The company maintains a conservative balance sheet with a current ratio of 2.89 and minimal debt of $7.1M, though total equity has declined to $223.9M due to an accumulated deficit of $75.7M.
Vtex (VTEX) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 256.36M | 267.5M | 284.59M | 266.25M | 287.16M | 349.52M | 108.73M | 65.92M |
| Cash & Short-Term Investments | 185.96M | 192.1M | 214.81M | 209.41M | 238.56M | 298.2M | 76.95M | 44.26M |
| Cash Only | 15.45M | 15.74M | 18.67M | 28.04M | 24.39M | 121.01M | 59.99M | 29.76M |
| Short-Term Investments | 170.51M | 176.36M | 196.13M | 181.37M | 214.16M | 177.19M | 16.97M | 14.49M |
| Accounts Receivable | 64.91M | 61.6M | 62.85M | 50.62M | 41.97M | 41.56M | 29M | 17.27M |
| Days Sales Outstanding | 88.63 | 93.48 | 101.18 | 91.69 | 97.18 | 120.62 | 107.27 | 102.81 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 5.49M | 8.74M | 1.82M | 1.08M | 2.48M | 1.84M | 397K | 2.89M |
| Total Non-Current Assets | 84.1M | 79.13M | 82.19M | 74.89M | 70.52M | 65.45M | 31.28M | 31.77M |
| Property, Plant & Equipment | 10.02M | 6M | 5.78M | 5.97M | 8.73M | 9.89M | 9.63M | 11.5M |
| Fixed Asset Turnover | 35.87x | 40.11x | 39.21x | 33.73x | 18.06x | 12.71x | 10.25x | 5.33x |
| Goodwill | 27.3M | 26.32M | 22.17M | 21.83M | 20.96M | 21.6M | 9.88M | 11.94M |
| Intangible Assets | 7.11M | 7.95M | 6.82M | 8.19M | 10.24M | 12.05M | 5.21M | 6.44M |
| Long-Term Investments | 51.65M | 9.65M | 9.65M | 3.12M | 1.15M | 621K | 525K | 58K |
| Other Non-Current Assets | 13.64M | 17.44M | 18.72M | 15.85M | 11.72M | 8.72M | 3.86M | 500K |
| Total Assets | 340.46M | 346.63M | 366.78M | 341.14M | 357.67M | 414.97M | 140.01M | 97.69M |
| Asset Turnover | 0.73x | 0.69x | 0.62x | 0.59x | 0.44x | 0.30x | 0.70x | 0.63x |
| Asset Growth % | -21.72% | -5.49% | 7.51% | -4.62% | -13.81% | 196.38% | 43.33% | - |
| Total Current Liabilities | 88.75M | 87.96M | 80.97M | 77.24M | 62.02M | 58.89M | 47.06M | 29.24M |
| Accounts Payable | 34.96M | 36.22M | 36.95M | 39.73M | 34.14M | 29.54M | 9.97M | 4.12M |
| Days Payables Outstanding | 241.05 | 243.98 | 226.99 | 237.92 | 235.84 | 217.39 | 104.45 | 74.31 |
| Short-Term Debt | 2.12M | 0 | 0 | 0 | 1.15M | 2.09M | 2.44M | 3.12M |
| Deferred Revenue (Current) | 152.81M | 37.93M | 32.52M | 25.95M | 20.33M | 16.6M | 14.17M | 8.16M |
| Other Current Liabilities | 6.89M | 4.92M | 1.99M | 1.49M | 3.82M | 266K | 11.5M | 5.19M |
| Current Ratio | 2.89x | 3.04x | 3.51x | 3.45x | 4.63x | 5.94x | 2.31x | 2.25x |
| Quick Ratio | 2.89x | 3.04x | 3.51x | 3.45x | 4.63x | 5.94x | 2.31x | 2.25x |
| Cash Conversion Cycle | -152.42 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 27.76M | 25.11M | 30.01M | 23.57M | 20.98M | 28.89M | 17.21M | 21.36M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 1.19M | 4.77M | 7.91M |
| Capital Lease Obligations | 8.75M | 1.25M | 1.7M | 2.23M | 3.74M | 4.89M | 5.3M | 6.31M |
| Deferred Tax Liabilities | 2.25M | 589K | 2.48M | 2.67M | 2.46M | 2.04M | 731K | 325K |
| Other Non-Current Liabilities | 6.4M | 5.53M | 3.62M | 2.08M | 856K | 4.57M | 1.39M | 5.44M |
| Total Liabilities | 116.51M | 113.07M | 110.98M | 100.81M | 83M | 87.78M | 64.26M | 50.6M |
| Total Debt | 7.09M | 2.88M | 3.31M | 4.1M | 6.79M | 9.27M | 12.51M | 18.7M |
| Net Debt | -8.36M | -12.86M | -15.36M | -23.94M | -17.61M | -111.74M | -47.47M | -11.06M |
| Debt / Equity | 0.03x | 0.01x | 0.01x | 0.02x | 0.02x | 0.03x | 0.17x | 0.40x |
| Debt / EBITDA | 0.20x | 0.13x | 0.23x | - | - | - | 1.40x | 26.09x |
| Net Debt / EBITDA | -0.24x | -0.60x | -1.06x | - | - | - | -5.32x | -15.42x |
| Interest Coverage | - | - | 7.02x | -17.32x | -76.00x | -87.59x | 3.49x | -0.95x |
| Total Equity | 223.96M | 233.56M | 255.8M | 240.33M | 274.68M | 327.19M | 75.75M | 47.09M |
| Equity Growth % | -32.16% | -8.7% | 6.44% | -12.5% | -16.05% | 331.94% | 60.88% | - |
| Book Value per Share | 1.31 | 1.26 | 1.33 | 1.29 | 1.44 | 1.71 | 0.40 | 0.25 |
| Total Shareholders' Equity | 223.88M | 233.5M | 255.75M | 240.29M | 274.66M | 327.18M | 75.62M | 47.05M |
| Common Stock | 17K | 17K | 18K | 18K | 19K | 19K | 17K | 17K |
| Retained Earnings | -75.71M | -89.8M | -118.06M | -130.06M | -116.37M | -63.95M | -3.44M | -2.53M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 3.33M | 1.31M | 373.79M | 370.33M | 391.01M | 391.12M | 79.05M | 49.56M |
| Minority Interest | 73K | 63K | 56K | 39K | 19K | 7K | 126K | 37K |
Quick answers to the most common questions about buying VTEX stock.
As of 2025, Vtex (VTEX) had total assets of $346.6M including $267.5M in current assets.
Vtex (VTEX) carries total debt of $2.9M, offset by $192.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Vtex (VTEX) has total shareholders' equity (book value) of $233.5M ($1.26 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Vtex (VTEX) reported a current ratio of 3.04x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Significant accumulated deficit
Balance Sheet Contraction Amid Profitability
VTEX's total assets have contracted by 7.3% from a peak of $373.2M in 2024Q3 to $340.5M in 2026Q2, a trend that appears driven by the company's use of cash for share repurchases rather than operational weakness.
The decline in total assets is primarily a function of a reduction in cash and other liquid assets, which fell from $22.5M to $15.5M over the same period. This contraction is occurring alongside a clear improvement in profitability and cash flow generation, suggesting the balance sheet is being actively managed to return capital to shareholders rather than reflecting operational stress. The trajectory indicates a shift from a growth-focused capital accumulation phase to a more mature, shareholder-friendly posture.
Robust Liquidity Despite Cash Deployment
Despite a reduction in cash reserves, VTEX maintains a strong current ratio of 2.89 as of 2026Q2, indicating ample short-term liquidity to fund operations and strategic initiatives.
The current ratio, while down from a high of 3.60 in 2024Q3, remains well above the 1.0 threshold and is comparable to the peer group. The cash position of $15.5M, when viewed against the negligible debt load of $7.1M, provides a substantial buffer. This liquidity profile suggests the company is not reliant on external financing for its day-to-day operations and has the flexibility to absorb potential shocks or invest in growth opportunities.
Equity Erosion from Persistent Deficit
VTEX's total equity has declined from $262.2M in 2024Q3 to $223.9M in 2026Q2, a trend primarily driven by the company's significant accumulated deficit of $75.7M.
The negative retained earnings balance, which has improved from -$132.5M to -$75.7M over the period, indicates the company is still recovering from historical losses. While the recent profitability is helping to reduce this deficit, the overall equity base is being further pressured by share repurchases, which reduce cash and equity. This dynamic warrants monitoring, as sustained repurchases could limit the company's ability to build a substantial equity cushion from retained earnings.
Asset-Light Model with Growing Intangibles
Goodwill and intangible assets have grown to $27.3M, representing 8.0% of total assets in 2026Q2, which may indicate a strategic shift towards acquisitions or capitalized development costs.
The steady increase in goodwill from $20.4M in 2024Q2 suggests the company may be engaging in tuck-in acquisitions to enhance its platform capabilities. This trend, combined with minimal net PPE of $10.0M, reinforces the asset-light, software-centric nature of the business model. However, the growing intangible asset base introduces potential impairment risk if the acquired technologies or businesses fail to perform as expected, a factor that could impact future equity values.
Hidden Dilution from Share-Based Compensation
The balance sheet's apparent health may obscure the true cost of equity financing, as significant share-based compensation (SBC) is a non-cash expense that dilutes shareholders without appearing as a liability.
While the company reports improving profitability and cash flow, the prior cash flow analysis notes that SBC is a material add-back to operating cash flow. This non-cash compensation effectively increases the shares outstanding over time, diluting existing shareholders' ownership stake. The balance sheet does not capture this ongoing dilution, meaning the reported equity value per share could be eroding even as total equity improves from net income. Investors should monitor the dilution impact of SBC alongside headline equity growth.