VTEX
Valuation Ratios
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Price to Earnings | 90.62 | -94.25 | -13.64 | -32.19 |
| Price to Sales | 4.81 | 6.36 | 4.54 | 15.47 |
| Book Value Per Common Share | 1.38 | 1.31 | 1.45 | 1.71 |
| Price to Book | 4.26 | 5.27 | 2.58 | 6.26 |
| Price to Operating Cash Flow | 39.99 | 300.44 | -24.48 | -36.72 |
| Price to Free Cash Flow | 43.28 | 338.92 | -24.19 | -35.56 |
| Enterprise Value to EBITDA | 756083.32 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Price to Earnings | 125.14 | 412.50 | 1014.00 | 173.24 | 413.33 |
| Price to Sales | 13.21 | 20.41 | 17.12 | 17.78 | 24.62 |
| Book Value Per Common Share | 1.36 | 1.38 | 1.35 | 1.38 | 1.41 |
| Price to Book | 3.22 | 4.80 | 3.76 | 4.26 | 5.27 |
| Price to Operating Cash Flow | 96.48 | 165.41 | 138.52 | 85.74 | 179.71 |
| Price to Free Cash Flow | 104.78 | 168.80 | 139.67 | 88.44 | 190.28 |
| Enterprise Value to EBITDA | 1549667.45 | 3213638.22 | 17572732.50 | 1208675.50 | 4524019.06 |
Earnings Data
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Earning YoY | ||||
| Revenue YoY | 12.50 | 27.85 | 25.32 | |
| EBITDA YoY | ||||
| Net Profit YoY |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Earning YoY | 118.75 | 220.00 | -85.29 | 88.89 | |
| Revenue YoY | 1.39 | 8.54 | -11.96 | 9.88 | |
| EBITDA YoY | 34.39 | 610.46 | -94.16 | 195.18 | |
| Net Profit YoY | 112.12 | 248.95 | -86.30 | 85.99 |
Financial Strength
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Cash Per Common Share | 1.16 | 1.12 | 1.25 | 1.64 |
| Quick Ratio | 3.43 | 3.37 | 4.52 | 5.77 |
| Current Ratio | 3.51 | 3.45 | 4.63 | 5.94 |
| Debt to Equity | 0.43 | 0.42 | 0.30 | 0.27 |
| Long-Term Debt to Equity | 0.12 | 0.10 | 0.08 | 0.09 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Cash Per Common Share | 1.13 | 1.16 | 1.12 | 1.16 | 1.17 |
| Quick Ratio | 2.99 | 3.21 | 3.30 | 3.43 | 3.53 |
| Current Ratio | 3.10 | 3.31 | 3.39 | 3.51 | 3.60 |
| Debt to Equity | 0.46 | 0.46 | 0.45 | 0.43 | 0.42 |
| Long-Term Debt to Equity | 0.10 | 0.12 | 0.12 | 0.12 | 0.12 |
Profitability
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| ROA | 3.27 | -4.01 | -14.66 | -14.58 |
| ROE | 4.69 | -5.70 | -19.08 | -18.49 |
| Gross Margin | 73.79 | 69.75 | 66.48 | 60.57 |
| Operating Margin | 4.43 | -4.97 | -35.35 | -55.02 |
| EBITDA Margin | 6.35 | -2.48 | -32.42 | -51.78 |
| Net Profit Margin | 5.29 | -6.79 | -33.26 | -48.11 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| ROA | 1.79 | 0.82 | 0.24 | 1.71 | 0.90 |
| ROE | 2.62 | 1.20 | 0.35 | 2.45 | 1.28 |
| Gross Margin | 77.31 | 77.01 | 75.66 | 74.87 | 74.39 |
| Operating Margin | 6.99 | 4.95 | -0.36 | 12.96 | 4.17 |
| EBITDA Margin | 8.43 | 6.36 | 0.97 | 14.64 | 5.45 |
| Net Profit Margin | 10.65 | 5.09 | 1.58 | 10.18 | 6.02 |
Dividends
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Dividend Yield | ||||
| Dividend Payout Ratio |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Dividend Yield | |||||
| Dividend Payout Ratio |
Financial Statements
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Assets | 366,778.00 | 341,145.00 | 357,673.00 | 414,970.00 |
| Current Assets | 284,590.00 | 266,253.00 | 287,157.00 | 349,516.00 |
| Cash and Short-Term Investments | 214,808.00 | 209,409.00 | 238,558.00 | 298,197.00 |
| Cash and Cash Equivalents | 18,673.00 | 28,035.00 | 24,394.00 | 121,006.00 |
| Short-Term Investments | 196,135.00 | 181,374.00 | 214,164.00 | 177,191.00 |
| Net Receivables | 62,846.00 | 50,621.00 | 41,966.00 | 41,563.00 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Current Assets | 6,936.00 | 6,223.00 | 6,633.00 | 9,756.00 |
| Non-Current Assets | 82,188.00 | 74,892.00 | 70,516.00 | 65,454.00 |
| Property, Plant, Equipment Net | 5,782.00 | 5,974.00 | 8,727.00 | 9,894.00 |
| Goodwill | 22,168.00 | 21,832.00 | 20,965.00 | 21,598.00 |
| Intangible Assets | 6,822.00 | 8,192.00 | 10,245.00 | 12,046.00 |
| Long-Term Investments | 9,649.00 | 3,118.00 | 1,152.00 | 621.00 |
| Non-Current Deferred Assets | 23,900.00 | 22,850.00 | 19,500.00 | 13,818.00 |
| Other Non-Current Assets | 13,867.00 | 12,926.00 | 9,927.00 | 7,477.00 |
| Liabilities | 110,977.00 | 100,813.00 | 82,996.00 | 87,781.00 |
| Current Liabilities | 80,970.00 | 77,244.00 | 62,016.00 | 58,888.00 |
| Payables and Expenses | 44,843.00 | 47,947.00 | 38,563.00 | 38,832.00 |
| Account Payables | 36,951.00 | 39,728.00 | 34,136.00 | 29,537.00 |
| Current Accrued Liabilities | 0 | 0 | 0 | 0 |
| Short-Term Debt | 1,617.00 | 1,863.00 | 3,051.00 | 3,192.00 |
| Other Current Liabilities | 34,510.00 | 27,434.00 | 20,402.00 | 16,864.00 |
| Non-Current Liabilities | 30,007.00 | 23,569.00 | 20,980.00 | 28,893.00 |
| Long-Term Debt | 1,695.00 | 2,233.00 | 3,737.00 | 6,078.00 |
| Other Non-Current Liabilities | 28,312.00 | 21,336.00 | 17,243.00 | 22,815.00 |
| Equity | 255,801.00 | 240,332.00 | 274,677.00 | 327,189.00 |
| Shareholders Equity | 255,745.00 | 240,293.00 | 274,658.00 | 327,182.00 |
| Capital Stock | 18.00 | 18.00 | 19.00 | 19.00 |
| Share Premium | 0 | 0 | 0 | 0 |
| Retained Earnings | -118,062.00 | -130,060.00 | -116,373.00 | -63,955.00 |
| Treasury Shares | 0 | 0 | 0 | 0 |
| Accumulated Other Comprehensive Income | 373,789.00 | 370,335.00 | 391,012.00 | 391,118.00 |
| Minority Interest | 56.00 | 39.00 | 19.00 | 7.00 |
| Debt | 3,312.00 | 4,096.00 | 6,788.00 | 9,270.00 |
| Common Shares Outstanding | 184,813.97 | 184,027.01 | 188,911.51 | 191,028.64 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Revenues | 226,709.00 | 201,517.00 | 157,620.00 | 125,773.00 |
| Cost Of Revenue | 59,418.00 | 60,949.00 | 52,832.00 | 49,592.00 |
| Interest Income | 14,168.00 | 23,757.00 | 2,252.00 | 264.00 |
| Interest Expense | 371.00 | 578.00 | 733.00 | 790.00 |
| Non-Interest Expense | 102,293.00 | 93,134.00 | 96,146.00 | 95,410.00 |
| Gross Profit | 167,291.00 | 140,568.00 | 104,788.00 | 76,181.00 |
| Operating Expenses | 157,188.00 | 155,170.00 | 154,707.00 | 142,110.00 |
| Selling, General and Administrative Expenses | 102,293.00 | 93,134.00 | 96,146.00 | 95,410.00 |
| Research and Development Expenses | 53,620.00 | 60,116.00 | 57,205.00 | 45,186.00 |
| Other Operating Expenses | 1,275.00 | 1,920.00 | 1,356.00 | 1,514.00 |
| Operating Income | 10,103.00 | -14,602.00 | -49,919.00 | -65,929.00 |
| EBT | 9,663.00 | -10,587.00 | -56,444.00 | -69,986.00 |
| Income Tax | -2,332.00 | 3,107.00 | -4,025.00 | -9,472.00 |
| Net Income Including Non-Controlling Interests | 11,995.00 | -13,694.00 | -52,419.00 | -60,514.00 |
| Net Income Non-Controlling Interests | 3.00 | 7.00 | 1.00 | 3.00 |
| Net Income | 11,998.00 | -13,687.00 | -52,418.00 | -60,511.00 |
| EBIT | 10,034.00 | -10,009.00 | -55,711.00 | -69,196.00 |
| Deprecation and Amortization | 4,363.00 | 5,018.00 | 4,616.00 | 4,072.00 |
| EBITDA | 14,397.00 | -4,991.00 | -51,095.00 | -65,124.00 |
| EPS | 0.00 | -0.00 | -0.00 | -0.00 |
| Diluted EPS | 0.00 | -0.00 | -0.00 | -0.00 |
| Average Shares Outstanding Basic | 185,044.00 | 186,365.00 | 190,695.00 | 181,554.00 |
| Average Shares Outstanding Diluted | 185,044.00 | 186,365.00 | 190,695.00 | 181,554.00 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Operating Cash Flow | 27,256.00 | 4,259.00 | -29,222.00 | -52,991.00 |
| Operating Net Income | 11,995.00 | -13,694.00 | -52,419.00 | -60,514.00 |
| Deprecation and Amortization | 4,363.00 | 5,018.00 | 4,616.00 | 4,072.00 |
| Deferred Income Tax | -2,327.00 | 1,251.00 | -6,027.00 | -3,507.00 |
| Share Based Compensation | 15,552.00 | 16,360.00 | 12,202.00 | 9,217.00 |
| Change in Working Capital | -1,676.00 | 326.00 | 4,750.00 | 489.00 |
| Other Operating Activities | -651.00 | -5,002.00 | 7,656.00 | -2,748.00 |
| Investing Cash Flow | -20,014.00 | 38,425.00 | -43,379.00 | -166,781.00 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of PPE | -2,069.00 | -472.00 | -340.00 | -1,383.00 |
| Net Purchase/Sale of Investments Net | -16,743.00 | 35,653.00 | -42,604.00 | -159,906.00 |
| Net Purchase/Sale of Business | -1,893.00 | 0 | -1,692.00 | -5,712.00 |
| Other Investing Activities | 691.00 | 3,244.00 | 1,257.00 | 220.00 |
| Financing Cash Flow | -14,034.00 | -38,430.00 | -19,580.00 | 283,683.00 |
| Net Issuance/Repayment of Debt | -1,686.00 | -2,812.00 | -3,914.00 | -11,799.00 |
| Net Issuance/Repurchase of Equity | -11,202.00 | -35,243.00 | -12,798.00 | 294,895.00 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Other Financing Activities | -1,146.00 | -375.00 | -2,868.00 | 587.00 |
| Net Change in Cash | -6,792.00 | 4,254.00 | -92,181.00 | 63,911.00 |
| Cash at Beginning of Period | 28,035.00 | 24,394.00 | 121,006.00 | 58,557.00 |
| Cash at End of Period | 18,673.00 | 28,035.00 | 24,394.00 | 121,006.00 |
| Free Cash Flow | 25,187.00 | 3,787.00 | -29,562.00 | -54,742.00 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Assets | 354,392.00 | 365,573.00 | 355,705.00 | 366,778.00 | 373,159.00 |
| Current Assets | 272,029.00 | 283,836.00 | 275,491.00 | 284,590.00 | 282,643.00 |
| Cash and Short-Term Investments | 202,535.00 | 210,787.00 | 205,280.00 | 214,808.00 | 217,039.00 |
| Cash and Cash Equivalents | 20,395.00 | 21,341.00 | 21,085.00 | 18,673.00 | 22,525.00 |
| Short-Term Investments | 182,140.00 | 189,446.00 | 184,195.00 | 196,135.00 | 194,514.00 |
| Net Receivables | 60,046.00 | 64,677.00 | 62,267.00 | 62,846.00 | 59,718.00 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 9,448.00 | 8,372.00 | 7,944.00 | 6,936.00 | 5,886.00 |
| Non-Current Assets | 82,363.00 | 81,737.00 | 80,214.00 | 82,188.00 | 90,516.00 |
| Property, Plant, Equipment Net | 6,676.00 | 6,689.00 | 6,065.00 | 5,782.00 | 5,402.00 |
| Goodwill | 26,811.00 | 26,530.00 | 25,704.00 | 22,168.00 | 23,707.00 |
| Intangible Assets | 8,691.00 | 9,160.00 | 9,397.00 | 6,822.00 | 7,602.00 |
| Long-Term Investments | 9,649.00 | 9,649.00 | 9,649.00 | 9,649.00 | 9,649.00 |
| Non-Current Deferred Assets | 18,279.00 | 18,541.00 | 18,935.00 | 23,900.00 | 25,593.00 |
| Other Non-Current Assets | 12,257.00 | 11,168.00 | 10,464.00 | 13,867.00 | 18,563.00 |
| Liabilities | 112,434.00 | 115,310.00 | 109,817.00 | 110,977.00 | 110,946.00 |
| Current Liabilities | 87,844.00 | 85,797.00 | 81,176.00 | 80,970.00 | 78,496.00 |
| Payables and Expenses | 45,158.00 | 44,328.00 | 39,747.00 | 44,843.00 | 44,064.00 |
| Account Payables | 39,571.00 | 37,743.00 | 31,541.00 | 36,951.00 | 37,759.00 |
| Current Accrued Liabilities | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 1,861.00 | 1,989.00 | 1,747.00 | 1,617.00 | 1,534.00 |
| Other Current Liabilities | 40,825.00 | 39,480.00 | 39,682.00 | 34,510.00 | 32,898.00 |
| Non-Current Liabilities | 24,590.00 | 29,513.00 | 28,641.00 | 30,007.00 | 32,450.00 |
| Long-Term Debt | 1,569.00 | 1,853.00 | 1,450.00 | 1,695.00 | 1,284.00 |
| Other Non-Current Liabilities | 23,021.00 | 27,660.00 | 27,191.00 | 28,312.00 | 31,166.00 |
| Equity | 241,958.00 | 250,263.00 | 245,888.00 | 255,801.00 | 262,213.00 |
| Shareholders Equity | 241,908.00 | 250,224.00 | 245,844.00 | 255,745.00 | 262,168.00 |
| Capital Stock | 18.00 | 18.00 | 18.00 | 18.00 | 19.00 |
| Share Premium | 339,843.00 | 354,803.00 | 355,508.00 | 0 | 0 |
| Retained Earnings | -99,611.00 | -105,962.00 | -108,956.00 | -118,062.00 | -124,326.00 |
| Treasury Shares | 0 | 0 | 0 | 0 | 0 |
| Accumulated Other Comprehensive Income | 1,658.00 | 1,365.00 | -726.00 | 373,789.00 | 386,475.00 |
| Minority Interest | 50.00 | 39.00 | 44.00 | 56.00 | 45.00 |
| Debt | 3,430.00 | 3,842.00 | 3,197.00 | 3,312.00 | 2,818.00 |
| Common Shares Outstanding | 177,685.60 | 181,963.23 | 182,316.75 | 184,813.97 | 185,524.14 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Revenues | 59,608.00 | 58,790.00 | 54,165.00 | 61,524.00 | 55,990.00 |
| Cost Of Revenue | 13,528.00 | 13,513.00 | 13,183.00 | 15,458.00 | 14,341.00 |
| Interest Income | 970.00 | 1,079.00 | 0 | 1,563.00 | 2,094.00 |
| Interest Expense | 0 | 0 | 0 | 85.00 | 84.00 |
| Non-Interest Expense | 24,839.00 | 26,466.00 | 25,882.00 | 25,098.00 | 24,925.00 |
| Gross Profit | 46,080.00 | 45,277.00 | 40,982.00 | 46,066.00 | 41,649.00 |
| Operating Expenses | 41,911.00 | 42,364.00 | 41,179.00 | 38,940.00 | 39,317.00 |
| Selling, General and Administrative Expenses | 24,839.00 | 26,466.00 | 25,882.00 | 25,098.00 | 24,925.00 |
| Research and Development Expenses | 16,725.00 | 15,416.00 | 14,868.00 | 13,290.00 | 13,723.00 |
| Other Operating Expenses | 347.00 | 482.00 | 429.00 | 552.00 | 669.00 |
| Operating Income | 4,169.00 | 2,913.00 | -197.00 | 7,126.00 | 2,332.00 |
| Net Non-Operating Income | -104.00 | -216.00 | 1,637.00 | 0 | -327.00 |
| EBT | 6,376.00 | 3,801.00 | 1,440.00 | 7,887.00 | 2,236.00 |
| Income Tax | 14.00 | 815.00 | 579.00 | 1,611.00 | -1,129.00 |
| Net Income Including Non-Controlling Interests | 6,362.00 | 2,986.00 | 861.00 | 6,276.00 | 3,365.00 |
| Net Income Non-Controlling Interests | -11.00 | 8.00 | -3.00 | -12.00 | 3.00 |
| Net Income | 6,351.00 | 2,994.00 | 858.00 | 6,264.00 | 3,368.00 |
| EBIT | 4,169.00 | 2,913.00 | -197.00 | 7,972.00 | 2,332.00 |
| Deprecation and Amortization | 853.00 | 824.00 | 723.00 | 1,034.00 | 719.00 |
| EBITDA | 5,022.00 | 3,737.00 | 526.00 | 9,006.00 | 3,051.00 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Average Shares Outstanding Basic | 179,793.00 | 181,804.00 | 182,949.00 | 185,774.00 | 185,268.00 |
| Average Shares Outstanding Diluted | 184,492.00 | 187,396.00 | 188,541.00 | 192,259.00 | 192,339.00 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Operating Cash Flow | 8,165.00 | 7,250.00 | 6,702.00 | 12,759.00 | 7,675.00 |
| Operating Net Income | 6,362.00 | 2,986.00 | 861.00 | 6,276.00 | 3,365.00 |
| Deprecation and Amortization | 853.00 | 824.00 | 723.00 | 1,034.00 | 719.00 |
| Deferred Income Tax | 146.00 | 945.00 | 379.00 | 179.00 | -1,031.00 |
| Share Based Compensation | 4,312.00 | 4,558.00 | 4,191.00 | 4,441.00 | 4,067.00 |
| Change in Working Capital | -1,869.00 | -199.00 | 1,795.00 | 2,050.00 | -55.00 |
| Other Operating Activities | -1,639.00 | -1,864.00 | -1,247.00 | -1,221.00 | 610.00 |
| Investing Cash Flow | 10,407.00 | -3,044.00 | 11,120.00 | -2,037.00 | -9,188.00 |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of PPE | -652.00 | -133.00 | -67.00 | -378.00 | -432.00 |
| Net Purchase/Sale of Investments Net | 11,074.00 | -2,911.00 | 14,865.00 | -1,760.00 | -5,836.00 |
| Net Purchase/Sale of Business | -15.00 | 0 | -3,678.00 | 1.00 | -2,920.00 |
| Other Investing Activities | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 |
| Financing Cash Flow | -19,372.00 | -4,573.00 | -15,753.00 | -13,349.00 | 1,160.00 |
| Net Issuance/Repayment of Debt | 0 | 0 | -47.00 | -366.00 | -71.00 |
| Net Issuance/Repurchase of Equity | -18,900.00 | -3,857.00 | -15,054.00 | -11,202.00 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | 0 | 0 | 0 | -1,781.00 | 1,231.00 |
| Net Change in Cash | -800.00 | -367.00 | 2,069.00 | -2,627.00 | -353.00 |
| Cash at Beginning of Period | 21,341.00 | 21,085.00 | 18,673.00 | 22,525.00 | 22,910.00 |
| Cash at End of Period | 20,395.00 | 21,341.00 | 21,085.00 | 18,673.00 | 22,525.00 |
| Free Cash Flow | 7,513.00 | 7,117.00 | 6,635.00 | 12,381.00 | 7,243.00 |