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what it is
VTEX sells software that helps big brands run online stores, orders, and marketplaces.
how it gets paid
Last year Vtex made $241M in revenue.
why it's growing
Revenue grew 6.1% last year. Revenue was the cleanest tell. VTEX came in $14M above the $227M estimate.
what just happened
VTEX finished 2024 with $241M in revenue and $0.06 in EPS.
At a glance
n/a balance sheet
75.0x trailing p/e — you're paying up for this one
4.7% return on capital — nothing to write home about
$0.06 fy2024 eps est
$227M fy2024 rev est
What they do
VTEX sells software that helps big brands run online stores, orders, and marketplaces.
The business description says VTEX combines commerce, order management, and marketplace tools in one system. That means your customer gets one stack instead of three vendors. The annual report says 93.3% of 2024 revenue came from the VTEX platform, versus 6.7% from everything else.
How they make money
$241M
annual revenue · their business grew +6.1% last year
total revenue
$241M
+6.1%
The products that matter
enterprise commerce platform
VTEX Commerce Platform
$20.5B GMV · +12.1%
it processed $20.5B in GMV in 2025, up 12.1% from the prior year. That tells you merchant activity is still growing even as subscription revenue growth has slowed.
core engine
subscription software revenue
Subscriptions
$225M · 93% of revenue
this is the business that matters. It produced $225M last year and grew 7.9%, which is solid for a niche platform but light for a stock still wearing a premium multiple.
margin driver
implementation and support
Services
$16M · -9.4%
this $16M segment fell 9.4% last year. It is only about 7% of revenue, but the decline says services are helping onboarding, not driving growth.
small and shrinking
Key numbers
$241M
revenue
That is the size of the whole machine. At 75.0x trailing earnings, the market is paying up for every dollar of it.
77.5%
gross margin
VTEX kept $77.50 of every $100 after direct costs. That leaves room, but not a lot, for the rest of the bill.
6.9%
op margin
Only 6.9% of sales stayed after operating costs. That is the thin slice that has to fund growth.
4.7%
return on capital
Return on capital means profit made on money invested. VTEX got 4.7 cents back per dollar. That is thin next to a 75.0x stock price.
Financial health
n/a
strength
- balance sheet grade n/a
- price stability 10 / 100
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for VTEX right now.
source: institutional data · return history unavailable
What just happened
beat estimates
VTEX finished 2024 with $241M in revenue and $0.06 in EPS.
Revenue beat the $227M estimate by $14M. Gross margin was 77.5%, and the quarterly EPS path improved to $0.03 in the latest 2024 quarter.
$241M
revenue
$0.06
eps
77.5%
gross margin
revenue
Revenue was the cleanest tell. VTEX came in $14M above the $227M estimate, and gross margin still sat at 77.5%.
source: EDGAR annual report, 2025
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What could go wrong
the #1 risk is subscription growth settling into the mid-single digits. That is a company-specific problem for VTEX because the valuation still assumes this is a premium software grower, not a niche platform entering a slower phase.
med
subscription growth slowdown
Management guided Q1 2026 subscription revenue growth to the mid-single digits. That is a step down from 7.9% subscription growth in 2025 and well below the pace many investors expect from small-cap software.
If that slower rate sticks, a 34.9x trailing p/e becomes much harder to defend.
med
Latin America concentration
55% of revenue comes from Latin America. That concentration gives VTEX local relevance, but it also means currency moves, politics, or weaker enterprise spending in one region hit more than half the business.
This is not a rounding-error exposure. It touches the majority of revenue.
med
services are shrinking
Services revenue fell 9.4% to $16M last year. It is small, but for an enterprise software company, weaker services can mean slower implementations, lighter expansion work, or both.
That removes one support beam beneath future subscription growth and makes the platform look narrower.
55% of revenue is tied to Latin America, and the company just told you subscription growth may run only in the mid-single digits next.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
subscription growth versus GMV growth
GMV grew 12.1% for the year and 17.2% in Q4, while subscription revenue grew 7.9%. If merchant activity stays stronger than software revenue, monetization is the question.
calendar
Q1 2026 earnings and guidance
This is the next proof point. You want to see whether the mid-single-digit subscription guide was conservative for one quarter or the start of a new normal.
capital return
the new $50M buyback
Against a $656M market cap, a $50M authorization is not cosmetic. If management executes meaningfully, buybacks can cushion per-share results while growth cools.
risk
whether sell-side cuts spread beyond one note
UBS cut its target to $4.00 and moved to neutral. If more analysts reset targets the same way, sentiment can stay heavy even if operations remain profitable.
Analyst rankings
latest cited call
neutral
UBS downgraded VTEX to neutral on jan 15, 2026 and cut its target to $4.00. In human-speak, analysts are not chasing this story higher right now.
latest cited target
$4.00
With the stock at $3.75, that is only about 7% above the current price. Thin coverage means every note carries more weight than it would for a megacap.
source: institutional data
Institutional activity
institutional ownership data for VTEX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$4
current price
n/a
target midpoint · n/a from current
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