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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% | -199.8% |
| 2023 | $201M | $-10M | $-16M | $5M | -6.6% | 27.4% | -69.8% |
| 2022 | $158M | $-51M | $-52M | $-30M | -19.1% | - | - |
| 2021 | - | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 157.62 | 200.83 | 226.66 | 240.52 |
| Operating Revenue | - | 171.93 | 220.76 | 249.29 | 263.72 |
| 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 |
| Research And Development | - | 57.20 | 60.21 | 55.41 | 63.89 |
| Selling General And Administration | - | 96.15 | 91.76 | 102.88 | 102.64 |
| Total Expenses | - | 207.54 | 214.88 | 219.28 | 222.41 |
| Operating Income | - | -49.92 | -14.04 | 7.39 | 18.11 |
| Total Operating Income As Reported | - | -49.92 | -14.04 | 7.39 | 18.11 |
| EBITDA | - | -51.10 | -10.08 | 10.62 | 21.37 |
| Normalized EBITDA | - | -42.33 | -10.08 | 18.81 | 19.91 |
| EBIT | - | -55.71 | -14.04 | 7.39 | 18.11 |
| Interest Income | - | 2.25 | 23.76 | 14.17 | 3.66 |
| Interest Expense | 0.79 | 0.73 | 0.58 | 0.37 | - |
| Net Interest Income | - | 1.13 | 22.41 | 14.17 | 3.66 |
| Other Non Operating Income Expenses | - | - | 1.58 | -0.10 | -0.74 |
| Other Income Expense | - | -7.66 | 1.58 | -8.28 | 0.71 |
| Interest Income Non Operating | - | 2.25 | 23.76 | 14.17 | 3.66 |
| Interest Expense Non Operating | 0.79 | 0.73 | 0.58 | 0.37 | - |
| Net Non Operating Interest Income Expense | - | 1.13 | 22.41 | 14.17 | 3.66 |
| Pretax Income | - | -56.44 | -12.46 | 13.27 | 22.48 |
| Tax Provision | - | -4.03 | 3.39 | -2.54 | 2.45 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.62 | 0 | -2.78 | 0.16 |
| Net Income Continuous Operations | - | -52.42 | -15.86 | 15.81 | 20.03 |
| Net Income From Continuing And Discontinued Operation | - | -52.42 | -15.85 | 15.82 | 20.01 |
| Net Income From Continuing Operation Net Minority Interest | - | -52.42 | -15.85 | 15.82 | 20.01 |
| Net Income | - | -52.42 | -15.85 | 15.82 | 20.01 |
| Net Income Common Stockholders | - | -52.42 | -15.85 | 15.82 | 20.01 |
| Net Income Including Noncontrolling Interests | - | -52.42 | -15.86 | 15.81 | 20.03 |
| Normalized Income | - | -44.28 | -15.85 | 21.22 | 18.71 |
| Diluted NI Availto Com Stockholders | - | -52.42 | -15.85 | 15.82 | 20.01 |
| Basic Average Shares | - | 190.70 | 186.36 | 185.04 | 179.62 |
| Diluted Average Shares | - | 190.70 | 186.36 | 192.33 | 185.11 |
| Reconciled Depreciation | - | 4.62 | 3.96 | 3.23 | 3.26 |
| Reconciled Cost Of Revenue | - | 52.83 | 60.99 | 59.70 | 54.18 |
| Total Unusual Items | - | -8.76 | -19.40 | -8.19 | 1.46 |
| Total Unusual Items Excluding Goodwill | - | -8.76 | -19.40 | -8.19 | 1.46 |
| Minority Interests | - | 0 | 0.01 | 0.01 | -0.02 |
| Special Income Charges | -2.27 | -5.18 | -19.37 | -6.91 | - |
| Other Special Charges | 2.27 | 5.18 | 19.37 | 6.91 | - |
| Gain On Sale Of Security | - | -3.59 | -0.04 | -8.19 | 1.46 |
| General And Administrative Expense | - | 28.35 | 32.41 | 34.28 | 34 |
| Other Gand A | - | 28.35 | 32.41 | 34.28 | 34 |
| Total Other Finance Cost | 1.10 | 0.39 | 0.77 | 0.09 | - |
| Other Operating Expenses | - | 1.36 | 1.92 | 1.28 | 1.70 |
| Selling And Marketing Expense | - | 67.80 | 59.35 | 68.60 | 68.64 |
| Otherunder Preferred Stock Dividend | 0 | - | - | - | - |
| Earnings From Equity Interest | 0.59 | 1.11 | 1.01 | 0 | - |
| Excise Taxes | - | 14.31 | 19.93 | 22.63 | 23.20 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| VTEXthis co. | VTEX | $636M | 31.78 | 2.72 | 8.6% | 29.15 |
| Frequency Electronics, Inc. | FEIM | $713M | 30.09 | 12.81 | 42.6% | 50.11 |
| NETGEAR, Inc. | NTGR | $691M | -38.55 | 1.39 | -3.6% | -29.25 |
| Consensus Cloud Solutions, Inc. | CCSI | $632M | 7.48 | 45.90 | 613.7% | 6.70 |
| Clearfield, Inc. | CLFD | $605M | -75.10 | 2.36 |
| - |
| - |
| - |
| -3.1% |
| 40.02 |
| Mesa Laboratories, Inc. | MLAB | $603M | -305.44 | 3.77 | -1.2% | 17.88 |
| PAR Technology Corporation | PAR | $598M | -7.09 | 0.73 | -10.2% | -34.55 |
| Grid Dynamics Holdings, Inc. | GDYN | $583M | 60.29 | 1.08 | 1.8% | 11.11 |
| PowerFleet, Inc. | AIOT | $567M | - | 14.73 | -11.4% | 37.91 |
| Peer Median | - | -7.09 | 3.07 | -2.2% | 14.49 | |