2 models fit VTEX Class A Common Shares and they disagree: 0 of 2 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)Silver73
Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionVTEX Class A Common Shares (VTEX)
Fair value (2 models)
$3.98
ACCE price target
$4.95
Rating
Fairly valued
Horizon
12 months
Fair value published on 18 Oct 2026, 17:04 CEST; previously $4.24 since 10 Oct 2026, 00:00 CEST.
ACCE price target published on 14 Oct 2026, 00:00 CEST.
Rating published on 18 Oct 2026, 17:04 CEST.
Price used: $4.17 at the close on 23 Oct 2026, 22:00 CEST.
Models: P/E comparison and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
4.8% above
-4.5% to fair value
ACCE score
68
out of 100
Analysts
40% buy
10 covering
P/E
24.5x
forward 15.1x
1-year return
-7.7%
Dividend yield
0.00%
VTEX Class A Common Shares in four questions
Plain answers, details below
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Overview
ACCE thesis
VTEX sells a SaaS commerce platform, covering storefront, catalog, order management and payments, to large retailers and consumer brands, mostly in Latin America with a growing footprint abroad. Its moat rests on being embedded in the operations of high-volume merchants, where switching costs are real and gross margin of 79.3% shows the software economics are intact. The near-term case depends on whether revenue growth of 9.5% can re-accelerate and whether operating margin of 15.0% keeps expanding as the company scales. At a trailing P/E of 25.0 and a forward P/E of 24.8, the market is pricing in modest earnings growth rather than a sharp rebound. With a market cap of about $703M and no index membership, the name sits in the under-followed corner of the software universe, which is the reason it merits a deeper look at the cash flow and retention data.
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
moderate
Insider selling outweighs buying
Insiders disclosed $0.94M in sales and no purchases across the last 10 filings, despite insiders holding 47.4% of shares. Worth tracking, though the amount is small.
AI research notes
AI-assisted·How I use AIWritten Oct 21, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Free cash flow over the last twelve months reached $32M, and the company carries almost no debt, with debt to equity at 0.01.
Analysts' mean price target of $5.57 sits 32.0% above the current share price, and 40% of covering analysts rate the stock Buy or Strong Buy.
The company beat earnings expectations last quarter, with earnings per share of 0.06 against 0.04 expected, and it reduced its diluted share count by 3.7%.
Why it could disappoint
Revenue grew only 9.5% year over year, well below the 19.5% yearly average of the last five years.
The share price sits 4.8% above the model fair value of $3.98, and the consensus of two valuation models puts it 5.7% above fair value.
Return on invested capital of 6.9% is modest, and return on equity of 12.8% is only a little above that, so the business earns thin returns on the capital it uses.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 5, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where VTEX's valuation models land
Price
$4.17
Model fair value
$3.98
Model range
$2.32 to $5.97
Fair value $3.98
Price $4.17
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
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+Conviction breakdown and growth / value / quality / momentum scores