VTEX VTEX

Overview and Growth

In fiscal 2025, VTEX recorded $240.52M of revenue, net income of $20.01M, and an operating cash inflow of $33.37M. At $240.52M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line expanded 6.1% from $226.66M in fiscal 2024, increasing the company’s operating scale. On a per-share basis, diluted EPS was $0.11, which connects the reported earnings outcome with the company’s diluted share count. Against diluted EPS of $0.08 in fiscal 2024, the current result was 31.7% higher. Revenue equaled 0.69x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $186.34M as gross profit before recognizing operating expenses and other items. Gross margin was 77.5%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced $18.11M of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 7.5% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $20.01M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 8.3%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $22.48M of earnings, providing a bridge between the operating result and final net income. The pretax margin was 9.3%, relating income before taxes directly to revenue. The company recognized $2.45M of income tax for the period, completing the transition from pretax income to net income. Relative to pretax income, the tax provision measured 10.9%, quantifying the portion of pre-tax earnings paid in income tax. Return on period-end equity was 8.6%, relating annual net income to the equity capital on the balance sheet. Return on period-end assets was 5.8%, connecting net income with the company’s total asset base.

Liquidity and Capital Structure

Total assets were $346.63M, supported by $113.07M of liabilities and $233.56M of shareholder equity. At period end, current assets of $267.50M compared with current liabilities of $87.96M, defining the company’s short-term resource position. The current ratio was 3.04x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $15.74M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 17.9% of current liabilities, showing how much near-term coverage came from cash alone. The liabilities-to-assets relationship was 32.6%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 4.5%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 4.3% from $362.11M in fiscal 2024, leaving current total assets lower year over year.

Cash Flow and Earnings Quality

The company reported $33.37M of operating cash flow, a cash inflow that shows the cash generated by operations. Against net income, operating cash flow measured 1.67x, showing the relationship between accrual earnings and operating cash. Capital expenditures used $1.04M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 3.1%, connecting investment intensity with the company’s cash-generation base. The combination of operating cash flow and capital spending produced $32.33M of positive free cash flow for the period. Free cash flow represented 13.4% of revenue, linking post-investment cash generation with the company’s operating scale. The free-cash-flow-to-assets relationship was 9.3%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.