What is Vertex's operating income?

Vertex's total operating income in 2025 was $2.33 million, based on the following breakdown: Total Gross Profit: $481.60 million Total Operating Expenses: $479.27 million

Vertex (VERX) Financials

$11.94 0.00 (0.00%)

Closing price 08/7/2026 04:00 PM Eastern

Extended Trading

$11.94 0.00 (-0.04%)

As of 08/7/2026 07:34 PM Eastern

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Annual Income Statements for Vertex

This table shows Vertex's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-6.11	31	-75	-1.48	-12	-13	-53	7.21
Consolidated Net Income / (Loss)	-6.11	31	-75	-1.48	-12	-13	-53	7.21
Net Income / (Loss) Continuing Operations	-6.11	96	-75	-1.48	-12	-13	-53	7.21
Total Pre-Tax Income	-4.43	31	-108	-3.93	-10	-22	1.91	7.58
Total Operating Income	-2.83	32	-105	-2.94	-8.08	-18	-2.23	2.33
Total Gross Profit	177	211	209	264	298	349	426	482
Total Revenue	272	643	375	426	492	572	667	748
Operating Revenue	272	643	375	426	492	572	667	748
Total Cost of Revenue	96	33	165	162	193	224	241	267
Operating Cost of Revenue	96	188	165	162	193	224	241	267
Total Operating Expenses	180	359	314	267	307	366	428	479
Selling, General & Admin Expense	59	71	149	107	122	146	153	179
Marketing Expense	57	68	99	99	125	140	171	196
Research & Development Expense	24	31	54	44	42	58	67	84
Depreciation Expense	7.94	9.00	11	12	12	15	21	25
Other Operating Expenses / (Income)	-	179	-	-	0.00	0.00	18	-17
Other Special Charges / (Income)	-0.69	0.57	0.20	4.89	5.27	6.50	-0.18	13
Total Other Income / (Expense), net	-1.59	-0.95	-3.11	-0.98	-2.05	-4.16	4.14	5.25
Interest Expense	-	-	-	0.98	2.05	4.16	-4.14	-5.25
Income Tax Expense	1.68	-0.16	-33	-2.45	2.17	-8.58	55	0.37
Basic Earnings per Share	($0.13)	$0.20	($1.14)	($0.02)	($0.16)	($0.18)	($0.68)	$0.10
Weighted Average Basic Shares Outstanding	120.63M	0.00	131.51M	147.78M	151.03M	154.33M	158.18M	159.96M
Diluted Earnings per Share	($0.13)	$0.25	($1.14)	($0.02)	($0.16)	($0.18)	($0.68)	$0.08
Weighted Average Diluted Shares Outstanding	120.63M	0.00	131.51M	147.78M	151.03M	154.33M	158.18M	159.96M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	151.03M	154.33M	158.18M	159.96M

This table shows Vertex's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	15	2.68	5.16	7.22	-68	11	-0.96	4.05	-7.00	-2.51	9.04
Consolidated Net Income / (Loss)	15	2.68	5.16	7.22	-68	11	-0.96	4.05	-7.00	-2.51	9.04
Net Income / (Loss) Continuing Operations	15	2.68	5.16	7.22	-68	11	-0.96	4.05	-7.00	-2.51	9.04
Total Pre-Tax Income	-6.51	-1.85	7.36	7.83	-11	6.03	-2.64	5.57	-1.38	-9.65	-4.10
Total Operating Income	-2.49	-1.57	7.55	4.90	-13	4.49	-3.86	4.32	-2.61	-11	-4.44
Total Gross Profit	94	96	103	111	117	113	121	121	126	125	131
Total Revenue	155	157	161	170	178	177	185	192	195	197	204
Operating Revenue	155	157	161	170	178	177	185	192	195	197	204
Total Cost of Revenue	61	61	58	60	61	64	63	71	69	72	73
Operating Cost of Revenue	61	61	58	60	61	64	63	71	69	72	73
Total Operating Expenses	96	97	95	106	130	109	125	117	129	135	136
Selling, General & Admin Expense	37	36	36	41	40	45	43	45	46	54	51
Marketing Expense	37	40	41	42	47	48	48	47	52	53	52
Research & Development Expense	13	17	15	16	20	21	21	20	22	25	25
Depreciation Expense	3.80	5.01	5.21	5.21	5.52	5.88	6.19	6.37	6.37	6.44	6.72
Other Operating Expenses / (Income)	-	0.00	0.00	0.00	-	-15	2.30	-4.00	-0.60	-5.74	-0.10
Other Special Charges / (Income)	5.49	-0.53	-1.10	1.18	0.27	3.26	4.15	2.70	2.46	3.25	1.28
Total Other Income / (Expense), net	-4.02	-0.29	-0.18	2.94	1.67	1.54	1.23	1.25	1.24	0.96	0.34
Interest & Investment Income	-	-	-	-	-	-	1.23	-	-	-	0.34
Income Tax Expense	-22	-4.54	2.20	0.61	56	-5.11	-1.68	1.52	5.63	-7.14	-13
Basic Earnings per Share	$0.20	$0.04	$0.06	$0.10	($0.88)	$0.14	($0.02)	$0.06	($0.08)	($0.04)	$0.12
Weighted Average Basic Shares Outstanding	154.33M	155.11M	155.52M	155.96M	158.18M	158.49M	159.47M	159.53M	159.96M	161.82M	162.22M
Diluted Earnings per Share	$0.20	$0.04	$0.06	$0.08	($0.86)	$0.14	($0.02)	$0.04	($0.08)	($0.04)	$0.12
Weighted Average Diluted Shares Outstanding	154.33M	155.11M	155.52M	155.96M	158.18M	158.49M	159.47M	159.53M	159.96M	161.82M	162.22M
Weighted Average Basic & Diluted Shares Outstanding	154.33M	155.11M	155.52M	155.96M	158.18M	158.49M	159.47M	159.53M	159.96M	161.82M	162.22M

This table details how cash moves in and out of Vertex's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	16	24	229	-214	8.54	-18	237	12
Net Cash From Operating Activities	80	92	60	90	64	74	165	166
Net Cash From Continuing Operating Activities	80	92	60	90	64	74	165	166
Net Income / (Loss) Continuing Operations	-6.11	31	-75	-1.48	-12	-13	-53	7.21
Consolidated Net Income / (Loss)	-6.11	31	-75	-1.48	-12	-13	-53	7.21
Depreciation Expense	25	25	32	45	61	72	83	97
Amortization Expense	0.27	0.27	0.37	0.21	0.25	2.84	6.04	6.46
Non-Cash Adjustments To Reconcile Net Income	38	11	125	26	12	42	46	61
Changes in Operating Assets and Liabilities, net	23	25	-23	21	2.42	-30	82	-6.52
Net Cash From Investing Activities	-33	-38	-44	-295	-72	-66	-158	-124
Net Cash From Continuing Investing Activities	-33	-38	-44	-295	-72	-66	-158	-124
Purchase of Property, Plant & Equipment	-33	-38	-33	-43	-60	-68	-159	-118
Purchase of Investments	-	-	0.00	0.00	-17	-16	-16	-17
Sale and/or Maturity of Investments	-	-	0.00	0.00	5.36	18	17	12
Net Cash From Financing Activities	-31	-31	214	-9.10	17	-26	231	-33
Net Cash From Continuing Financing Activities	-31	-31	214	-9.10	17	-26	231	-33
Repayment of Debt	-3.28	-5.57	-241	-0.96	-1.92	-3.19	-63	0.00
Repurchase of Common Equity	-1.28	-0.84	-6.22	-	-	0.00	0.00	-10
Issuance of Debt	0.00	0.00	188	0.00	50	0.00	345	0.00
Other Financing Activities, net	1.89	4.34	-3.37	-8.14	-31	-23	-50	-23
Effect of Exchange Rate Changes	-	0.01	-0.02	-0.48	-0.35	0.72	-1.01	3.21

This table details how cash moves in and out of Vertex's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	8.03	3.53	268	-56	21	-22	7.08	28	-0.50	-68	-13
Net Cash From Operating Activities	48	25	58	41	41	15	46	62	42	38	31
Net Cash From Continuing Operating Activities	48	25	58	41	41	15	46	62	42	38	31
Net Income / (Loss) Continuing Operations	15	2.68	5.16	7.22	-68	11	-0.96	4.05	-7.00	-2.51	9.04
Consolidated Net Income / (Loss)	15	2.68	5.16	7.22	-68	11	-0.96	4.05	-7.00	-2.51	9.04
Depreciation Expense	19	21	20	20	21	22	23	25	26	27	29
Amortization Expense	1.10	1.14	1.51	1.69	1.70	1.69	1.70	1.55	1.52	1.72	2.04
Non-Cash Adjustments To Reconcile Net Income	14	19	6.18	8.39	12	21	13	14	14	22	15
Changes in Operating Assets and Liabilities, net	-1.65	-20	24	3.98	73	-41	8.84	18	7.76	-9.89	-24
Net Cash From Investing Activities	-20	-20	-28	-85	-25	-18	-41	-32	-32	-52	-28
Net Cash From Continuing Investing Activities	-20	-20	-28	-85	-25	-18	-41	-32	-32	-52	-28
Purchase of Property, Plant & Equipment	-19	-20	-27	-17	-23	-27	-26	-32	-32	-52	-28
Net Cash From Financing Activities	-20	-1.15	239	-13	6.25	-21	0.50	-2.09	-11	-53	-16
Net Cash From Continuing Financing Activities	-20	-1.15	239	-13	6.25	-21	0.50	-2.09	-11	-53	-16
Repurchase of Common Equity	-	-	-	-	-	0.00	-	-	-	-20	-27
Other Financing Activities, net	-19	-0.44	-48	-9.22	7.42	-21	0.50	-2.09	-0.45	-33	11
Effect of Exchange Rate Changes	0.78	-0.35	-0.44	1.60	-1.82	1.31	2.00	-0.04	-0.06	-0.51	-0.14

This table presents Vertex's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	265	559	670	719	760	1,167	1,271
Total Current Assets	166	403	196	243	267	536	561
Cash & Equivalents	76	303	73	92	68	296	314
Restricted Cash	7.59	9.22	25	15	21	30	24
Accounts Receivable	70	77	77	103	142	164	183
Prepaid Expenses	12	13	21	22	26	37	39
Plant, Property, & Equipment, net	55	57	98	101	101	178	210
Total Noncurrent Assets	44	100	376	375	393	453	500
Long-Term Investments	-	-	-	-	-	0.00	15
Goodwill	-	19	273	257	260	363	396
Intangible Assets	32	32	33	39	39	36	35
Noncurrent Deferred & Refundable Income Taxes	0.22	34	35	31	42	0.02	0.09
Other Noncurrent Operating Assets	12	15	35	48	52	54	54
Total Liabilities & Shareholders' Equity	265	559	670	719	760	1,167	1,271
Total Liabilities	377	329	440	489	507	987	1,012
Total Current Liabilities	335	292	369	403	441	537	575
Short-Term Debt	51	1.73	0.47	8.34	14	35	26
Accounts Payable	11	8.88	13	14	24	36	38
Accrued Expenses	36	42	49	62	79	81	78
Current Deferred Revenue	193	208	237	269	290	339	383
Current Employee Benefit Liabilities	24	19	21	14	12	15	24
Other Current Liabilities	21	9.24	47	36	22	31	26
Total Noncurrent Liabilities	43	37	71	86	66	450	437
Long-Term Debt	0.68	-	0.00	47	44	335	337
Noncurrent Deferred Revenue	14	15	12	10	2.58	4.84	5.21
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	0.00	9.92	5.66
Other Noncurrent Operating Liabilities	9.27	18	57	29	19	100	89
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-130	229	230	230	253	179	259
Total Preferred & Common Equity	-130	229	230	230	253	179	259
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-130	229	230	230	253	179	259
Common Stock	0.00	207	223	245	275	279	316
Retained Earnings	-91	26	25	13	-0.59	-53	-46
Treasury Stock	-39	-	-	-	-	0.00	-10
Accumulated Other Comprehensive Income / (Loss)	-0.49	-3.13	-17	-28	-22	-46	-1.37

This table presents Vertex's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	726	725	720	756	1,024	1,191	1,154	1,198	1,222	1,214	1,210
Total Current Assets	231	234	238	267	515	477	505	503	519	489	492
Cash & Equivalents	69	42	49	56	326	279	270	284	314	252	230
Restricted Cash	26	30	32	37	35	26	33	26	25	18	26
Accounts Receivable	103	129	129	133	120	130	152	144	132	159	153
Prepaid Expenses	23	22	20	32	25	34	49	48	49	59	82
Plant, Property, & Equipment, net	117	99	100	101	108	179	186	195	203	220	220
Total Noncurrent Assets	377	392	382	388	401	536	464	500	500	505	498
Long-Term Investments	-	-	-	-	-	-	-	15	15	15	15
Goodwill	259	260	254	256	252	389	374	397	397	405	403
Intangible Assets	39	39	39	39	38	37	36	36	36	35	34
Noncurrent Deferred & Refundable Income Taxes	44	43	41	44	62	61	0.02	0.02	0.02	0.13	0.13
Other Noncurrent Operating Assets	35	50	48	50	49	49	53	52	52	50	46
Total Liabilities & Shareholders' Equity	726	725	720	756	1,024	1,191	1,154	1,198	1,222	1,214	1,210
Total Liabilities	502	499	500	506	791	932	954	950	957	968	969
Total Current Liabilities	422	431	433	443	439	458	513	506	516	567	564
Short-Term Debt	11	10	10	16	0.20	0.30	30	30	27	33	33
Accounts Payable	17	22	24	22	24	29	25	30	35	36	37
Accrued Expenses	64	71	73	51	67	80	52	61	69	53	62
Current Deferred Revenue	276	274	265	297	297	301	350	342	334	393	382
Current Employee Benefit Liabilities	17	12	17	19	13	20	22	15	24	32	21
Other Current Liabilities	36	41	43	37	37	28	35	28	27	20	29
Total Noncurrent Liabilities	80	68	67	63	352	474	441	444	441	401	405
Long-Term Debt	46	45	45	43	334	335	336	336	337	338	339
Noncurrent Deferred Revenue	7.11	2.96	2.03	4.15	2.44	3.79	5.14	5.50	5.41	5.29	4.75
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	16	9.37	9.37	7.95	8.93	13
Other Noncurrent Operating Liabilities	27	20	20	16	15	119	90	93	91	49	48
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	223	226	220	250	233	259	200	248	264	247	241
Total Preferred & Common Equity	223	226	220	250	233	259	200	248	264	247	241
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	223	226	220	250	233	259	200	248	264	247	241
Common Stock	254	262	265	274	255	265	273	292	304	333	348
Retained Earnings	-5.63	-13	-16	2.10	7.26	14	-42	-43	-39	-49	-40
Treasury Stock	-	-	-	-	-	-	-	-	-	-30	-57
Accumulated Other Comprehensive Income / (Loss)	-25	-24	-29	-26	-29	-20	-31	-1.05	-0.76	-7.82	-11

This table displays calculated financial ratios and metrics derived from Vertex's official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	136.05%	-41.73%	13.58%	15.53%	16.43%	16.49%	12.25%
EBITDA Growth	0.00%	171.74%	-228.06%	158.27%	26.79%	7.32%	51.26%	22.16%
EBIT Growth	0.00%	798.03%	-439.00%	97.19%	-174.71%	-116.65%	87.28%	204.62%
NOPAT Growth	0.00%	1,714.38%	-329.05%	97.19%	-174.71%	-116.65%	602.08%	-96.40%
Net Income Growth	0.00%	608.63%	-341.75%	98.03%	-731.91%	-6.41%	-302.73%	113.68%
EPS Growth	0.00%	292.31%	-556.00%	98.25%	-700.00%	-12.50%	-277.78%	111.76%
Operating Cash Flow Growth	0.00%	14.98%	-35.63%	51.64%	-29.28%	16.42%	121.74%	0.44%
Free Cash Flow Firm Growth	0.00%	0.00%	-177.52%	-57.45%	81.35%	-44.92%	202.88%	-187.48%
Invested Capital Growth	0.00%	0.00%	43.94%	263.43%	26.07%	27.54%	0.78%	25.46%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	30.62%	31.48%	4.34%	3.66%	2.22%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	4.42%	-0.77%	10.41%	-8.48%	16.75%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-576.32%	-71.48%	4.85%	-126.57%	128.56%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-576.32%	-71.48%	4.85%	64.97%	138.82%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-145.73%	-61.43%	61.19%	-273.43%	113.46%
EPS Q/Q Growth	0.00%	0.00%	0.00%	96.30%	-77.78%	59.09%	-278.95%	111.43%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-10.79%	-2.04%	4.29%	11.03%	-3.80%	0.69%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-101.22%	-77.08%	203.49%	-7,717.68%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-11.38%	0.51%	14.41%	-23.72%	-2.07%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	64.87%	32.83%	55.86%	61.96%	60.72%	60.90%	63.91%	64.35%
EBITDA Margin	7.61%	8.76%	-19.26%	9.88%	10.84%	10.00%	12.98%	14.13%
Operating Margin	-1.04%	4.95%	-27.96%	-0.69%	-1.64%	-3.06%	-0.33%	0.31%
EBIT Margin	-1.63%	4.81%	-27.96%	-0.69%	-1.64%	-3.06%	-0.33%	0.31%
Profit (Net Income) Margin	-2.24%	4.83%	-20.04%	-0.35%	-2.50%	-2.29%	-7.91%	0.96%
Tax Burden Percent	137.93%	100.50%	69.60%	37.67%	121.46%	60.41%	-2,762.13%	95.14%
Interest Burden Percent	100.00%	100.00%	102.97%	133.45%	125.34%	123.78%	-85.68%	325.14%
Effective Tax Rate	0.00%	-0.50%	0.00%	0.00%	0.00%	0.00%	2,862.13%	4.86%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	-8.02%	-3.78%	-6.46%	28.81%	0.92%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	-8.30%	4.49%	-4.83%	4,529.37%	22.99%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	7.37%	-1.57%	1.03%	-53.20%	2.37%
Return on Equity (ROE)	0.00%	-27.64%	-128.38%	-0.64%	-5.35%	-5.42%	-24.39%	3.29%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	-162.74%	-26.85%	-30.66%	28.03%	-21.67%
Operating Return on Assets (OROA)	0.00%	11.68%	-25.45%	-0.48%	-1.16%	-2.37%	-0.23%	0.19%
Return on Assets (ROA)	0.00%	11.74%	-18.24%	-0.24%	-1.77%	-1.77%	-5.47%	0.59%
Return on Common Equity (ROCE)	0.00%	-31.93%	-109.23%	-0.64%	-5.35%	-5.42%	-24.39%	3.29%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-23.93%	-32.74%	-0.64%	-5.36%	-5.18%	-29.40%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.98	32	-73	-2.06	-5.66	-12	62	2.22
NOPAT Margin	-0.73%	4.98%	-19.57%	-0.48%	-1.15%	-2.14%	9.23%	0.30%
Net Nonoperating Expense Percent (NNEP)	0.00%	-5.97%	-1.02%	0.28%	-8.28%	-1.62%	-4,500.56%	-22.07%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-1.99%	-3.93%	11.20%	0.36%
Cost of Revenue to Revenue	35.13%	5.15%	44.14%	38.04%	39.28%	39.10%	36.09%	35.65%
SG&A Expenses to Revenue	21.64%	11.04%	39.78%	25.15%	24.74%	25.50%	22.92%	23.87%
R&D to Revenue	8.72%	4.75%	14.50%	10.34%	8.52%	10.17%	10.00%	11.19%
Operating Expenses to Revenue	65.91%	55.76%	83.82%	62.65%	62.36%	63.96%	64.24%	64.04%
Earnings before Interest and Taxes (EBIT)	-4.43	31	-105	-2.94	-8.08	-18	-2.23	2.33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	21	56	-72	42	53	57	87	106
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	22.20	10.26	9.48	16.29	46.39	12.30
Price to Tangible Book Value (P/TBV)	0.00	0.00	28.50	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.48	0.63	13.59	5.55	4.43	7.20	12.48	4.26
Price to Earnings (P/E)	0.00	12.94	0.00	0.00	0.00	0.00	0.00	441.79
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	7.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.23%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	17.10	12.67	19.18	38.96	11.88
Enterprise Value to Revenue (EV/Rev)	0.00	0.60	12.76	5.32	4.30	7.13	12.53	4.27
Enterprise Value to EBITDA (EV/EBITDA)	0.00	6.87	0.00	53.83	39.65	71.33	96.55	30.23
Enterprise Value to EBIT (EV/EBIT)	0.00	12.53	0.00	0.00	0.00	0.00	0.00	1,371.05
Enterprise Value to NOPAT (EV/NOPAT)	0.00	12.10	0.00	0.00	0.00	0.00	135.77	1,441.02
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	4.19	80.30	25.07	33.11	54.91	50.69	19.31
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	2.19	0.00	0.00	0.00	0.00	139.55	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	-0.46	0.01	0.00	0.24	0.23	2.06	1.40
Long-Term Debt to Equity	0.00	-0.01	0.00	0.00	0.20	0.17	1.87	1.30
Financial Leverage	0.00	0.29	-2.93	-0.89	-0.35	-0.21	-0.01	0.10
Leverage Ratio	0.00	-2.35	7.04	2.68	3.02	3.06	4.46	5.56
Compound Leverage Factor	0.00	-2.35	7.25	3.57	3.79	3.79	-3.82	18.08
Debt to Total Capital	0.00%	-84.55%	0.84%	0.20%	19.33%	18.78%	67.37%	58.40%
Short-Term Debt to Total Capital	0.00%	-83.43%	0.75%	0.20%	2.93%	4.62%	6.39%	4.16%
Long-Term Debt to Total Capital	0.00%	-1.12%	0.10%	0.00%	16.40%	14.16%	60.99%	54.23%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	-28.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	213.21%	99.16%	99.80%	80.67%	81.22%	32.63%	41.60%
Debt to EBITDA	0.00	0.91	-0.03	0.01	1.03	1.02	4.28	3.44
Net Debt to EBITDA	0.00	-0.57	4.30	-2.32	-1.18	-0.70	0.41	0.10
Long-Term Debt to EBITDA	0.00	0.01	0.00	0.00	0.88	0.77	3.87	3.19
Debt to NOPAT	0.00	1.61	-0.03	-0.23	-9.73	-4.77	6.02	163.87
Net Debt to NOPAT	0.00	-1.00	4.23	47.46	11.11	3.28	0.57	4.57
Long-Term Debt to NOPAT	0.00	0.02	0.00	0.00	-8.26	-3.60	5.45	152.19
Altman Z-Score	0.00	2.21	9.63	3.58	3.07	5.28	5.56	2.42
Noncontrolling Interest Sharing Ratio	0.00%	-15.53%	14.92%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.49	1.38	0.53	0.60	0.60	1.00	0.98
Quick Ratio	0.00	0.44	1.30	0.41	0.51	0.50	0.87	0.87
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	176	-137	-215	-40	-58	60	-52
Operating Cash Flow to CapEx	241.49%	246.27%	181.51%	208.20%	105.67%	108.94%	189.20%	140.35%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-218.89	-19.61	-13.98	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	91.76	31.18	17.85	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	47.69	1.67	1.46	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	2.43	0.91	0.69	0.71	0.77	0.69	0.61
Accounts Receivable Turnover	0.00	9.14	5.08	5.52	5.47	4.68	4.36	4.30
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	11.75	6.73	5.49	4.93	5.67	4.79	3.87
Accounts Payable Turnover	0.00	3.09	16.87	14.80	14.13	11.80	8.05	7.23
Days Sales Outstanding (DSO)	0.00	39.94	71.86	66.08	66.75	78.00	83.80	84.83
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	118.24	21.63	24.66	25.82	30.93	45.36	50.45
Cash Conversion Cycle (CCC)	0.00	-78.30	50.23	41.42	40.93	47.07	38.45	34.37
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	-144	-81	132	167	213	214	269
Invested Capital Turnover	0.00	-8.90	-3.32	16.57	3.29	3.02	3.12	3.10
Increase / (Decrease) in Invested Capital	0.00	-144	63	213	35	46	1.66	55
Enterprise Value (EV)	0.00	387	4,781	2,264	2,114	4,081	8,356	3,196
Market Capitalization	402	402	5,092	2,361	2,177	4,121	8,320	3,186
Book Value per Share	$0.00	($1.08)	$1.57	$1.55	$1.53	$1.65	$1.15	$1.62
Tangible Book Value per Share	$0.00	($1.34)	$1.22	($0.51)	($0.44)	($0.30)	($1.41)	($1.08)
Total Capital	0.00	-61	231	231	285	311	550	622
Total Debt	0.00	51	1.95	0.47	55	59	370	363
Total Long-Term Debt	0.00	0.68	0.23	0.00	47	44	335	338
Net Debt	0.00	-32	-310	-98	-63	-40	35	10
Capital Expenditures (CapEx)	33	38	33	43	60	68	87	118
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-202	-200	-271	-270	-258	-301	-326
Debt-free Net Working Capital (DFNWC)	0.00	-118	112	-173	-152	-160	34	12
Net Working Capital (NWC)	0.00	-169	111	-173	-160	-174	-1.04	-14
Net Nonoperating Expense (NNE)	4.12	0.96	1.75	-0.58	6.65	0.84	114	-4.99
Net Nonoperating Obligations (NNO)	0.00	-32	-310	-98	-63	-40	35	10
Total Depreciation and Amortization (D&A)	25	25	33	45	61	75	89	103
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-31.36%	-53.33%	-63.73%	-54.85%	-45.15%	-45.17%	-43.60%
Debt-free Net Working Capital to Revenue	0.00%	-18.38%	30.01%	-40.65%	-30.86%	-27.91%	5.11%	1.60%
Net Working Capital to Revenue	0.00%	-26.28%	29.55%	-40.76%	-32.56%	-30.43%	-0.16%	-1.86%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($1.20)	($0.01)	($0.16)	($0.18)	($0.68)	$0.10
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	131.51M	0.00	149.65M	151.86M	158.18M	159.96M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($1.20)	($0.01)	($0.16)	($0.18)	($0.68)	$0.08
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	131.51M	0.00	149.65M	151.86M	158.18M	159.96M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	($0.01)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	131.51M	0.00	151.03M	154.33M	158.18M	159.96M
Normalized Net Operating Profit after Tax (NOPAT)	20	23	-73	1.36	-1.97	-7.71	-1.68	14
Normalized NOPAT Margin	7.50%	3.53%	-19.53%	0.32%	-0.40%	-1.35%	-0.25%	1.89%
Pre Tax Income Margin	-1.63%	4.81%	-28.79%	-0.92%	-2.06%	-3.79%	0.29%	1.01%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	-2.99	-3.95	-4.21	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	-2.09	-2.76	-2.94	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-47.06	-33.45	-20.59	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-46.16	-32.26	-19.33	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-458.96%	91.98%	-194.61%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-479.87%	94.69%	-202.90%	0.00%	0.00%	0.00%	0.00%	139.98%

This table displays calculated financial ratios and metrics derived from Vertex's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	159,956,894.00	161,816,931.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	159,956,894.00	161,816,931.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.02	0.06
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	18.14%	18.10%	15.33%	17.52%	15.20%	12.94%	14.56%	12.72%	9.11%	11.06%	10.52%
EBITDA Growth	43.13%	154.12%	112.23%	53.73%	-44.79%	38.57%	-27.77%	15.99%	153.45%	-36.13%	25.66%
EBIT Growth	26.37%	82.47%	285.29%	342.62%	-426.05%	386.65%	-151.21%	-11.76%	80.07%	-336.42%	-14.98%
NOPAT Growth	26.37%	82.47%	285.62%	419.47%	-426.05%	856.46%	-151.12%	-30.42%	80.07%	-189.59%	-14.98%
Net Income Growth	388.83%	114.80%	174.88%	312.44%	-542.14%	314.68%	-118.61%	-43.98%	89.67%	-122.55%	1,041.00%
EPS Growth	433.33%	116.67%	160.00%	300.00%	-530.00%	250.00%	-133.33%	-50.00%	90.70%	-128.57%	700.00%
Operating Cash Flow Growth	18.35%	603.70%	1,415.24%	50.02%	-13.65%	-39.73%	-20.31%	50.90%	2.76%	156.50%	-32.84%
Free Cash Flow Firm Growth	-29.34%	-74.59%	114.99%	-323.61%	77.28%	-33.57%	-1,710.73%	110.53%	-420.72%	-67.80%	40.68%
Invested Capital Growth	27.54%	19.21%	-0.26%	51.16%	0.78%	26.21%	45.85%	-2.28%	25.46%	26.72%	18.13%
Revenue Q/Q Growth	6.82%	1.21%	2.76%	5.79%	4.71%	-0.78%	4.23%	4.09%	1.35%	0.99%	3.72%
EBITDA Q/Q Growth	3.05%	14.65%	43.43%	-9.28%	-62.99%	187.78%	-25.23%	45.67%	-19.14%	-27.48%	47.10%
EBIT Q/Q Growth	-23.44%	37.17%	582.11%	-35.11%	-367.65%	134.23%	-186.13%	211.80%	-160.44%	-306.20%	58.11%
NOPAT Q/Q Growth	-23.44%	37.17%	582.97%	-14.71%	-303.26%	190.34%	-132.64%	216.09%	-158.21%	-306.20%	58.11%
Net Income Q/Q Growth	551.13%	-82.50%	92.40%	39.83%	-1,038.90%	116.42%	-108.63%	520.92%	-273.13%	64.16%	460.28%
EPS Q/Q Growth	600.00%	-80.00%	50.00%	33.33%	-1,175.00%	116.28%	-114.29%	300.00%	-300.00%	50.00%	400.00%
Operating Cash Flow Q/Q Growth	72.63%	-48.43%	134.98%	-28.29%	-0.64%	-64.01%	210.73%	35.79%	-32.34%	-10.16%	-18.64%
Free Cash Flow Firm Q/Q Growth	-122.86%	27.44%	116.78%	-1,663.17%	88.05%	-326.06%	-102.32%	110.21%	-691.39%	-37.30%	28.48%
Invested Capital Q/Q Growth	14.41%	-2.35%	-4.77%	42.12%	-23.72%	22.26%	10.04%	-4.77%	-2.07%	23.48%	2.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.42%	61.10%	63.74%	64.85%	65.63%	63.82%	65.67%	63.15%	64.76%	63.50%	64.37%
EBITDA Margin	11.55%	13.09%	18.27%	15.67%	5.54%	16.06%	11.52%	16.12%	12.86%	9.24%	13.10%
Operating Margin	-1.61%	-1.00%	4.68%	2.87%	-7.34%	2.53%	-2.09%	2.25%	-1.34%	-5.39%	-2.18%
EBIT Margin	-1.61%	-1.00%	4.68%	2.87%	-7.34%	2.53%	-2.09%	2.25%	-1.34%	-5.39%	-2.18%
Profit (Net Income) Margin	9.90%	1.71%	3.21%	4.24%	-37.99%	6.29%	-0.52%	2.11%	-3.60%	-1.28%	4.43%
Tax Burden Percent	-235.44%	-145.00%	70.12%	92.18%	592.74%	184.73%	36.46%	72.69%	509.31%	26.01%	-220.61%
Interest Burden Percent	261.46%	118.27%	97.60%	160.01%	87.29%	134.31%	68.22%	128.82%	52.66%	90.98%	92.26%
Effective Tax Rate	0.00%	0.00%	29.88%	7.82%	0.00%	-84.73%	0.00%	27.31%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-3.39%	-2.18%	10.24%	7.29%	-16.04%	13.69%	-4.28%	4.31%	-2.91%	-9.76%	-3.82%
ROIC Less NNEP Spread (ROIC-NNEP)	-36.54%	-10.43%	10.65%	-37.66%	2,292.94%	43.13%	62.97%	9.89%	-25.78%	-3.09%	13.52%
Return on Net Nonoperating Assets (RNNOA)	7.80%	2.02%	-1.45%	0.95%	-26.93%	1.85%	0.68%	0.61%	-2.66%	-1.02%	3.88%
Return on Equity (ROE)	4.41%	-0.16%	8.79%	8.24%	-42.98%	15.53%	-3.60%	4.92%	-5.57%	-10.78%	0.06%
Cash Return on Invested Capital (CROIC)	-30.66%	-21.24%	0.78%	-24.77%	28.03%	-30.54%	-39.48%	0.25%	-21.67%	-26.57%	-19.59%
Operating Return on Assets (OROA)	-1.24%	-0.80%	3.31%	1.93%	-5.08%	1.82%	-1.34%	1.36%	-0.82%	-3.50%	-1.42%
Return on Assets (ROA)	7.66%	1.38%	2.26%	2.85%	-26.30%	4.52%	-0.33%	1.28%	-2.21%	-0.83%	2.90%
Return on Common Equity (ROCE)	4.41%	-0.16%	8.79%	8.24%	-42.98%	15.53%	-3.60%	4.92%	-5.57%	-10.78%	0.06%
Return on Equity Simple (ROE_SIMPLE)	0.00%	3.09%	8.49%	11.74%	0.00%	-22.09%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.74	-1.10	5.29	4.51	-9.17	8.29	-2.70	3.14	-1.83	-7.42	-3.11
NOPAT Margin	-1.13%	-0.70%	3.28%	2.65%	-5.14%	4.68%	-1.47%	1.63%	-0.94%	-3.78%	-1.52%
Net Nonoperating Expense Percent (NNEP)	33.14%	8.25%	-0.41%	44.95%	-2,308.99%	-29.45%	-67.25%	-5.58%	22.88%	-6.67%	-17.34%
Return On Investment Capital (ROIC_SIMPLE)	-0.56%	-	-	-	-1.67%	1.46%	-0.44%	0.50%	-0.29%	-1.20%	-0.51%
Cost of Revenue to Revenue	39.58%	38.90%	36.26%	35.15%	34.37%	36.18%	34.33%	36.85%	35.24%	36.50%	35.63%
SG&A Expenses to Revenue	23.80%	22.67%	22.27%	24.35%	22.37%	25.43%	23.51%	23.22%	23.45%	27.63%	25.07%
R&D to Revenue	8.33%	10.74%	9.07%	9.17%	10.98%	11.80%	11.15%	10.37%	11.46%	12.48%	12.16%
Operating Expenses to Revenue	62.03%	62.10%	59.06%	61.98%	72.97%	61.28%	67.76%	60.90%	66.10%	68.89%	66.55%
Earnings before Interest and Taxes (EBIT)	-2.49	-1.57	7.55	4.90	-13	4.49	-3.86	4.32	-2.61	-11	-4.44
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	18	21	29	27	9.88	28	21	31	25	18	27
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	16.29	19.60	23.99	23.12	46.39	27.62	22.58	14.95	12.30	7.72	7.70
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	7.20	8.22	9.05	9.31	12.48	8.06	7.88	5.40	4.26	2.48	2.36
Price to Earnings (P/E)	0.00	634.68	282.66	196.99	0.00	0.00	0.00	0.00	441.79	0.00	519.62
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.16%	0.35%	0.51%	0.00%	0.00%	0.00%	0.00%	0.23%	0.00%	0.19%
Enterprise Value to Invested Capital (EV/IC)	19.18	23.39	28.09	21.38	38.96	21.36	19.55	14.43	11.88	5.98	5.74
Enterprise Value to Revenue (EV/Rev)	7.13	8.15	8.99	9.35	12.53	8.15	7.94	5.41	4.27	2.59	2.49
Enterprise Value to EBITDA (EV/EBITDA)	71.33	69.75	65.19	63.57	96.55	59.28	65.37	43.77	30.23	20.82	19.40
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	3,777.40	716.91	0.00	1,464.74	0.00	0.00	1,371.05	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	5,396.28	161.15	135.77	0.00	0.00	0.00	1,441.02	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	54.91	50.93	35.27	35.09	50.69	36.11	39.35	24.11	19.31	10.53	11.27
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	3,613.54	0.00	139.55	0.00	0.00	5,764.47	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.23	0.24	1.43	1.29	2.06	1.82	1.48	1.38	1.40	1.50	1.54
Long-Term Debt to Equity	0.17	0.17	1.43	1.29	1.87	1.67	1.36	1.27	1.30	1.37	1.40
Financial Leverage	-0.21	-0.19	-0.14	-0.03	-0.01	0.04	0.01	0.06	0.10	0.33	0.29
Leverage Ratio	3.06	3.13	3.81	3.99	4.46	4.24	4.62	4.61	5.56	5.30	4.92
Compound Leverage Factor	8.01	3.70	3.72	6.38	3.89	5.69	3.15	5.94	2.93	4.82	4.54
Debt to Total Capital	18.78%	19.19%	58.91%	56.39%	67.37%	64.57%	59.62%	57.92%	58.40%	60.07%	60.66%
Short-Term Debt to Total Capital	4.62%	5.13%	0.04%	0.05%	6.39%	5.23%	4.87%	4.31%	4.16%	5.31%	5.40%
Long-Term Debt to Total Capital	14.16%	14.05%	58.88%	56.34%	60.99%	59.34%	54.75%	53.61%	54.23%	54.76%	55.25%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	81.22%	80.81%	41.09%	43.61%	32.63%	35.43%	40.38%	42.08%	41.60%	39.93%	39.34%
Debt to EBITDA	1.02	0.85	3.92	3.54	4.28	3.87	4.24	4.02	3.44	3.89	3.68
Net Debt to EBITDA	-0.70	-0.61	-0.41	0.23	0.41	0.65	0.47	0.11	0.10	0.90	0.99
Long-Term Debt to EBITDA	0.77	0.62	3.92	3.54	3.87	3.55	3.90	3.72	3.19	3.54	3.36
Debt to NOPAT	-4.77	-8.36	324.65	8.98	6.02	-21.12	-68.97	-63.72	163.87	-41.52	-39.81
Net Debt to NOPAT	3.28	5.97	-34.28	0.59	0.57	-3.57	-7.62	-1.80	4.57	-9.60	-10.68
Long-Term Debt to NOPAT	-3.60	-6.12	324.46	8.97	5.45	-19.41	-63.34	-58.98	152.19	-37.85	-36.26
Altman Z-Score	5.34	6.32	4.97	4.45	5.53	4.03	4.06	3.05	2.41	1.65	1.67
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.60	0.60	1.17	1.04	1.00	0.98	0.99	1.01	0.98	0.86	0.87
Quick Ratio	0.50	0.45	1.03	0.91	0.87	0.82	0.85	0.86	0.87	0.73	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-48	-35	5.80	-91	-11	-46	-93	9.54	-56	-77	-55
Operating Cash Flow to CapEx	253.48%	122.44%	214.94%	244.14%	177.02%	54.72%	174.15%	193.31%	131.40%	72.63%	109.70%
Free Cash Flow to Firm to Interest Expense	-11.86	-120.85	32.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	11.84	85.90	318.93	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	7.17	15.74	170.55	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.77	0.81	0.71	0.67	0.69	0.72	0.64	0.61	0.61	0.65	0.65
Accounts Receivable Turnover	4.68	5.06	4.96	4.97	4.36	4.81	5.39	5.60	4.30	4.93	5.30
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	5.67	5.47	5.96	4.61	4.79	4.80	4.68	3.84	3.87	3.78	3.79
Accounts Payable Turnover	11.80	11.70	10.28	8.98	8.05	10.28	9.10	8.04	7.23	9.06	8.38
Days Sales Outstanding (DSO)	78.00	72.19	73.60	73.46	83.80	75.83	67.74	65.16	84.83	73.98	68.86
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	30.93	31.21	35.51	40.66	45.36	35.50	40.11	45.42	50.45	40.29	43.56
Cash Conversion Cycle (CCC)	47.07	40.98	38.09	32.81	38.45	40.33	27.63	19.73	34.37	33.69	25.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	213	208	198	281	214	262	289	275	269	332	341
Invested Capital Turnover	3.02	3.12	3.12	2.75	3.12	2.92	2.92	2.63	3.10	2.58	2.50
Increase / (Decrease) in Invested Capital	46	33	-0.51	95	1.66	54	91	-6.40	55	70	52
Enterprise Value (EV)	4,081	4,859	5,557	6,011	8,356	5,600	5,641	3,964	3,196	1,988	1,957
Market Capitalization	4,121	4,902	5,592	5,989	8,320	5,538	5,600	3,953	3,186	1,902	1,858
Book Value per Share	$1.65	$1.62	$1.50	$1.67	$1.15	$1.27	$1.57	$1.66	$1.62	$1.54	$1.49
Tangible Book Value per Share	($0.30)	($0.29)	($0.37)	($1.07)	($1.41)	($1.33)	($1.17)	($1.06)	($1.08)	($1.21)	($1.21)
Total Capital	311	310	567	594	550	566	614	629	622	617	613
Total Debt	59	59	334	335	370	365	366	364	363	371	372
Total Long-Term Debt	44	43	334	335	335	336	336	337	338	338	339
Net Debt	-40	-42	-35	22	35	62	40	10	10	86	100
Capital Expenditures (CapEx)	19	20	27	17	23	27	26	32	32	52	28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-258	-262	-294	-294	-301	-282	-284	-309	-326	-315	-296
Debt-free Net Working Capital (DFNWC)	-160	-160	76	19	34	21	26	30	12	-45	-39
Net Working Capital (NWC)	-174	-176	76	19	-1.04	-8.15	-3.59	2.89	-14	-78	-72
Net Nonoperating Expense (NNE)	-17	-3.78	0.13	-2.71	59	-2.84	-1.74	-0.90	5.18	-4.91	-12
Net Nonoperating Obligations (NNO)	-40	-42	-35	22	35	62	40	10	10	86	100
Total Depreciation and Amortization (D&A)	20	22	22	22	23	24	25	27	28	29	31
Debt-free, Cash-free Net Working Capital to Revenue	-45.15%	-43.86%	-47.53%	-45.68%	-45.17%	-41.08%	-40.04%	-42.18%	-43.60%	-41.07%	-37.64%
Debt-free Net Working Capital to Revenue	-27.91%	-26.79%	12.29%	2.95%	5.11%	3.12%	3.70%	4.10%	1.60%	-5.89%	-5.00%
Net Working Capital to Revenue	-30.43%	-29.45%	12.26%	2.91%	-0.16%	-1.19%	-0.51%	0.39%	-1.86%	-10.16%	-9.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.20	$0.04	$0.06	$0.10	($0.88)	$0.14	($0.02)	$0.06	($0.08)	($0.04)	$0.12
Adjusted Weighted Average Basic Shares Outstanding	154.33M	154.22M	155.52M	155.96M	158.18M	158.49M	159.47M	159.53M	159.96M	161.82M	162.22M
Adjusted Diluted Earnings per Share	$0.20	$0.04	$0.06	$0.08	($0.86)	$0.14	($0.02)	$0.04	($0.08)	($0.04)	$0.12
Adjusted Weighted Average Diluted Shares Outstanding	154.33M	160.58M	155.52M	155.96M	158.18M	158.49M	159.47M	159.53M	159.96M	161.82M	162.22M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	154.33M	155.11M	155.52M	155.96M	158.18M	158.49M	159.47M	159.53M	159.96M	161.82M	162.22M
Normalized Net Operating Profit after Tax (NOPAT)	2.10	-1.46	4.52	5.60	-8.99	5.42	0.20	5.10	-0.11	-5.15	-2.22
Normalized NOPAT Margin	1.35%	-0.93%	2.81%	3.29%	-5.04%	3.06%	0.11%	2.66%	-0.05%	-2.62%	-1.09%
Pre Tax Income Margin	-4.20%	-1.18%	4.57%	4.60%	-6.41%	3.40%	-1.43%	2.90%	-0.71%	-4.91%	-2.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.62	-5.47	41.69	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-0.43	-3.83	29.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-5.29	-75.63	-106.70	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-5.11	-73.98	-119.15	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	139.98%	-468.74%	1,585.90%

Financials Breakdown Chart

Key Financial Trends

Vertex, Inc. (NASDAQ: VERX) showed a mixed start to 2026, with revenue growth and improved operating cash flow, but profitability remains under pressure. In Q1 2026, revenue rose to $196.6 million from $194.7 million in Q4 2025 and $177.1 million in Q1 2025. However, the company still posted a net loss of $2.5 million, after a larger loss of $7.0 million in the prior quarter, while free cash flow was negative due to heavy capital spending and share repurchases.

Over the last four years, Vertex has delivered solid top-line growth, but earnings have been volatile and margins uneven. Revenue has generally trended higher year over year, moving from the low $130 million range in early 2023 to nearly $197 million in Q1 2026. At the same time, the company has moved between profits and losses, with quarterly net income swinging from a loss in 2023 to a profit in Q1 2025, then back to losses in recent quarters.

Revenue continues to grow: Q1 2026 revenue of $196.6 million was up about 11% from Q1 2025 and modestly above Q4 2025, showing steady demand.
Operating cash flow remains healthy: Vertex generated $38.0 million in operating cash flow in Q1 2026, which remains strong relative to reported earnings.
Balance sheet still has meaningful liquidity: The company ended Q1 2026 with $252.5 million in cash and equivalents, plus $17.7 million in restricted cash.
Quarterly gross profit improved in absolute dollars: Gross profit rose to $124.9 million in Q1 2026 from $121.1 million in Q2 2025 and $126.1 million in Q4 2025, keeping the business highly gross-margin driven.
Net loss narrowed versus Q4 2025: The Q1 2026 loss of $2.5 million was better than the $7.0 million loss in Q4 2025 and the $9.6 million pre-tax loss in the quarter.
Operating expenses remain elevated: Sales and marketing, SG&A, and R&D continue to consume a large portion of gross profit, limiting bottom-line conversion.
Deferred revenue is substantial: Current deferred revenue of $393.1 million in Q1 2026 suggests a sizable backlog-like revenue base, but it also reflects significant obligations to deliver future services.
Share count has been creeping up: Weighted average diluted shares increased from about 150.7 million in Q1 2023 to 161.8 million in Q1 2026, which can dilute per-share results.
Net losses have returned: After a profitable Q1 2025, Vertex has posted losses in several recent quarters, including Q4 2025 and Q1 2026.
Heavy investing is pressuring cash flow: Q1 2026 capital expenditures were $52.3 million, well above operating cash flow, leading to a negative net change in cash.
Debt load remains significant: Total debt was still high at roughly $370.8 million in Q1 2026, including $338.0 million of long-term debt and $32.8 million of short-term debt.
Balance sheet leverage is elevated: Total liabilities of $967.9 million were far above total equity of $246.5 million, which leaves less room for error if growth slows.

Bottom line: Vertex appears to be growing revenue and generating solid operating cash flow, but profitability is inconsistent and the company is still spending heavily on growth and capital projects. For retail investors, the key question is whether the company can turn that revenue growth into durable earnings without continuing to lean on balance sheet strength.

08/10/26 05:31 AM ETAI Generated. May Contain Errors.

Vertex Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Vertex's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Vertex's net income appears to be on an upward trend, with a most recent value of $7.21 million in 2025, falling from -$6.11 million in 2018. The previous period was -$52.73 million in 2024. See Vertex's forecast for analyst expectations on what's next for the company.

Vertex's total operating income in 2025 was $2.33 million, based on the following breakdown:

Total Gross Profit: $481.60 million
Total Operating Expenses: $479.27 million

Over the last 7 years, Vertex's total revenue changed from $272.40 million in 2018 to $748.44 million in 2025, a change of 174.8%.

Vertex's total liabilities were at $1.01 billion at the end of 2025, a 2.5% increase from 2024, and a 168.4% increase since 2019.

In the past 6 years, Vertex's cash and equivalents has ranged from $68.18 million in 2023 to $314.01 million in 2025, and is currently $314.01 million as of their latest financial filing in 2025.

Over the last 7 years, Vertex's book value per share changed from 0.00 in 2018 to 1.62 in 2025, a change of 162.3%.

Related Companies

Financial statements for NASDAQ:VERX last updated on 8/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Vertex (VERX) Financials

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Vertex (VERX) Financials

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Vertex Financials - Frequently Asked Questions

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