VTEX
VTEXdata completeness 88%7 fiscal years on fileVTEX earns about -7% on invested capital, below its ~9% cost of capital, and has bought back 100% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $2,375.82 and $2,570.06 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $125.8M1 | $157.6M2 | $200.8M3 | $226.7M3 | $240.5M3 |
| Net income | −$60.5M4 | −$52.4M5 | −$15.8M6 | $15.8M6 | $20M6 |
| Operating cash flow | −$53M7 | −$29.2M8 | $5.41M9 | $26M9 | $33.4M9 |
| Capital expenditure | $1.38M10 | $340,00011 | $477,00012 | $2.07M12 | $1.04M12 |
| Free cash flow (derived) | −$54.4M7 | −$29.6M8 | $4.93M9 | $23.9M9 | $32.3M9 |
| Total debt | $3.28M13 | $1.15M14 | $014 | $014 | — |
| Cash & equivalents | $121M15 | $24.4M15 | $28M15 | $18.7M16 | $15.7M16 |
| Diluted shares | 181.6M | 190.7M | 186,365 | 192,334 | 185,109 |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $12,613.97 of net worth that earned you $1,080.98 and generated $1,746.43 of cash last year.
It earned about -7% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is down 100% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $2,375.82 and $2,570.06 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$23.9M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$23.9M
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $1,929.4 |
| Base | 5.0% | $2,375.82 |
| Bull | 10.0% | $2,909.99 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001193125-24-047908 (Revenue)
- 20-F · period ending 2022-12-31 · accession 0000950170-25-026601 (Revenue)
- 20-F · period ending 2023-12-31 · accession 0001193125-26-076504 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2021-12-31 · accession 0001193125-24-047908 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2022-12-31 · accession 0000950170-25-026601 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2023-12-31 · accession 0001193125-26-076504 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001193125-24-047908 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0000950170-25-026601 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001193125-26-076504 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001193125-24-047908 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2022-12-31 · accession 0000950170-25-026601 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-12-31 · accession 0001193125-26-076504 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001193125-24-047908 (Borrowings)
- 20-F · period ending 2022-12-31 · accession 0000950170-25-026601 (Borrowings)
- 20-F · period ending 2021-12-31 · accession 0000950170-25-026601 (CashAndCashEquivalents)
- 20-F · period ending 2024-12-31 · accession 0001193125-26-076504 (CashAndCashEquivalentsAtCarryingValue)