Buy Like Buffett

The Moat Index

Vertex, Inc.

VERX · Technology · FY2025 filings · Shallow moat ·

Doesn't clear the bar

57/ 100
Shallow moat

The four filters

Pricing power98

Median gross margin 62.9% over 8y, very stable.

Returns on capital0

Median ROIC -1.5%, above the 9% hurdle in 0% of years.

Balance-sheet safety97

Net debt/EBITDA 0.2x, no material interest expense disclosed.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
$7.2M
Est. intrinsic value / share
—
Recent price
$12.80
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

9 years of fundamentals

The business, in plain English

Vertex, Inc. booked $748.4M of revenue in FY2025 in the Technology sector and kept 64.3% of it as gross profit — a high-margin business by that measure. After every other cost, 1.0% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $272.4M (FY2018) to $748.4M (FY2025) — about 15.5% a year compounded over 7 years.

It earned 0.8% on invested capital in FY2025, with a median of −1.5% across 5 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $337.5M of total debt in FY2025 against $7.2M of owner earnings — roughly 46.8 years of owner earnings to retire it all. Balance-Sheet Safety scores it 97/100.

Put together: Pricing Power is the strongest of the four filters (98/100) and Returns on Capital the weakest (0/100), which is how VERX lands at 57/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2017–FY2025 · 9 fiscal years, normalized from VERX’s SEC filings

RevenueSales, as filed$748.4M FY2025
$0$500M2017202020232025
Gross marginRevenue kept after cost of goods64.3% FY2025
0%25%50%2017202020232025
Return on invested capitalOperating profit on the capital employed0.8% FY2025
−5%0%2017202020232025
Owner earningsCash an owner could take out$7.2M FY2025
−$50M$02017202020232025

Gaps in a line mean that item isn’t in VERX’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale57.4 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — VERX has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#154 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #152RSSS RESEARCH SOLUTIONS, INC.57.4Shallow moat
  2. #153EVER EverQuote, Inc.57.4Shallow moat
  3. #155DV DoubleVerify Holdings, Inc.57.3Shallow moat
  4. #156BKTI BK Technologies Corp57.2Shallow moat

Compare VERX with its nearest peers →All Technology companies on the Index →

Common questions about VERX

Does Vertex, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Vertex, Inc. (VERX) 57.4 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 98, returns on capital 0, balance-sheet safety 97, capital discipline 44.
How has VERX's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 57.4 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
Embed this score on your site

One iframe, no script. The badge shows VERX’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/VERX"
  width="340" height="150" style="border:0"
  title="VERX Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell VERX. See the disclaimer.

Vertex, Inc. (VERX) Moat Score — The Moat Index · Buy Like Buffett