Vertex, Inc. VERX
Vertex is a leading provider of enterprise compliance technology for global commerce. Our software, data, and services help businesses operate with confidence by automating and governing transaction-based compliance obligations that arise wherever they buy, sell, and move goods and services around the world.
At the core of global commerce are transaction-based regulatory requirements that must be calculated, documented, reported, and, in many cases, digitally transmitted to tax authorities in real time. Indirect taxes—such as sales tax, use tax, and value-added tax ("VAT")—represent a significant portion of these obligations. Unlike direct taxes, which are paid directly by the entity being taxed, indirect taxes are collected from a purchaser and remitted to taxing authorities by the seller or service provider as part of each transaction.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $748.4M | $666.8M | $572.4M | $491.6M | $425.5M | $374.7M | $321.5M | $272.4M | — |
| Cost of revenue | $266.8M | $240.7M | $223.8M | $193.1M | $161.9M | $165.4M | $110.4M | $95.7M | — |
| Gross profit | $481.6M | $426.1M | $348.6M | $298.5M | $263.7M | $209.3M | $211.1M | $176.7M | — |
| R&D | $83.7M | $66.7M | $58.2M | $41.9M | $44.0M | $54.3M | $30.6M | $23.8M | — |
| SG&A | $178.7M | $152.8M | $145.9M | $121.7M | $107.0M | $149.1M | $71.0M | $58.9M | — |
| Total operating expenses | $479.3M | $428.4M | $366.1M | $306.6M | $266.6M | $314.0M | $179.3M | $179.5M | — |
| Operating income | $2.3M | -$2.2M | -$17.5M | -$8.1M | -$2.9M | -$104.8M | $31.9M | -$2.8M | — |
| Interest expense | $5.2M | $4.1M | $4.2M | $2.0M | $984.0K | — | — | — | — |
| Pre-tax income | $7.6M | $1.9M | -$21.7M | -$10.1M | -$3.9M | -$107.9M | $30.9M | -$4.4M | — |
| Income tax | $368.0K | $54.6M | $8.6M | $2.2M | $2.4M | $32.8M | $155.0K | $1.7M | — |
| Net income | $7.2M | -$52.7M | -$13.1M | -$12.3M | -$1.5M | -$75.1M | $31.1M | -$6.1M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $314.0M | $296.1M | $68.2M | $106.7M | $98.2M | $312.3M | $83.5M | $59.2M | $43.1M |
| Receivables | $183.4M | $164.4M | $141.8M | $102.9M | $76.9M | $77.2M | $70.4M | $62.2M | — |
| Total current assets | $560.7M | $536.3M | $266.6M | $243.1M | $195.7M | $402.7M | $165.6M | — | — |
| Property, plant and equipment | — | — | $100.7M | $98.9M | $96.7M | $56.6M | $54.7M | — | — |
| Goodwill | $392.5M | $357.8M | $257.8M | $251.8M | $270.0M | $16.3M | $0 | — | — |
| Other intangibles | — | — | — | — | — | $2.4M | — | — | — |
| Total assets | $1.27B | $1.17B | $759.9M | $719.2M | $670.2M | $518.8M | $264.6M | — | — |
| Accounts payable | $37.6M | $36.2M | $23.6M | $14.3M | $13.0M | $8.9M | $10.7M | — | — |
| Short-term debt | — | — | $2.5M | $2.2M | — | $882.0K | $50.8M | — | — |
| Total current liabilities | $574.7M | $537.4M | $440.8M | $403.2M | $369.1M | $292.0M | $334.5M | — | — |
| Long-term debt | $337.5M | $335.2M | $44.1M | $46.7M | — | $225.0K | $682.0K | — | — |
| Total liabilities | $1.01B | $987.4M | $506.9M | $489.5M | $440.1M | $329.4M | $377.1M | — | — |
| Retained earnings | -$46.1M | -$53.3M | -$586.0K | $12.5M | $24.8M | $25.6M | -$90.7M | — | — |
| Total equity | $258.9M | $179.4M | $253.0M | $229.7M | $230.1M | $229.3M | -$129.8M | -$126.3M | -$78.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $165.5M | $164.8M | $74.3M | $63.8M | $90.3M | $59.5M | $92.5M | $80.4M | — |
| Stock-based compensation | $57.8M | $47.4M | $33.9M | $19.7M | $26.2M | $147.9M | $9.5M | $5.1M | — |
| Capital expenditure | — | $71.8M | $49.3M | $45.5M | $31.7M | $21.0M | $20.3M | $21.1M | — |
| Investing cash flow | -$123.7M | -$158.2M | -$66.2M | -$72.0M | -$294.8M | -$44.4M | -$37.6M | -$33.3M | — |
| Financing cash flow | -$32.8M | $231.3M | -$26.5M | $17.1M | -$9.1M | $213.6M | -$30.6M | -$30.7M | — |
| Dividends paid | — | — | — | — | — | $146.1M | $123.2M | $28.0M | — |
| Buybacks | $10.1M | — | — | — | — | — | $841.0K | $1.3M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-049441.
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