MeritValue

Vertex, Inc.

VERXdata completeness 75%8 fiscal years on file

Data notes: no data for concept 'dilutedShares'; no data for concept 'epsDiluted'

The thesis, from the filings

Vertex, Inc. earns about -2% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$425.5M1$491.6M2$572.4M3$666.8M3$748.4M3
Net income−$1.48M4−$12.3M5−$13.1M6−$52.7M6$7.21M6
Operating cash flow$90.3M7$63.8M8$74.3M9$164.8M9$165.5M9
Capital expenditure$31.7M10$45.5M10$49.3M10$71.8M11—
Free cash flow (derived)$58.6M7$18.3M8$25.1M9$93.1M9—
Total debt—$97.8M12$93.1M13$670.4M14$675M14
Cash & equivalents$73.3M15$91.8M16$68.2M17$296.1M17$314M17
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
-2% avg · 5y
FY21 -2%FY22 -4%FY23 -7%FY24 1%FY25 2%

It earned an average -2% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has risen 590% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-24-002192 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-001820 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-019165 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-002192 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-001820 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-019165 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-002192 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-001820 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-019165 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-002192 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-12-31 · accession 0001104659-26-019165 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2022-12-31 · accession 0001558370-24-002192 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2023-12-31 · accession 0001558370-25-001820 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2024-12-31 · accession 0001104659-26-019165 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2021-12-31 · accession 0001558370-24-002192 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001558370-25-001820 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001104659-26-019165 (CashAndCashEquivalentsAtCarryingValue)