Vertex (VERX) Financials

$13.17 -0.09 (-0.68%)

Closing price 04:00 PM Eastern

Extended Trading

$12.92 -0.24 (-1.86%)

As of 07:09 PM Eastern

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-3.40	15	2.68	5.16	7.22	-68	11	-0.96	4.05	-7.00	-2.51
Consolidated Net Income / (Loss)	-3.40	15	2.68	5.16	7.22	-68	11	-0.96	4.05	-7.00	-2.51
Net Income / (Loss) Continuing Operations	-3.40	15	2.68	5.16	7.22	-68	11	-0.96	4.05	-7.00	-2.51
Total Pre-Tax Income	-2.62	-6.51	-1.85	7.36	7.83	-11	6.03	-2.64	5.57	-1.38	-9.65
Total Operating Income	-2.02	-2.49	-1.57	7.55	4.90	-13	4.49	-3.86	4.32	-2.61	-11
Total Gross Profit	88	94	96	103	111	117	113	121	121	126	125
Total Revenue	145	155	157	161	170	178	177	185	192	195	197
Operating Revenue	145	155	157	161	170	178	177	185	192	195	197
Total Cost of Revenue	57	61	61	58	60	61	64	63	71	69	72
Operating Cost of Revenue	57	61	61	58	60	61	64	63	71	69	72
Total Operating Expenses	90	96	97	95	106	130	109	125	117	129	135
Selling, General & Admin Expense	35	37	36	36	41	40	45	43	45	46	54
Marketing Expense	34	37	40	41	42	47	48	48	47	52	53
Research & Development Expense	17	13	17	15	16	20	21	21	20	22	25
Depreciation Expense	3.78	3.80	5.01	5.21	5.21	5.52	5.88	6.19	6.37	6.37	6.44
Other Operating Expenses / (Income)	-	-	0.00	0.00	0.00	-	-15	2.30	-4.00	-0.60	-5.74
Other Special Charges / (Income)	0.32	5.49	-0.53	-1.10	1.18	0.27	3.26	4.15	2.70	2.46	3.25
Total Other Income / (Expense), net	-0.60	-4.02	-0.29	-0.18	2.94	1.67	1.54	1.23	1.25	1.24	0.96
Interest Expense	0.60	4.02	0.29	0.18	-2.94	-1.67	-1.54	-1.23	-1.25	-1.24	-0.96
Income Tax Expense	0.78	-22	-4.54	2.20	0.61	56	-5.11	-1.68	1.52	5.63	-7.14
Basic Earnings per Share	($0.04)	$0.20	$0.04	$0.06	$0.10	($0.88)	$0.14	($0.02)	$0.06	($0.08)	($0.04)
Weighted Average Basic Shares Outstanding	305.97M	154.33M	155.11M	155.52M	155.96M	158.18M	158.49M	159.47M	159.53M	159.96M	161.82M
Diluted Earnings per Share	($0.04)	$0.20	$0.04	$0.06	$0.08	($0.86)	$0.14	($0.02)	$0.04	($0.08)	($0.04)
Weighted Average Diluted Shares Outstanding	305.97M	154.33M	155.11M	155.52M	155.96M	158.18M	158.49M	159.47M	159.53M	159.96M	161.82M
Weighted Average Basic & Diluted Shares Outstanding	305.97M	154.33M	155.11M	155.52M	155.96M	158.18M	158.49M	159.47M	159.53M	159.96M	161.82M

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	9.10	8.03	3.53	268	-56	21	-22	7.08	28	-0.50	-68
Net Cash From Operating Activities	28	48	25	58	41	41	15	46	62	42	38
Net Cash From Continuing Operating Activities	28	48	25	58	41	41	15	46	62	42	38
Net Income / (Loss) Continuing Operations	-3.40	15	2.68	5.16	7.22	-68	11	-0.96	4.05	-7.00	-2.51
Consolidated Net Income / (Loss)	-3.40	15	2.68	5.16	7.22	-68	11	-0.96	4.05	-7.00	-2.51
Depreciation Expense	18	19	21	20	20	21	22	23	25	26	27
Amortization Expense	0.98	1.10	1.14	1.51	1.69	1.70	1.69	1.70	1.55	1.52	1.72
Non-Cash Adjustments To Reconcile Net Income	11	14	19	6.18	8.39	12	21	13	14	14	22
Changes in Operating Assets and Liabilities, net	0.72	-1.65	-20	24	3.98	73	-41	8.84	18	7.76	-9.89
Net Cash From Investing Activities	-16	-20	-20	-28	-85	-25	-18	-41	-32	-32	-52
Net Cash From Continuing Investing Activities	-16	-20	-20	-28	-85	-25	-18	-41	-32	-32	-52
Purchase of Property, Plant & Equipment	-19	-19	-20	-27	-17	-23	-27	-26	-32	-32	-52
Purchase of Investments	-4.44	-3.46	-4.27	-3.51	-4.47	-3.75	-2.40	-15	-	-	0.00
Sale and/or Maturity of Investments	7.44	2.35	4.80	4.06	5.75	2.10	12	-	-	-	0.00
Net Cash From Financing Activities	-2.52	-20	-1.15	239	-13	6.25	-21	0.50	-2.09	-11	-53
Net Cash From Continuing Financing Activities	-2.52	-20	-1.15	239	-13	6.25	-21	0.50	-2.09	-11	-53
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-20
Other Financing Activities, net	-1.90	-19	-0.44	-48	-9.22	7.42	-21	0.50	-2.09	-0.45	-33
Effect of Exchange Rate Changes	-0.44	0.78	-0.35	-0.44	1.60	-1.82	1.31	2.00	-0.04	-0.06	-0.51

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
Capital Lease Obligations	-	0.23	-	-	0.05	0.01	0.05
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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	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
Total Assets	677	726	725	720	756	1,024	1,191	1,154	1,198	1,222	1,214
Total Current Assets	219	231	234	238	267	515	477	505	503	519	489
Cash & Equivalents	72	69	42	49	56	326	279	270	284	314	252
Restricted Cash	24	26	30	32	37	35	26	33	26	25	18
Accounts Receivable	95	103	129	129	133	120	130	152	144	132	159
Prepaid Expenses	22	23	22	20	32	25	34	49	48	49	59
Plant, Property, & Equipment, net	109	117	99	100	101	108	179	186	195	203	220
Total Noncurrent Assets	349	377	392	382	388	401	536	464	500	500	505
Long-Term Investments	-	-	-	-	-	-	-	-	15	15	15
Goodwill	245	259	260	254	256	252	389	374	397	397	405
Intangible Assets	39	39	39	39	39	38	37	36	36	36	35
Noncurrent Deferred & Refundable Income Taxes	31	44	43	41	44	62	61	0.02	0.02	0.02	0.13
Other Noncurrent Operating Assets	34	35	50	48	50	49	49	53	52	52	50
Total Liabilities & Shareholders' Equity	677	726	725	720	756	1,024	1,191	1,154	1,198	1,222	1,214
Total Liabilities	463	502	499	500	506	791	932	954	950	957	968
Total Current Liabilities	374	422	431	433	443	439	458	513	506	516	567
Short-Term Debt	6.96	11	10	10	16	0.20	0.30	30	30	27	33
Accounts Payable	13	17	22	24	22	24	29	25	30	35	36
Accrued Expenses	48	64	71	73	51	67	80	52	61	69	53
Current Deferred Revenue	243	276	274	265	297	297	301	350	342	334	393
Current Employee Benefit Liabilities	17	17	12	17	19	13	20	22	15	24	32
Other Current Liabilities	46	36	41	43	37	37	28	35	28	27	20
Total Noncurrent Liabilities	89	80	68	67	63	352	474	441	444	441	401
Long-Term Debt	47	46	45	45	43	334	335	336	336	337	338
Capital Lease Obligations	0.02	0.00	-	0.07	0.04	-	0.02	0.00	0.00	0.06	0.05
Noncurrent Deferred Revenue	11	7.11	2.96	2.03	4.15	2.44	3.79	5.14	5.50	5.41	5.29
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	16	9.37	9.37	7.95	8.93
Other Noncurrent Operating Liabilities	31	27	20	20	16	15	119	90	93	91	49
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	214	223	226	220	250	233	259	200	248	264	247
Total Preferred & Common Equity	214	223	226	220	250	233	259	200	248	264	247
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	214	223	226	220	250	233	259	200	248	264	247
Common Stock	238	254	262	265	274	255	265	273	292	304	333
Retained Earnings	18	-5.63	-13	-16	2.10	7.26	14	-42	-43	-39	-49
Treasury Stock	-	-	-	-	-	-	-	-	-	-	-30
Accumulated Other Comprehensive Income / (Loss)	-42	-25	-24	-29	-26	-29	-20	-31	-1.05	-0.76	-7.82

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	159,956,894.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	159,956,894.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.02
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.88%	18.14%	18.10%	15.33%	17.52%	15.20%	12.94%	14.56%	12.72%	9.11%	11.06%
EBITDA Growth	24.21%	43.13%	154.12%	112.23%	53.73%	-44.79%	38.57%	-27.77%	15.99%	153.45%	-36.13%
EBIT Growth	-131.69%	26.37%	82.47%	285.29%	342.62%	-426.05%	386.65%	-151.21%	-11.76%	80.07%	-336.42%
NOPAT Growth	-131.69%	26.37%	82.47%	285.62%	419.47%	-426.05%	856.46%	-151.12%	-30.42%	80.07%	-189.59%
Net Income Growth	-197.90%	388.83%	114.80%	174.88%	312.44%	-542.14%	314.68%	-118.61%	-43.98%	89.67%	-122.55%
EPS Growth	-100.00%	433.33%	116.67%	160.00%	300.00%	-530.00%	250.00%	-133.33%	-50.00%	90.70%	-128.57%
Operating Cash Flow Growth	83.83%	18.35%	603.70%	1,415.24%	50.02%	-13.65%	-39.73%	-20.31%	50.90%	2.76%	156.50%
Free Cash Flow Firm Growth	-23.91%	-29.34%	-74.59%	114.99%	-323.61%	77.28%	-33.57%	-1,710.73%	110.53%	-420.72%	-67.80%
Invested Capital Growth	12.04%	27.54%	19.21%	-0.26%	51.16%	0.78%	26.21%	45.85%	-2.28%	25.46%	26.72%
Revenue Q/Q Growth	3.82%	6.82%	1.21%	2.76%	5.79%	4.71%	-0.78%	4.23%	4.09%	1.35%	0.99%
EBITDA Q/Q Growth	25.24%	3.05%	14.65%	43.43%	-9.28%	-62.99%	187.78%	-25.23%	45.67%	-19.14%	-27.48%
EBIT Q/Q Growth	50.44%	-23.44%	37.17%	582.11%	-35.11%	-367.65%	134.23%	-186.13%	211.80%	-160.44%	-306.20%
NOPAT Q/Q Growth	50.44%	-23.44%	37.17%	582.97%	-14.71%	-303.26%	190.34%	-132.64%	216.09%	-158.21%	-306.20%
Net Income Q/Q Growth	50.71%	551.13%	-82.50%	92.40%	39.83%	-1,038.90%	116.42%	-108.63%	520.92%	-273.13%	64.16%
EPS Q/Q Growth	60.00%	600.00%	-80.00%	50.00%	33.33%	-1,175.00%	116.28%	-114.29%	300.00%	-300.00%	50.00%
Operating Cash Flow Q/Q Growth	728.71%	72.63%	-48.43%	134.98%	-28.29%	-0.64%	-64.01%	210.73%	35.79%	-32.34%	-10.16%
Free Cash Flow Firm Q/Q Growth	44.69%	-122.86%	27.44%	116.78%	-1,663.17%	88.05%	-326.06%	-102.32%	110.21%	-691.39%	-37.30%
Invested Capital Q/Q Growth	-6.22%	14.41%	-2.35%	-4.77%	42.12%	-23.72%	22.26%	10.04%	-4.77%	-2.07%	23.48%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.79%	60.42%	61.10%	63.74%	64.85%	65.63%	63.82%	65.67%	63.15%	64.76%	63.50%
EBITDA Margin	11.98%	11.55%	13.09%	18.27%	15.67%	5.54%	16.06%	11.52%	16.12%	12.86%	9.24%
Operating Margin	-1.39%	-1.61%	-1.00%	4.68%	2.87%	-7.34%	2.53%	-2.09%	2.25%	-1.34%	-5.39%
EBIT Margin	-1.39%	-1.61%	-1.00%	4.68%	2.87%	-7.34%	2.53%	-2.09%	2.25%	-1.34%	-5.39%
Profit (Net Income) Margin	-2.34%	9.90%	1.71%	3.21%	4.24%	-37.99%	6.29%	-0.52%	2.11%	-3.60%	-1.28%
Tax Burden Percent	129.98%	-235.44%	-145.00%	70.12%	92.18%	592.74%	184.73%	36.46%	72.69%	509.31%	26.01%
Interest Burden Percent	129.58%	261.46%	118.27%	97.60%	160.01%	87.29%	134.31%	68.22%	128.82%	52.66%	90.98%
Effective Tax Rate	0.00%	0.00%	0.00%	29.88%	7.82%	0.00%	-84.73%	0.00%	27.31%	0.00%	0.00%
Return on Invested Capital (ROIC)	-3.04%	-3.39%	-2.18%	10.24%	7.29%	-16.04%	13.69%	-4.28%	4.31%	-2.91%	-9.76%
ROIC Less NNEP Spread (ROIC-NNEP)	1.80%	-36.54%	-10.43%	10.65%	-37.66%	2,292.94%	43.13%	62.97%	9.89%	-25.78%	-3.09%
Return on Net Nonoperating Assets (RNNOA)	-0.34%	7.80%	2.02%	-1.45%	0.95%	-26.93%	1.85%	0.68%	0.61%	-2.66%	-1.02%
Return on Equity (ROE)	-3.38%	4.41%	-0.16%	8.79%	8.24%	-42.98%	15.53%	-3.60%	4.92%	-5.57%	-10.78%
Cash Return on Invested Capital (CROIC)	-18.67%	-30.66%	-21.24%	0.78%	-24.77%	28.03%	-30.54%	-39.48%	0.25%	-21.67%	-26.57%
Operating Return on Assets (OROA)	-1.09%	-1.24%	-0.80%	3.31%	1.93%	-5.08%	1.82%	-1.34%	1.36%	-0.82%	-3.50%
Return on Assets (ROA)	-1.84%	7.66%	1.38%	2.26%	2.85%	-26.30%	4.52%	-0.33%	1.28%	-2.21%	-0.83%
Return on Common Equity (ROCE)	-3.38%	4.41%	-0.16%	8.79%	8.24%	-42.98%	15.53%	-3.60%	4.92%	-5.57%	-10.78%
Return on Equity Simple (ROE_SIMPLE)	-15.32%	0.00%	3.09%	8.49%	11.74%	0.00%	-22.09%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.41	-1.74	-1.10	5.29	4.51	-9.17	8.29	-2.70	3.14	-1.83	-7.42
NOPAT Margin	-0.97%	-1.13%	-0.70%	3.28%	2.65%	-5.14%	4.68%	-1.47%	1.63%	-0.94%	-3.78%
Net Nonoperating Expense Percent (NNEP)	-4.83%	33.14%	8.25%	-0.41%	44.95%	-2,308.99%	-29.45%	-67.25%	-5.58%	22.88%	-6.67%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.56%	-	-	-	-1.67%	1.46%	-0.44%	0.50%	-0.29%	-1.20%
Cost of Revenue to Revenue	39.21%	39.58%	38.90%	36.26%	35.15%	34.37%	36.18%	34.33%	36.85%	35.24%	36.50%
SG&A Expenses to Revenue	24.40%	23.80%	22.67%	22.27%	24.35%	22.37%	25.43%	23.51%	23.22%	23.45%	27.63%
R&D to Revenue	11.56%	8.33%	10.74%	9.07%	9.17%	10.98%	11.80%	11.15%	10.37%	11.46%	12.48%
Operating Expenses to Revenue	62.18%	62.03%	62.10%	59.06%	61.98%	72.97%	61.28%	67.76%	60.90%	66.10%	68.89%
Earnings before Interest and Taxes (EBIT)	-2.02	-2.49	-1.57	7.55	4.90	-13	4.49	-3.86	4.32	-2.61	-11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	17	18	21	29	27	9.88	28	21	31	25	18
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	15.96	16.29	19.60	23.99	23.12	46.39	27.62	22.58	14.95	12.30	7.72
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)	6.40	7.20	8.22	9.05	9.31	12.48	8.06	7.88	5.40	4.26	2.48
Price to Earnings (P/E)	0.00	0.00	634.68	282.66	196.99	0.00	0.00	0.00	0.00	441.79	0.00
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%	0.00%	0.16%	0.35%	0.51%	0.00%	0.00%	0.00%	0.00%	0.23%	0.00%
Enterprise Value to Invested Capital (EV/IC)	18.70	19.18	23.39	28.09	21.38	38.96	21.36	19.55	14.43	11.88	5.98
Enterprise Value to Revenue (EV/Rev)	6.34	7.13	8.15	8.99	9.35	12.53	8.15	7.94	5.41	4.27	2.59
Enterprise Value to EBITDA (EV/EBITDA)	67.13	71.33	69.75	65.19	63.57	96.55	59.28	65.37	43.77	30.23	20.82
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	3,777.40	716.91	0.00	1,464.74	0.00	0.00	1,371.05	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	5,396.28	161.15	135.77	0.00	0.00	0.00	1,441.02	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	51.97	54.91	50.93	35.27	35.09	50.69	36.11	39.35	24.11	19.31	10.53
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	3,613.54	0.00	139.55	0.00	0.00	5,764.47	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.25	0.23	0.24	1.43	1.29	2.06	1.82	1.48	1.38	1.40	1.50
Long-Term Debt to Equity	0.20	0.17	0.17	1.43	1.29	1.87	1.67	1.36	1.27	1.30	1.37
Financial Leverage	-0.19	-0.21	-0.19	-0.14	-0.03	-0.01	0.04	0.01	0.06	0.10	0.33
Leverage Ratio	3.22	3.06	3.13	3.81	3.99	4.46	4.24	4.62	4.61	5.56	5.30
Compound Leverage Factor	4.17	8.01	3.70	3.72	6.38	3.89	5.69	3.15	5.94	2.93	4.82
Debt to Total Capital	20.07%	18.78%	19.19%	58.91%	56.39%	67.37%	64.57%	59.62%	57.92%	58.40%	60.07%
Short-Term Debt to Total Capital	3.75%	4.62%	5.13%	0.04%	0.05%	6.39%	5.23%	4.87%	4.31%	4.16%	5.31%
Long-Term Debt to Total Capital	16.31%	14.16%	14.05%	58.88%	56.34%	60.99%	59.34%	54.75%	53.61%	54.23%	54.76%
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	79.93%	81.22%	80.81%	41.09%	43.61%	32.63%	35.43%	40.38%	42.08%	41.60%	39.93%
Debt to EBITDA	1.07	1.02	0.85	3.92	3.54	4.28	3.87	4.24	4.02	3.44	3.89
Net Debt to EBITDA	-0.66	-0.70	-0.61	-0.41	0.23	0.41	0.65	0.47	0.11	0.10	0.90
Long-Term Debt to EBITDA	0.87	0.77	0.62	3.92	3.54	3.87	3.55	3.90	3.72	3.19	3.54
Debt to NOPAT	-4.29	-4.77	-8.36	324.65	8.98	6.02	-21.12	-68.97	-63.72	163.87	-41.52
Net Debt to NOPAT	2.65	3.28	5.97	-34.28	0.59	0.57	-3.57	-7.62	-1.80	4.57	-9.60
Long-Term Debt to NOPAT	-3.49	-3.60	-6.12	324.46	8.97	5.45	-19.41	-63.34	-58.98	152.19	-37.85
Altman Z-Score	4.61	5.34	6.32	4.97	4.45	5.53	4.03	4.06	3.05	2.41	1.65
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	0.55	0.60	0.60	1.17	1.04	1.00	0.98	0.99	1.01	0.98	0.86
Quick Ratio	0.43	0.50	0.45	1.03	0.91	0.87	0.82	0.85	0.86	0.87	0.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-21	-48	-35	5.80	-91	-11	-46	-93	9.54	-56	-77
Operating Cash Flow to CapEx	148.84%	253.48%	122.44%	214.94%	244.14%	177.02%	54.72%	174.15%	193.31%	131.40%	72.63%
Free Cash Flow to Firm to Interest Expense	-35.84	-11.86	-120.85	32.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	46.22	11.84	85.90	318.93	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	15.17	7.17	15.74	170.55	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.79	0.77	0.81	0.71	0.67	0.69	0.72	0.64	0.61	0.61	0.65
Accounts Receivable Turnover	4.91	4.68	5.06	4.96	4.97	4.36	4.81	5.39	5.60	4.30	4.93
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	5.24	5.67	5.47	5.96	4.61	4.79	4.80	4.68	3.84	3.87	3.78
Accounts Payable Turnover	11.33	11.80	11.70	10.28	8.98	8.05	10.28	9.10	8.04	7.23	9.06
Days Sales Outstanding (DSO)	74.37	78.00	72.19	73.60	73.46	83.80	75.83	67.74	65.16	84.83	73.98
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)	32.23	30.93	31.21	35.51	40.66	45.36	35.50	40.11	45.42	50.45	40.29
Cash Conversion Cycle (CCC)	42.14	47.07	40.98	38.09	32.81	38.45	40.33	27.63	19.73	34.37	33.69
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	186	213	208	198	281	214	262	289	275	269	332
Invested Capital Turnover	3.12	3.02	3.12	3.12	2.75	3.12	2.92	2.92	2.63	3.10	2.58
Increase / (Decrease) in Invested Capital	20	46	33	-0.51	95	1.66	54	91	-6.40	55	70
Enterprise Value (EV)	3,479	4,081	4,859	5,557	6,011	8,356	5,600	5,641	3,964	3,196	1,988
Market Capitalization	3,513	4,121	4,902	5,592	5,989	8,320	5,538	5,600	3,953	3,186	1,902
Book Value per Share	$1.45	$1.65	$1.62	$1.50	$1.67	$1.15	$1.27	$1.57	$1.66	$1.62	$1.54
Tangible Book Value per Share	($0.48)	($0.30)	($0.29)	($0.37)	($1.07)	($1.41)	($1.33)	($1.17)	($1.06)	($1.08)	($1.21)
Total Capital	275	311	310	567	594	550	566	614	629	622	617
Total Debt	55	59	59	334	335	370	365	366	364	363	371
Total Long-Term Debt	45	44	43	334	335	335	336	336	337	338	338
Net Debt	-34	-40	-42	-35	22	35	62	40	10	10	86
Capital Expenditures (CapEx)	19	19	20	27	17	23	27	26	32	32	52
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-274	-258	-262	-294	-294	-301	-282	-284	-309	-326	-315
Debt-free Net Working Capital (DFNWC)	-185	-160	-160	76	19	34	21	26	30	12	-45
Net Working Capital (NWC)	-195	-174	-176	76	19	-1.04	-8.15	-3.59	2.89	-14	-78
Net Nonoperating Expense (NNE)	1.99	-17	-3.78	0.13	-2.71	59	-2.84	-1.74	-0.90	5.18	-4.91
Net Nonoperating Obligations (NNO)	-34	-40	-42	-35	22	35	62	40	10	10	86
Total Depreciation and Amortization (D&A)	19	20	22	22	22	23	24	25	27	28	29
Debt-free, Cash-free Net Working Capital to Revenue	-49.97%	-45.15%	-43.86%	-47.53%	-45.68%	-45.17%	-41.08%	-40.04%	-42.18%	-43.60%	-41.07%
Debt-free Net Working Capital to Revenue	-33.66%	-27.91%	-26.79%	12.29%	2.95%	5.11%	3.12%	3.70%	4.10%	1.60%	-5.89%
Net Working Capital to Revenue	-35.55%	-30.43%	-29.45%	12.26%	2.91%	-0.16%	-1.19%	-0.51%	0.39%	-1.86%	-10.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.04)	$0.20	$0.04	$0.06	$0.10	($0.88)	$0.14	($0.02)	$0.06	($0.08)	($0.04)
Adjusted Weighted Average Basic Shares Outstanding	152.08M	154.33M	154.22M	155.52M	155.96M	158.18M	158.49M	159.47M	159.53M	159.96M	161.82M
Adjusted Diluted Earnings per Share	($0.04)	$0.20	$0.04	$0.06	$0.08	($0.86)	$0.14	($0.02)	$0.04	($0.08)	($0.04)
Adjusted Weighted Average Diluted Shares Outstanding	152.08M	154.33M	160.58M	155.52M	155.96M	158.18M	158.49M	159.47M	159.53M	159.96M	161.82M
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	305.97M	154.33M	155.11M	155.52M	155.96M	158.18M	158.49M	159.47M	159.53M	159.96M	161.82M
Normalized Net Operating Profit after Tax (NOPAT)	-1.19	2.10	-1.46	4.52	5.60	-8.99	5.42	0.20	5.10	-0.11	-5.15
Normalized NOPAT Margin	-0.82%	1.35%	-0.93%	2.81%	3.29%	-5.04%	3.06%	0.11%	2.66%	-0.05%	-2.62%
Pre Tax Income Margin	-1.80%	-4.20%	-1.18%	4.57%	4.60%	-6.41%	3.40%	-1.43%	2.90%	-0.71%	-4.91%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.38	-0.62	-5.47	41.69	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-2.37	-0.43	-3.83	29.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-34.43	-5.29	-75.63	-106.70	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-33.42	-5.11	-73.98	-119.15	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%	0.00%	139.98%	-468.74%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, investor-focused snapshot of Vertex, Inc. (VERX) using the last four years of quarterly statements across the income statement, cash flow statement, and balance sheet. The bullets are ordered with positive indicators first, then neutral observations, and finally potential concerns.

Revenue growth in 2025: operating revenue rose from about $177.1 million in Q1 2025 to $194.7 million in Q4 2025.
Gross profit expansion: total gross profit increased from about $112.99 million in Q1 2025 to $126.09 million in Q4 2025, signaling improving product/service margins.
Solid operating cash flow through 2025: net cash from continuing operating activities stayed positive in every 2025 quarter, ranging from roughly $14.8 million (Q1) up to $62.5 million (Q3) and $42.3 million (Q4).
Positive free cash flow in most 2025 quarters: after capital expenditures, free cash flow was about $19.6 million (Q2), $30.2 million (Q3), and $10.1 million (Q4); Q1 had negative free cash flow due to higher capex, but the pattern improved in subsequent quarters.
Liquidity improvement: cash & equivalents at the end of Q3 2025 was about $313.5 million, a substantial increase from roughly $49.5 million at the end of 2024, indicating a stronger liquidity runway.
Earnings volatility exists: Vertex posted a positive quarterly net income in Q3 2025 ($4.05 million) but showed net losses in Q1, Q2 and Q4 2025, highlighting quarterly variability in profitability.
Profitability cadence remains sensitive to operating costs: total operating income was positive in Q3 2025 (about $4.32 million) but negative in Q1, Q2, and Q4 2025, reflecting elevated expenses relative to revenue in several periods.
Debt level appears moderating: long-term debt sits around $336.9 million in Q3 2025, with interest expense modestly around $1.2 million per quarter, suggesting manageable leverage and stable financing costs.
Quarterly net income pressure: returns to net losses in Q4 2025 (-$7.00 million) and back-to-back losses in other quarters (e.g., Q2 2025 around -$0.96 million; Q1 2025 around -$1.56 million) raise concerns about sustained profitability.
Operating margin pressure in some periods: Q4 2025 saw total operating expenses of about $128.7 million versus gross profit of about $126.1 million, resulting in a negative operating income and implying near-term margin compression.

05/19/26 05:29 PM 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. Find out what analysts predict for Vertex in the coming months.

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 5/8/2026 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

Annual Income Statements for Vertex

Quarterly Income Statements for Vertex

Annual Cash Flow Statements for Vertex

Quarterly Cash Flow Statements for Vertex

Annual Balance Sheets for Vertex

Quarterly Balance Sheets for Vertex

Annual Metrics And Ratios for Vertex

Quarterly Metrics And Ratios for Vertex

Financials Breakdown Chart

Key Financial Trends

Vertex Financials - Frequently Asked Questions

When does Vertex's fiscal year end?

How has Vertex's net income changed over the last 7 years?

What is Vertex's operating income?

How has Vertex's revenue changed over the last 7 years?

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How has Vertex's book value per share changed over the last 7 years?

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