Latest Ratios: P/E Ratio 33.2x · EV/EBITDA 29.6x · 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 | $646M | $697M | $1.1B | $1.3B | $715M | $2.0B | — | — |
| Enterprise Value | $633M | $684M | $1.1B | $1.3B | $698M | $1.9B | — | — |
| P/E Ratio → | 33.18 | 34.18 | 94.39 | — | — | — | — | — |
| P/S Ratio | 2.69 | 2.90 | 5.00 | 6.36 | 4.54 | 16.28 | — | — |
| P/B Ratio | 2.90 | 2.98 | 4.43 | 5.34 | 2.60 | 6.26 | — | — |
| P/FCF | 19.98 | 21.55 | 44.98 | 338.58 | — | — | — | — |
| P/OCF | 19.36 | 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 | 29.62 | 31.99 | 77.25 | — | — | — | — | — |
| EV / EBIT | 34.96 | 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 | 3.0% | 2.9% | 1.1% | — | — | — | — | — |
| FCF Yield | 5.0% | 4.6% | 2.2% | 0.3% | — | — | — | — |
| Buyback Yield | 9.2% | 8.5% | 1.0% | 2.7% | 1.8% | 0.1% | — | — |
| Total Shareholder Yield | 9.2% | 8.5% | 1.0% | 2.7% | 1.8% | 0.1% | — | — |
| Shares Outstanding | — | $185M | $192M | $186M | $191M | $191M | $190M | $190M |
Includes 30+ ratios · 7 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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 33.2x. The historical average is 64.3x.
Vtex's current EV/EBITDA is 29.6x. 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 33.2x. 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.
Key Metrics
Top Statement Risk
Valuation premium vs. peers
Premium Valuation Reflects Growth Inflection
VTEX trades at a forward P/E of 17.19 and EV/EBITDA of 13.54, a significant discount to its trailing multiples, suggesting the market is pricing in the recent acceleration in profitability and cash flow generation.
The substantial discount between trailing and forward multiples indicates that analysts expect a sharp improvement in earnings, aligning with the company's recent operational inflection. However, the current P/E of 32.73 remains elevated compared to peers like CART (31.59), warranting scrutiny of whether the growth premium is fully justified by its software-as-a-service model and expanding margins.
Structural Margin Expansion Drives Earnings Power
Gross margins have expanded to 80.3% in 2026Q2 from 71.9% in 2024Q1, while operating margins have swung from negative to 15.0%, indicating a powerful shift in the company's underlying earning power.
The consistent expansion in gross margin suggests strong pricing power and a highly scalable cost structure, which is now flowing through to the operating line. This trend implies that the company's recent profitability is not merely cyclical but reflects a structural improvement in its business model, though sustainability at these levels will depend on continued revenue growth and cost discipline.
ROIC Inflection Signals Value Creation
Return on invested capital has improved from -0.8% in 2024Q1 to 3.3% in 2026Q2, marking a clear inflection point where the company is beginning to generate positive returns on the capital deployed.
The turnaround in ROIC from negative territory is a critical signal that the company's investments are now yielding returns, driven primarily by the expansion in operating margins rather than asset turnover. While the absolute level remains modest, the positive trajectory suggests the business is transitioning from a growth-at-all-costs phase to one focused on efficient capital allocation.
Working Capital Leverage Evident in Payables
Days payable outstanding (DPO) has consistently exceeded 220 days, indicating VTEX leverages its supplier relationships to fund operations, a key source of working capital efficiency.
The extended DPO, which is significantly longer than the days sales outstanding (DSO) of 87 days, suggests the company effectively uses vendor financing to manage its cash conversion cycle. This dynamic provides a structural advantage for liquidity, though it also implies a reliance on maintaining favorable terms with key suppliers.
Minimal Leverage Amplifies Equity Returns
With a debt-to-equity ratio of just 0.03 and a debt-to-EBITDA of 0.67, VTEX operates with negligible financial leverage, which amplifies the impact of its improving profitability on return on equity.
The near-zero leverage profile means the company's balance sheet is not a constraint on growth and eliminates meaningful interest rate or refinancing risk. This conservative structure allows the improving operating performance to flow directly to equity returns, though it also means the company is not utilizing debt to enhance shareholder returns.
The Misleading Power of Trailing P/E
The trailing P/E of 32.73 is the most commonly misapplied ratio for VTEX, as it obscures the rapid earnings inflection and makes the company appear more expensive than its forward multiples suggest.
Investors focusing solely on the trailing P/E may overlook the significant earnings growth embedded in the forward P/E of 17.19, which better reflects the company's current trajectory. For a high-growth software company in a profitability inflection, the forward EV/EBITDA or P/S ratios provide a more relevant valuation framework, as they are less distorted by the low base of prior-year earnings.