VTEX — Earnings Quality Grade C
VTEX · Technology
Some red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 93 days, change +9 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 6.1%, CFFO 28.5%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -49.8% vs revenue 6.1%. Normal
SG&A/Gross Profit = 55.1%. Normal
Gross margin 77.5%, change +3.8pp. Stable
Cash Flow Quality
CFFO/NI = 1.67. Profits backed by cash
FCF $0.0B, FCF/NI = 1.62
Accruals ratio = -3.9%. Low accruals
Cash $0.2B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 15% of equity. Manageable
Debt/EBITDA = 0.1x. Healthy
Other assets 2.9% vs revenue 6.1%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 18% YoY. Normal
Manipulation Score
M-Score = -2.55 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25