VTEX (VTEX)
NYSE:VTEX
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VTEX
(NYSE:VTEX)
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Rating:69Neutral
Price Target:
$4.00
▼(-4.99% Downside)
Action:Downgraded
Date:05/09/26
Score is driven primarily by improved financial quality (profitability, cash generation, and low leverage). Offsetting that strength are weak technical signals and a relatively expensive valuation, while the earnings call was mixed: strong margin/FCF guidance but muted near-term growth and macro/sales-cycle headwinds.
Positive Factors
Conservative Balance Sheet
Very low leverage and sizable equity give VTEX durable financial flexibility to fund R&D, buybacks, and geographic expansion without debt stress. This conservatism supports resiliency through macro cycles and preserves optionality to invest in platform and sales capacity over 2–6 months and beyond.
Negative Factors
Decelerating Revenue Growth
Slower top-line expansion limits operating leverage upside and raises the bar for sustaining recent profitability improvements. If VTEX cannot re-accelerate subscription growth, margin gains may be required to produce returns, constraining long-term revenue-driven scale and delaying payback on sales investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Very low leverage and sizable equity give VTEX durable financial flexibility to fund R&D, buybacks, and geographic expansion without debt stress. This conservatism supports resiliency through macro cycles and preserves optionality to invest in platform and sales capacity over 2–6 months and beyond.
Read all positive factors
VTEX (VTEX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$596.70M
Dividend YieldN/A
Average Volume (3M)1.24M
Price to Earnings (P/E)42.1
Beta (1Y)0.84
Revenue Growth8.25%
EPS Growth-99.84%
CountryUS
Employees1,368
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.14
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 Cap1.05
Enterprise Value/Revenue2.53
Enterprise Value/Gross Profit3.23
Enterprise Value/Ebitda20.94
Forecast
1Y Price Target
$5.03Price Target Upside19.56% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)0.19
Revenue Forecast (FY)$269.29M
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:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Neutral
The call balanced strong operational and financial improvements—particularly margin expansion, doubling of operating income and free cash flow, and meaningful AI product launches—with clear near-term growth headwinds concentrated in Brazil, elongating sales cycles, and early-stage AI monetization. Management emphasized disciplined execution, profitability focus, and confidence in long-term structural opportunities (AI, B2B, global expansion and ads), while lowering near-term revenue guidance to reflect current macro and market conditions.Positive Updates
GMV and Subscription Revenue Growth
Gross Merchandise Volume (GMV) reached $5.1 billion, up 17% in U.S. dollars and 7% FX-neutral. Subscription revenue was $60.0 million versus $52.6 million in Q1 2025, an increase of 14% in U.S. dollars and 4% FX-neutral.
Negative Updates
Near-Term Growth Moderation and Guidance Reduction
Company lowered near-term growth outlook: Q2 subscription revenue growth guided to low- to mid-single-digit FX-neutral and full-year subscription revenue to mid-single-digit FX-neutral, reflecting weaker top-line momentum versus prior ambitions.
Read all updates
Q1-2026 Updates
Positive
Negative
GMV and Subscription Revenue Growth
Gross Merchandise Volume (GMV) reached $5.1 billion, up 17% in U.S. dollars and 7% FX-neutral. Subscription revenue was $60.0 million versus $52.6 million in Q1 2025, an increase of 14% in U.S. dollars and 4% FX-neutral.
Read all positive updates
Company Guidance
Vtex guided Q2 2026 subscription revenue to grow low‑ to mid‑single‑digit percent on an FX‑neutral basis, gross profit to grow mid‑single‑digit FX‑neutral, non‑GAAP income from operations margin to be in the high‑teens to low‑20s, and free cash flow margin to be in the high‑teens to low‑20s; for full‑year 2026 it now expects subscription revenue to grow mid‑single‑digits FX‑neutral, gross profit to grow high‑single‑digits FX‑neutral, and both non‑GAAP operating margin and free cash flow margin to be in the low‑20s. These targets follow Q1 results of GMV $5.1B (+17% USD, +7% FX‑neutral), subscription revenue $60M (+14% USD, +4% FX‑neutral), non‑GAAP subscription gross margin 81.5% (+240 bps YoY), total gross margin 80% (+400 bps YoY), non‑GAAP income from operations $10.6M (17.4% margin, doubled YoY), non‑GAAP net income $8.1M (+51% YoY), and free cash flow $13.3M (21.9% margin, doubled YoY); management noted that, assuming April FX, the FX‑neutral guidance would add ~10.3 percentage points to Q2 reported USD subscription growth and ~8.6 points to the full year.VTEX Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 247.05M | 240.52M | 226.71M | 201.52M | 157.62M | 125.77M |
| Gross Profit | 193.21M | 186.34M | 167.29M | 140.57M | 104.79M | 76.18M |
| EBITDA | 29.82M | 25.75M | 14.40M | -4.99M | -51.09M | -65.12M |
| Net Income | 23.21M | 20.01M | 12.00M | -13.69M | -52.42M | -60.51M |
Balance Sheet | ||||||
| Total Assets | 340.32M | 346.63M | 366.78M | 341.14M | 357.67M | 414.97M |
| Cash, Cash Equivalents and Short-Term Investments | 193.71M | 192.10M | 214.81M | 209.41M | 238.56M | 298.20M |
| Total Debt | 2.46M | 2.88M | 3.31M | 4.10M | 6.79M | 9.27M |
| Total Liabilities | 107.29M | 113.07M | 110.98M | 100.81M | 83.00M | 87.78M |
| Stockholders Equity | 232.96M | 233.50M | 255.75M | 240.29M | 274.66M | 327.18M |
Cash Flow | ||||||
| Free Cash Flow | 38.97M | 32.33M | 25.19M | 3.79M | -29.56M | -54.74M |
| Operating Cash Flow | 40.03M | 33.37M | 27.26M | 4.26M | -29.22M | -52.99M |
| Investing Cash Flow | 11.05M | 24.80M | -20.01M | 38.42M | -43.38M | -166.78M |
| Financing Cash Flow | -55.92M | -61.59M | -14.03M | -38.43M | -19.58M | 283.68M |
VTEX Technical Analysis
Negative
4.21
Price Trends
3.90
Negative
3.64
Negative
3.94
Negative
Market Momentum
-0.12
Positive
41.03
Neutral
17.28
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VTEX, the sentiment is Negative. The current price of 4.21 is above the 20-day moving average (MA) of 3.77, above the 50-day MA of 3.90, and above the 200-day MA of 3.94, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 41.03 is Neutral, neither overbought nor oversold. The STOCH value of 17.28 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $697.40M | 27.98 | 13.98% | ― | 18.07% | 60.39% | |
69 Neutral | $596.70M | 42.06 | 9.69% | ― | 8.25% | -99.84% | |
69 Neutral | $703.64M | -32.63 | -5.93% | ― | 5.10% | 48.36% | |
68 Neutral | $391.85M | -13.43 | -19.29% | ― | 12.27% | 37.41% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $414.77M | 1.90 | -108.85% | ― | -11.42% | -20.07% | |
46 Neutral | $166.14M | -7.75 | 31.73% | ― | 0.57% | 31.68% |
* Technology Sector Average
VTEX
VTEX
3.61
-2.53
-41.21%
RDVT
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49.56
-0.25
-0.50%
DOMO
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3.58
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SPT
Sprout Social
6.80
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BMBL
Bumble
3.12
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RSKD
Riskified
4.89
-0.01
-0.20%
VTEX Corporate Events
VTEX Doubles Q1 2026 Operating Profit as AI-Native Commerce Strategy Gains Traction
May 7, 2026
On May 7, 2026, VTEX reported first-quarter 2026 results showing solid top-line growth and sharply higher profitability, with subscription revenue up 14.0% year over year to $60.0 million and gross merchandise value rising 17.1% to $5.1 billion. N...
VTEX Swings to Profit as Subscription Revenue Grows in Q1 2026
May 7, 2026
For the quarter ended March 31, 2026, VTEX reported total revenue of $60.7 million, up from $54.2 million a year earlier, driven by an increase in subscription revenue to $60.0 million while services revenue declined. Gross profit rose to $48.5 mi...
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.