VTEX (V2TX34) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of VTEX BRL 20.22, price BRL 18.78, upside +7.7%, quality 79 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
35‑month range R$14.26 – R$46.31 · fair‑value band R$14.16 – R$26.29 · the R$18.78 price screens below the R$20.22 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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VTEX, together with its subsidiaries, provides software-as-a-service digital commerce platform for enterprise brands and retailers.
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VTEX, together with its subsidiaries, provides software-as-a-service digital commerce platform for enterprise brands and retailers. It provides VTEX platform that enables customers to execute commerce strategy, including building online stores, and integrating and managing orders across channels, as well as creating marketplaces to sell products from third-party vendors. The company also offers customer support services; and optional services, such as project management, solutions architecting, and implementation consulting services. It serves its products to home appliances, apparel and accessories, beauty and health, electronics, grocery, department stores, and toys and hobbies, as well as home, furniture, and decoration markets. The company has operations in Brazil, Argentina, Chile, Colombia, France, Italy, Mexico, Peru, Portugal, Romania, Spain, the United Kingdom, the United States, and internationally. VTEX was founded in 2000 and is headquartered in Grand Cayman, Cayman Islands.
Stock analysis
VTEX (V2TX34) currently trades at R$18.78, while our model-based Fair Value estimate is R$20.22, so the stock looks roughly fairly valued today (gap 7.1%).
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Valuation
Bull case: the DCF Models group reads highest at a median of R$14.01 per share, and 0 of the 24 models we run sit above the R$18.78 price.
Bear case: the Economic Profit group reads lowest at R$4.22, and 24 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: R$14.16 (bear) to R$26.29 (bull), the price of R$18.78 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 79/100 (high quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
VTEX reported revenue of $241M in FY2025 versus $158M in FY2022, a compound +15.1%/yr. Reported net income was $20.0M in FY2025.
Key figures
Market cap R$3.6B (≈ $693M) · P/E ratio 31.2 · P/S ratio 2.60 · EPS (TTM) R$0.6800 · Net margin 8.3% · Return on equity 9.7% · Return on assets (EBIT) −2.6% · Operating margin 9.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 23% below its 52-week high and 32% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −8% fair-value upside, at 8%, V2TX34 screens cheaper than that median.
Fair Value models
Bear R$14.16Fair Value R$20.22Bull R$26.29
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (R$0.5142 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+6.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.1%
’22
’23
’24
’25
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−31.7% (2022) → 7.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+11.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+8.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +9.1% a year for the price and +6.0% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Application · 684 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score79 · Top 25%
Fair Value upside+8.5% · Above median
Profitability
Return on equity (TTM)9.7% · Above median
Return on assets4.3% · Above median
Net margin (TTM)9.4% · Above median
Operating margin (TTM)9.6% · Above median
Growth and dividend
Revenue growth12.1% · Above median
Valuation Multiplesvs Software - Application median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "VTEX Fair Value". https://www.fairvalue-calculator.com/stock/V2TX34
Frequently asked questions
Is VTEX (V2TX34) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of R$20.22 versus a price of R$18.78, about +8% upside (fairly valued).
What is the fair value of V2TX34?
Our model-based fair value for VTEX is R$20.22 (as of Sep 24, 2026), built from audited fundamentals. The current price: R$18.78.
What is the quality score of V2TX34?
VTEX has a Quality Score of 79/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for VTEX (V2TX34)?
Our model-based price target is the fair value of R$20.22 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario R$14.16, optimistic scenario R$26.29. It is a calculation from audited fundamentals, not an analyst target.
What is the VTEX stock forecast for 2026?
Our models put fair value at R$20.22, about +8% upside versus a price of R$18.78 (fairly valued). Cautious scenario R$14.16, optimistic scenario R$26.29. The calculation is refreshed regularly with new filings.
What is the revenue of VTEX (V2TX34)?
VTEX reported trailing-twelve-month revenue of about $247M (latest available figure, as of Sep 24, 2026).
What growth is priced into VTEX (V2TX34)?
For today's price to be fair in a discounted-cash-flow model, VTEX would have to grow free cash flow by +11.7 % per year for five years (discount rate 14.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +15.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of V2TX34 use?
Our models discount VTEX at 14.3 %: a base by market capitalisation (small), damped by beta 1.03, country premium for Brazil. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For VTEX that is +11.7 % per year a year over ten years, using the same discount rate (14.3 %) and the same formula as our fair value.
How much growth has VTEX (V2TX34) delivered so far?
Over the past 3 years revenue at VTEX grew +15.1 % a year. The price currently implies +11.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of VTEX (V2TX34) growing?
The median revenue growth in the sector is +15.9 % a year. That is the yardstick for the growth priced into VTEX (+11.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of VTEX (V2TX34)?
The free-cash-flow yield on the price is 5.20 %: that much free cash flow VTEX produces per unit of market value. When it exceeds the discount rate of our models (14.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of VTEX (V2TX34)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For VTEX it is R$20.22 per share (as of Sep 24, 2026), against a price of R$18.78. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is VTEX stock overvalued or undervalued in 2026?
As of Sep 24, 2026, V2TX34 trades below its calculated fair value: price R$18.78, fair value R$20.22, a gap of about +8% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of V2TX34?
No. The price is what the market pays today (R$18.78); the fair value is what the company's own numbers justify (R$20.22). For VTEX the two are R$1.44 per share apart. That gap is exactly why we show both numbers side by side.
How much is VTEX worth?
The market values VTEX at about R$3.6B (market capitalisation, as of Sep 24, 2026). Per share that is R$18.78; our models calculate a fair value of R$20.22 per share.
What do the bullish and bearish scenarios say about V2TX34?
Our models span a range for VTEX: cautious scenario R$14.16, base R$20.22, optimistic R$26.29 per share (as of Sep 24, 2026, price R$18.78). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of V2TX34?
VTEX trades at a price-to-earnings ratio of 31.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$20.22 is built from several models across several years. Other multiples: P/B 3.0, P/S 2.8, EV/EBITDA 25.3.
How solid is the balance sheet of VTEX (V2TX34)?
Balance-sheet figures for VTEX (as of Sep 24, 2026): return on equity 9.7%. They feed the Quality Score of 79/100, which measures business quality independently of the share price.
How far is V2TX34 from its 52-week high?
VTEX trades at R$18.78, about 23% below its 52-week high of R$24.52 and 32% above the low of R$14.26 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of R$20.22 is for.
Which stocks are comparable to VTEX?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is VTEX stock attractive at the current price?
The data as of Sep 24, 2026: price R$18.78, calculated fair value R$20.22 (+8%), Quality Score 79/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of V2TX34 calculated?
We run VTEX through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$20.22, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. VTEX currently trades 7 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of VTEX (V2TX34)?
The closing price on Oct 2, 2026 was R$18.78. Our model-based fair value is R$20.22, about +8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with VTEX right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (R$14.16 to R$26.29) leaves room in how you read the outcome.
Key figures of VTEX
How large is the market capitalisation of VTEX (V2TX34)?
The market capitalisation of VTEX is R$3.6B (≈ $693M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of VTEX (V2TX34)?
The price-to-sales ratio of VTEX is 2.60 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of VTEX (V2TX34)?
Earnings per share at VTEX are R$0.6800 (price ÷ EPS = P/E 31.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of VTEX (V2TX34)?
The net margin of VTEX is 8.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of VTEX (V2TX34)?
The return on equity (ROE) of VTEX is 9.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of VTEX (V2TX34)?
On an EBIT basis the return on assets of VTEX is −2.6% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of VTEX (V2TX34)?
The operating margin of VTEX is 9.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at VTEX (V2TX34)?
Revenue at VTEX is growing +12.1% versus a year earlier (3y avg +15.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at VTEX (V2TX34)?
Earnings per share at VTEX are growing +391% versus a year earlier. How much earnings per share grew versus a year earlier.
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