Estados financieros detallados de Vertex, Inc. (VERX): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Vertex, Inc. registró ingresos de $748.4M en el último ejercicio fiscal, con un CAGR de 5 años del 14.8%.
Márgenes de los últimos 12 meses: margen bruto 60.7%, margen operativo -1.0%, margen neto 1.0%. El flujo de caja libre creció a un CAGR del 12.2% en 5 años.
Al precio actual de $12.58, VERX cotiza a un P/E de 406.18 y un ROE del 2.79%. La capitalización bursátil es de $2.0B.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $272.4M | $321.5M | $374.7M | $425.5M | $491.6M | $572.4M | $666.8M | $748.4M |
| Coste de Ventas | $95.7M | $110.4M | $165.4M | $161.9M | $193.1M | $223.8M | $240.7M | $293.9M |
| Beneficio Bruto | $176.7M | $211.1M | $209.3M | $263.7M | $298.5M | $348.6M | $426.1M | $454.5M |
| I+D | $23.8M | $30.6M | $54.3M | $44.0M | $41.9M | $58.2M | $66.7M | $83.7M |
| Generales y Administrativos | $115.8M | $139.1M | $248.5M | $206.0M | $247.0M | $286.2M | $323.4M | $368.4M |
| Gastos Operativos | $146.8M | $179.3M | $314.0M | $266.6M | $306.6M | $366.1M | $428.4M | $462.4M |
| Beneficio Operativo | -$2.8M | $31.9M | -$104.8M | -$2.9M | -$8.1M | -$17.5M | -$2.2M | -$7.8M |
| EBITDA | $22.1M | $57.0M | -$72.5M | $41.8M | $53.1M | $57.0M | $102.0M | $104.5M |
| Gastos por Intereses | $2.1M | $2.0M | $3.1M | $984000 | $2.0M | $4.2M | 0 | 0 |
| Beneficio Antes de Impuestos | -$4.4M | $30.9M | -$107.9M | -$3.9M | -$10.1M | -$21.7M | $1.9M | $7.6M |
| Impuestos | $1.7M | -$155000 | -$32.8M | -$2.4M | $2.2M | -$8.6M | $54.6M | $368000 |
| Beneficio Neto | -$6.1M | $31.1M | -$75.1M | -$1.5M | -$12.3M | -$13.1M | -$52.7M | $7.2M |
| BPA | $-0.05 | $0.21 | $-0.60 | $-0.01 | $-0.08 | $-0.09 | $-0.34 | $0.05 |
| BPA Diluido | $-0.05 | $0.21 | $-0.60 | $-0.01 | $-0.08 | $-0.09 | $-0.34 | $0.04 |
| Acciones en Circulación (Diluidas) | $129.6M | $146.2M | $131.5M | $147.8M | $149.6M | $151.9M | $155.1M | $180.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $192.1M | $194.7M | $196.6M | $204.0M |
| Beneficio Bruto | $121.3M | $119.1M | $116.9M | $131.3M |
| Beneficio Operativo | $4.3M | $1.6M | -$3.0M | -$4.4M |
| EBITDA | $7.3M | $24.8M | $18.4M | -$16.3M |
| Beneficio Neto | $4.0M | -$7.0M | -$2.5M | $9.0M |
| BPA | $0.02 | $-0.04 | $-0.01 | $0.06 |
| BPA Diluido | $0.02 | $-0.04 | $-0.01 | $0.06 |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $55.8M | $75.9M | $303.1M | $73.3M | $91.8M | $68.2M | $296.1M | $314.0M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | $11.2M | $9.5M | $9.2M | 0 |
| Cuentas por Cobrar | $62.2M | $70.4M | $77.2M | $76.9M | $102.9M | $141.8M | $164.4M | $183.4M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $132.3M | $165.6M | $402.7M | $195.7M | $243.1M | $266.6M | $536.3M | $560.7M |
| Inmovilizado Material | $49.5M | $54.7M | $56.6M | $118.6M | $118.3M | $115.3M | $189.5M | $219.4M |
| Fondo de Comercio | 0 | 0 | $16.3M | $270.0M | $251.8M | $257.8M | $357.8M | $392.5M |
| Activos Intangibles | $23.1M | $32.1M | $34.4M | $36.1M | $44.2M | $41.2M | $41.5M | $39.0M |
| Activos Totales | $215.1M | $264.6M | $558.8M | $670.2M | $719.2M | $759.9M | $1.17B | $1.27B |
| Cuentas por Pagar | $6.9M | $10.7M | $8.9M | $13.0M | $14.3M | $23.6M | $36.2M | $37.6M |
| Deuda a Corto | $4.9M | $50.8M | 0 | 0 | $2.2M | $2.5M | 0 | $4.3M |
| Pasivos Corrientes | $238.8M | $334.5M | $292.0M | $369.1M | $403.2M | $440.8M | $537.4M | $574.7M |
| Deuda a Largo | $50.0M | $682000 | 0 | 0 | $46.7M | $44.1M | $335.2M | $346.4M |
| Pasivos Totales | $326.8M | $377.1M | $329.4M | $440.1M | $489.5M | $506.9M | $987.4M | $1.01B |
| Reservas | -$88.0M | -$90.7M | $25.8M | $24.8M | $12.5M | -$586000 | -$53.3M | -$46.1M |
| Patrimonio Neto | -$111.7M | -$112.4M | $229.3M | $230.1M | $229.7M | $253.0M | $179.4M | $258.9M |
| Deuda Total | $54.9M | $51.5M | $1.1M | $28.6M | $73.5M | $67.0M | $351.9M | $359.6M |
| Deuda Neta | -$955000 | -$24.4M | -$301.9M | -$44.7M | -$29.5M | -$10.8M | $46.7M | $45.6M |
| Capital Circulante | -$106.4M | -$169.0M | $110.7M | -$173.5M | -$160.1M | -$174.2M | -$1.0M | -$14.0M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $313.5M | $314.0M | $252.5M | $230.5M |
| Activos Totales | $1.22B | $1.27B | $1.21B | $1.21B |
| Pasivos Totales | $957.4M | $1.01B | $967.9M | $969.0M |
| Patrimonio Neto | $264.5M | $258.9M | $246.5M | $241.1M |
| Deuda Total | $351.4M | $359.6M | $350.1M | $349.9M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$6.1M | $31.1M | -$75.1M | -$1.5M | -$12.3M | -$13.1M | -$52.7M | $7.2M |
| Amortizaciones | $24.9M | $25.2M | $32.2M | $44.8M | $61.2M | $74.5M | $86.7M | $100.7M |
| Compensación en Acciones | $5.1M | $9.5M | $147.9M | $26.2M | $19.7M | $33.9M | $47.4M | $57.8M |
| Cambio en Capital Circulante | $22.5M | $26.1M | $8.8M | $18.9M | -$11.2M | -$19.7M | $16.2M | $13.7M |
| Flujo de Caja Operativo | $80.4M | $92.5M | $59.5M | $90.3M | $63.8M | $74.3M | $164.8M | $165.5M |
| Inversiones (CapEx) | -$33.3M | -$37.6M | -$32.8M | -$43.4M | -$60.4M | -$68.2M | -$87.1M | -$118.0M |
| Adquisiciones | 0 | 0 | -$11.6M | -$251.4M | -$474000 | 0 | -$71.8M | 0 |
| Recompra de Acciones | -$1.3M | -$841000 | 0 | 0 | 0 | 0 | 0 | -$10.1M |
| Dividendos Pagados | -$28.0M | -$28.6M | -$146.1M | -$2.7M | -$536000 | 0 | 0 | 0 |
| Flujo de Caja Libre | $47.1M | $54.9M | $26.7M | $46.9M | $3.4M | $6.1M | $77.7M | $47.6M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $62.5M | $42.3M | $38.0M | $33.7M |
| Inversiones (CapEx) | -$32.3M | -$32.2M | -$30.3M | -$23.2M |
| Flujo de Caja Libre | $30.2M | $10.1M | $7.7M | $10.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $13.2M | $11.5M | $18.5M | $13.8M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +18.0% | +16.5% | +13.6% | +15.5% | +16.4% | +16.5% | +12.2% |
| Crecimiento Beneficio Neto (anual) | | +608.6% | -341.8% | +98.0% | -731.9% | -6.4% | -302.7% | +113.7% |
| Crecimiento BPA (anual) | | +527.7% | -385.7% | +98.3% | -700.0% | -12.5% | -277.8% | +114.7% |
| Cambio en Acciones (anual) | | +12.8% | -10.0% | +12.4% | +1.3% | +1.5% | +2.1% | +16.2% |
| Crecimiento FCF (anual) | | +16.6% | -51.3% | +75.5% | -92.7% | +77.9% | +1174.1% | -38.8% |
| Margen Bruto | 64.9% | 65.7% | 55.9% | 62.0% | 60.7% | 60.9% | 63.9% | 60.7% |
| Margen Operativo | -1.0% | 9.9% | -28.0% | -0.7% | -1.6% | -3.1% | -0.3% | -1.0% |
| Margen EBITDA | 8.1% | 17.7% | -19.4% | 9.8% | 10.8% | 9.9% | 15.3% | 14.0% |
| Margen Neto | -2.2% | 9.7% | -20.0% | -0.3% | -2.5% | -2.3% | -7.9% | 1.0% |
| Margen FCF | 17.3% | 17.1% | 7.1% | 11.0% | 0.7% | 1.1% | 11.7% | 6.4% |
| Tasa Impositiva Efectiva | -37.9% | -0.5% | 30.4% | 62.3% | -21.5% | 39.6% | 2862.1% | 4.9% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.36 | $0.38 | $0.20 | $0.32 | $0.02 | $0.04 | $0.50 | $0.26 |
| Dividendo por Acción | $0.22 | $0.20 | $1.11 | $0.02 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $124.3M | $146.2M | $131.5M | $147.8M | $149.6M | $151.9M | $155.1M | $144.2M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | 2.79% |
| Rentabilidad sobre capital invertido | -1.07% |
| Rentabilidad sobre activos | 0.57% |
| Margen bruto | 60.73% |
| Margen operativo | -1.05% |
| Margen neto | 0.96% |
Salud financiera
| Deuda / Patrimonio | 1.39 |
| Ratio corriente | 0.98 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 2.21 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -487.37 | 113.95 | -58.08 | -1587.00 | -181.38 | -299.33 | -156.91 | 399.40 |
| P/VC | -26.64 | -31.11 | 19.98 | 10.19 | 9.45 | 16.17 | 46.13 | 11.12 |
| P/V | 10.92 | 10.88 | 12.23 | 5.51 | 4.42 | 7.15 | 12.41 | 3.85 |
| Margen Bruto | 64.9% | 65.7% | 55.9% | 62.0% | 60.7% | 60.9% | 63.9% | 60.7% |
| Margen Operativo | -1.0% | 9.9% | -28.0% | -0.7% | -1.6% | -3.1% | -0.3% | -1.0% |
| Margen Neto | -2.2% | 9.7% | -20.0% | -0.3% | -2.5% | -2.3% | -7.9% | 1.0% |