Latest Ratios: P/E Ratio 37.5x · EV/EBITDA 33.5x · ROE 8.2%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $729M | $697M | $1.1B | $1.3B | $715M | $2.0B | — | — |
| Enterprise Value | $716M | $684M | $1.1B | $1.3B | $698M | $1.9B | — | — |
| P/E Ratio → | 37.45 | 34.18 | 94.39 | — | — | — | — | — |
| P/S Ratio | 3.03 | 2.90 | 5.00 | 6.36 | 4.54 | 16.28 | — | — |
| P/B Ratio | 3.27 | 2.98 | 4.43 | 5.34 | 2.60 | 6.26 | — | — |
| P/FCF | 22.55 | 21.55 | 44.98 | 338.58 | — | — | — | — |
| P/OCF | 21.85 | 20.88 | 41.56 | 301.05 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.84 | 4.93 | 6.24 | 4.43 | 15.39 | — | — |
| EV / EBITDA | 33.51 | 31.99 | 77.25 | — | — | — | — | — |
| EV / EBIT | 39.55 | 30.42 | 111.37 | — | — | — | — | — |
| EV / FCF | — | 21.15 | 44.37 | 332.26 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.5% | 77.5% | 73.8% | 69.8% | 66.5% | 60.6% | 64.7% | 67.0% |
| Operating Margin | 7.5% | 7.5% | 4.5% | -7.2% | -31.7% | -52.4% | 6.6% | -2.9% |
| Net Profit Margin | 8.3% | 8.3% | 5.3% | -6.8% | -33.3% | -48.1% | -0.9% | -7.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 8.2% | 8.2% | 4.8% | -5.3% | -17.4% | -30.0% | -1.5% | -9.8% |
| ROA | 5.6% | 5.6% | 3.4% | -3.9% | -13.6% | -21.8% | -0.8% | -4.7% |
| ROIC | 5.9% | 5.9% | 3.3% | -4.6% | -15.8% | -40.6% | 15.2% | -3.8% |
| ROCE | 6.7% | 6.7% | 3.7% | -5.2% | -15.3% | -29.4% | 8.1% | -2.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.03 | 0.17 | 0.40 |
| Debt / EBITDA | 0.13 | 0.13 | 0.23 | — | — | — | 1.40 | 26.09 |
| Net Debt / Equity | — | -0.06 | -0.06 | -0.10 | -0.06 | -0.34 | -0.63 | -0.23 |
| Net Debt / EBITDA | -0.60 | -0.60 | -1.06 | — | — | — | -5.32 | -15.42 |
| Debt / FCF | — | -0.40 | -0.61 | -6.32 | — | — | -4.99 | -46.26 |
| Interest Coverage | — | — | 7.02 | -17.32 | -76.00 | -87.59 | 3.49 | -0.95 |
Net cash position: cash ($16M) exceeds total debt ($3M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.04 | 3.04 | 3.51 | 3.45 | 4.63 | 5.94 | 2.31 | 2.25 |
| Quick Ratio | 3.04 | 3.04 | 3.51 | 3.45 | 4.63 | 5.94 | 2.31 | 2.25 |
| Cash Ratio | 2.18 | 2.18 | 2.65 | 2.71 | 3.85 | 5.06 | 1.64 | 1.51 |
| Asset Turnover | — | 0.69 | 0.62 | 0.59 | 0.44 | 0.30 | 0.70 | 0.63 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 93.48 | 101.18 | 91.69 | 97.18 | 120.62 | 107.27 | 102.81 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 2.9% | 1.1% | — | — | — | — | — |
| FCF Yield | 4.4% | 4.6% | 2.2% | 0.3% | — | — | — | — |
| Buyback Yield | 8.1% | 8.5% | 1.0% | 2.7% | 1.8% | 0.1% | — | — |
| Total Shareholder Yield | 8.1% | 8.5% | 1.0% | 2.7% | 1.8% | 0.1% | — | — |
| Shares Outstanding | — | $185M | $192M | $186M | $191M | $191M | $190M | $190M |
Thin Liquidity and Macro Sensitivity
As reported in recent financial statements, VTEX trades at a P/E of 36.73, which appears elevated given the 6.09% year-over-year revenue growth, suggesting that the market is pricing in significant future margin expansion rather than current top-line momentum compared to broader software peers.
The forward P/E of 21.06 implies that investors are banking on the company's recent pivot to profitability to sustain earnings growth despite the deceleration in new customer acquisition. This valuation warrants caution, as it assumes a level of operational efficiency that may be difficult to maintain if the company is forced to increase marketing spend to compete in non-LatAm markets.
Based on the provided quarterly data, VTEX has seen its ROIC trend from negative levels in early 2024 to 2.1% in 2026Q1, indicating that the company is beginning to generate positive returns on its capital base as it scales its platform operations.
While the current ROIC remains modest, the upward trajectory reflects the successful transition from a growth-at-all-costs model to one focused on operational discipline. Investors should monitor whether this trend can continue without further capital injections, given the company's relatively thin cash reserves and historical reliance on equity-based financing.
According to recent quarterly filings, VTEX's DSO has fluctuated between 73 and 104 days over the last ten quarters, suggesting that the company faces persistent challenges in collecting receivables from its enterprise client base compared to more efficient SaaS peers.
The high DSO levels indicate that VTEX may be offering extended payment terms to secure large enterprise contracts, which effectively acts as a financing mechanism for its customers. This practice, while potentially necessary for market penetration, ties up liquidity and increases the company's exposure to credit risk during regional economic downturns.
As evidenced by the company's balance sheet, cash and equivalents have declined to $15.7M in 2026Q1, a figure that appears inadequate for a company of this scale and suggests a vulnerable liquidity position under potential stress scenarios.
The current ratio of 3.10 may appear healthy on the surface, but the low absolute cash balance relative to quarterly revenue and the aggressive share repurchase activity raise concerns about the company's ability to fund unexpected operational requirements. This liquidity profile limits management's capacity to pursue inorganic growth or withstand a prolonged period of regional macroeconomic volatility.
Investors frequently misapply standard P/S multiples to VTEX without adjusting for the company's hybrid revenue model, which combines fixed subscription fees with variable GMV-linked components that are highly sensitive to regional macroeconomic cycles in Latin America.
Using a generic SaaS P/S multiple obscures the fact that a significant portion of VTEX's revenue is tied to the underlying retail volume of its clients, making it more of a cyclical proxy than a pure-play recurring software business. Analysts should instead focus on the 'Take Rate' and Net Revenue Retention to better gauge the platform's true value-add and long-term earnings power.
Includes 30+ ratios · 7 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying VTEX stock.
Vtex's current P/E ratio is 37.5x. The historical average is 64.3x. This places it at the 50th percentile of its historical range.
Vtex's current EV/EBITDA is 33.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 54.6x.
Vtex's return on equity (ROE) is 8.2%. The historical average is -7.3%.
Based on historical data, Vtex is trading at a P/E of 37.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Vtex has 77.5% gross margin and 7.5% operating margin.
Vtex's Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.