Sector: [[Sectors/Technology]] | [[ValueChains/]]

VTEX (VTEX) 분석 리포트

📋 투자 논리

• 추천: watch
• 핵심 근거:
  1. 사업 개요: VTEX, together with its subsidiaries, provides software-as-a-service digital commerce platform for enterprise brands and retailers. It provides VTEX platform that enables customers to execute commerce strategy, including building online stores, and integrating and managing orders across channels, as well as creating marketplaces to sell products from third-party vendors. The company also offers customer support services; and optional services, such as project management, solutions architecting, and implementation consulting services. It serves its products to home appliances, apparel and accessories, beauty and health, electronics, grocery, department stores, and toys and hobbies, as well as home, furniture, and decoration markets. The company has operations in Brazil, Argentina, Chile, Co
  2. 매출: 240,517,000 (기간: 2025-12-31)
  3. 영업이익: 18,108,000 (기간: 2025-12-31)
  4. 순이익: 20,010,000 (기간: 2025-12-31)
  5. 시장: 현재가 $4.03 / 시가총액 $697M / PE(TTM) 36.64 / PB 2.99

📊 팩트 데이터

재무 요약

• 매출(Total Revenue): 240,517,000 (기간: 2025-12-31)
• 영업이익(Operating Income): 18,108,000
• 순이익(Net Income): 20,010,000
• FCF: 32,328,000
• PER(TTM): 36.64
• Forward PE: 15.09
• PBR: 2.99
• PS: 2.90
• EV/EBITDA: 23.78

최근 이벤트

• 최신 제출 서류: 6-K (Filing date: 2026-04-24)
• EDGAR 링크: https://www.sec.gov/Archives/edgar/data/1793663/000119312526175066/agm_2026_proxy_stat._and.htm

📄 공시/원문 데이터

🇺🇸 SEC (US)

• EDGAR 최신 제출 서류: 6-K (Filing date: 2026-04-24)
• 원문 링크: https://www.sec.gov/Archives/edgar/data/1793663/000119312526175066/agm_2026_proxy_stat._and.htm

최근 제출 서류

• 최근 제출 서류 없음

8-K 이벤트

• 최근 8-K 이벤트 없음/미확인

🎯 가치 평가

• 현재가: $4.03
• 시가총액: $697M
• 52주 범위: $2.84 ~ $6.82
• 멀티플: PER(TTM) 36.64 / Forward PE 15.09 / PS 2.90 / PB 2.99 / EV/EBITDA 23.78

🚨 리스크

• Sector: Technology / Industry: Software - Application
• 52W Range: $2.84 ~ $6.82

🔮 Bull/Bear 시나리오

Bull Case (최적)

• 가정: 점유율/환자 믹스 개선으로 성장 지속 + 인건비 압력 둔화 + M&A/시설 확장이 수익성으로 연결
• 관찰 지표: 분기 성장률, 동일점포/점유율, 인건비/마진, 메디케어/메디케이드 정책
• 확률: 30%

Base Case (중립)

• 가정: 수요는 견조하나 비용 상승·규제가 상쇄, 성장률은 완만
• 관찰 지표: 성장 1자리 중후반 유지, 마진 안정
• 확률: 50%

Bear Case (최악)

• 가정: 보상률/정책 변경 + 인력난/임금 상승 + 규제 강화로 마진/운영 리스크 확대
• 관찰 지표: 마진 하락, 인건비 급등, 규제/제재 뉴스
• 확률: 20%

🛠️ 기술 프로파일

• 핵심 기술:
• 시장 적용:
• 경쟁 우위:

🧭 비즈니스 & 해자

• 사업 설명: VTEX, together with its subsidiaries, provides software-as-a-service digital commerce platform for enterprise brands and retailers. It provides VTEX platform that enables customers to execute commerce strategy, including building online stores, and integrating and managing orders across channels, as well as creating marketplaces to sell products from third-party vendors. The company also offers customer support services; and optional services, such as project management, solutions architecting, and implementation consulting services. It serves its products to home appliances, apparel and accessories, beauty and health, electronics, grocery, department stores, and toys and hobbies, as well as home, furniture, and decoration markets. The company has operations in Brazil, Argentina, Chile, Co
• 섹터: Technology
• 산업: Software - Application

⚔️ 경쟁 구도

• 섹터: Technology / 산업: Software - Application
• 사업 요약에서 경쟁 환경 참조: VTEX, together with its subsidiaries, provides software-as-a-service digital commerce platform for enterprise brands and retailers. It provides VTEX platform that enables customers to execute commerce strategy, including building online stores, and integrating and managing orders across channels, as

📈 촉매 (6~18개월)

• — Target:
• — Target:
• — Target:

🌍 매크로 임팩트

• 금리 민감도:
• 달러/환율:
• 섹터 사이클:

📈 차트 분석

• 기술적 신호: RSI14=N/A, SMA20=N/A, SMA50=N/A, SMA200=N/A
• 주요 저항/지지(최근60거래일 종가 기준): 지지 N/A / 저항 N/A

📝 관리 노트

변경 이력

• 2026-04-27: Initial analysis

포지션 로그

🔗 관련 자료

관련 기술 분석

TABLE 기술명 AS 기술, TRL_수준 AS TRL, 카테고리 AS 카테고리
FROM "Research_DB/Technology"
WHERE contains(관련_기업, this.file.link) OR contains(관련_기업, this.company)
SORT TRL_수준 DESC

동일 섹터 기업 비교

TABLE company AS 회사, ticker AS 티커, rating AS 추천, watch_status AS 상태
FROM "Research_DB/개별종목/미국"
WHERE sector_en = this.sector_en AND file.name != this.file.name
SORT rating ASC
LIMIT 5

📚 출처

• 데이터: Yahoo Finance / SEC EDGAR
• 어닝콜:
• 리서치:

Snapshot

Research

• Deep research automation output (latest run).

SEC

• Latest filing: 6-K
• Source: https://www.sec.gov/Archives/edgar/data/1793663/000119312526175066/agm_2026_proxy_stat._and.htm

Catalyst

• 최근 8-K 이벤트 없음/미확인