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Software - Application · Technology · Fiscal year ends Dec 31
Vertex reported revenue of $748M in the fiscal year ended Dec 2025, up 12.2% from the year before. Operating income was $2M, an operating margin of 0.3%, and net income was $7M. Net debt was $23M.
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 426 | 492 | 572 | 667 | 748 |
| Cost of revenue | 162 | 193 | 224 | 241 | 267 |
| Gross profit | 264 | 298 | 349 | 426 | 482 |
| Research & development | 44.0 | 41.9 | 58.2 | 66.7 | 83.7 |
| Selling, general & admin | 206 | 247 | 286 | 323 | 375 |
| Operating income | −2.9 | −8.1 | −17.5 | −2.2 | 2.3 |
| Net interest incomeBanks | −1.0 | −2.0 | −4.2 | 4.1 | 5.2 |
| Pre-tax income | −3.9 | −10.1 | −21.7 | 1.9 | 7.6 |
| Income tax | −2.4 | 2.2 | −8.6 | 54.6 | 0.4 |
| Net income | −1.5 | −12.3 | −13.1 | −52.7 | 7.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 73.3 | 91.8 | 68.2 | 296 | 314 |
| Receivables | 76.9 | 103 | 142 | 164 | 183 |
| Current assets | 196 | 243 | 267 | 536 | 561 |
| Net PP&E | 96.7 | 101 | 89.0 | 178 | 210 |
| Goodwill | 270 | 252 | 258 | 358 | 392 |
| Total assets | 670 | 719 | 760 | 1,167 | 1,271 |
| Payables | 13.0 | 14.3 | 23.6 | 36.2 | 37.6 |
| Deferred revenue | 237 | 269 | 290 | 339 | 383 |
| Current liabilities | 369 | 403 | 441 | 537 | 575 |
| Short-term debt | – | 2.2 | 2.5 | – | – |
| Long-term debt | – | 46.7 | 44.1 | 335 | 337 |
| Total liabilities | 440 | 489 | 507 | 987 | 1,012 |
| Shareholders' equity | 230 | 230 | 253 | 179 | 259 |
| Backlog (remaining obligations) | 249 | 279 | 293 | 344 | 388 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 90.3 | 63.8 | 74.3 | 165 | 166 |
| Capital expenditure | 31.7 | 45.5 | 49.3 | 71.8 | – |
| Free cash flow | 58.6 | 18.3 | 25.1 | 93.1 | – |
| Depreciation & amortisation | 44.8 | 61.2 | 71.9 | 82.7 | 96.9 |
| Stock-based compensation | 26.2 | 19.7 | 33.9 | 47.4 | 57.8 |
| Acquisitions | 251 | 0.5 | – | – | – |
| Share buybacks | – | – | – | – | 10.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 15.5% | 16.4% | 16.5% | 12.2% |
| Gross margin | 62.0% | 60.7% | 60.9% | 63.9% | 64.3% |
| Operating margin | −0.7% | −1.6% | −3.1% | −0.3% | 0.3% |
| Net margin | −0.3% | −2.5% | −2.3% | −7.9% | 1.0% |
| Return on equityBlank when equity is negative | −0.6% | −5.4% | −5.2% | −29.4% | 2.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −1.0% | −2.6% | −5.5% | −0.4% | 0.3% |
| Free cash flow margin | 13.8% | 3.7% | 4.4% | 14.0% | – |
| Cash conversion (CFO ÷ net income) | −61.0x | −5.19x | −5.68x | −3.13x | 23.0x |
| Receivable days | 66 | 76 | 90 | 90 | 89 |
| Payable days | 29 | 27 | 38 | 55 | 51 |
| Debt ÷ equity | – | 0.21x | 0.18x | 1.87x | 1.30x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −42.9 | −21.6 | 39.2 | 23.5 |
| Current ratio | 0.53x | 0.60x | 0.60x | 1.00x | 0.98x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.