# Vertex, Inc. (VERX)

> Source: Nexqual · https://nexqual.com/VERX · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Vertex, Inc. (VERX), nexqual.com/VERX" · informational, not investment advice.

**Price:** USD 14.86 (+0.34% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 14.81 · day 14.31–14.88 · 52w 10.21–23.3 · market cap $2.41B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $787M, net income $3.6M (0.5% margin) (SEC filings).
- Valuation: P/E 674.3x, EV/EBITDA 26.8x, net debt $108M.
- Analysts: Buy (mean 2.36 on a 1–5 scale) (14 analysts), mean target USD 17.08 (range 12–25).
- Total return with dividends: 1Y -34.5% vs S&P 500 +14.8%; 5Y -28.6% vs S&P 500 +79.1%.
- Next earnings: 2026-11-04, EPS estimate USD 0.22, revenue estimate $210M. All companies reporting that day: https://nexqual.com/earnings/2026-11-04
- Dividend: VERX paid no cash dividend in the last five years.
- Short interest: 7.02% of float (as of 2026-10-15), 4.0 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $426M | $492M | $572M | $667M | $748M | $787M |
| Gross profit | $264M | $298M | $349M | $426M | $482M | — |
| Operating income | -$2.9M | -$8.1M | -$17.5M | -$2.2M | $2.3M | -$13.3M |
| Net income | -$1.5M | -$12.3M | -$13.1M | -$52.7M | $7.2M | $3.6M |
| Free cash flow | $58.6M | $18.3M | $25.1M | $93.1M | — | — |
| Gross margin | 62.0% | 60.7% | 60.9% | 63.9% | 64.3% | — |
| Operating margin | -0.7% | -1.6% | -3.1% | -0.3% | 0.3% | -1.7% |
| Net margin | -0.3% | -2.5% | -2.3% | -7.9% | 1.0% | 0.5% |
| Revenue growth | +13.6% | +15.5% | +16.4% | +16.5% | +12.2% | — |
| Cash + short-term investments | $73.3M | $91.8M | $68.2M | $296M | $314M | — |
| Total debt | — | $48.9M | $46.6M | $335M | $337M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 674.3x · P/S 3.1x · EV/EBITDA 26.8x · EV/Sales 3.2x · P/B 10.0x · Earnings yield 0.15% · Net debt $108M · EV $2.52B

## Analysts
Consensus Buy (mean 2.36 on a 1–5 scale), 14 analysts; mean target USD 17.08 (low 12, high 25).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | TD Cowen | Target lowered | Buy | $16 → $15 |
| 2026-08-04 | DA Davidson | Target lowered | Neutral | $15 → $12 |
| 2026-08-04 | Stephens & Co. | Target lowered | Overweight | $20 → $18 |
| 2026-08-04 | Baird | Target lowered | Outperform | $19 → $17 |
| 2026-07-21 | Morgan Stanley | Downgrade | Overweight → Equal-Weight | $19 → $15 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -34.5% | -28.6% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -34.6% | -6.5% |
| Volatility (annualized) | 61.6% | 53.8% |
| Max drawdown | -53.8% (Oct 2025→Jun 2026) | -81.3% (Jan 2025→Apr 2026) |

## Dividends
VERX paid no cash dividend in the last five years.

## Short interest
5,489,414 shares sold short, 7.02% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 5,434,775 shares (+1.0%). Days to cover: 4.0 (short shares ÷ average daily volume).

## Peers (Software - Application)
RNG (Ringcentral, Inc.) USD 83.7 -2.90% · APPF (AppFolio, Inc.) USD 207.05 +1.00% · TTAN (ServiceTitan, Inc.) USD 80.73 -0.16% · DSGX (The Descartes Systems Group Inc) USD 92.03 -0.36% · IDCC (InterDigital, Inc.) USD 334.27 +4.28% · YMM (Full Truck Alliance Co. Ltd.) USD 8.09 +0.12%

## More
Full page: https://nexqual.com/VERX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.22 | $0.22 | +1.5% | $209.8M | 12 |
| Next quarter (ends 2026-12-31) | $0.23 | $0.23 | -3.0% | $217.2M | 12 |
| Current fiscal year (ends 2026-12-31) | $0.82 | $0.81 | +2.3% | $827.2M | 13 |
| Next fiscal year (ends 2027-12-31) | $1.03 | $1.04 | -1.1% | $914.3M | 13 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.20 | $0.19 | Beat +5.3% | — |
| — | Quarter ended Mar 31, 2026 | $0.17 | $0.16 | Beat +6.3% | — |
| — | Quarter ended Dec 31, 2025 | $0.17 | $0.16 | Beat +6.3% | — |
| — | Quarter ended Sep 30, 2025 | $0.17 | $0.16 | Beat +6.3% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).