VTEX
VTEX
Recurring SaaS
★ Quality 41/100Price today
$3.61
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What this business is made of
The business
VTEX is the digital back office of Latino retail: it grows when they sell.
VTEX sells a cloud-based digital commerce platform for big brands and retailers, mostly in Latin America. It charges a subscription plus a take rate on the GMV it processes, so it grows with its customers without ever touching inventory.
Deep integration with the ERPs and omnichannel operations of large retailers — switching takes months and money. The moat is real but narrow: it competes against Shopify and Salesforce, and VTEX has no clout outside LatAm.
Revenue history
From $0.1B to $0.2B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $241M · FY2025
Of every $100 in sales, $92 goes to costs and operations; $8 is left as net profit (8% margin).
Catalysts and risks
FY2026 guidance of $267.6M, +11.5% in USD.
$50M buyback authorized after record FCF in Q4.
Revenue +15% in constant currency signals that FX is hiding the real growth.
Currency exposure to the Brazilian real and Argentine peso hits reported revenue.
Shopify and Adobe Commerce pushing aggressively into the Latino mid-market.
CAGR revised down from 30% to 6% — the market may keep cutting the multiple if the slowdown is confirmed.
Charlie's note
“Paying 17x for a 68% gross margin is reasonable when the omnichannel moat in LatAm chains big retailers in for years; the catch is that growing at 6% isn't what you expect from software, so it's worth waiting for the multiple to reflect that lukewarm pace.”
Analysis · May 2026
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