VTEX (VTEX) valuation at a glance
- Price
- $3.67
- Forward P/E
- 13.3×
- Market cap
- $320M
- P/S (TTM)
- 1.3×
CompaniesVTEX
VTEX
VTEX
TechnologyLatAm SaaSecommerce platformnet cashcontrolled company
Overview
$3.670%
Market Cap
$320M
SEC filings
P/E (TTM)
10.6×
SEC filings
Rev Growth YoY
–
SEC filings
Gross Margin
79.3%
SEC filings
FCF Yield
13.8%
Calculated from SEC filings
Fair Value
Not established
Yahoo chart endpoint 2026-09-17 (close 2026-09-16 US
Conviction
3/5Net-cash Brazilian commerce SaaS at roughly 1.6x EV/sales, but FX-neutral growth has gone flat and FY2026 guidance was cut.
Research Depth
ScreeningDeep ResearchFull Model
Updated 24d ago
Quality Snowflake
Overall 60/100
Value4/4
Future0/1
Past4/4
Health4/4
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
VTEX is a Cayman-domiciled, Brazil-operated enterprise commerce software company selling a B2C and B2B storefront, order management, marketplace and retail-media stack to roughly 2,200 enterprise brands and retailers, with revenue almost entirely subscription-based and about 77% of it earned outside the US dollar. It screens as deep value on filed figures: trailing twelve-month revenue to 2026-06-30 of US$252.7M, gross margin near 79%, US$186.0M of cash and marketable securities against zero borrowings, and a share count reduced roughly 9% year over year, against a market capitalisation near US$607M at the 2026-09-16 close of US$3.67. The strongest counter-evidence is that the growth is optical. Q2 2026 revenue rose 9.5% in US dollars but fell 0.4% on an FX-neutral basis, and the same 2026-08-06 6-K cut FY2026 FX-neutral subscription guidance from mid-single digit to low-single digit, citing weaker Brazilian consumption in June and July. Verification also found the US$50.0M buyback authorised 2026-02-24 was already 65.8% spent by 2026-06-30, and that both co-CEOs sold 120,000 shares outside any 10b5-1 plan on 2026-08-17 and 2026-08-18, eleven days after the guidance cut. Confirmation would be FX-neutral subscription growth re-accelerating above the low-single-digit guide while non-GAAP operating and free cash flow margins hold in the low twenties.
Bull Case
Balance sheetAt 2026-06-30 the balance sheet carried US$15.5M cash plus US$170.5M marketable securities and reported no borrowings, so net cash of about US$186.0M covered close to a third of the market capitalisation.
Cash generationH1 2026 operating cash flow was US$26.3M against roughly US$0.3M of property and equipment capex, and the company guided Q3 2026 non-GAAP operating margin and free cash flow margin to the low twenties percent.
Capital returnsIssued shares fell from 181,963,227 at 2025-06-30 to 165,432,316 at 2026-06-30, a 9.1% reduction, with US$32.9M of repurchases in H1 2026 including 6.2M Class A shares at an average US$3.76 in Q2 2026.
Bear Case
GrowthQ2 2026 total revenue was -0.4% on an FX-neutral basis after +2.4% in Q1 2026, so the reported 9.5% US dollar growth is a currency effect rather than underlying expansion.
GuidanceThe 2026-08-06 6-K reduced FY2026 FX-neutral subscription growth guidance from mid-single digit to low-single digit and gross profit growth from high-single to mid-single digit, citing weaker Brazilian consumption in June and July.
Insider sellingForm 4 filings show continuous officer and director disposals from 2026-08-03 through 2026-09-16, including two blocks of 76,797 and 43,203 shares on 2026-08-17 and 2026-08-18 carrying no 10b5-1 footnote.
Key Metrics
Market Cap
$320M
SEC filings
Enterprise Value
$312M
Calculated from SEC filings
Revenue (TTM)
$253M
SEC filings
P/E (TTM)
10.6×
SEC filings
Forward P/E
13.3×
Yahoo chart endpoint 2026-09-17 (close 2026-09-16 US
P/S (TTM)
1.3×
SEC filings
P/B
2.7×
SEC filings
EV/EBITDA
9.1×
Calculated from SEC filings
PEG
–
Calculated from SEC filings
Revenue Growth
–
SEC filings
Gross Margin
79.3%
SEC filings
Operating Margin
12.2%
SEC filings
Net Margin
12.0%
SEC filings
Free Cash Flow
$44M
SEC filings
FCF Yield
13.8%
Calculated from SEC filings
Debt / Equity
0.0×
SEC filings
Current Ratio
2.9×
SEC filings
Short Interest
4.3%
SEC filings
Institutional Own.
36.3%
SEC filings
Insider Own.
47.4%
SEC filings
Shares Out.
87.3M
SEC filings
Float
39.6M
SEC filings
Valuation
Price vs Fair Value
Now $3.67
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|
Financials
Income statement pending
Awaiting source-linked statement data.
Balance sheet pending
Awaiting source-linked statement data.
Cash flow pending
Awaiting source-linked statement data.
VTEX reports in US dollars under US GAAP on a calendar fiscal year ending 31 December, and files as a foreign private issuer, so annual results come on Form 20-F (FY2025 filed 2026-02-26) and quarterly results on Form 6-K (Q2 2026 filed 2026-08-06) rather than 10-K and 10-Q. Roughly 77% of revenue is denominated in currencies other than the US dollar, chiefly the Brazilian real, so reported US dollar growth and FX-neutral growth diverge materially. The equity is dual class: Class A common shares trade on the NYSE with one vote each, while Class B shares carry ten votes each and convert into Class A; at 2026-06-30 there were 87,285,403 Class A and 78,046,730 Class B shares outstanding, a 165,332,133 total. Source: 6-K ↗
Catalysts
early November 2026
Earningshigh relevance
Q3 2026 results 6-K
Company guided Q3 2026 subscription revenue to approximately flat FX-neutral; the Q3 2025 equivalent 6-K was filed 2025-11-06, so the date here is an estimate from prior cadence.
February 2027
Corporate
Buyback authorisation term expiry
The board authorised up to US$50.0M on 2026-02-24 for up to one year; US$32.9M was already used in H1 2026, leaving roughly US$17.1M of remaining capacity.
late February 2027
Earnings
FY2026 results and 20-F
The FY2025 20-F was filed 2026-02-26 alongside the Q4 2025 6-K; the FY2026 pair would test whether the low-single-digit FX-neutral subscription guide was met.
September 2026
Macro
Brazilian policy rate decision
Roughly 77% of revenue is non-US-dollar and predominantly Brazilian, so Brazilian rate and consumption data move the FX-neutral line the company guides on.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| FX-neutral revenue growth is already negative and could stay there | Operational | High | High | Q2 2026 total revenue was -0.4% FX-neutral; a second negative quarter would remove the growth component of the valuation entirely. |
| Brazilian real and Brazilian consumption drive most of the reported result | Market/Macro | High | High | About 77% of revenue is non-US-dollar, so the US dollar revenue line can move sharply on currency alone in either direction. |
| Dual-class control limits outside shareholder influence | Governance | Medium | High | Class B carries ten votes per share; at 2025-12-31 directors and officers reported 78.3M shares, 43.6% economic and 78.3% of voting power, so the company qualifies as a controlled issuer. |
| Sustained officer and director selling | Governance | Medium | High | Deduplicated open-market sales from 2026-08-03 to 2026-09-16 total roughly 162,610 shares, about US$0.59M and 0.19% of the 87,285,403 Class A shares outstanding, so the signal is persistent rather than large. |
| Buyback support is smaller than headline authorisation | Financial | Medium | Medium | Of the US$50.0M authorised on 2026-02-24, US$32.9M was spent in H1 2026, leaving about US$17.1M, and the spend that retired 5.7% of Class A did not hold the share price. |
Technical Snapshot
52-Week Range
–$3.67–
RSI (14)
n/a
insufficient history
50-Day MA
–
insufficient history
200-Day MA
–
insufficient history
Avg Vol (30d)
vs average
Support Levels
Resistance Levels
Technical inputs: SEC filings. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holdersvia Source-linked
Institutional holder details unavailable
This research record does not include a holder-level table.
Insider Activity
Dual-class structure with Class B carrying ten votes per Class A share. The FY2025 20-F filed 2026-02-26 lists co-founders Geraldo Thomaz with 34.7M Class B plus 2.5M Class A, 38.7% of votes, and Mariano Gomide de Faria with 34.3M Class B plus 2.8M Class A, 38.3% of votes, alongside LA Holdings with 38.4M Class A and Riverwood with 5.3M Class A plus 10.6M Class B; all directors and officers together reported 78.3M shares, 43.6% economic and 78.3% of voting power at 2025-12-31. Recent direction is one-way selling: Form 4 filings record open-market disposals on 2026-08-03, 08-10, 08-17, 08-18 and 08-24 by both co-CEOs, the chief strategy officer and a director, with the 76,797-share and 43,203-share blocks of 2026-08-17 and 2026-08-18 carrying no 10b5-1 footnote. Form 144 notices dated 2026-09-16 cover a single 9,000-share block worth US$33,030, filed twice because the officer and his holding vehicle file separately. No Form 4 open-market purchase code appears in the same window.
| Name | Title | Action | Shares | Price | Date | Value |
|---|---|---|---|---|---|---|
| Scannapieco Alejandro Raul | Director | Sell | 12K | $3.67 | 2026-08-24 | $44K |
| Do Carmo Thomaz Junior Geraldo | Chief Executive Officer | Sell | 76.8K | $3.58 | 2026-08-17 | $274.9K |
| Do Carmo Thomaz Junior Geraldo | Chief Executive Officer | Sell | 43.2K | $3.52 | 2026-08-18 | $152.1K |
| Gomide De Faria Mariano | Chief Executive Officer | Sell | 76.8K | $3.58 | 2026-08-17 | $274.9K |
| Gomide De Faria Mariano | Chief Executive Officer | Sell | 43.2K | $3.52 | 2026-08-18 | $152.1K |
| Gomes Andre Spolidoro Ferreira | Chief Strategy Officer | Sell | 3K | $3.57 | 2026-08-17 | $10.7K |
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|
Research Notes
2026-09-17SEC 6-K
Q2 2026 print carried a guidance reduction alongside headline growth
The 6-K filed 2026-08-06 reported Q2 2026 revenue of US$64.4M, up 9.5% in US dollars but down 0.4% FX-neutral, with GAAP operating income of US$9.7M and net income of US$10.0M. The same filing lowered FY2026 FX-neutral subscription growth guidance to low-single digit from mid-single digit and gross profit growth to mid-single digit, attributing it to weaker consumption trends in Brazil in June and July and a customer-mix shift toward larger enterprise accounts.
2026-09-17Research
Insider selling is persistent but small relative to Class A outstanding
Form 4 and Form 144 filings between 2026-08-01 and 2026-09-16 are the only filings the company has made since the Q2 6-K. Deduplicating the vehicle and individual double-filings gives roughly 162,610 executed open-market shares, about US$0.59M, equal to 0.19% of the 87,285,403 Class A shares outstanding at 2026-06-30. The governance signal rests on the timing and the absence of 10b5-1 cover on the largest blocks rather than on size.
2026-09-17SEC 20-F
Customer concentration and structure checks
The FY2025 20-F filed 2026-02-26 states the largest customer was under 3% of revenue and the top ten under 16%, and reports no consolidated variable interest entities at 2025-12-31 or 2024. FY2025 revenue was US$240.5M, up 6.1%, with net income of US$20.0M and operating cash flow of US$33.4M.
Sources
VTEX valuation questions
What is VTEX's forward P/E ratio?
VTEX (VTEX) trades at a forward P/E of 13.3×, and 1.3× trailing sales.
What is VTEX's market cap?
VTEX (VTEX) has a market capitalization (its market value, often searched as "net worth") of $320M, and an enterprise value of $312M.