A Business at a Glance
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WEX Inc.
WEX
$6.3B
Mkt Cap
$176.15
+2.73%
WEX Inc. (WEX) has a current P/E ratio of 20.8, compared to its historical median P/E of 35.2. The stock is currently considered Fair based on its historical valuation range.
WEX Inc. (WEX) has a 5-year average return on invested capital (ROIC) of 21.9%. This indicates strong capital allocation and a potential competitive advantage.
WEX Inc. (WEX) has a market capitalization of $6.1B. It is classified as a mid-cap stock.
WEX Inc. (WEX) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.16%.
Based on historical P/E analysis, WEX Inc. (WEX) appears fair. The current P/E of 20.8 is 41% below its historical median of 35.2. The estimated fair value CAGR (P/E method) is 20.0%.
WEX Inc. (WEX) operates in the Services-Business Services, Nec industry, within the Industrials sector.
WEX Inc. (WEX) reported annual revenue of $2.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
WEX is a global commerce platform providing embedded, personalized payment solutions across three segments: Mobility, Benefits, and Corporate Payments. The Mobility segment is a global leader in fleet payment solutions and transaction processing, supporting fleets of all sizes through proprietary closed-loop networks and software solutions for fuel, EV charging, and operational workflows. The Benefits segment offers SaaS software integrated with payment solutions for employee benefits administration, including consumer-directed health accounts and compliance solutions. The Corporate Payments segment delivers global B2B payment solutions including accounts payable automation, embedded payment use cases across industries such as travel, and white-label programs for financial institutions. WEX processes hundreds of billions of dollars in transactions annually and operates through both direct-to-corporate and partner channels, leveraging its wholly owned subsidiary WEX Bank to access low-cost capital and liquidity while managing credit risk and compliance. The company's competitive advantages include its proprietary networks, deep vertical expertise, scale, and ability to integrate payments, data, and processes into customer workflows to deliver transaction intelligence and operational efficiency.
【Margin expansion and operational leverage】 Management expects to shift from an investment phase to a scaling phase in 2026, with operating leverage driving meaningful margin expansion over the medium term as investments continue to scale. The company plans to deliver $50 million in cost-saving actions through automation and modernization, with a portion reinvested in the business and the remainder flowing through to margins. WEX is making progress on controllable levers including pricing, sales productivity, product expansion, and customer execution, with strong execution reflected in recent financial results and confidence in growth drivers across all three segments. The company expects continued revenue growth as momentum builds, supported by new business wins such as the BP agreement, strong retention, and expansion of product offerings including embedded payments and direct accounts payable solutions. Management remains focused on disciplined capital allocation, prioritizing a strong balance sheet with leverage below 3x before evaluating M&A or share repurchases, while sustaining strong free cash flow generation.
| Metric | Target | Period |
|---|---|---|
| Revenue | $2.82 billion–$2.88 billion | FY2026 |
| Adjusted Net Income EPS | $18.95–$19.55 per diluted share | FY2026 |
Revenue (FY2026): “For the full year, we now expect to report revenue in the range of $2.82 billion-$2.88 billion.”
Adjusted Net Income EPS (FY2026): “We expect Adjusted Net Income EPS to be between $18.95-$19.55 per diluted share.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.7B | 2.7B | 2.6B | 2.5B | 2.4B | 1.9B |
| Net Income | 310M | 304M | 310M | 267M | 201M | 135M |
| EPS | $9.02 | $8.47 | $7.50 | $6.16 | $4.50 | $3.02 |
| Free Cash Flow | 460M | 314M | 334M | 764M | 567M | -129M |
| ROIC | 41.6% | 38.0% | 30.2% | 23.8% | 11.3% | 6.2% |
| Gross Margin | - | 40.6% | 42.4% | 42.1% | 42.5% | 50.4% |
| Debt/Equity | 4.15 | 4.03 | 3.02 | 2.20 | 1.73 | 1.60 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 665M | 664M | 686M | 647M | 470M | 342M |
| Operating Margin | 24.6% | 25.0% | 26.1% | 25.4% | 20.0% | 18.5% |
| ROE | 24.3% | 22.3% | 18.7% | 15.4% | 11.5% | 7.2% |
| Shares Outstanding | 35M | 36M | 41M | 43M | 45M | 45M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 818M | 855M | 1.0B | 1.2B | 1.5B | 1.7B | 1.6B | 1.9B | 2.4B | 2.5B | 2.6B | 2.7B | 2.7B |
| Gross Margin | 70.8% | 59.5% | 54.7% | 58.8% | 63.3% | 50.1% | 26.3% | 50.4% | 42.5% | 42.1% | 42.4% | 40.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 201M | 235M | 186M | 184M | 209M | 276M | 292M | 327M | 344M | 428M | 376M | 330M | 344M |
| EBIT | 306M | 229M | 159M | 233M | 381M | 386M | -92M | 342M | 470M | 647M | 686M | 664M | 665M |
| Op. Margin | 37.5% | 26.8% | 15.7% | 18.7% | 25.5% | 22.4% | -5.9% | 18.5% | 20.0% | 25.4% | 26.1% | 25.0% | 24.6% |
| Net Income | 202M | 111M | 61M | 160M | 168M | 99M | -244M | 135M | 201M | 267M | 310M | 304M | 310M |
| Net Margin | 24.7% | 13.0% | 6.0% | 12.8% | 11.3% | 5.7% | -15.6% | 7.3% | 8.6% | 10.5% | 11.8% | 11.4% | 11.5% |
| Non-Recurring | 0 | 9.0M | 7.5M | 51M | 3.5M | 2.8M | 53M | 1.0M | 146M | 0 | 12M | 9.9M | 9.9M |
| Returns on Capital | |||||||||||||
| ROIC | 10.1% | 6.3% | 4.0% | 5.1% | 5.6% | 7.2% | -5.2% | 6.2% | 11.3% | 23.8% | 30.2% | 38.0% | 41.6% |
| ROE | 20.4% | 10.2% | 4.7% | 10.3% | 9.9% | 5.3% | -12.7% | 7.2% | 11.5% | 15.4% | 18.7% | 22.3% | 24.3% |
| ROA | 5.4% | 2.8% | 1.2% | 2.5% | 2.5% | 1.3% | -3.0% | 1.5% | 1.8% | 2.1% | 2.3% | 2.2% | 2.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 296M | 445M | -141M | 135M | 400M | 663M | 737M | -43M | 679M | 908M | 481M | 454M | 605M |
| Free Cash Flow | 238M | 382M | -203M | 56M | 313M | 560M | 656M | -129M | 567M | 764M | 334M | 314M | 460M |
| Owner Earnings | 212M | 350M | -303M | -99M | 167M | 380M | 411M | -390M | 318M | 505M | 48M | 23M | 159M |
| CapEx | 58M | 63M | 62M | 79M | 87M | 103M | 80M | 86M | 113M | 144M | 147M | 141M | 146M |
| Maint. CapEx | 70M | 83M | 142M | 204M | 200M | 237M | 262M | 273M | 264M | 276M | 321M | 331M | 331M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 70M | 83M | 142M | 204M | 200M | 237M | 262M | 273M | 264M | 276M | 321M | 331M | 331M |
| CapEx/OCF | 19.6% | 14.3% | N/A | 58.5% | 21.8% | 15.5% | 9.4% | N/A | 16.6% | 15.8% | 30.6% | 30.9% | 24.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 20M | 22M | 0 | 0 | 12M | 10M | 0 | 0 | 283M | 303M | 652M | 800M | 9.8M |
| Buyback Yield | 0.5% | 0.6% | N/A | N/A | N/A | N/A | N/A | N/A | 4.0% | 3.6% | 9.1% | 14.5% | 0.2% |
| Stock-Based Comp | 14M | 12M | 20M | 30M | 34M | 46M | 64M | 75M | 98M | 127M | 112M | 100M | 115M |
| Debt Repayment | 2.1B | 2.4B | 3.7B | 4.2B | 1.7B | 1.3B | 300M | 8.9M | 0 | 369M | 8.6M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 1.9B | 1.4B | 1.4B | 3.6B | 1.8B | 2.2B | 2.3B | 1.4B | 543M | 3.8M | 137M | -262M | -117M |
| Cash & Equiv. | 285M | 278M | 191M | 504M | 541M | 811M | 852M | 589M | 922M | 976M | 596M | 906M | 5.4B |
| Long-Term Debt | 1.3B | 1.1B | 35M | 2.0B | 2.1B | 2.7B | 2.9B | 2.7B | 2.5B | 2.8B | 3.1B | 3.5B | 3.6B |
| Debt/Equity | 2.04 | 1.58 | 1.09 | 2.55 | 1.32 | 1.59 | 1.67 | 1.60 | 1.73 | 2.20 | 3.02 | 4.03 | 4.15 |
| Interest Coverage | 8.5 | 5.0 | 1.4 | 2.2 | 3.6 | 2.9 | -0.6 | 2.7 | 3.6 | 3.0 | 254.2 | 553.3 | 553.3 |
| Equity | 1.1B | 1.1B | 1.5B | 1.6B | 1.8B | 1.9B | 1.9B | 1.8B | 1.6B | 1.8B | 1.5B | 1.2B | 1.3B |
| Total Assets | 4.1B | 3.8B | 6.0B | 6.7B | 6.8B | 8.3B | 8.2B | 10.3B | 11.5B | 13.9B | 13.3B | 14.4B | 15.4B |
| Total Liabilities | 3.0B | 2.8B | 4.5B | 5.1B | 5.0B | 6.2B | 6.1B | 8.2B | 9.9B | 12.1B | 11.8B | 13.2B | 14.2B |
| Intangibles | 497M | 471M | 1.3B | 1.2B | 1.0B | 1.6B | 1.6B | 1.6B | 1.5B | 1.5B | 1.3B | 1.1B | 1.1B |
| Retained Earnings | 1.1B | 1.2B | 1.2B | 1.3B | 1.5B | 1.5B | 1.3B | 1.3B | 1.5B | 1.8B | 2.1B | 2.4B | 2.4B |
| Working Capital | N/A | N/A | N/A | 630M | 1.1B | 792M | 762M | 900M | 523M | 416M | 188M | 426M | 496M |
| Current Assets | N/A | N/A | N/A | 3.2B | 3.4B | 3.8B | 3.5B | 5.3B | 6.8B | 8.9B | 8.5B | 9.7B | 10.7B |
| Current Liabilities | N/A | 156M | 332M | 2.6B | 2.3B | 3.0B | 2.7B | 4.4B | 6.3B | 8.5B | 8.3B | 9.3B | 10.2B |
| Per Share Data | |||||||||||||
| EPS | 5.18 | 2.62 | 1.42 | 3.71 | 3.86 | 2.26 | -5.56 | 3.02 | 4.50 | 6.16 | 7.50 | 8.47 | 9.02 |
| Owner EPS | 5.44 | 8.23 | -7.06 | -2.29 | 3.82 | 8.68 | 9.38 | -8.70 | 7.10 | 11.66 | 1.16 | 0.64 | 4.57 |
| Book Value | 27.61 | 25.79 | 34.95 | 37.57 | 40.96 | 43.99 | 43.47 | 41.02 | 36.86 | 42.07 | 36.07 | 34.38 | 36.73 |
| Cash Flow/Share | 7.59 | 10.48 | -3.30 | 3.14 | 9.18 | 15.14 | 16.81 | -0.95 | 15.18 | 20.98 | 11.66 | 12.65 | 18.49 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 39.0M | 42.5M | 42.8M | 43.1M | 43.6M | 43.8M | 43.8M | 44.8M | 44.8M | 43.3M | 41.3M | 35.9M | 34.7M |
| Valuation | |||||||||||||
| P/E Ratio | 19.6 | 34.5 | 196.7 | 38.0 | 35.7 | 92.7 | N/A | N/A | 35.2 | 31.9 | 23.1 | 18.1 | 19.5 |
| P/FCF | 16.6 | 10.1 | N/A | 108.3 | 19.2 | 16.4 | 13.4 | N/A | 12.5 | 11.1 | 21.4 | 17.5 | 13.3 |
| EV/EBIT | 16.2 | 20.2 | 39.2 | 41.5 | 19.7 | 27.8 | N/A | 21.6 | 16.4 | 14.6 | 12.3 | 9.7 | 9.0 |
| Price/Book | 3.7 | 3.5 | 3.2 | 3.8 | 3.4 | 4.8 | 4.6 | 3.2 | 4.3 | 4.7 | 4.8 | 4.5 | 4.8 |
| Price/Sales | 4.8 | 5.0 | 3.9 | 3.9 | 5.0 | 4.9 | 4.6 | 4.4 | 3.0 | 3.1 | 3.1 | 2.1 | 2.3 |
| FCF Yield | 6.0% | 9.9% | -4.2% | 0.9% | 5.2% | 6.1% | 7.4% | -2.2% | 8.0% | 9.0% | 4.7% | 5.7% | 7.5% |
| Market Cap | 4.0B | 3.8B | 4.8B | 6.1B | 6.0B | 9.2B | 8.8B | 5.9B | 7.1B | 8.5B | 7.1B | 5.5B | 6.1B |
| Avg. Price | 101.00 | 101.27 | 91.88 | 111.74 | 170.32 | 194.19 | 162.02 | 188.23 | 159.54 | 183.15 | 198.22 | 153.94 | 176.15 |
| Year-End Price | 101.31 | 90.31 | 112.10 | 141.01 | 137.82 | 209.43 | 201.40 | 137.11 | 158.50 | 196.49 | 173.05 | 153.12 | 176.15 |
WEX Inc. passes 7 of 9 quality checks, indicating strong fundamentals.
WEX Inc. trades at 20.8x trailing earnings, compared to its 15-year median P/E of 35.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 19.3x vs a median of 16.4x. The company's 5-year average ROIC is 21.9% with a gross margin of 43.6%. Total shareholder yield (buybacks) is 0.2%. At current prices, the estimated annualized return to fair value is -1.9%.
WEX Inc. (WEX) has a net profit margin of 11.4%. This is a healthy margin.
WEX Inc. (WEX) generated $314 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
WEX Inc. (WEX) has a debt-to-equity ratio of 4.03. This indicates higher leverage, which may increase financial risk.
WEX Inc. (WEX) reported earnings per share (EPS) of $8.47 in its most recent fiscal year.
WEX Inc. (WEX) has a return on equity (ROE) of 22.3%. This indicates the company generates strong returns for shareholders.
WEX Inc. (WEX) has a 5-year average gross margin of 43.6%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for WEX Inc. (WEX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
WEX Inc. (WEX) has a book value per share of $34.38, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to shift from an investment phase to a scaling phase in 2026, with operating leverage driving meaningful margin expansion over the medium term as investments continue to scale. The company plans to deliver $50 million in cost-saving actions through automation and modernization, with a portion reinvested in the business and the remainder flowing through to margins. WEX is making progress on controllable levers including pricing, sales productivity, product expansion, and customer execution, with strong execution reflected in recent financial results and confidence in growth drivers across all three segments. The company expects continued revenue growth as momentum builds, supported by new business wins such as the BP agreement, strong retention, and expansion of product offerings including embedded payments and direct accounts payable solutions. Management remains focused on disciplined capital allocation, prioritizing a strong balance sheet with leverage below 3x before evaluating M&A or share repurchases, while sustaining strong free cash flow generation.
Based on recent SEC filings and earnings calls, WEX Inc. (WEX) has provided the following forward guidance: Revenue: $2.82 billion–$2.88 billion (FY2026); Adjusted Net Income EPS: $18.95–$19.55 per diluted share (FY2026).