Vertex (VERX)


Market Price (11/3/2026): $15.81 | Market Cap: $2.6 BilSector: Information Technology | Industry: Application Software

Vertex (VERX)


Market Price (11/3/2026): $15.81
Market Cap: $2.6 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%

Megatrend and thematic drivers
Megatrends include Cloud Computing, E-commerce & Digital Retail, and Fintech & Digital Payments. Themes include Software as a Service (SaaS), Show more.

Weak multi-year price returns
2Y Excs Rtn is -92%, 3Y Excs Rtn is -114%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -24 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.0%

Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 714x

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.1%

Key risks
VERX key risks include [1] a slowdown in customer expansion, Show more.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%
1 Megatrend and thematic drivers
Megatrends include Cloud Computing, E-commerce & Digital Retail, and Fintech & Digital Payments. Themes include Software as a Service (SaaS), Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -92%, 3Y Excs Rtn is -114%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -24 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.0%
4 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 714x
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.1%
6 Key risks
VERX key risks include [1] a slowdown in customer expansion, Show more.

VERX in ETFs

Weight = VERX's share of each fund

VTI0.00%
ITOT0.00%
IWM0.04%
VB0.01%
IWO0.07%
IGV0.04%
VTWO0.03%
SCHA0.03%
+6 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 11/1/2026

Vertex (VERX) stock has gained about 25% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Financial Results and Raised Full-Year Guidance.

Vertex, Inc. reported robust financial performance for fiscal Q2 2026 (ended June 30, 2026), with results announced on August 3, 2026. The company's revenue increased by 10.5% year-over-year to $204 million, reaching the high end of its guidance. Additionally, adjusted EBITDA saw a significant 33% growth, reaching $51 million and surpassing expectations. Following these strong results, Vertex raised its full-year 2026 adjusted EBITDA guidance to a range of $206 million to $210 million, up from the previously projected $202 million to $208 million.

2. Strategic Product Innovation with AI and Growth in E-invoicing.

The company introduced Vertex Sōl on November 2, 2026, an AI-enabled platform designed to enhance corporate tax compliance by connecting calculations, regulatory reporting, and audit documentation, thereby offering greater oversight of automated decisions. Concurrently, Vertex experienced substantial growth in its e-invoicing solutions, driven by new regulatory mandates in countries such as France, Germany, and Spain. This area is expected to continue its acceleration into fiscal Q4 2026 and 2027.

Show more
Updated on 11/1/2026

Vertex (VERX) stock has gained about 25% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Financial Results and Raised Full-Year Guidance.

Vertex, Inc. reported robust financial performance for fiscal Q2 2026 (ended June 30, 2026), with results announced on August 3, 2026. The company's revenue increased by 10.5% year-over-year to $204 million, reaching the high end of its guidance. Additionally, adjusted EBITDA saw a significant 33% growth, reaching $51 million and surpassing expectations. Following these strong results, Vertex raised its full-year 2026 adjusted EBITDA guidance to a range of $206 million to $210 million, up from the previously projected $202 million to $208 million.

2. Strategic Product Innovation with AI and Growth in E-invoicing.

The company introduced Vertex Sōl on November 2, 2026, an AI-enabled platform designed to enhance corporate tax compliance by connecting calculations, regulatory reporting, and audit documentation, thereby offering greater oversight of automated decisions. Concurrently, Vertex experienced substantial growth in its e-invoicing solutions, driven by new regulatory mandates in countries such as France, Germany, and Spain. This area is expected to continue its acceleration into fiscal Q4 2026 and 2027.

3. Positive Analyst Sentiment and Upgraded Price Targets.

Vertex, Inc. has received positive sentiment from Wall Street analysts during this period. As of October 25, 2026, Vertex held a "Buy" consensus rating from analysts. The average price target for VERX, as of October 28, 2026, was $17.08. Another assessment in early November 2026 indicated an average price target of $17.50, representing a forecasted upside of 10.55% from the then-current price of $15.83.

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Stock Movement Drivers

Fundamental Drivers

The 22.6% change in VERX stock from 7/31/2026 to 11/2/2026 was primarily driven by a 20.3% change in the company's P/S Multiple.
(LTM values as of)731202611022026Change
Stock Price ($)12.9115.8322.6%
Change Contribution By: 
Total Revenues ($ Mil)7687872.5%
P/S Multiple2.73.220.3%
Shares Outstanding (Mil)160161-0.6%
Cumulative Contribution22.6%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/2/2026
ReturnCorrelation
VERX22.6% 
Market (SPY)0.7%1.8%
Sector (XLK)-0.6%-19.9%

Fundamental Drivers

The 28.0% change in VERX stock from 4/30/2026 to 11/2/2026 was primarily driven by a 161.0% change in the company's P/E Multiple.
(LTM values as of)430202611022026Change
Stock Price ($)12.3715.8328.0%
Change Contribution By: 
Total Revenues ($ Mil)7487875.2%
Net Income Margin (%)1.0%0.5%-52.9%
P/E Multiple273.8714.4161.0%
Shares Outstanding (Mil)160161-1.1%
Cumulative Contribution28.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/2/2026
ReturnCorrelation
VERX28.0% 
Market (SPY)4.9%-10.1%
Sector (XLK)9.4%-26.3%

Fundamental Drivers

The -30.9% change in VERX stock from 10/31/2025 to 11/2/2026 was primarily driven by a -36.7% change in the company's P/S Multiple.
(LTM values as of)1031202511022026Change
Stock Price ($)22.9015.83-30.9%
Change Contribution By: 
Total Revenues ($ Mil)71178710.8%
P/S Multiple5.13.2-36.7%
Shares Outstanding (Mil)159161-1.5%
Cumulative Contribution-30.9%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/2/2026
ReturnCorrelation
VERX-30.9% 
Market (SPY)11.2%7.5%
Sector (XLK)16.3%-4.7%

Fundamental Drivers

The -34.6% change in VERX stock from 10/31/2023 to 11/2/2026 was primarily driven by a -53.1% change in the company's P/S Multiple.
(LTM values as of)1031202311022026Change
Stock Price ($)24.2115.83-34.6%
Change Contribution By: 
Total Revenues ($ Mil)53078748.6%
P/S Multiple6.93.2-53.1%
Shares Outstanding (Mil)151161-6.1%
Cumulative Contribution-34.6%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/2/2026
ReturnCorrelation
VERX-34.6% 
Market (SPY)86.0%20.3%
Sector (XLK)116.2%14.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
VERX Return-54%-9%86%98%-63%-21%-55%
Peers Return28%-28%26%9%-1%-24%-5%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
VERX Win Rate25%33%67%50%33%55% 
Peers Win Rate58%31%54%44%56%45% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
VERX Max Drawdown-59%-43%-23%-17%-68%-47% 
Peers Max Drawdown-17%-41%-22%-18%-29%-47% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: TRI, INTU, SSNC, BL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/2/2026 (YTD)

How Low Can It Go

EventVERXS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-11.9%-9.5%
  % Gain to Breakeven13.4%10.5%
  Time to Breakeven7 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-42.9%-24.5%
  % Gain to Breakeven75.1%32.4%
  Time to Breakeven133 days427 days

Compare to TRI, INTU, SSNC, BL

In The Past

Vertex's stock fell -5.9% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 6.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventVERXS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-42.9%-24.5%
  % Gain to Breakeven75.1%32.4%
  Time to Breakeven133 days427 days

Compare to TRI, INTU, SSNC, BL

In The Past

Vertex's stock fell -5.9% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 6.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Vertex (VERX)

Vertex, Inc. (VERX) specializes in providing comprehensive tax technology solutions for corporations across various industries globally. The company's core mission is to help businesses manage and automate the intricate processes involved in tax determination, compliance, and reporting.

Vertex's main offerings include software for accurate tax calculation, efficient tax data management, document management, and pre-built integrations with existing enterprise systems. These solutions are often tailored for specific sectors, serving corporate clients in industries such as retail, communication, leasing, and manufacturing. The company delivers its software products primarily through traditional software licenses and modern Software as a Service (SaaS) subscriptions.

In addition to its robust software, Vertex provides a suite of professional services, including implementation and training to ensure effective client adoption and utilization. The company also offers outsourcing services for transaction tax returns and other tax-related needs, supporting its corporate customer base both in the United States and internationally.

AI Analysis | Feedback

Here are 1-3 brief analogies for Vertex (VERX):

  • It's like ADP, but for automating corporate sales tax and VAT compliance instead of payroll and HR.

  • Imagine a Stripe or PayPal, but for managing and calculating a company's complex sales and use taxes on every transaction.

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  • Tax Determination Solutions: Software that calculates the correct tax for various business transactions.
  • Compliance and Reporting Solutions: Tools designed to help corporations fulfill their tax obligations and generate required reports.
  • Tax Data Management Solutions: Systems for organizing, storing, and managing a company's tax-related data.
  • Document Management Solutions: Platforms dedicated to handling and archiving tax-related documents.
  • Pre-built Integration Solutions: Software that offers ready-to-use connections with other enterprise systems.
  • Industry-specific Solutions: Tailored tax technology offerings designed to meet the unique needs of particular industries.
  • Implementation Services: Professional services provided to assist with the setup and deployment of Vertex software.
  • Training Services: Educational programs offered to users to ensure effective utilization of Vertex products.
  • Transaction Tax Returns Outsourcing: Services where Vertex manages the preparation and filing of a company's transaction tax returns.
  • Other Tax-Related Services: A broad category encompassing additional tax advisory and support services provided by the company.

AI Analysis | Feedback

Vertex, Inc. (VERX) serves a diversified base of corporate clients, and as such, no single major customer is individually identified or publicly disclosed in its financial filings (as no single customer accounts for more than 10% of its total revenues). Vertex primarily provides tax technology solutions to corporations operating in the following industries:
  • Retail
  • Communication
  • Leasing
  • Manufacturing

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Amazon.com, Inc. (AMZN)

Microsoft Corporation (MSFT)

Alphabet Inc. (GOOGL, GOOG)

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Chris Young, President, Chief Executive Officer and Director
Christopher D. Young was appointed President and Chief Executive Officer and became a member of the Board of Directors in November 2025. He previously served as Executive Vice President – Business Development, Strategy and Ventures of Microsoft Corp. from 2020 to 2025. From 2017 to 2020, he was the CEO of McAfee, LLC, where he led its spin-out from Intel. Young also held senior leadership roles at Intel Security Group, Cisco, RSA (a division of Dell EMC), and AOL, focusing on cybersecurity efforts. He currently serves on the Boards of Directors of Qualcomm and American Express and previously served on the Boards of Snap and Rapid7.

John Schwab, Chief Financial Officer
John Schwab is responsible for developing Vertex's financial strategic objectives, overseeing mergers and acquisitions, and driving international expansion strategies. Prior to joining Vertex, he served as Chief Financial Officer at Flagship Credit Acceptance. Schwab began his career in assurance services at Arthur Andersen. He has extensive experience in leading global finance teams, developing multi-channel business models, and creating alternate investment strategies.

Sal Visca, Chief Technology Officer
Sal Visca leads the company's technology strategy, software engineering, and innovation roadmap. He joined Vertex in 2021, bringing 30 years of technology and executive management expertise in transforming and operating large-scale cloud software businesses. His early career was spent at IBM as a software engineer, architect, and in executive roles developing e-commerce and middleware products. He has also held Chief Technology Officer positions at Elastic Path Software, Business Objects, and SAP.

Chirag Patel, Chief Strategy Officer
Chirag Patel is the Chief Strategy Officer, focusing on global growth and acquisitions for Vertex.

Bryan Rowland, Senior Vice President, General Counsel and Corporate Secretary
Bryan Rowland is responsible for all general corporate, information security, and transactional matters. He also oversees corporate governance and advises leadership on critical business priorities including privacy, business strategy, and potential new markets. Prior to Vertex, Rowland was Senior Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary at Checkpoint Systems, Inc.

AI Analysis | Feedback

Here are the key risks to Vertex, Inc. (VERX):

  1. Macroeconomic Slowdown and Impact on Customer Spending and Retention: Vertex faces significant risk from a challenging macroeconomic environment, which has led to more cautious enterprise customer spending, elongated sales cycles, and delayed deal-making. This economic caution has directly contributed to trimmed revenue guidance and a decline in the company's Net Revenue Retention (NRR) rate, signaling slower growth from existing customers.
  2. Regulatory Changes and Complexity in Tax Laws: Vertex's business is fundamentally tied to tax compliance. The complexity and frequent changes in global tax laws and regulations, including new e-invoicing mandates in various countries, pose a continuous threat. Failure to promptly and effectively adapt its solutions to these evolving regulatory landscapes could impact customer trust, harm the company's reputation, and potentially lead to revenue loss.
  3. Intense Competition and Technological Disruption: Vertex operates in a competitive market, facing pressure from other tax software and service providers, as well as the challenge of convincing businesses to migrate from existing Enterprise Resource Planning (ERP) functions. The rapid pace of technological innovation, including advancements in AI-driven tax compliance, means that new entrants or existing competitors could introduce disruptive solutions, potentially eroding Vertex's market share if the company fails to innovate proactively.

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The addressable markets for Vertex, Inc.'s main products and services, which include tax technology solutions such as tax determination, compliance and reporting, and tax data management, are substantial both globally and in North America.

Global Addressable Market

  • The global tax management software market was valued at approximately USD 20.21 billion in 2023 and is projected to reach about USD 39.71 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 10.1% from 2024 to 2030.
  • Other estimates indicate the global tax management software market size was USD 25.09 billion in 2025 and is predicted to grow to approximately USD 65.03 billion by 2035, with a CAGR of 9.99% from 2026 to 2035.
  • The global tax software market size exceeded USD 23.97 billion in 2025 and is projected to surpass USD 69.3 billion by 2035, with a CAGR of around 11.2% from 2026 to 2035.
  • The global tax technology (Tax Tech) market was valued at USD 18.25 billion in 2024 and is expected to grow at a CAGR of 11.9% during 2025–2034. Another source states the global Tax Tech Market will grow from USD 18.53 billion in 2024 to USD 36.72 billion by 2030 at a CAGR of 12.1%.

North American/U.S. Addressable Market

  • The U.S. tax management software market generated revenue of USD 4.45 billion in 2023 and is anticipated to reach USD 8.70 billion by 2030, growing at a CAGR of 10.1% from 2024 to 2030.
  • North America held the largest share of the global tax management software market, accounting for 34.70% in 2025, with a valuation of USD 7.04 billion in 2025 and USD 7.87 billion in 2026.
  • The North America tax software market is expected to capture a 33% share of the global market by 2035.

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Vertex, Inc. (VERX) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:

  1. Accelerated Cloud Revenue Growth: The company anticipates continued robust growth in its cloud-based solutions. Cloud revenue surged by 29.6% year-over-year in Q3 2025 and is projected to increase by 28% for the full year 2025. For fiscal year 2026, Vertex Inc. projects a 25% increase in cloud revenue. This shift to cloud-based platforms is a primary accelerator for revenue.
  2. Expansion of E-invoicing Solutions driven by Global Mandates: The global push for digital compliance, particularly e-invoicing mandates, presents a significant growth opportunity for Vertex. The company's e-invoicing business demonstrated accelerating growth in 2025 and is well-positioned for upcoming mandates in key European economies like France and Germany. Strategic investments, including $16 million to $20 million on e-invoicing initiatives for 2025, underscore this focus.
  3. Introduction and Adoption of AI-driven Tax Technology: Vertex is actively investing in Artificial Intelligence (AI) initiatives, with planned spending of $10 million to $12 million on AI for 2025. New AI-driven offerings, such as Smart Categorization, have already gained early traction with enterprise customers. The company believes AI will transform tax compliance workflows, providing a competitive advantage.
  4. Continued New Customer Acquisition in the Enterprise Segment: Vertex continues to onboard new customers at a healthy pace, maintaining its market position as a leading provider of indirect tax solutions to enterprises. The company serves over 60% of the Fortune 500, indicating a strong presence and opportunity for further expansion within the enterprise market, including winning business from competitors.

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Share Repurchases

  • Vertex, Inc. authorized its first stock repurchase program on October 30, 2025, allowing for the buyback of up to $150 million of its Class A common stock.
  • In the fourth quarter of 2025, the company repurchased approximately $10 million of Class A common stock under this authorization.

Share Issuance

  • As of February 19, 2026, Vertex had 77,801,253 Class A and 82,155,641 Class B shares outstanding.
  • As of February 26, 2024, the company had 61,673,585 shares of Class A common stock and 92,661,000 shares of Class B common stock outstanding.
  • The company's CFO exercised restricted stock units (RSUs) into 30,305 shares of Class A Common Stock on February 23, 2026, with 16,411 shares withheld for taxes.

Outbound Investments

  • Vertex made a $15.0 million preferred equity investment in Kintsugi AI, aligning with its tax automation strategy.
  • The company may pursue future acquisitions of businesses, software, and technologies, which could be financed by incurring debt or issuing equity.

Capital Expenditures

  • Vertex defines free cash flow as net cash provided by operating activities less purchases of property and equipment and capitalized software.
  • The primary focus of capital expenditures includes purchases of property and equipment and capitalized software development costs.

Better Bets vs. Vertex (VERX)

Peer Outperformance in Application Software

VERX has outperformed 68% of its 124 Application Software peers over 5Y. Among the peers that beat it are AGYS, CDNS and FICO. Application Software ranks 11th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Application Software constituents that VERX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
39%
of 151 industry peers · -30.9% return
3Y
34%
of 136 industry peers · -32.4% return
5Y
68%
of 124 industry peers · -23.3% return
Application Software peers with revenue growth within 4pp of VERX's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
VERX Vertex 14.1% 714.4x -30.9%-32.4%-23.3% —
AGYS Agilysys 16.6% 74.8x -6.0%31.0%148.3% +172pp
CDNS Cadence Design Systems 16.1% 65.3x -2.7%32.0%87.7% +111pp
FICO Fair Isaac 17.7% 20.1x -56.4%-22.2%85.4% +109pp
INTA Intapp 17.2% -122.0x 17.3%28.0%60.0% +83pp
PTC PTC 12.9% 18.2x -2.1%31.7%53.7% +77pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is VERX's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Electronic Manufacturing Services 10 18.4%110.0%198.4% FLEX 551% · TTMI 451% · JBL 333%
Technology Distributors 9 43.9%68.0%73.2% AVT 146% · SNX 117% · CNXN 94%
Semiconductor Materials & Equipment 28 37.3%61.0%45.7% AXTI 464% · LRCX 317% · KLAC 313%
Electronic Components 26 -0.6%66.1%34.6% CLS 2294% · BELFA 1195% · APH 329%
Communications Equipment 36 2.5%73.5%32.6% AAOI 695% · LITE 689% · ANET 434%
Semiconductors 55 0.0%44.4%7.7% MU 1107% · NVDA 669% · AVGO 555%
Electronic Equipment & Instruments 27 -4.1%24.7%3.5% PI 139% · OSIS 114% · MIR 70%
Internet Services & Infrastructure 6 1.5%45.7%-10.1% GDDY 73% · VRSN 39% · DOCN -3%
Technology Hardware, Storage & Peripherals 21 -3.4%85.5%-12.0% WDC 727% · SMCI 721% · DELL 693%
IT Consulting & Other Services 30 -24.8%-3.5%-25.0% APLD 269% · IBM 152% · ADEA 142%
Application Software ← 125 -15.8%-9.8%-54.8% PLTR 588% · FROG 159% · AGYS 148%
Systems Software 70 -12.3%22.2%-56.2% CRWD 261% · ZETA 243% · CVLT 145%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

VERXTRIINTUSSNCBLMedian
NameVertex Thomson .Intuit SS&C Tec.BlackLine 
Mkt Price15.81121.24347.8581.5534.0981.55
Mkt Cap2.653.2-19.42.011.0
Rev LTM7877,832-6,5647323,676
Op Inc LTM-242,170-1,55043796
FCF LTM512,232-1,504149826
FCF 3Y Avg582,020-1,216146681
CFO LTM1742,885-1,816182999
CFO 3Y Avg1582,637-1,494177835

Growth & Margins

VERXTRIINTUSSNCBLMedian
NameVertex Thomson .Intuit SS&C Tec.BlackLine 
Rev Chg LTM10.8%7.0%-8.6%8.6%8.6%
Rev Chg 3Y Avg14.1%5.2%-6.8%9.5%8.2%
Rev Chg Q10.5%9.5%-10.3%9.2%9.9%
QoQ Delta Rev Chg LTM2.5%2.2%-2.5%2.2%2.3%
Op Inc Chg LTM-856.5%12.0%-11.9%32.0%11.9%
Op Inc Chg 3Y Avg-339.0%4.8%-9.7%135.8%7.3%
Op Mgn LTM-3.0%27.7%-23.6%5.8%14.7%
Op Mgn 3Y Avg-1.0%25.5%-23.2%5.0%14.1%
QoQ Delta Op Mgn LTM-0.3%1.0%-0.5%0.4%0.5%
CFO/Rev LTM22.0%36.8%-27.7%24.8%26.2%
CFO/Rev 3Y Avg22.6%35.6%-24.4%26.2%25.3%
FCF/Rev LTM6.4%28.5%-22.9%20.4%21.6%
FCF/Rev 3Y Avg8.5%27.3%-19.8%21.6%20.7%

Valuation

VERXTRIINTUSSNCBLMedian
NameVertex Thomson .Intuit SS&C Tec.BlackLine 
Mkt Cap2.653.2-19.42.011.0
P/S3.26.8-3.02.73.1
P/Op Inc-107.324.5-12.546.718.5
P/EBIT-107.322.5-12.734.917.6
P/E713.532.0-22.557.444.7
P/CFO14.718.4-10.711.012.8
Total Yield0.1%5.1%-5.8%1.7%3.4%
Dividend Yield0.0%2.0%-1.3%0.0%0.7%
FCF Yield 3Y Avg1.6%3.6%-7.4%6.1%4.8%
D/E0.10.1-0.40.30.2
Net D/E0.00.0-0.40.10.1

Returns

VERXTRIINTUSSNCBLMedian
NameVertex Thomson .Intuit SS&C Tec.BlackLine 
1M Rtn31.6%24.2%24.3%3.8%24.4%24.3%
3M Rtn18.0%20.1%9.8%3.1%4.0%9.8%
6M Rtn18.5%28.4%-13.8%18.7%2.0%18.5%
12M Rtn-31.0%-18.7%-47.2%-2.6%-40.5%-31.0%
3Y Rtn-32.4%0.3%-28.3%62.1%-38.2%-28.3%
1M Excs Rtn34.0%26.5%26.7%6.2%26.7%26.7%
3M Excs Rtn30.1%14.3%10.5%3.5%5.4%10.5%
6M Excs Rtn13.8%23.7%-18.4%14.0%-2.8%13.8%
12M Excs Rtn-40.6%-29.9%-56.7%-11.6%-50.5%-40.6%
3Y Excs Rtn-114.0%-75.2%-106.8%-10.3%-114.3%-106.8%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment748667572492 
Services    67
Software subscriptions    358
Total748667572492426


Net Income by Segment
$ Mil2025202420232022
Single Segment7-53-13-12
Total7-53-13-12


Price Behavior

Price Behavior
Market Price$15.83 
Market Cap ($ Bil)2.6 
First Trading Date07/29/2020 
Distance from 52W High-30.9% 
   50 Days200 Days
DMA Price$13.20$13.27
DMA Trendupdown
Distance from DMA19.9%19.3%
 3M1YR
Volatility48.1%61.3%
Downside Capture35.11112.73
Upside Capture207.5156.26
Correlation (S&P 500)9.0%7.8%
VERX Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta-0.420.060.14-0.540.370.73
Up Beta-12.20-2.88-2.74-3.21-0.980.56
Down Beta-1.58-1.21-1.52-0.550.270.70
Up Capture325%121%176%33%48%35%
Bmk +ve Days12182862130427
Stock +ve Days16213366120377
Down Capture-130%46%76%1%113%102%
Bmk -ve Days10253664121325
Stock -ve Days6223158129366

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with VERX
VERX-30.1%61.3%-0.35-
Sector ETF (XLK)16.5%27.2%0.53-4.7%
Equity (SPY)11.6%12.8%0.577.5%
Gold (GLD)-2.3%28.6%-0.09-9.4%
Commodities (DBC)43.1%20.9%1.60-11.8%
Real Estate (VNQ)11.0%13.7%0.5015.7%
Bitcoin (BTCUSD)-28.8%43.6%-0.6616.1%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with VERX
VERX-5.2%55.2%0.11-
Sector ETF (XLK)17.9%26.1%0.6129.2%
Equity (SPY)12.0%17.1%0.5232.3%
Gold (GLD)16.5%19.0%0.690.4%
Commodities (DBC)8.4%19.6%0.311.4%
Real Estate (VNQ)1.1%18.9%-0.0526.1%
Bitcoin (BTCUSD)4.1%51.6%0.2619.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with VERX
VERX-4.4%55.8%0.09-
Sector ETF (XLK)23.3%25.2%0.8429.1%
Equity (SPY)15.2%17.9%0.7230.9%
Gold (GLD)11.6%16.5%0.572.7%
Commodities (DBC)7.8%18.1%0.342.5%
Real Estate (VNQ)5.4%20.7%0.2225.0%
Bitcoin (BTCUSD)61.7%66.3%1.0116.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity5.5 Mil
Short Interest: % Change Since 930202612.7%
Average Daily Volume1.3 Mil
Days-to-Cover Short Interest4.3 days
Basic Shares Quantity161.3 Mil
Short % of Basic Shares3.4%

Returns Analyses

Earnings Returns History

Updated 10/1/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/3/2026-7.5%-9.4%3.2%
5/7/202615.9%0.6%3.9%
2/11/2026-13.8%-18.8%-7.7%
11/3/2025-9.7%-14.8%-13.6%
8/6/2025-18.1%-24.0%-27.2%
5/7/2025-3.3%-2.0%8.2%
2/27/2025-19.0%-22.5%-15.9%
11/6/202413.8%13.8%28.1%
...
SUMMARY STATS   
# Positive91415
# Negative15109
Median Positive13.8%8.0%10.3%
Median Negative-7.0%-12.6%-13.6%
Max Positive32.2%22.9%47.0%
Max Negative-19.6%-24.0%-35.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/3/2026-7.5%-9.4%3.2%
5/7/202615.9%0.6%3.9%
2/11/2026-13.8%-18.8%-7.7%
11/3/2025-9.7%-14.8%-13.6%
8/6/2025-18.1%-24.0%-27.2%
5/7/2025-3.3%-2.0%8.2%
2/27/2025-19.0%-22.5%-15.9%
11/6/202413.8%13.8%28.1%
8/7/2024-4.3%1.4%-0.8%
5/8/2024-0.8%4.1%10.3%
2/29/202432.2%16.7%25.0%
11/9/202321.0%17.1%27.6%
8/9/202310.2%13.6%25.3%
5/10/2023-0.8%-3.3%9.6%
3/8/202323.7%22.9%47.0%
11/9/2022-3.6%6.0%-8.7%
8/9/2022-7.0%10.1%9.3%
5/10/2022-9.9%-10.4%-9.8%
3/9/20222.2%-2.6%16.3%
11/10/20211.6%2.5%-14.2%
8/11/2021-1.1%4.2%4.6%
5/13/20211.2%18.4%16.7%
3/10/2021-19.6%-18.5%-35.8%
11/10/2020-4.8%1.7%4.8%
SUMMARY STATS   
# Positive91415
# Negative15109
Median Positive13.8%8.0%10.3%
Median Negative-7.0%-12.6%-13.6%
Max Positive32.2%22.9%47.0%
Max Negative-19.6%-24.0%-35.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/07/202610-Q
12/31/202502/24/202610-K
09/30/202511/03/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/27/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/10/202310-K
09/30/202211/09/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/07/202610-Q
12/31/202502/24/202610-K
09/30/202511/03/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/27/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/10/202310-K
09/30/202211/09/202210-Q
06/30/202208/09/202210-Q
03/31/202205/10/202210-Q
12/31/202103/16/202210-K
09/30/202111/12/202110-Q
06/30/202108/12/202110-Q
03/31/202105/13/202110-Q
12/31/202003/15/202110-K
09/30/202011/13/202010-Q
06/30/202009/11/202010-Q
03/31/202007/30/2020424B4

Recent Forward Guidance

Updated 11/2/2026

Latest: Q2 2026 Earnings Reported 8/3/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 RevenueReported208.00 Mil209.50 Mil211.00 Mil3.7% Higher NewGuidance: 202.00 Mil for Q2 2026
Q3 2026 Adjusted EBITDAReported55.00 Mil56.00 Mil57.00 Mil15.5% Higher NewGuidance: 48.50 Mil for Q2 2026
2026 RevenueReported825.00 Mil827.50 Mil830.00 Mil0 AffirmedGuidance: 827.50 Mil for 2026
2026 Cloud Revenue GrowthReported 18.0%  -7.0%LoweredGuidance: 25.0% for 2026
2026 Adjusted EBITDAReported206.00 Mil208.00 Mil210.00 Mil1.5% RaisedGuidance: 205.00 Mil for 2026


Prior: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 RevenueReported200.00 Mil202.00 Mil204.00 Mil   
Q2 2026 Adjusted EBITDAReported47.00 Mil48.50 Mil50.00 Mil   
2026 RevenueReported823.50 Mil827.50 Mil831.50 Mil0 AffirmedGuidance: 827.50 Mil for 2026
2026 Cloud Revenue GrowthReported 25.0%  0AffirmedGuidance: 25.0% for 2026
2026 Adjusted EBITDAReported202.00 Mil205.00 Mil208.00 Mil7.9% RaisedGuidance: 190.00 Mil for 2026

Q4 2025 Earnings Reported 2/11/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 RevenueReported193.50 Mil195.00 Mil196.50 Mil0.5% Higher NewActual: 194.00 Mil for Q4 2025
Q1 2026 Adjusted EBITDAReported40.50 Mil42.00 Mil43.50 Mil2.4% Higher NewActual: 41.00 Mil for Q4 2025
2026 RevenueReported823.50 Mil827.50 Mil831.50 Mil10.7% Higher NewActual: 747.70 Mil for 2025
2026 Cloud Revenue GrowthReported 25.0%  -3.0%Lower NewActual: 28.0% for 2025
2026 Adjusted EBITDAReported188.00 Mil190.00 Mil192.00 Mil18.7% Higher NewActual: 160.10 Mil for 2025

Q3 2025 Earnings Reported 11/3/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2025 RevenueReported192.00 Mil194.00 Mil196.00 Mil   
Q4 2025 Adjusted EBITDAReported40.00 Mil41.00 Mil42.00 Mil   
2025 RevenueReported745.70 Mil747.70 Mil749.70 Mil-0.6% LoweredGuidance: 752.00 Mil for 2025
2025 Cloud Revenue GrowthReported 28.0%  0AffirmedGuidance: 28.0% for 2025
2025 Adjusted EBITDAReported159.10 Mil160.10 Mil161.10 Mil1.3% RaisedGuidance: 158.00 Mil for 2025

Insider Activity

Updated 10/9/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Destefano, DavidFamily TrustsSell601202612.756,46082,3652,519,043Form
2Item, Second Irr Trust Fbo Kyle R Westphal U/a OF Jeffrey R Westphal Dated October 5, 2001DirectBuy309202615.0510,000150,47718,374,746Form
3Young, Christopher DavidPresident and CEOLiving TrustBuy225202612.1860,000730,794730,794Form
4Andersen, Eric CDirectBuy223202612.9140,000516,4001,940,902Form
5Westphal, JeffreyThe 2009 Jeffrey R. Westphal Generation Skipping TrustBuy218202612.53150,0001,880,2354,985,631Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Destefano, DavidFamily TrustsSell601202612.756,46082,3652,519,043Form
2Item, Second Irr Trust Fbo Kyle R Westphal U/a OF Jeffrey R Westphal Dated October 5, 2001DirectBuy309202615.0510,000150,47718,374,746Form
3Young, Christopher DavidPresident and CEOLiving TrustBuy225202612.1860,000730,794730,794Form
4Andersen, Eric CDirectBuy223202612.9140,000516,4001,940,902Form
5Westphal, JeffreyThe 2009 Jeffrey R. Westphal Generation Skipping TrustBuy218202612.53150,0001,880,2354,985,631Form
6Westphal, JeffreyThe 2009 Jeffrey R. Westphal Generation Skipping TrustBuy218202613.08247,7403,241,0593,241,059Form

Investor Activity (13F)

Updated Nov 3, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Tensile Capital Management LP$40.4 Mil5.8%25Hold13F
Opti Capital Management, LP$67.3 Mil4.8%36New13F
Divisar Capital Management LLC$14.2 Mil3.6%26ADD +378.3%13F
Silverback Asset Management LLC$13.1 Mil2.6%45New13F
Cypress Point Investment Management LP$6.4 Mil1.5%32ADD +136.0%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Opti Capital Management, LP$67.3 Mil4.8%36New13F
Silverback Asset Management LLC$13.1 Mil2.6%45New13F
Divisar Capital Management LLC$14.2 Mil3.6%26ADD +378.3%13F
Cypress Point Investment Management LP$6.4 Mil1.5%32ADD +136.0%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Park West Asset Management LLC$36.6 Mil3.1%47Exited13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Opti Capital Management, LP$67.3 Mil4.8%36New13F
Tensile Capital Management LP$40.4 Mil5.8%25Hold13F
Divisar Capital Management LLC$14.2 Mil3.6%26ADD +378.3%13F
Silverback Asset Management LLC$13.1 Mil2.6%45New13F
Cypress Point Investment Management LP$6.4 Mil1.5%32ADD +136.0%13F
Core Cache Last Updated: 11/2/2026