Vertex, Inc.

VERX · Services-Prepackaged Software · 26.4M shares · EDGAR filings ↗

Net buyback after stock comp: -$24M (gross $10M, SBC $34M)

Reference price $12.75 · est. market cap ~$336M — last insider sale, 2026-05-28 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

C64

Leading indirect-tax compliance software with durable recurring revenue but thin GAAP profitability and mid-pack returns.

Strengths

Sticky enterprise base (majority of Fortune 500), 12% revenue growth and ~$161M adjusted EBITDA with deep ERP integrations
Solid OCF margin (~22%) and structural tailwinds from rising global compliance complexity

Risks

Razor-thin GAAP profitability: net margin 1.0%, operating margin 0.3%, ROE 2.8% — all near sector median; net income growth -114% (14th pct)
Elevated leverage (D/E 1.3, 80th pct) and weak liquidity (current ratio 0.98, 16th pct)

Notable findings

Weak liquidityCurrent ratio 0.98 (<1)
Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
Insider buyingInsider buying — 5 open-market buy(s) by 4 insider(s) (cluster of 4 insiders, ~$7M, last 6mo) Form 4 ↗
Notable holderHeld by 5 notable fund(s): GOLDMAN SACHS GROUP INC, STATE STREET CORP, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
Trial readout soonUpcoming trial readout ~2026-04-21 — PHASE1/PHASE2 · Cystic Fibrosis

Quarterly revenue

2025-06-30 · $185M2025-09-30 · $192M2025-12-31 · $195M2026-03-31 · $197M

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

64.3%

Operating margin

0.3%

Net margin

1.0%

Return on equity

2.8%

Return on assets

0.6%

ROIC

0.3%

Revenue growth (QoQ)

1.0%

Debt / equity

1.3×

Net debt / EBITDA

0.1×

Current ratio

1.0×

EBITDA

$99M

Tangible book value

-$134M

Cash & investments

$329M

Stock comp / revenue

7.7%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-10	Stamm John Richard	Grant	16K	—
2026-06-10	Mendola Mark J	Grant	16K	—
2026-06-10	Radcliffe Amanda Westphal	Grant	16K	—
2026-06-10	Thompson Stefanie Westphal	Grant	16K	—
2026-06-10	Gayton Bradley M	Grant	16K	—
2026-06-10	ANDERSEN ERIC C.	Grant	16K	—
2026-06-10	Saunders Philip Seth	Grant	16K	—
2026-06-10	DeStefano David	Grant	16K	—
2026-05-28	DeStefano David	Sell	6.5K	$12.75
2026-03-09	ITEM SECOND IRR. TRUST FBO KYLE R. WESTPHAL u/a of JEFFREY R. WESTPHAL dated October 5, 2001	Buy	10K	$15.05
2026-02-24	DeStefano David	Option exercise	109K	—
2026-02-24	DeStefano David	Tax withheld	52K	$13.26
2026-02-23	DeStefano David	Tax withheld	47K	$12.03
2026-02-23	Young Christopher David	Buy	60K	$12.18
2026-02-23	Rowland Bryan T.R.	Option exercise	6.4K	—
2026-02-23	Rowland Bryan T.R.	Tax withheld	1.8K	$12.03
2026-02-23	DeStefano David	Option exercise	101K	—
2026-02-23	SCHWAB JOHN R	Option exercise	30K	—
2026-02-23	SCHWAB JOHN R	Tax withheld	16K	$12.03
2026-02-20	ANDERSEN ERIC C.	Buy	40K	$12.91
2026-02-20	DeStefano David	Option exercise	70K	—
2026-02-20	DeStefano David	Tax withheld	24K	$12.74
2026-02-20	DeStefano David	Option exercise	44K	—
2026-02-20	DeStefano David	Tax withheld	13K	$12.74
2026-02-20	Leib Ryan J	Option exercise	4.0K	—
2026-02-20	Leib Ryan J	Tax withheld	1.3K	$12.74
2026-02-20	Leib Ryan J	Option exercise	2.3K	—
2026-02-20	Leib Ryan J	Tax withheld	782	$12.74
2026-02-20	Rowland Bryan T.R.	Option exercise	4.1K	—
2026-02-20	Rowland Bryan T.R.	Tax withheld	1.3K	$12.74
2026-02-20	Rowland Bryan T.R.	Option exercise	3.0K	—
2026-02-20	Rowland Bryan T.R.	Tax withheld	976	$12.74
2026-02-20	SCHWAB JOHN R	Option exercise	24K	—
2026-02-20	SCHWAB JOHN R	Tax withheld	13K	$12.74
2026-02-20	SCHWAB JOHN R	Option exercise	16K	—
2026-02-20	SCHWAB JOHN R	Tax withheld	8.6K	$12.74
2026-02-17	Westphal Jeffrey	Buy	150K	$12.53
2026-02-13	Westphal Jeffrey	Buy	248K	$13.08
2026-02-10	Rowland Bryan T.R.	Tax withheld	1.3K	$14.88
2026-02-10	SCHWAB JOHN R	Tax withheld	13K	$14.88
2026-02-10	SCHWAB JOHN R	Option exercise	24K	—
2026-02-10	Rowland Bryan T.R.	Option exercise	4.1K	—
2026-01-30	Leib Ryan J	Option exercise	4.0K	—
2026-01-30	Leib Ryan J	Tax withheld	1.4K	$18.55
2025-06-24	ITEM SECOND IRR. TRUST FBO ANNE MARIE WESTPHAL u/a of JEFFREY R. WESTPHAL dated October 5, 2001	Sell	14K	$35.24
2025-06-23	ITEM SECOND IRR. TRUST FBO ANNE MARIE WESTPHAL u/a of JEFFREY R. WESTPHAL dated October 5, 2001	Sell	510	$35.00
2025-06-20	ITEM SECOND IRR. TRUST FBO ANNE MARIE WESTPHAL u/a of JEFFREY R. WESTPHAL dated October 5, 2001	Sell	8.8K	$35.12
2025-06-18	ITEM SECOND IRR. TRUST FBO ANNE MARIE WESTPHAL u/a of JEFFREY R. WESTPHAL dated October 5, 2001	Sell	158K	$35.93
2025-06-17	ITEM SECOND IRR. TRUST FBO ANNE MARIE WESTPHAL u/a of JEFFREY R. WESTPHAL dated October 5, 2001	Sell	145K	$37.16
2025-06-16	ITEM SECOND IRR. TRUST FBO ANNE MARIE WESTPHAL u/a of JEFFREY R. WESTPHAL dated October 5, 2001	Sell	78K	$36.87
2025-06-11	Saunders Philip Seth	Grant	5.3K	—
2025-06-11	ANDERSEN ERIC C.	Grant	5.3K	—
2025-06-11	Mendola Mark J	Grant	5.3K	—
2025-06-11	Gayton Bradley M	Grant	5.3K	—
2025-06-11	Stamm John Richard	Grant	5.3K	—
2025-06-11	Radcliffe Amanda Westphal	Grant	5.3K	—
2025-06-11	Thompson Stefanie Westphal	Grant	5.3K	—
2025-06-09	Westphal Jeffrey	Conversion	1.5M	—
2025-06-09	Westphal Jeffrey	Sell	1.5M	$38.45
2025-06-09	Westphal Jeffrey	Conversion	1.2M	—
2025-06-09	Westphal Jeffrey	Sell	1.2M	$38.45
2025-06-09	Westphal Jeffrey	Conversion	332K	—
2025-06-09	Westphal Jeffrey	Sell	332K	$38.45
2025-05-20	ITEM SECOND IRR. TRUST FBO MACKENZIE S. LUCAS u/a of STEFANIE W. LUCAS dated October 5, 2001	Conversion	600K	—
2025-05-20	2020 IRREVOCABLE TRUST FOR BENEFIT OF CONSTANCE A. THOMPSON	Conversion	22K	—
2025-05-20	ITEM SECOND IRR. TRUST FBO ANDREA P. LUCAS u/a of STEFANIE W. LUCAS dated October 5, 2001	Conversion	400K	—
2025-05-20	ITEM SECOND IRR. TRUST FBO MELANIE H. LUCAS u/a of STEFANIE W. LUCAS dated October 5, 2001	Conversion	300K	—
2025-05-13	DeStefano David	Option exercise	187K	$3.73
2025-05-13	Leib Ryan J	Sell	5.8K	$38.00
2025-05-13	DeStefano David	Sell	51K	$37.27
2025-05-13	DeStefano David	Sell	59K	$38.06
2025-05-12	DeStefano David	Sell	64K	$37.82
2025-05-12	DeStefano David	Sell	8.3K	$38.65
2025-05-12	DeStefano David	Option exercise	428K	$2.50
2025-05-12	DeStefano David	Option exercise	133K	$32.16
2025-05-12	DeStefano David	Sell	291K	$37.18
2025-03-19	Rowland Bryan T.R.	Option exercise	31K	$3.73
2025-03-19	Rowland Bryan T.R.	Option exercise	1.0K	$32.16
2025-03-19	Rowland Bryan T.R.	Sell	19K	$35.68
2025-03-19	Rowland Bryan T.R.	Sell	24K	$36.22
2025-03-04	ANDERSEN ERIC C.	Option exercise	22K	$2.50
2025-03-04	Gayton Bradley M	Buy	50	$31.82
2025-03-04	Gayton Bradley M	Buy	9.3K	$31.85
2025-02-28	DeStefano David	Tax withheld	15K	$32.29
2025-02-28	Rowland Bryan T.R.	Option exercise	867	—
2025-02-28	Rowland Bryan T.R.	Tax withheld	239	$32.29
2025-02-28	SCHWAB JOHN R	Option exercise	1.7K	—
2025-02-28	SCHWAB JOHN R	Tax withheld	932	$32.29
2025-02-28	DeStefano David	Option exercise	29K	—
2025-02-24	DeStefano David	Option exercise	109K	—
2025-02-24	DeStefano David	Tax withheld	56K	$43.64
2025-02-21	DeStefano David	Tax withheld	32K	$44.21
2025-02-21	DeStefano David	Option exercise	101K	—
2025-02-21	DeStefano David	Tax withheld	52K	$44.21
2025-02-21	Leib Ryan J	Option exercise	4.0K	—
2025-02-21	Leib Ryan J	Tax withheld	1.1K	$44.21
2025-02-21	Rowland Bryan T.R.	Option exercise	4.1K	—
2025-02-21	Rowland Bryan T.R.	Tax withheld	1.1K	$44.21
2025-02-21	Rowland Bryan T.R.	Option exercise	6.4K	—
2025-02-21	Rowland Bryan T.R.	Tax withheld	1.8K	$44.21
2025-02-21	SCHWAB JOHN R	Tax withheld	13K	$44.21
2025-02-21	SCHWAB JOHN R	Option exercise	30K	—
2025-02-21	SCHWAB JOHN R	Tax withheld	16K	$44.21
2025-02-21	SCHWAB JOHN R	Option exercise	24K	—
2025-02-21	DeStefano David	Option exercise	70K	—
2025-02-10	SCHWAB JOHN R	Option exercise	24K	—
2025-02-10	SCHWAB JOHN R	Tax withheld	13K	$56.02
2025-02-10	Rowland Bryan T.R.	Option exercise	4.1K	—
2025-02-10	Rowland Bryan T.R.	Tax withheld	1.2K	$56.02
2025-01-31	Leib Ryan J	Option exercise	4.0K	—
2025-01-31	Leib Ryan J	Tax withheld	1.3K	$57.75
2025-01-23	ITEM SECOND IRR. TRUST FBO KYLE R. WESTPHAL u/a of JEFFREY R. WESTPHAL dated October 5, 2001	Sell	18K	$56.52
2025-01-22	ITEM SECOND IRR. TRUST FBO KYLE R. WESTPHAL u/a of JEFFREY R. WESTPHAL dated October 5, 2001	Sell	54K	$56.48
2024-12-31	Westphal Jeffrey	Gift	450K	—

All non-derivative Form 4 activity (SEC), newest first.

Clinical trials

Trial	Title	Phase	Status	Primary completion
NCT06564142 ↗	Evaluation of Efficacy of Povetacicept in Adults With Immunoglobulin A Nephropathy (IgAN) Immunoglobulin A Nephropathy	PHASE3	Active Not Recruiting	2028-01-30
NCT05668741 ↗	A Phase 1/2 Study of VX-522 in Participants With Cystic Fibrosis (CF) Cystic Fibrosis	PHASE1/PHASE2	Active Not Recruiting	2026-04-21
NCT04835441 ↗	ALPN-101 (Acazicolcept) in Systemic Lupus Erythematosus Systemic Lupus Erythematosus	PHASE2	Completed	2024-07-09
NCT00535847 ↗	A Rollover Study for Subjects Participating in the Control Arm of Study VX06-950-106, VX05-950-104 and VX05-950-104EU Whose Plasma Hepatitis C Virus (HCV) Ribonucleic Acid (RNA) Levels Did Not Respond to Therapy Hepatitis C	PHASE2	Completed	2010-02-01

Source: ClinicalTrials.gov (U.S. NIH) · active studies first.

Notable events (8-K)

Date	Items
2026-06-11	Shareholder vote	filing ↗
2026-05-07	ResultsExhibits	filing ↗
2026-04-28	2.05	filing ↗
2026-02-11	ResultsExhibits	filing ↗
2025-11-20	Material agreementExhibits	filing ↗
2025-11-03	ResultsOtherExhibits	filing ↗
2025-10-21	ResultsExec/director changeExhibits	filing ↗
2025-08-06	ResultsExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-11	2026-06-10	0001104659-26-072971 ↗
10-Q	2026-05-07	2026-03-31	0001104659-26-057207 ↗
8-K	2026-05-07	2026-05-07	0001104659-26-056674 ↗
8-K	2026-04-28	2026-04-28	0001104659-26-050407 ↗
10-K	2026-02-24	2025-12-31	0001104659-26-019165 ↗
8-K	2026-02-11	2026-02-11	0001104659-26-013015 ↗
8-K	2025-11-20	2025-11-14	0001104659-25-114633 ↗
10-Q	2025-11-03	2025-09-30	0001104659-25-105582 ↗
8-K	2025-11-03	2025-10-30	0001104659-25-105239 ↗
8-K	2025-10-21	2025-10-20	0001104659-25-101040 ↗
8-K	2025-08-06	2025-08-06	0001558370-25-010402 ↗
10-Q	2025-08-06	2025-06-30	0001558370-25-010549 ↗