VTEX

MKT CAP:$721M

Vtex

Market Cap

$721M

Technology·Software - Application·🇬🇧 United Kingdom·NYSE

Technology·Software App·🇬🇧·NYSE

Stock Price

$4.20+$0.57 (+15.56%)

Apr 17, 2026

Company Details

VTEX provides software-as-a-service digital commerce platform for enterprise brands and retailers. Its platform enables customers to execute their commerce strategy, including building online stores, integrating, and managing orders across ...

CEO

Geraldo do Carmo Thomaz Jr.

IPO Date

Jul 21, 2021

Website

www.vtex.com

Key Metrics TTM

Revenue

$241M

+3.9% YoY

Net Income

$20M

EPS (Diluted)

$0.11

Free Cash Flow

$32M

Revenue / Share

$1.33

Gross Margin

77.5%

Operating Margin

7.5%

Net Margin

8.3%

FCF Margin

13.4%

P/S

3.0x

P/E

36.0x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 26, 2026

$241M+6.1%EPS $0.11

Q4 2025

Feb 26, 2026

$68M+10.5%EPS $0.05

Q3 2025

Nov 6, 2025

$60MEPS $0.03

Q2 2025

Aug 7, 2025

$59M+4.0%EPS $0.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$37M	$23M	-$13M
Q1 22	$35M	$22M	-$17M
Q2 22	$39M	$26M	-$19M
Q3 22	$39M	$26M	-$11M
Q4 22	$45M	$31M	-$3M
Q1 23	$42M	$28M	-$10M
Q2 23	$48M	$32M	-$7M
Q3 23	$51M	$36M	-$3M
Q4 23	$61M	$45M	$6M
Q1 24	$53M	$38M	-$2M
Q2 24	$57M	$42M	$807.0K
Q4 24	$62M	$46M	$7M
Q1 25	$54M	$41M	-$197.0K
Q2 25	$59M	$45M	$3M
Q3 25	$60M	$46M	$4M
Q4 25	$68M	$54M	$11M

Valuation

Quarter	P/S	P/E
Q4 21	16.1x	—
Q1 22	9.2x	—
Q2 22	4.5x	—
Q3 22	5.0x	—
Q4 22	4.8x	—
Q1 23	4.3x	—
Q2 23	5.0x	—
Q3 23	4.9x	—
Q4 23	6.9x	—
Q1 24	7.1x	—
Q2 24	6.0x	202.3x
Q4 24	4.6x	70.4x
Q1 25	4.2x	73.4x
Q2 25	5.2x	72.4x
Q3 25	3.4x	48.9x
Q4 25	2.9x	34.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$19M	-$19M
Q1 22	-$16M	-$16M
Q2 22	-$13M	-$13M
Q3 22	-$3M	-$3M
Q4 22	$3M	$3M
Q1 23	-$5M	-$5M
Q2 23	-$3M	-$3M
Q3 23	$3M	$3M
Q4 23	$10M	$9M
Q1 24	$2M	$2M
Q2 24	$3M	$3M
Q4 24	$13M	$12M
Q1 25	$7M	$7M
Q2 25	$7M	$7M
Q3 25	$8M	$8M
Q4 25	$11M	$11M

Capital Expenditures

Quarter	CapEx
Q4 21	$81.5K
Q1 22	$95.0K
Q2 22	$71.0K
Q3 22	$100.0K
Q4 22	$74.0K
Q1 23	$146.0K
Q2 23	$32.0K
Q3 23	$74.0K
Q4 23	$220.0K
Q1 24	$739.0K
Q2 24	$520.0K
Q4 24	$378.0K
Q1 25	$67.0K
Q2 25	$133.0K
Q3 25	$652.0K
Q4 25	$187.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+27.5%	+61.2%
Q1 22	+33.7%	+35.3%
Q2 22	+25.4%	+22.0%
Q3 22	+21.6%	-11.0%
Q4 22	+22.5%	-3.5%
Q1 23	+22.0%	+1.3%
Q2 23	+23.7%	-4.6%
Q3 23	+30.6%	+8.1%
Q4 23	+33.5%	+13.4%
Q1 24	+24.5%	+6.0%
Q2 24	+18.1%	+1.3%
Q4 24	+21.5%	+0.5%
Q1 25	-10.8%	-1.2%
Q2 25	+11.7%	+1.4%
Q3 25	+5.4%	-0.5%
Q4 25	+10.5%	+4.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$3M	8.9%
Q2 22	$1M	3.7%
Q3 22	$4M	10.2%
Q4 22	$4M	8.1%
Q1 23	$4M	9.5%
Q2 23	$4M	7.6%
Q3 23	$3M	6.6%
Q4 23	$4M	6.7%
Q1 24	$0	0.0%
Q2 24	$5M	8.0%
Q4 24	$4M	7.2%
Q1 25	$4M	7.7%
Q2 25	$5M	7.8%
Q3 25	$0	0.0%
Q4 25	-$14M	-21.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$12M	$7M	$17M
Q1 22	$14M	$7M	$18M
Q2 22	$15M	$7M	$21M
Q3 22	$14M	$7M	$16M
Q4 22	$14M	$7M	$12M
Q1 23	$14M	$8M	$15M
Q2 23	$16M	$8M	$14M
Q3 23	$16M	$8M	$15M
Q4 23	$14M	$9M	$15M
Q1 24	$14M	$9M	$17M
Q2 24	$14M	$9M	$17M
Q4 24	$13M	$8M	$17M
Q1 25	$15M	$9M	$17M
Q2 25	$15M	$9M	$17M
Q3 25	$17M	$8M	$17M
Q4 25	$17M	$8M	$18M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 21	27.5%	-55.8%	-28.2
Q1 22	33.7%	-31.9%	1.8
Q2 22	25.4%	-58.8%	-33.4
Q3 22	21.6%	-25.4%	-3.8
Q4 22	22.5%	-53.8%	-31.2
Q1 23	22.0%	-1.8%	20.1
Q2 23	23.7%	-10.9%	12.8
Q3 23	30.6%	-1.3%	29.3
Q4 23	33.5%	12.2%	45.7
Q1 24	24.5%	-2.6%	21.8
Q2 24	18.1%	2.1%	20.1
Q4 24	21.5%	14.6%	36.2
Q1 25	-10.8%	1.0%	-9.8
Q2 25	11.7%	6.4%	18.0
Q3 25	5.4%	12.1%	17.6
Q4 25	10.5%	17.3%	27.7

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$100M	$176M	$276M
Q2 22	$28M	$227M	$255M
Q3 22	$29M	$214M	$244M
Q4 22	$24M	$214M	$239M
Q1 23	$22M	$209M	$231M
Q2 23	$101M	$122M	$223M
Q3 23	$21M	$192M	$214M
Q4 23	$28M	$181M	$209M
Q1 24	$17M	$192M	$209M
Q2 24	$23M	$192M	$215M
Q3 24	$23M	$195M	$217M
Q4 24	$19M	$196M	$215M
Q1 25	$21M	$184M	$205M
Q2 25	$21M	$189M	$211M
Q3 25	$20M	$182M	$203M
Q4 25	$16M	$176M	$192M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	191M	+3.3%	+2.0%
Q1 22	191M	+0.1%	+2.1%
Q2 22	191M	+0.1%	+2.1%
Q3 22	191M	-0.2%	+3.2%
Q4 22	189M	-1.0%	-1.0%
Q1 23	188M	-0.4%	-1.5%
Q2 23	187M	-0.6%	-2.2%
Q3 23	186M	-0.6%	-2.5%
Q4 23	184M	-1.1%	-2.6%
Q1 24	184M	+0.1%	-2.1%
Q2 24	192M	+4.4%	+2.8%
Q4 24	192M	-0.1%	+3.4%
Q1 25	189M	-1.9%	+2.5%
Q2 25	187M	-0.6%	+1.7%
Q3 25	187M	-0.3%	-2.9%
Q4 25	181M	-3.3%	-6.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$62.7K	592
Q1 22	$58.6K	592
Q2 22	$65.4K	592
Q3 22	$65.5K	592
Q4 22	$103.8K	438
Q1 23	$96.5K	438
Q2 23	$109.3K	438
Q3 23	$115.6K	438
Q4 23	$145.6K	417
Q1 24	$126.2K	417
Q2 24	$135.6K	417
Q4 24	$122.1K	504
Q1 25	$107.5K	504
Q2 25	$116.6K	504
Q3 25	$118.3K	504
Q4 25	$124.9K	544

Revenue / Employee