VTEX
Runs the online stores of enterprise retailers across Latin America and beyond.
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Profile
Provides a multi-tenant software platform that enterprise brands and retailers use to run online stores, order management, and marketplaces, sold as a subscription with a fee that scales alongside each customer's sales volume. Revenue concentrates in Brazil and the rest of Latin America, with a smaller share from operations elsewhere.
Runs a multi-tenant SaaS platform that enterprise brands and retailers use for online stores, order management, and marketplaces, built to let customers integrate outside modules while keeping a single native suite. Origins trace to a 2000 Rio de Janeiro textile-procurement startup redirected by a 2007 Walmart Brazil contract.
Revenue concentrates in Brazil, with the rest of Latin America and a smaller international base filling out the total; roughly 2,400 brands run stores on the platform across dozens of countries, and subscription fees—fixed plus a share of each merchant's sales—make up nearly all revenue.
Recent expansion targets artificial intelligence, retail media, and business commerce, reinforced by a 2024 acquisition of a Brazilian conversational-AI vendor kept as a standalone unit. The two founders have led as co-CEOs since before the 2021 New York Stock Exchange listing.
Company facts
Key statistics
Year to date −0.6% · Average volume (30d) 868.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 27, 2026 | Morgan Stanley | Target | $4 | |||
| Aug 27, 2026 | Jefferies | Reiterate | Buy | $6.50 | $5.10 | |
| Aug 25, 2026 | Itau BBA | Downgrade | Outperform | Market Perform | ||
| Aug 7, 2026 | Bradesco | Downgrade | Neutral | $4.50 | ||
| May 8, 2026 | UBS | Reiterate | Neutral | $4 | $4.10 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.05 | $0.06 | +30.6% | $64.7M | $64.4M | −0.5% | −2.56% |
| May 7, 2026Q1 FY26 | $0.03 | $0.02 | −33.3% | $60.7M | $60.7M | +0.1% | −5.79% |
| Feb 26, 2026Q4 FY25 | $0.05 | $0.05 | 0.0% | $68.0M | $68.0M | 0.0% | +11.73% |
| Nov 6, 2025Q3 FY25 | $0.03 | $0.03 | 0.0% | $68.0M | $59.6M | −12.3% | −9.26% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $54.2M | $58.8M | $59.6M | $68.0M | $60.7M | $64.4M | |
| Gross profit | $41.0M | $45.3M | $46.1M | $54.0M | $47.9M | $51.7M | |
| Operating income | −$197.0K | $2.9M | $4.2M | $11.2M | $6.3M | $9.7M | |
| Net income | $858.0K | $3.0M | $6.4M | $9.8M | $4.1M | $10.0M | |
| Diluted EPS | $0.00 | $0.02 | $0.03 | $0.05 | $0.02 | $0.06 | |
| Gross margin | 75.7% | 77.0% | 77.3% | 79.5% | 78.8% | 80.3% | |
| Operating margin | -0.4% | 5.0% | 7.0% | 16.5% | 10.3% | 15.0% |
Fiscal years (4-quarter sums)FY21 $125.8M · FY22 $157.6M · FY23 $201.5M · FY24 $226.7M · FY25 $240.5M
Revenue by product · FY25
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $186.0M · Total debt $7.1M · Total assets $340.5M · Shareholders' equity $223.9M
Dividends
No dividends on record.
Ownership
Shares outstanding 176.97M · Float 117.70M · 66.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| SoftBank Group Corp. | 38.43M | 21.72% | 13F | May 15, 2026 |
| Carmo Thomaz Junior Geraldo do · officer: Chief Executive Officer | 33.03M | 18.67% | Form 4 | Aug 28, 2026 |
| Polar Capital LLP | 10.54M | 5.70% | 13D/G | Nov 13, 2024 |
| BlackRock, Inc. | 4.18M | 2.36% | 13F | May 13, 2026 |
| de Faria Mariano Gomide · officer: Chief Executive Officer | 2.56M | 1.45% | Form 4 | Aug 28, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 24, 2026 | Alejandro Raul Scannapieco | director | −11,994 | $3.67 |
| Aug 18, 2026 | Carmo Thomaz Junior Geraldo do | officer: Chief Executive Officer | −43,203 | $3.52 |
| Aug 17, 2026 | Carmo Thomaz Junior Geraldo do | officer: Chief Executive Officer | −76,797 | $3.58 |
| Aug 18, 2026 | de Faria Mariano Gomide | officer: Chief Executive Officer | −43,203 | $3.52 |
| Aug 17, 2026 | de Faria Mariano Gomide | officer: Chief Executive Officer | −76,797 | $3.58 |
Peers
- Salesforce
Bundles enterprise commerce SaaS inside the dominant Customer 360 CRM suite
- Adobe
Bundles Magento-based B2B/B2C commerce into Adobe's CX/marketing suite
- SAP (ADR)
Enterprise ERP-bundled commerce suite challenging composable platforms in B2B
- Shopify
Head-to-head in mid-market/enterprise SaaS storefronts and composable commerce
- Commerce.com
Open SaaS composable commerce platform competes in B2B and mid-market
- MercadoLibre
LatAm marketplace rivalry for seller GMV after shutting down storefront SaaS
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| VTEX | $3.60 | −0.28% | $637.1M | 21.1 | 16.0 | 2.5 | +9.5% |
| Salesforce | $256.48 | +0.16% | $209.66B | 23.4 | 17.6 | 4.8 | +10.8% |
| Adobe | $291.46 | −0.04% | $115.88B | 16.7 | 11.3 | 4.6 | +12.7% |
| SAP (ADR) | $220.80 | −0.39% | $258.15B | 28.1 | 23.9 | 5.8 | +5.8% |
| Shopify | $152.40 | −0.33% | $198.41B | 102.6 | 72.8 | 15.0 | +32.0% |
| Commerce.com | $2.55 | +2.85% | $206.3M | — | 10.1 | 0.6 | +0.1% |
| MercadoLibre | $1,962.01 | −0.29% | $99.68B | 53.5 | 45.6 | 2.8 | +50.2% |
| Median | 28.1 | 20.8 | 4.7 | +11.8% |