Vertex, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Vertex, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	272	322	375	426	492	572	667	748
Cost of revenue	95.7	110	165	162	193	224	241	267
Gross profit	177	211	209	264	298	349	426	482
Research and development	23.8	30.6	54.3	44	41.9	58.2	66.7	83.7
Selling and marketing	56.9	68.1	99.4	99	125	140	171	196
General and administrative	58.9	71	149	107	122	146	153	179
Operating expenses	180	179	314	267	307	366	428	479
Operating income	-2.83	31.9	-105	-2.94	-8.08	-17.5	-2.23	2.33
Other non-operating income	-1.59	-0.95	-3.11	-0.98
Pre-tax income	-4.43	30.9	-108	-3.93	-10.1	-21.7	1.91	7.58
Income tax	1.68	-0.16	-32.8	-2.45	2.17	-8.58	54.6	0.37
Net income	-6.11	31.1	-75.1	-1.48	-12.3	-13.1	-52.7	7.21
EBITDA	22.1	57	-72.5	41.8	53.1	54.4	80.5	99.3
Dividend per share	0.09	0.11

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	55.8	75.9	303	73.3	91.8	68.2	296	314
Receivables	62.2	70.4	77.2	76.9	103	142	164	183
Other current assets		11.7	6.93	8.29	12.2	26.2	36.7	39
Total current assets		166	403	196	243	267	536	561
Property, plant and equipment		54.7	56.6	96.7	101	89	178	210
Lease right-of-use assets				20.2	17.2	14.6	12	9.68
Goodwill		0	16.3	270	252	258	358	392
Intangible assets			2.38
Long-term investments								15
Other non-current assets		0.85	3.26	3.58	15.3	16	14.1	12.2
Total assets		265	559	670	719	760	1,167	1,271
Accounts payable		10.7	8.88	13	14.3	23.6	36.2	37.6
Accrued liabilities		13.3	19.2	23	38.2	44.7	35.2	43.6
Deferred revenue		192	208	237	269	290	339	383
Short-term debt		50.8	0.88		2.19	2.5
Total current liabilities		335	292	369	403	441	537	575
Long-term debt		0.68	0.23		46.7	44.1	335	337
Lease liabilities				24.3	20.4	16.6	12.6	8.9
Total liabilities		377	329	440	489	507	987	1,012
Total debt		51.5	1.11		48.9	46.6	335	337
Paid-in capital			207	223	245	275	278	316
Retained earnings		-90.7	25.8	24.8	12.5	-0.59	-53.3	-46.1
Treasury stock		-38.6						-10.1
Other comprehensive income		-0.49	-3.13	-17.5	-27.8	-21.7	-45.9	-1.37
Shareholders' equity		-130	229	230	230	253	179	259
Total equity	-126	-130	229	230	230	253	179	259
Total liabilities and equity		265	559	670	719	760	1,167	1,271

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-6.11	31.1	-75.1	-1.48	-12.3	-13.1	-52.7	7.21
Depreciation and amortization	24.9	25.2	32.2	44.8	61.2	71.9	82.7	96.9
Stock-based compensation	5.11	9.46	148	26.2	19.7	33.9	47.4	57.8
Deferred income tax	0.85	-0.85	-33.5	-3.12	-1.35	-11.6	51.1	-5.4
Change in receivables	-17	-10.1	-6.76	2.96	-25.7	-45.2	-22.1	-12.9
Change in payables	3.4	3.87	-1.84	3.85	1.37	9.24	11.6	1.23
Cash from operations	80.4	92.5	59.5	90.3	63.8	74.3	165	166
Capital expenditures	-21.1	-20.3	-21	-31.7	-45.5	-49.3	-71.8
Acquisitions			-11.6	-251	-0.47
Purchases of investments					-16.5	-16.3	-16	-2.4
Sales and maturities of investments					5.36	18.4	16.7	11.6
Cash from investing	-33.3	-37.6	-44.4	-295	-72	-66.2	-158	-124
Debt issued			175
Debt repaid	-3.28	-5.57	-226		-0.94	-2.19	-46.9
Stock issued	0.18	0.07	423	1.86	1.82	4.84	8.46	7.71
Share buybacks	-1.28	-0.84						-10.1
Dividends paid	-28	-28.6	-146
Cash from financing	-30.7	-30.6	214	-9.1	17.1	-26.5	231	-32.8
Exchange rate effect	-0.4	0.01	-0.02	-0.48	-0.35	0.72	-1.01	3.21
Net change in cash	16	24.3	229	-214	8.54	-17.6	237	12.2
Free cash flow	59.4	72.2	38.6	58.6	18.3	25.1	93.1
Interest paid	1.85	1.77	2.46	0.22	2.22	3.73	3.29	3.32
Income taxes paid	0.67	0.95	0.59	1.29	3.06	5.65	8.59	1.92

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $11.37 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	64.0%	Gross profit / revenue.
Operating margin	-1.7%	Operating income / revenue.
EBITDA margin	11.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.2%	Pre-tax income / revenue.
Net margin	0.5%	Net income / revenue.
Operating cash flow margin	22.0%	Cash from operations / revenue.
Return on equity (ROE)	1.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.3%	Net income / average total assets.
Return on invested capital (ROIC)	-3.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	11.6%	Research and development expense / revenue.
Stock-based pay / revenue	7.2%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	13.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	17.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	18.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	23.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	23.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	37.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	22.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	44.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	20.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	17.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.87x	Current assets / current liabilities.
Quick ratio	0.68x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.41x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.40x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.0%	Total debt / total assets.
Liabilities / assets	80.1%	Total liabilities / total assets.
Net debt	$108.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.15x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$72.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	33.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$159.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.65x	Revenue / average total assets.
Fixed asset turnover	3.57x	Revenue / average property, plant and equipment.
Receivables turnover	5.13x	Revenue / average receivables.
Days sales outstanding	71 days	365 x average receivables / revenue.
Days payables	48 days	365 x average accounts payable / cost of revenue.

Valuation

Metric	Value	How it is calculated
Market cap	$1.84B	Share price x shares outstanding.
Enterprise value	$1.95B	Market cap + total debt - cash - short-term investments.
P/E	516x	Market cap / net income. Only when net income is positive.
P/S	2.34x	Market cap / revenue.
P/B	7.65x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	10.6x	Market cap / cash from operations, when positive.
EV/Sales	2.48x	Enterprise value / revenue.
EV/EBITDA	20.8x	Enterprise value / EBITDA, when both are positive.
Earnings yield	0.2%	Net income / market cap (the inverse of P/E).

What was Vertex, Inc.'s revenue in fiscal 2025?

Vertex, Inc. reported revenue of $748.4M for fiscal 2025, 12.2% higher than the year before.

Was Vertex, Inc. profitable in fiscal 2025?

Yes. Net income was $7.2M, a net margin of 1%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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