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 channels, and creating marketplaces to sell products from third-party vendors.It has operations in Brazil, Argentina, Chile, Colombia, France, Italy, Mexico, Peru, Portugal, Romania, Spain, the United Kingdom, and the United States.
VTEX reported a GMV of $6.3 billion, representing a year-over-year growth of 17.2% in U.S. dollars and 10.0% in FX-neutral. Subscription revenue reached $66.7 million in the fourth quarter, representing a growth of 12.2% year-over-year in U.S. dollars and 5.4% in FX-neutral. The company's actual EPS came out at $0.05, in line with estimates. The gross margin for existing stores increased from 80% in 2024 to 82% in 2025, while operating margin reached 44%, representing a 1 percentage point increase year-over-year.
Publication Date: Mar -06
VTEX is focusing on four key growth levers: global expansion, B2B commerce, retail media, and AI. The company has seen significant traction in global markets, with subscription revenue growth of 22% in 2025. As Geraldo Thomaz mentioned, "We're not just building AI features, but the mission-critical backbone for connected commerce that global brands can rely on to deploy AI safely and effectively." The B2B pipeline is evolving, with roughly half of VTEX's deals in the US and EMEA now being B2B-related, effectively doubling the company's addressable market.
VTEX's valuation metrics indicate a relatively high P/E Ratio of 34.75 and EV/EBITDA of 29.38, suggesting that the market is pricing in significant growth prospects. The company's guidance for 2026 includes subscription revenue growth at a mid-single-digit percentage rate on an FX-neutral year-over-year basis, and non-GAAP income from operations to be in the mid-teens' percentage margin. Analysts estimate next year's revenue growth at 10.7%, which is slightly higher than the company's guidance. With a Free Cash Flow Yield of 4.65%, VTEX appears to be generating significant cash, which could be used to fund its growth initiatives or return value to shareholders through share buybacks.
VTEX announced a new $50 million 12-month share repurchase program, demonstrating its commitment to returning value to shareholders. The company's capital allocation strategy prioritizes long-term value creation while maintaining flexibility to navigate a dynamic macro environment. With a ROIC of 6.2% and ROE of 8.24%, VTEX is generating returns on its invested capital, although there is room for improvement.
VTEX (NYSE:VTEX) Receives $6.16 Consensus Target Price from Analysts
Mar -05
VTEX vs. SPOT: Which Stock Should Value Investors Buy Now?
Mar -03
VTEX (VTEX) Q4 2025 Earnings Call Transcript
Feb -27
VTEX (VTEX) Q4 Earnings Meet Estimates
Feb -26
VTEX's 2025 Annual Report on Form 20-F Available on Our Website
Feb -26
VTEX Reports Fourth Quarter and Fiscal Year 2025 Financial Results
Feb -26
Principal Financial Group Inc. Acquires New Holdings in VTEX $VTEX
Feb -19
VTEX to Announce Fourth Quarter and Fiscal Year 2025 Financial Results on February 26th, 2026
Feb -11
VTEX's subscription growth of 17.62% is driven by increasing adoption of e-commerce platforms, rising demand for omnichannel experiences, and growing need for businesses to digitize their operations. Additionally, VTEX's scalable and flexible solutions, strong partnerships, and expanding presence in emerging markets contribute to its rapid growth.
VTEX's 14.07% growth is driven by increasing adoption of e-commerce platforms, rising demand for omnichannel experiences, and growing need for digital transformation in the retail industry. Additionally, VTEX's scalable and flexible solutions, strong partnerships, and expanding presence in new markets contribute to its rapid growth.
A comprehensive e-commerce platform that enables businesses to create and manage their online stores, including product catalog management, order management, and payment processing.
A cloud-based order management system that streamlines order processing, inventory management, and fulfillment operations.
A platform that enables businesses to create and manage their own marketplaces, connecting buyers and sellers in a single platform.
A headless CMS that enables businesses to create, manage, and deliver content across multiple channels and devices.
A platform that enables businesses to connect and manage IoT devices, collecting and analyzing data to improve operational efficiency.
A platform that uses AI and machine learning to analyze customer behavior, preferences, and purchasing patterns.
VTEX's platform is highly customizable, making it difficult for substitutes to emerge. However, the rise of headless commerce and API-first commerce platforms poses a moderate threat.
VTEX's customers are primarily large enterprises, which have limited bargaining power due to their reliance on VTEX's platform for their e-commerce operations.
VTEX has a diverse supplier base, and its suppliers have limited bargaining power due to the company's strong market position and negotiating power.
The e-commerce platform market is highly competitive, and new entrants can easily disrupt the market with innovative solutions, posing a significant threat to VTEX's market share.
The e-commerce platform market is highly competitive, with many established players and new entrants vying for market share, leading to intense rivalry among competitors.
| Value | |
|---|---|
| Debt Weight | 1.68% |
| Debt Cost | 10.91% |
| Equity Weight | 98.32% |
| Equity Cost | 10.96% |
| WACC | 10.96% |
| Leverage | 1.70% |
Value: 6.0
Growth: 5.6
Quality: 3.3
Yield: 0.0
Momentum: 4.0
Volatility: 2.3
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Growth: 4.4
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Value: 5.7
Growth: 6.6
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Volatility: 1.0
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