24	+18.1%	+11.8%
Q2 24	+15.3%	+6.8%
Q3 24	+17.5%	+12.6%
Q4 24	+15.2%	+21.7%
Q1 25	+12.9%	+9.0%
Q2 25	+14.6%	+22.7%
Q3 25	+12.7%	+13.4%
Q4 25	+9.1%	+0.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$5M	4.3%
Q2 22	$4M	3.5%
Q3 22	$5M	4.2%
Q4 22	$5M	4.1%
Q1 23	$11M	8.6%
Q2 23	$7M	5.0%
Q3 23	$8M	5.4%
Q4 23	$8M	5.0%
Q1 24	$16M	10.4%
Q2 24	$0	0.0%
Q3 24	$10M	5.9%
Q4 24	$11M	6.1%
Q1 25	$21M	11.9%
Q2 25	$12M	6.5%
Q3 25	$13M	6.9%
Q4 25	$12M	5.9%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$10M	$29M	$27M
Q2 22	$10M	$30M	$32M
Q3 22	$10M	$32M	$30M
Q4 22	$12M	$31M	$36M
Q1 23	$16M	$34M	$36M
Q2 23	$13M	$39M	$34M
Q3 23	$17M	$35M	$34M
Q4 23	$13M	$37M	$37M
Q1 24	$17M	$36M	$40M
Q2 24	$15M	$36M	$41M
Q3 24	$16M	$41M	$42M
Q4 24	$20M	$40M	$47M
Q1 25	$21M	$45M	$48M
Q2 25	$21M	$43M	$48M
Q3 25	$38M	$43M	$47M
Q4 25	$22M	$41M	$52M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	17.0%	11.6%	28.7
Q2 22	13.7%	11.2%	24.8
Q3 22	14.0%	11.0%	25.0
Q4 22	17.4%	9.5%	26.9
Q1 23	15.5%	6.0%	21.5
Q2 23	17.1%	9.9%	27.0
Q3 23	14.9%	11.9%	26.8
Q4 23	18.1%	11.5%	29.6
Q1 24	18.1%	13.0%	31.1
Q2 24	15.3%	18.0%	33.3
Q3 24	17.5%	5.9%	23.5
Q4 24	15.2%	15.0%	30.2
Q1 25	12.9%	7.4%	20.3
Q2 25	14.6%	12.4%	27.0
Q3 25	12.7%	3.8%	16.5
Q4 25	9.1%	12.7%	21.8

Rule of 40

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$97M	$0	$97M
Q2 22	$86M	$7M	$92M
Q3 22	$72M	$6M	$78M
Q4 22	$92M	$11M	$103M
Q1 23	$69M	$12M	$80M
Q2 23	$42M	$11M	$53M
Q3 23	$49M	$8M	$58M
Q4 23	$68M	$10M	$78M
Q1 24	$56M	$9M	$65M
Q2 24	$326M	$9M	$334M
Q3 24	$279M	$7M	$286M
Q4 24	$296M	$9M	$305M
Q1 25	$270M	$0	$270M
Q2 25	$284M	$0	$284M
Q3 25	$314M	$0	$314M
Q4 25	$314M	$0	$314M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	149M	+0.2%	-5.7%
Q2 22	149M	+0.2%	-5.1%
Q3 22	150M	+0.2%	+1.1%
Q4 22	150M	+0.2%	+0.9%
Q1 23	151M	+0.4%	+1.0%
Q2 23	151M	+0.5%	+1.3%
Q3 23	152M	+0.4%	+1.5%
Q4 23	156M	+2.7%	+4.1%
Q1 24	161M	+2.8%	+6.6%
Q2 24	172M	+7.2%	+13.6%
Q3 24	144M	-16.1%	-5.0%
Q4 24	158M	+9.2%	+0.9%
Q1 25	159M	+0.8%	-1.0%
Q2 25	159M	-0.0%	-7.7%
Q3 25	162M	+2.0%	+12.3%
Q4 25	175M	+8.0%	+11.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$88.4K	1K
Q2 22	$91.8K	1K
Q3 22	$97.1K	1K
Q4 22	$93.7K	1K
Q1 23	$94.8K	1K
Q2 23	$99.8K	1K
Q3 23	$103.6K	1K
Q4 23	$103.3K	2K
Q1 24	$104.5K	2K
Q2 24	$107.4K	2K
Q3 24	$113.6K	2K
Q4 24	$93.9K	2K
Q1 25	$93.2K	2K
Q2 25	$97.1K	2K
Q3 25	$101.1K	2K
Q4 25	$92.7K	2K

Revenue / Employee