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VTEX, together with its subsidiaries, provides software-as-a-service digital commerce platform for enterprise brands and retailers. It provides VTEX platform that enables customers to execute commerce strategy, including building online stores, and integrating and managing orders across channels, as well as creating marketplaces to sell products from third-party vendors. The company also offers customer support services; and optional services, such as project management, solutions architecting, and implementation consulting services. It serves its products to home appliances, apparel and accessories, beauty and health, electronics, grocery, department stores, and toys and hobbies, as well as home, furniture, and decoration markets. The company has operations in Brazil, Argentina, Chile, Colombia, France, Italy, Mexico, Peru, Portugal, Romania, Spain, the United Kingdom, the United States, and internationally. VTEX was founded in 2000 and is headquartered in Grand Cayman, Cayman Islands.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $241M | $21M | $20M | $32M | 8.6% | 6.1% | 26.5% |
| 2024 | $227M | $11M | $16M | $24M | 6.2% | 12.9% | - |
| 2023 | $201M | $-10M | $-16M | $5M | -6.6% | 27.4% | - |
| 2022 | $158M | $-51M | $-52M | $-30M | -19.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 157.62 | 200.83 | 226.66 | 240.52 |
| Cost Of Revenue | 52.83 | 60.99 | 59.70 | 54.18 |
| Gross Profit | 104.79 | 139.85 | 166.96 | 186.34 |
| Operating Expense | 154.71 | 153.89 | 159.57 | 168.23 |
| Operating Income | -49.92 | -14.04 | 7.39 | 18.11 |
| EBITDA | -51.09 | -10.08 | 10.62 | 21.37 |
| EBIT | -55.71 | -14.04 | 7.39 | 18.11 |
| Pretax Income | -56.44 | -12.46 | 13.27 | 22.48 |
| Tax Provision | -4.03 | 3.39 | -2.54 | 2.45 |
| Net Income | -52.42 | -15.85 | 15.82 | 20.01 |
| Net Income Common Stockholders | -52.42 | -15.85 | 15.82 | 20.01 |
| Total Expenses | 207.54 | 214.88 | 219.28 | 222.41 |
| Interest Expense | 0.73 | 0.58 | 0.37 | 0 |
| Interest Income | 2.25 | 23.76 | 14.17 | 3.66 |
| Research And Development | 57.20 | 60.21 | 55.41 | 63.89 |
| Selling General And Administration | 96.15 | 91.77 | 102.88 | 102.64 |
| Normalized EBITDA | -42.33 | -10.08 | 18.81 | 19.91 |
| Normalized Income | -44.28 | -15.85 | 21.22 | 18.71 |
| Basic EPS | -0.28 | -0.07 | 0.07 | 0 |
| Diluted EPS | -0.28 | -0.07 | 0.06 | 0 |
| Tax Effect Of Unusual Items | -0.62 | 0 | -2.78 | 0.16 |
| Tax Rate For Calcs | 0.07 | 0.29 | 0.34 | 0.11 |
| Total Unusual Items | -8.76 | -19.40 | -8.19 | 1.46 |
| Total Unusual Items Excluding Goodwill | -8.76 | -19.40 | -8.19 | 1.46 |
| Net Income From Continuing Operation Net Minority Interest | -52.42 | -15.85 | 15.82 | 20.01 |
| Reconciled Depreciation | 4.62 | 3.96 | 3.23 | 3.26 |
| Reconciled Cost Of Revenue | 52.83 | 60.99 | 59.70 | 54.18 |
| Net Interest Income | 1.13 | 22.41 | 14.17 | 3.66 |
| Net Income From Continuing And Discontinued Operation | -52.42 | -15.85 | 15.82 | 20.01 |
| Total Operating Income As Reported | -49.92 | -14.04 | 7.39 | 18.11 |
| Diluted Average Shares | 190.69 | 186.37 | 192.33 | 0 |
| Basic Average Shares | 190.69 | 186.37 | 185.04 | 0 |
| Diluted NI Availto Com Stockholders | -52.42 | -15.85 | 15.82 | 20.01 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Minority Interests | 0 | 0.01 | 0.01 | -0.02 |
| Net Income Including Noncontrolling Interests | -52.42 | -15.86 | 15.81 | 20.03 |
| Net Income Continuous Operations | -52.42 | -15.86 | 15.81 | 20.03 |
| Other Income Expense | -7.66 | 1.58 | -8.28 | 0.71 |
| Other Non Operating Income Expenses | 0 | 1.58 | -0.10 | -0.74 |
| Special Income Charges | -5.17 | -19.37 | -6.91 | 0 |
| Other Special Charges | 5.17 | 19.37 | 6.91 | 0 |
| Earnings From Equity Interest | 1.11 | 1.01 | 0 | 0 |
| Gain On Sale Of Security | -3.59 | -0.04 | -8.19 | 1.46 |
| Net Non Operating Interest Income Expense | 1.13 | 22.41 | 14.17 | 3.66 |
| Total Other Finance Cost | 0.39 | 0.77 | 0.09 | 0 |
| Interest Expense Non Operating | 0.73 | 0.58 | 0.37 | 0 |
| Interest Income Non Operating | 2.25 | 23.76 | 14.17 | 3.66 |
| Other Operating Expenses | 1.36 | 1.92 | 1.28 | 1.70 |
| Selling And Marketing Expense | 67.80 | 59.35 | 68.60 | 68.64 |
| General And Administrative Expense | 28.35 | 32.41 | 34.28 | 34 |
| Other Gand A | 28.35 | 32.41 | 34.28 | 34 |
| Excise Taxes | 14.31 | 19.93 | 22.63 | 23.20 |
| Operating Revenue | 171.93 | 220.76 | 249.29 | 263.72 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| VTEXthis co. | VTEX | $656M | 35.00 | 2.85 | 8.6% | 22.32 |
| Daily Journal Corporation | DJCO | $730M | 7.82 | 1.90 | 28.7% | 21.31 |
| NETGEAR, Inc. | NTGR | $708M | - | 1.45 | -3.6% | -25.07 |
| Sabre Corporation | SABR | $707M | 1.37 | -0.68 | -49.9% | 13.74 |
| Kopin Corporation | KOPN | $700M | 393.00 | 10.86 | 3.6% |
| -47.38 |
| i3 Verticals, Inc. | IIIV | $682M | 279.88 | 1.41 | 3.5% | 25.50 |
| Viant Technology Inc. | DSP | $678M | 29.47 | 2.27 | 2.9% | 7.33 |
| Mitek Systems, Inc. | MITK | $617M | 38.89 | 2.64 | 3.7% | 14.70 |
| WhiteFiber, Inc. | WYFI | $584M | - | 1.21 | -5.1% | -66.69 |
| Peer Median | - | 34.18 | 1.68 | 3.2% | 10.54 | |