VTEX financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data VTEX 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

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	61.3	98.7	126	158	202	227	241
Cost of revenue	20.2	34.9	49.6	52.8	61	59.7	54.2
Gross profit	41.1	63.8	76.2	105	140	167	186
Research and development	12.7	19	45.2	57.2	60.2	55.4	63.9
Selling and marketing					59.4	68.6	68.6
General and administrative					32.4	34.3	34
Operating income	-1.81	6.52	-65.9	-49.9	-14	7.39	18.1
Interest expense	3.19	7.04	12.1	31.4	43.4	33.6
Interest income	1.29	3.9	7.41	23.8	23.6	14.2	3.66
Other non-operating income					1.58	5.88	4.37
Pre-tax income	-3.69	3.46	-70	-56.4	-12.5	13.3	22.5
Income tax	0.88	4.29	-9.47	-4.03	3.39	-2.54	2.45
Net income to minority interests	0.02	0.09	-0	-0	-0.01	-0.01	0.02
Net income	-4.59	-0.91	-60.5	-52.4	-15.8	15.8	20
EBITDA	0.72	8.92	-61.9	-45.3	-10.1	10.6	21.4
EPS, basic		-0.01	-0.39	-0.32	-0.09	0.09	0.11
EPS, diluted		-0.01	-0.39	-0.32	-0.09	0.08	0.11
Shares, basic (weighted)					0.19	0.19	0.18
Shares, diluted (weighted)					0.19	0.19	0.19

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	29.8	58.6	121	24.4	28	18.7	15.7
Short-term investments		17	177	214	181	196	176
Receivables						52.5	61.6
Other current assets						5.27	5.07
Total current assets		109	350	287	266	285	268
Property, plant and equipment	4.58	4.55	4.71	3.91	2.7	2.97	3.25
Lease right-of-use assets	6.92	5.08	5.18	4.82	3.28	3.22	2.75
Goodwill					21.8	22.2	26.3
Intangible assets		15.1	33.6	31.2	30	6.82	7.95
Total assets		140	415	358	341	362	347
Accounts payable						36	36.2
Deferred revenue						32.5	37.9
Short-term debt		1.59	2.09	1.15	0
Total current liabilities		47.1	58.9	62	77.2	80	88
Lease liabilities		5.3	4.89	3.74	2.23	1.7	1.25
Other non-current liabilities						0.36	0.32
Total liabilities		64.3	87.8	85	102	108	113
Total debt	11	6.36	3.28	1.15	0	0
Paid-in capital						366	322
Retained earnings		-3.44	-64	-116	-130	-110	-89.8
Treasury stock				-0.31	0	-0.43	0
Other comprehensive income						-2.02	1.31
Shareholders' equity		75.6	327	275	240	254	233
Minority interests		0.13	0.01	0.02	0.04	0.03	0.06
Total equity	47.1	75.7	327	273	239	254	234
Total liabilities and equity		140	415	358	341	362	347

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-4.58	-0.83	-60.5	-52.4	-15.9	15.8	20
Depreciation and amortization	2.53	2.4	4.07	4.62	3.96	3.23	3.26
Stock-based compensation					15.6	16.9	17.2
Deferred income tax					-1.66	-3.95	2.72
Change in receivables					-7.81	-21.7	0.45
Change in payables					3.43	2.71	-1.63
Cash from operations	2.07	11.2	-53	-29.2	5.41	26	33.4
Capital expenditures	-1.83	-1.65	-1.38	-0.34	-0.48	-2.07	-1.04
Acquisitions					0	-2.92	-3.69
Cash from investing	-19.2	-6.1	-167	-43.4	35.2	-20.7	24.8
Debt issued	7.61	0	0
Debt repaid	-1.62	-3	-10.9	-2.65	-1.24	-0.07
Stock issued		0	296	0	1.03	3.9	0.23
Share buybacks					-35.2	-11.2	-59.1
Cash from financing	43.5	25	284	-19.6	-37.9	-12.1	-61.6
Exchange rate effect	-2.12	-1.23	-1.46	-4.43	-0.61	-2.57
Net change in cash					2.65	-6.79	-3.42
Free cash flow	0.24	9.52	-54.4	-29.6	4.93	23.9	32.3
Interest paid					-0.01	0	0
Income taxes paid	-0.56	1.94	4.85	0.31	0.08	-1.92	0.1

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $3.61 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	77.5%	Gross profit / revenue.
Operating margin	7.5%	Operating income / revenue.
EBITDA margin	8.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.3%	Pre-tax income / revenue.
Net margin	8.3%	Net income / revenue.
FCF margin	13.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.9%	Cash from operations / revenue.
Effective tax rate	10.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.6%	Net income / average total assets.
Return on invested capital (ROIC)	7.1%	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	26.6%	Research and development expense / revenue.
Stock-based pay / revenue	7.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	1.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	21.2%	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	23.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	145.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	22.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	101.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	19.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	26.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	31.7%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	28.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	24.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	35.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	27.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-8.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.3%	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	25.3%	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	-4.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.0%	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	19.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.04x	Current assets / current liabilities.
Quick ratio	2.88x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.18x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	32.6%	Total liabilities / total assets.
Working capital	$179.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	9.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$199.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.68x	Revenue / average total assets.
Fixed asset turnover	77.4x	Revenue / average property, plant and equipment.
Receivables turnover	4.22x	Revenue / average receivables.
Days sales outstanding	87 days	365 x average receivables / revenue.
Days payables	243 days	365 x average accounts payable / cost of revenue.
FCF conversion	161.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.11	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.11	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1,299.00	Revenue / diluted weighted shares.
FCF per share	$174.64	Free cash flow / diluted weighted shares.
Operating cash flow per share	$180.26	Cash from operations / diluted weighted shares.
Book value per share	$1,261.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1,076.00	Tangible book value / shares outstanding.
Cash per share	$1,038.00	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	182.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$687.2M	Share price x shares outstanding.
Enterprise value	$495.1M	Market cap + total debt - cash - short-term investments.
P/E	34.3x	Market cap / net income. Only when net income is positive.
P/S	2.86x	Market cap / revenue.
P/B	2.94x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.45x	Market cap / tangible book value, when positive.
P/FCF	21.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	20.6x	Market cap / cash from operations, when positive.
EV/Sales	2.06x	Enterprise value / revenue.
EV/EBIT	27.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	23.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.7%	Free cash flow / market cap.
Earnings yield	2.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	8.6%	(Dividends paid + share buybacks) / market cap.

What was VTEX's revenue in fiscal 2025?

VTEX reported revenue of $240.5M for fiscal 2025, 6.1% higher than the year before.

Was VTEX profitable in fiscal 2025?

Yes. Net income was $20.0M, a net margin of 8.3%.

How much free cash flow did VTEX generate in fiscal 2025?

Cash from operations of $33.4M minus capital expenditures of $1.0M left free cash flow of $32.3M.

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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