VTEX (VTEX)
NYSE:VTEX
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VTEX
(NYSE:VTEX)
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Rating:69Neutral
Price Target:
$4.50
▲(6.89% Upside)
Action:ReiteratedDate:02/28/26
The score is driven primarily by improved fundamentals—profitability, free cash flow generation, and a very low-debt balance sheet—reinforced by 2026 margin and cash flow guidance. This is tempered by a demanding valuation and a weaker longer-term technical trend, alongside management’s cautious outlook for only modest near-term subscription revenue growth.
Positive Factors
High and improving gross margins via AI-driven productivity
Sustained gross margin expansion driven by AI automation (3ppt uplift) and subscription gross margins near 80% indicate durable unit economics. High gross margins create structural operating leverage, enabling reinvestment in R&D and marketing while supporting long-term profitability as revenue scales.
Negative Factors
Slowing top-line growth with modest guidance
Management’s mid- to high-single-digit subscription growth target marks a material slowdown versus earlier expansion. Sustained low-single-digit growth compresses revenue scalability, increases reliance on margin improvements for EPS growth, and makes future performance more sensitive to execution on enterprise sales and product monetization.
Read all positive and negative factors
Positive Factors
Negative Factors
High and improving gross margins via AI-driven productivity
Sustained gross margin expansion driven by AI automation (3ppt uplift) and subscription gross margins near 80% indicate durable unit economics. High gross margins create structural operating leverage, enabling reinvestment in R&D and marketing while supporting long-term profitability as revenue scales.
Read all positive factors
VTEX (VTEX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$656.60M
Dividend YieldN/A
Average Volume (3M)1.24M
Price to Earnings (P/E)17.4
Beta (1Y)0.81
Revenue Growth6.09%
EPS Growth-92.59%
CountryUS
Employees1,368
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.08
Shares Outstanding90,129,390
10 Day Avg. Volume802,339
30 Day Avg. Volume1,239,680
Financial Highlights & Ratios
PEG Ratio0.50
Price to Book (P/B)2.98
Price to Sales (P/S)2.90
P/FCF Ratio21.55
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue2.82
Enterprise Value/Gross Profit3.64
Enterprise Value/Ebitda29.23
Forecast
1Y Price Target
$5.50Price Target Upside30.64% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.19
Revenue Forecast (FY)$267.50M
VTEX Business Overview & Revenue Model
Company Description
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 channel...
How the Company Makes Money
VTEX primarily makes money by charging customers recurring fees for access to and use of its cloud commerce platform (subscription/SaaS revenue). Pricing is typically tied to contracted terms and the scale of a customer’s commerce operations (e.g....
VTEX Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
The call balanced clear operational and profitability progress (GMV growth, margin expansion, AI-driven productivity, strong cash generation, and strategic initiatives in global expansion, B2B and retail media) against near-term top-line challenges (elongated sales cycles, softer same-store sales, regional weakness in Brazil/Argentina, and modest subscription growth). Management emphasized that growth headwinds are largely cyclical and detailed a plan to reaccelerate by reallocating efficiency gains into R&D and prioritizing four growth levers, while providing cautious but improved profitability guidance for 2026.Positive Updates
Strong GMV Growth
Fourth-quarter GMV reached $6.3 billion, up 17.2% year-over-year in USD and 10.0% FX-neutral; full-year GMV was $20.5 billion, up 12.1% in USD and 12.9% FX-neutral.
Negative Updates
Growth Below Long-Term Ambition
Management acknowledged that recent growth is below its long-term targets and described the 2025 slowdown as largely cyclical, driven by macro weakness and elongated enterprise decision cycles.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong GMV Growth
Fourth-quarter GMV reached $6.3 billion, up 17.2% year-over-year in USD and 10.0% FX-neutral; full-year GMV was $20.5 billion, up 12.1% in USD and 12.9% FX-neutral.
Read all positive updates
Company Guidance
VTEX guided Q1 2026 to FX‑neutral subscription revenue growth of mid‑single digits, FX‑neutral gross profit growth of high‑single digits, non‑GAAP income from operations margin in the mid‑teens, and free cash flow margin in the high‑teens; for full‑year 2026 it targets FX‑neutral subscription revenue growth of mid‑ to high‑single digits, gross profit growth of high‑single digits to low‑teens, non‑GAAP income from operations in the low‑20s percentage margin and free cash flow in the low‑20s percentage margin. Management cautioned that Q1 is the lowest GMV quarter with the toughest YoY comp, noted that January 2026 FX rates would add ~8.4 percentage points to reported USD subscription growth in Q1 and ~4.5 points for the full year, and announced a $50 million 12‑month share repurchase program alongside roughly $200 million of year‑end 2025 cash.VTEX Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
90
Very Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 240.52M | 226.71M | 201.52M | 157.62M | 125.77M |
| Gross Profit | 186.34M | 167.29M | 140.57M | 104.79M | 76.18M |
| EBITDA | 25.75M | 14.40M | -4.99M | -51.09M | -65.12M |
| Net Income | 20.01M | 12.00M | -13.69M | -52.42M | -60.51M |
Balance Sheet | |||||
| Total Assets | 346.63M | 366.78M | 341.14M | 357.67M | 414.97M |
| Cash, Cash Equivalents and Short-Term Investments | 192.10M | 214.81M | 209.41M | 238.56M | 298.20M |
| Total Debt | 2.88M | 3.31M | 4.10M | 6.79M | 9.27M |
| Total Liabilities | 113.07M | 110.98M | 100.81M | 83.00M | 87.78M |
| Stockholders Equity | 233.50M | 255.75M | 240.29M | 274.66M | 327.18M |
Cash Flow | |||||
| Free Cash Flow | 32.33M | 25.19M | 3.79M | -29.56M | -54.74M |
| Operating Cash Flow | 33.37M | 27.26M | 4.26M | -29.22M | -52.99M |
| Investing Cash Flow | 24.80M | -20.01M | 38.42M | -43.38M | -166.78M |
| Financing Cash Flow | -61.59M | -14.03M | -38.43M | -19.58M | 283.68M |
VTEX Technical Analysis
Positive
4.21
Price Trends
3.66
Positive
3.66
Positive
4.21
Positive
Market Momentum
0.11
Positive
64.94
Neutral
73.47
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VTEX, the sentiment is Positive. The current price of 4.21 is above the 20-day moving average (MA) of 3.98, above the 50-day MA of 3.66, and above the 200-day MA of 4.21, indicating a bullish trend. The MACD of 0.11 indicates Positive momentum. The RSI at 64.94 is Neutral, neither overbought nor oversold. The STOCH value of 73.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for VTEX.
VTEX Risk Analysis
VTEX disclosed 1 risk factors in its most recent earnings report. VTEX reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
VTEX Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $533.03M | 60.77 | 13.47% | ― | 20.03% | 85.38% | |
69 Neutral | $656.60M | 17.45 | 8.24% | ― | 6.09% | -92.59% | |
64 Neutral | $655.07M | -28.39 | -8.42% | ― | 5.23% | 15.68% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $546.52M | -0.53 | -106.91% | ― | -9.89% | -26.49% | |
59 Neutral | $355.69M | -15.25 | -22.88% | ― | 12.72% | 32.06% | |
46 Neutral | $158.46M | -7.75 | 31.73% | ― | 0.57% | 31.68% |
* Technology Sector Average
VTEX
VTEX
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VTEX Corporate Events
VTEX Sets May 26, 2026 Annual Meeting to Approve 2025 Accounts and 2026 Auditor
Apr 24, 2026
VTEX has called its 2026 annual general meeting of shareholders for May 26, 2026, in Grand Cayman, setting April 13, 2026 as the record date for holders of its Class A and Class B common shares. Shareholders will be asked to ratify the companyR...
VTEX Posts Record Q4 2025 Profit, Expands Enterprise and Global Commerce Footprint
Feb 26, 2026
VTEX reported fourth-quarter and full-year 2025 results on February 26, 2026, highlighting its evolution into a multi-product, AI-driven commerce platform and a deliberate push upmarket toward large enterprises. The company grew its cohort of cust...
VTEX Posts Higher 2025 Subscription Revenue and Narrows Accumulated Losses
Feb 26, 2026
For the twelve months ended December 31, 2025, VTEX reported total revenue of $240.5 million, up from $226.7 million a year earlier, driven by an increase in subscription revenue to $234.9 million while services revenue declined to $5.6 million. T...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.