Vertex, Inc. (VERX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-77.7%

$3.54

vs $15.83 price

Levered DCF

$21.65

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.96

Grey zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	399.4×	-156.91×	-299.33×	-181.38×	-1,587×	-58.08×	113.95×	-487.37×
P/B	11.12×	46.13×	16.17×	9.45×	10.19×	19.98×	-31.11×	-26.64×
P/S	3.85×	12.41×	7.15×	4.42×	5.51×	12.23×	10.88×	10.92×
EV / EBITDA	27.99×	81.65×	71.81×	40.57×	54.98×	-59.02×	60.89×	134.77×
Gross margin	60.7%	63.9%	60.9%	60.7%	62.0%	55.9%	65.7%	64.9%
Operating margin	-1.0%	-0.3%	-3.1%	-1.6%	-0.7%	-28.0%	9.9%	-1.0%
Net margin	1.0%	-7.9%	-2.3%	-2.5%	-0.3%	-20.0%	9.7%	-2.2%
Current ratio	0.98×	1×	0.6×	0.6×	0.53×	1.38×	0.49×	0.55×
Debt / equity	1.39×	1.96×	0.26×	0.32×	0.12×	0×	-0.46×	-0.49×
Interest coverage	0×	0×	-4.21×	-3.95×	-2.99×	-33.67×	15.65×	-1.34×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.1%	3.2%	0.8%	0.9%
Payout ratio	0.0%	0.0%	0.0%	-4.4%	-182.6%	-194.6%	92.0%	-459.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.8%	-29.4%	-5.2%	-5.4%	-0.6%	-32.7%	-27.6%	5.5%
Return on invested capital	-1.1%	9.7%	-3.3%	-2.5%	-0.4%	-27.2%	-166.8%	15.1%
Return on assets	0.6%	-4.5%	-1.7%	-1.7%	-0.2%	-13.4%	11.7%	-2.8%
Free cash flow yield	1.7%	0.9%	0.1%	0.2%	2.0%	0.6%	1.6%	1.6%
Earnings yield	0.3%	-0.6%	-0.3%	-0.6%	-0.1%	-1.6%	0.9%	-0.2%
Enterprise value	$2.9B	$8.3B	$4.1B	$2.2B	$2.3B	$4.3B	$3.5B	$3B
Net debt / EBITDA	0.44×	0.55×	-0.02×	-0.34×	-1.07×	4.16×	-0.43×	-0.04×
Cash conversion cycle (days)	43	35	52	49	37	56	44	57