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WEX Inc. (WEX) stock

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NYSE: WEX NYSE Transaction & Payment Processing Services Next results ~February 3, 2027

C+ Fundamentals grade

WEX Inc. is a US-listed company in the transaction & payment processing services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$78

Cash-flow model

Base case. Range ~$58–$100 across our lower- and higher-growth cases (2.3%–12.3% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 58% below it.

Price used: $184.87, November 2, 2026

WEX Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 7 selling2 purchases and 40 sales by directors and officers, last 12 monthsInsider trades
  • Funds178 adding, 242 cuttingOf 56 active managers that changed their stake, 31 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter WEX files

10-Q filed October 29: WEX

Model value −12.4%

WEX Inc. grew revenue to $2.88bn in the twelve months to September 2026, up 9.7% on a year earlier and faster than the 7.5% pace recorded a quarter earlier. Free-cash-flow margin, however, swung sharply, falling to -12.8% from 24.5% a year earlier. Share buybacks continued apace, with the diluted count down 6.1% on a year earlier, lifting the claim each remaining share has on earnings. Taken together, these shifts pull the fundamentals grade down from B to C+. Our model value has followed suit, slipping from $124 to $109 a share. Against a share price of $184, that gap keeps the rating at Sell.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where WEX stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.79bn, up 7.5% on a year earlier, faster than 3.3% a quarter earlier. Free-cash-flow margin fell to 3.2% from 10.9% a year earlier. The diluted share count is down 9.6% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $40.64 a share, against a share price of $185. At that price, our model says the market is pricing in about 21.2% a year of cash-flow growth for five years, faster than the 8.6% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 3, 2027 (estimated)

WEX Inc.'s trailing-twelve-month revenue grew 9.7% year on year, with a free-cash-flow margin of -12.8%. Where it stands out: operating margin of 26.6% ranks 6 of 29 transaction & payment processing services companies we cover. Where it lags: free-cash-flow margin of -12.8% ranks 24 of 25 transaction & payment processing services companies we cover.

Our discounted-cash-flow model values the business at ~$78 per share in the base case (~$58–$100 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 9.7% (+2.3pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 26.6% of revenue is left as operating profit, against a median of 9.8% for transaction & payment processing services companies we cover.
  • Shrinking share count. Diluted shares fell 6.1% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $184.87 is 58% above our value per share of $78.
  • Burning cash. Free cash flow was -12.8% of revenue over the last 12 months.
  • Weak cash conversion. Free cash flow was -91% of net income over the last 12 months.
  • Heavily shorted. 11.2% of the shares available to trade are sold short (5.1 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$5.35 against an average estimate of $5.07: beat by 5.5%
Revenue
$780m, up 12.8% on a year earlier
Share reaction
-1.6% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
revenue $733m to $753m (third quarter of 2026); adjusted net income $189m to $196m (third quarter of 2026)
Next report
October 28, 2026; average EPS estimate $5.67

WEX's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.1%
  • 1 week-3.8%
  • 1 month+9.3%
  • This year+24.1%
  • 1 year+26.7%
  • 5 years+24.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.9B
Operating margin
26.6%
Net margin
14.0%
EPS (TTM, diluted)
$11.60

Growth

Revenue growth
+9.7%
Change in growth rate
+2.3 pts
Share count change
−6.1%

Cash

Free cash flow (TTM)
-$370M
FCF margin
-12.8%
Stock pay % of revenue
4.5%

Earnings

Last results
October 28, 2026
Next results (est.)
February 3, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Our research
  4. Announcement
  5. Results
  6. Product
  7. Insider trade
  8. Announcement
  9. Announcement
  10. Results
  11. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

WEX Inc. valuation models and calculator

What the price is pricing in

The share price implies about 20.8% a year of cash-flow growth for five years.That is faster than the 9.3% a year revenue growth WEX has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in20.8%
  • Last 12 months9.7%
  • 3 years a year4.8%
  • 5 years a year9.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($181.05, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$78
Price used
$181.05close November 3, 2026
Implied change
▼ 57%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of WEX Inc.'s free cash flow after stock-based pay with after-tax interest added back ($130M, FY2026 Q3 TTM), growing 3.3% and 5.3% in the next two years (forecasts, guidance and its record), then back to 7.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$58–~$100 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of WEX Inc.'s free cash flow after stock-based pay ( $130M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value WEX Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.04 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$78 ~$58–$100 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$190 ~$140–$400 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$110 ~$77–$160 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$87 ~$75–$100 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$110 ~$78–$190 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare WEX Inc. with Transaction & Payment Processing Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $53$73$100$135$180$239
8.5% $40$54$73$99$131$173
10% $32$43$58$77$102$134

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$88.40$111.60$141.23$140.06$209.46$203.53$140.39$163.65$194.55$175.32$148.98$184.87
Market value$3.4bn$4.6bn$6.1bn$6.1bn$9.2bn$8.9bn$6.4bn$7.3bn$8.4bn$7.2bn$5.3bn$6.4bn
+ Net debt (− = net cash)$792m−$65m$2.0bn$1.8bn$2.2bn$2.3bn$2.3bn$1.9bn$2.9bn$3.8bn$4.0bn$4.8bn
Enterprise value$4.2bn$4.5bn$8.0bn$7.9bn$11.3bn$11.2bn$8.7bn$9.2bn$11.4bn$11.1bn$9.4bn$11.2bn
Multiples
Price / sales 4.0x4.5x4.9x4.1x5.3x5.7x3.4x3.1x3.3x2.8x2.0x2.2x
Price / earnings 30.8x75.3x38.0x36.3x58.6x—47.0x43.8x31.6x23.4x17.6x15.9x
Price / free cash flow 9.0x—108.4x19.5x16.4x13.6x—12.9x11.0x21.7x17.0x—
EV / EBITDA 13.5x15.0x18.4x13.7x18.2x65.8x14.1x12.5x12.3x11.0x9.4x11.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

56 /100

Moderate moat

How hard WEX's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.6% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 61.0%, moving by 1.6 percentage points (standard deviation) across 9 years.

  • Durability 9 / 20

    Operating margin has been a median 23.8%; its worst year was 2.1%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 6 of 10 years, at a median 17.6% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 21.8% over five years; stock-based pay has been a median 4.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (61 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $20.18 +25% $2.9bn +9%
Next $21.34 +6% $3.0bn +2%

Next year's EPS estimate has moved +1.2% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.7% on 90 days ago. In the last 30 days, 3 analysts raised WEX Inc.'s forecast and 0 cut it.

Consensus EPS forecast WEX Inc., last 90 days
$20.00 $20.50 $21.00 $21.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $20.03 Current fiscal year, 60 days ago: $20.03 Current fiscal year, 30 days ago: $20.04 Current fiscal year, 7 days ago: $20.14 Current fiscal year, Now: $20.18 $20.18 Next fiscal year, 90 days ago: $21.09 Next fiscal year, 60 days ago: $21.20 Next fiscal year, 30 days ago: $21.22 Next fiscal year, 7 days ago: $21.29 Next fiscal year, Now: $21.34 $21.34

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $20.03$21.09
60 days ago $20.03$21.20
30 days ago $20.04$21.22
7 days ago $20.14$21.29
Now $20.18$21.34

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $5.07 $5.35 +5.5%
Mar 2026 $4.10 $4.15 +1.3%
Dec 2025 $3.93 $4.11 +4.7%
Sept 2025 $4.45 $4.59 +3.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 22, 2026
  • revenue full year 2026 $2.86bn to $2.9bn GAAP Raised
    “For the full year 2026, the Company now expects revenue in the range of $2.86 billion to $2.90 billion and adjusted net income in the range of $689 million to $703 million, or $19.68 to $20.08 per diluted share, compared to previous guidance for revenue of $2.82 billion to $2.88 billion and adjusted net income of $667 million to $688 million, or $18.95 to $19.55 per diluted share.” source
  • revenue third quarter of 2026 $733m to $753m GAAP
    “For the third quarter of 2026, the Company expects revenue in the range of $733 million to $753 million and adjusted net income in the range of $189 million to $196 million, or $5.45 to $5.65 per diluted share.” source
  • adjusted net income per diluted share full year 2026 $19.68 to $20.08 Non-GAAP Raised
    “For the full year 2026, the Company now expects revenue in the range of $2.86 billion to $2.90 billion and adjusted net income in the range of $689 million to $703 million, or $19.68 to $20.08 per diluted share, compared to previous guidance for revenue of $2.82 billion to $2.88 billion and adjusted net income of $667 million to $688 million, or $18.95 to $19.55 per diluted share.” source
  • adjusted net income per diluted share third quarter of 2026 $5.45 to $5.65 Non-GAAP
    “For the third quarter of 2026, the Company expects revenue in the range of $733 million to $753 million and adjusted net income in the range of $189 million to $196 million, or $5.45 to $5.65 per diluted share.” source
  • adjusted net income full year 2026 $689m to $703m Non-GAAP Raised
    “For the full year 2026, the Company now expects revenue in the range of $2.86 billion to $2.90 billion and adjusted net income in the range of $689 million to $703 million, or $19.68 to $20.08 per diluted share, compared to previous guidance for revenue of $2.82 billion to $2.88 billion and adjusted net income of $667 million to $688 million, or $18.95 to $19.55 per diluted share.” source
  • adjusted net income effective tax rate full year about 25% Non-GAAP
    “Adjusted net income effective tax rate of 25.0% for both the third quarter and full year.” source
Show 2 more items
  • adjusted net income third quarter of 2026 $189m to $196m Non-GAAP
    “For the third quarter of 2026, the Company expects revenue in the range of $733 million to $753 million and adjusted net income in the range of $189 million to $196 million, or $5.45 to $5.65 per diluted share.” source
  • adjusted net income effective tax rate third quarter about 25% Non-GAAP
    “Adjusted net income effective tax rate of 25.0% for both the third quarter and full year.” source

How earlier guidance turned out

  • revenue, third quarter of 2026 guided $733m to $753m Above range: $780m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows WEX Inc.'s revenue by +3.3% next year and +5.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.2%, weight 56%) , management guidance (+1.3%, weight 19%) and the company's own record (+7.3%, weight 25%) . How the weights are set.

Analyst recommendations

15 analysts, Oct 2026
Buy533%
Hold1067%
Sell00%

Monthly trend

  1. Oct 202641015
  2. Sep 202641015
  3. Aug 202614914
  4. Jul 202614914

Counts of recommendations published by analysts covering WEX Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
11.2%
of tradable shares
Days to cover
5.06
at average volume
Short interest, 1 month
+17%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.3%
of shares
Employees
6,600
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +26.7%

$145.88 on October 31, 2025 to $184.87

ThenNowEffect
Revenue (last 12 months) $2.6bn $2.8bn +7.5%
Net margin 11.8% 12.6% +6.5%
P/E multiple 18.4x 18.4x 0.0%
Share count 39m 35m +10.7%

Biggest factor: share count.

Last 3 years +5.5%

$175.31 on November 3, 2023 to $184.87

ThenNowEffect
Revenue (last 12 months) $2.5bn $2.8bn +13.1%
Net margin 8.4% 12.6% +49.2%
P/E multiple 37.0x 18.4x −50.2%
Share count 44m 35m +25.6%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WEX−31%+17%+19%−10%−15%+24%
Industry peers (median)−18%−35%+6%+13%−26%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WEX25%58%58%58%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WEX−46%−30%−20%−31%−39%−31%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 65% from February 20, 2020 to March 23, 2020. Getting back needed a 183% gain, reached on March 20, 2024, 1458 days after the low.

Price behaviour

52-week range
$126.86 – $203.25
From 52-week high
−9.0%
vs 50-day average
−0.5%
vs 200-day average
+12.3%
Volatility (1 year)
41%
Beta vs S&P 500
0.27

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±7.6%
After a week
5 up, 6 down
typical move ±11.3%
After a month
6 up, 5 down
typical move ±12.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −1.6% 0.0% — —
July 22, 2026 +6.5% −1.3% +17.1% +22.9%
April 22, 2026 −12.8% +0.6% −12.9% −16.0%
February 4, 2026 +3.0% −1.7% +14.8% +15.8%
October 29, 2025 −4.6% −1.1% −6.5% −6.6%
July 23, 2025 +8.4% +0.9% +6.9% +5.6%
April 30, 2025 −7.8% +0.7% −8.0% +0.9%
February 5, 2025 −17.5% +0.8% −18.0% −13.7%
October 24, 2024 −16.0% +0.2% −19.0% −13.0%
July 25, 2024 +0.9% +0.6% +0.8% +3.8%
April 25, 2024 −7.2% +0.6% −9.7% −19.5%
February 8, 2024 +4.8% +0.6% +10.8% +13.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How WEX Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

WEX Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) WEX Inc.
$2.5B $2.6B $2.7B $2.8B $2.9B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.5B Revenue (TTM), FY24 Q1: $2.6B Revenue (TTM), FY24 Q2: $2.6B Revenue (TTM), FY24 Q3: $2.7B Revenue (TTM), FY24 Q4: $2.6B Revenue (TTM), FY25 Q1: $2.6B Revenue (TTM), FY25 Q2: $2.6B Revenue (TTM), FY25 Q3: $2.6B Revenue (TTM), FY25 Q4: $2.7B Revenue (TTM), FY26 Q1: $2.7B Revenue (TTM), FY26 Q2: $2.8B Revenue (TTM), FY26 Q3: $2.9B $2.9B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.5B
FY24 Q1 $2.6B
FY24 Q2 $2.6B
FY24 Q3 $2.7B
FY24 Q4 $2.6B
FY25 Q1 $2.6B
FY25 Q2 $2.6B
FY25 Q3 $2.6B
FY25 Q4 $2.7B
FY26 Q1 $2.7B
FY26 Q2 $2.8B
FY26 Q3 $2.9B
Revenue growth, TTM YoY WEX Inc.
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 8.4% Revenue growth, TTM YoY, FY24 Q1: 5.9% Revenue growth, TTM YoY, FY24 Q2: 7.0% Revenue growth, TTM YoY, FY24 Q3: 6.1% Revenue growth, TTM YoY, FY24 Q4: 3.1% Revenue growth, TTM YoY, FY25 Q1: 0.9% Revenue growth, TTM YoY, FY25 Q2: -1.6% Revenue growth, TTM YoY, FY25 Q3: -1.1% Revenue growth, TTM YoY, FY25 Q4: 1.2% Revenue growth, TTM YoY, FY26 Q1: 3.3% Revenue growth, TTM YoY, FY26 Q2: 7.5% Revenue growth, TTM YoY, FY26 Q3: 9.7% 9.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 8.4%
FY24 Q1 5.9%
FY24 Q2 7.0%
FY24 Q3 6.1%
FY24 Q4 3.1%
FY25 Q1 0.9%
FY25 Q2 -1.6%
FY25 Q3 -1.1%
FY25 Q4 1.2%
FY26 Q1 3.3%
FY26 Q2 7.5%
FY26 Q3 9.7%
Operating margin (TTM) WEX Inc.
24.5% 25% 25.5% 26% 26.5% 27% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 25.4% Operating margin (TTM), FY24 Q1: 25.4% Operating margin (TTM), FY24 Q2: 25.2% Operating margin (TTM), FY24 Q3: 25.9% Operating margin (TTM), FY24 Q4: 26.1% Operating margin (TTM), FY25 Q1: 26.0% Operating margin (TTM), FY25 Q2: 25.7% Operating margin (TTM), FY25 Q3: 25.0% Operating margin (TTM), FY25 Q4: 25.0% Operating margin (TTM), FY26 Q1: 24.6% Operating margin (TTM), FY26 Q2: 25.5% Operating margin (TTM), FY26 Q3: 26.6% 26.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 25.4%
FY24 Q1 25.4%
FY24 Q2 25.2%
FY24 Q3 25.9%
FY24 Q4 26.1%
FY25 Q1 26.0%
FY25 Q2 25.7%
FY25 Q3 25.0%
FY25 Q4 25.0%
FY26 Q1 24.6%
FY26 Q2 25.5%
FY26 Q3 26.6%
FCF margin (TTM) WEX Inc.
-20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 29.8% FCF margin (TTM), FY24 Q1: 22.4% FCF margin (TTM), FY24 Q2: 18.6% FCF margin (TTM), FY24 Q3: 16.9% FCF margin (TTM), FY24 Q4: 12.5% FCF margin (TTM), FY25 Q1: -0.5% FCF margin (TTM), FY25 Q2: 10.4% FCF margin (TTM), FY25 Q3: 24.5% FCF margin (TTM), FY25 Q4: 8.3% FCF margin (TTM), FY26 Q1: 14.1% FCF margin (TTM), FY26 Q2: 1.1% FCF margin (TTM), FY26 Q3: -12.8% -12.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 29.8%
FY24 Q1 22.4%
FY24 Q2 18.6%
FY24 Q3 16.9%
FY24 Q4 12.5%
FY25 Q1 -0.5%
FY25 Q2 10.4%
FY25 Q3 24.5%
FY25 Q4 8.3%
FY26 Q1 14.1%
FY26 Q2 1.1%
FY26 Q3 -12.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar WEX took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $2.7B
  2. Cost of revenue $1.1B · 41.4%
  3. Gross profit $1.6B · 58.6%
  4. Selling, general and admin $717M · 27.0%
  5. Other operating costs $179M · 6.7%
  6. Operating income $664M · 25.0%
  7. Income tax $116M · 4.4%
  8. Interest and other $244M · 9.2%
  9. Net income $304M · 11.4%

Shares of revenue. Source: WEX's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 315 390 553 623 717 818 855 1,012 1,249 1,493 1,724 1,560 1,851 2,351 2,548 2,628 2,661 2,880
Gross profit — — — — — — — 554 734 945 1,064 887 1,148 1,420 1,575 1,590 1,560 1,740
EBITDA 141 182 281 272 337 377 312 300 437 580 623 170 615 734 923 1,008 995 1,018
Operating income 118 151 233 222 277 306 229 159 233 381 386 −92 342 470 647 686 664 767
Net income 140 88 134 97 149 202 111 61 160 168 156 −284 135 167 267 310 304 405
Diluted EPS $3.55 $2.25 $3.43 $2.48 $3.82 $5.18 $2.62 $0.57 $3.71 $3.86 $2.26 −$5.56 $0.00 $4.50 $6.16 $7.50 $8.47 $11.60
Growth (year on year)
Revenue −18.8% +23.9% +41.7% +12.7% +15.1% +14.0% +4.5% +18.5% +23.3% +19.5% +15.5% −9.5% +18.6% +27.0% +8.4% +3.1% +1.2% +9.7%
EBITDA −22.7% +29.5% +54.5% −3.4% +24.1% +11.7% −17.2% −3.7% +45.6% +32.8% +7.3% −72.7% +261.0% +19.4% +25.8% +9.1% −1.3% +11.9%
Operating income −26.8% +27.6% +54.8% −5.0% +24.9% +10.7% −25.3% −30.7% +47.2% +63.1% +1.4% −123.8% — +37.4% +37.7% +6.1% −3.3% +17.0%
Net income +9.4% −37.3% +52.5% −27.5% +53.9% +35.5% −45.0% −45.5% +164.0% +5.1% −7.1% −281.6% — +23.6% +59.4% +16.1% −1.8% +42.6%
Diluted EPS +10.2% −36.6% +52.4% −27.7% +54.0% +35.6% −49.4% −78.2% +550.9% +4.0% −41.5% −346.0% — — +36.9% +21.8% +12.9% +51.9%
Margins
Gross margin — — — — — — — 54.7% 58.8% 63.3% 61.7% 56.8% 62.1% 60.4% 61.8% 60.5% 58.6% 60.4%
EBITDA margin 44.7% 46.7% 50.9% 43.6% 47.0% 46.1% 36.5% 29.6% 35.0% 38.9% 36.1% 10.9% 33.2% 31.2% 36.2% 38.3% 37.4% 35.3%
Operating margin 37.5% 38.6% 42.2% 35.6% 38.6% 37.5% 26.8% 15.7% 18.7% 25.5% 22.4% −5.9% 18.5% 20.0% 25.4% 26.1% 25.0% 26.6%
Net margin 44.3% 22.4% 24.2% 15.6% 20.8% 24.7% 13.0% 6.0% 12.8% 11.3% 9.1% −18.2% 7.3% 7.1% 10.5% 11.8% 11.4% 14.0%
Free-cash-flow margin −16.2% −10.1% 4.7% 7.0% 0.0% 29.1% 44.7% −20.0% 4.5% 21.0% 32.5% 42.1% −6.9% 24.1% 30.0% 12.7% 11.8% −10.8%
Cash flow
Cash from operations −33 −11 51 72 40 296 445 −141 135 400 663 737 −43 679 908 481 454 −125
Capital spending 18 29 25 28 39 58 63 62 79 87 103 80 86 113 144 147 141 187
Free cash flow −51 −39 26 44 0 238 382 −203 56 313 560 656 −129 567 764 334 314 −312
Stock-based pay 6 7 9 11 9 14 12 20 30 34 46 64 75 98 127 112 100 130
Free cash flow after stock pay −57 −47 17 33 −9 224 369 −223 26 279 515 592 −203 469 637 222 213 −441
Balance sheet
Cash 39 18 26 198 361 285 278 191 504 541 811 852 589 922 976 596 906 593
Total debt 0 0 0 621 685 1,302 1,070 126 2,461 2,383 2,973 3,132 2,905 2,778 3,924 4,427 4,913 5,376
Net debt (negative = net cash) −39 −18 −26 423 324 1,017 792 −65 1,958 1,842 2,162 2,280 2,316 1,856 2,948 3,832 4,007 4,783
Diluted shares 39m 39m 39m 39m 39m 39m 39m 41m 43m 44m 44m 44m 45m 45m 43m 41m 36m 35m
Returned to shareholders
Buybacks 6 18 0 11 18 20 22 0 0 — — 0 0 283 303 652 800 267
Total returned 6 18 0 11 18 20 22 0 0 — — 0 0 283 303 652 800 267

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · September 30, 2026
What it owns · $16.2bn
Short-term assets $11.5bnLonger-term assets $4.7bn
What it owes, and who funded it · $16.2bn
Short-term liabilities $11.3bnLonger-term liabilities $3.8bnShareholders' equity $1.2bn
  • Short-term assets cover short-term liabilities $11.5bn of assets due within a year against $11.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $11.5bn short-term assets against $3.8bn of longer-dated liabilities.
  • More cash than debt $593m of cash against $5.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 462% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 144% to 462% over five years.
  • A year's operating cash flow covers at least 20% of debt −$125m of operating cash flow against $5.3bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From WEX Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$267M
Returned to shareholders
-72%
of free cash flow
Buybacks, last 3 fiscal years
$1.8B
Diluted share count
−6.1%
year over year
Total shareholder yield
4.3%
dividends 0.0% + buybacks 4.3% of market value

Competitors: side by side with peers

Closest by revenue in transaction & payment processing services
Last 12 months unless stated WEX JKHY WU AFRM EEFT WSE Median
Revenue, last 12 months $2.9bn $2.5bn $4.0bn $4.3bn $4.4bn $1.9bn $1.6bn
Revenue growth, last 12 months 9.7% 7.1% −1.6% 32.2% 5.8% 22.5% 9.3%
Revenue growth, 3-year average 4.8% 7.0% −2.7% 39.0% 7.5% — 7.9%
Revenue growth, latest quarter 12.8% 4.7% −1.3% 33.0% 3.2% — 14.0%
Gross margin 60.4% 43.7% 35.1% — 41.4% — 45.0%
Operating margin 26.6% 25.0% 15.9% 9.8% 11.5% 31.2% 9.8%
Operating margin, 3-year average 25.8% 23.7% 17.0% −6.5% 12.2% — 11.1%
Net margin 14.0% 19.8% 9.8% 45.3% 6.6% 26.3% 6.1%
Cash from operations / revenue −4.3% 29.9% 15.1% 28.9% 9.2% 398.9% 18.4%
Free-cash-flow margin −12.8% 27.3% 14.0% 23.3% 6.1% 397.9% 16.1%
Free-cash-flow margin, 3-year average 9.5% 25.0% 12.7% 18.2% 11.4% — 16.3%
Stock pay / revenue 4.5% 1.3% 1.0% 7.2% 1.4% 5.0% 2.2%
Change in share count −6.1% −1.4% −5.6% 2.3% 1.8% −1.5% −2.7%

Median of all 30 companies we cover in transaction & payment processing services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

30 transaction & payment processing services companies
Measure Company Peer median Rank
Revenue growth Growth 9.7% 9.7% 15 of 30
Change in growth rate Growth +2.3pp -0.3pp 8 of 30
Gross margin Profitability 60.4% 51.7% 4 of 11
Operating margin Profitability 26.6% 9.8% 6 of 29
Net margin Profitability 14.0% 6.6% 10 of 30
Free-cash-flow margin Cash generation -12.8% 18.4% 24 of 25
Stock pay as % of revenue Cash generation 4.5% 2.3% 18 of 30
Long-term debt as % of assets Balance sheet 21.3% 25.3% 8 of 19
Change in share count Balance sheet -6.1% -1.7% 7 of 26

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Mobility $785M ▼ 5.9%
Benefits $601M ▲ 4.9%
Corporate Payments $459M ▼ 0.2%

These categories overlap or exclude eliminations, so shares aren't shown.

Products and services
Line of business Revenue Share YoY
Payment Processing Revenue $1.1B 42.9% ▼ 4.8%
Account Servicing Revenue $726M 27.3% ▲ 5.1%
Other $471M 17.7% ▲ 7.2%
Finance Fee Revenue $321M 12.1% ▲ 7.7%
Geography
Region Revenue Share YoY
United States $2.3B 87.8% ▲ 2.0%
Outside the US $325M 12.2% ▼ 4.0%

From WEX Inc.'s 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5.6B
Institutions reporting
413
Shares held vs prior quarter
▲ 2.6%
Positions opened / closed
60 / 76

Top buyers and sellers, Q2 2026: 178 institutions bought and 242 sold ; the biggest buyer was FMR LLC (+576K shares) and the biggest seller AQR Capital Management LLC (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Jupiter Topco LLC $560M 4.0M 10.0% —
Blackrock, Inc. $447M 3.2M 8.0% ▲ 2.0%
PAR Capital Management Inc $318M 2.3M 5.7% 0.0%
Morgan Stanley $275M 1.9M 4.9% ▼ 7.2%
FMR LLC $254M 1.8M 4.5% ▲ 47.0%
Impactive Capital LP $241M 1.7M 4.3% 0.0%
Vanguard Capital Management LLC $214M 1.5M 3.8% ▼ 1.9%
Boston Partners $211M 1.5M 3.8% ▼ 10.1%
Vanguard Portfolio Management LLC $202M 1.4M 3.6% ▼ 3.6%
State Street Corp $160M 1.1M 2.8% ▲ 3.8%
Earnest Partners LLC $121M 857K 2.2% ▼ 2.9%
Bank Of America Corp $115M 816K 2.1% ▼ 1.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not WEX Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $358,675 2 trades by 2 insiders, last 12 months Insider sales History → $10.8M 40 trades by 7 insiders · 74% under pre-set plans
Net ▼ $10.4M net selling
Insider Date Trade Shares Price Value
Deshaies Robert Joseph COO, Benefits October 5, 2026 Sell pre-set plan 88 $175.71 $15,462
Deshaies Robert Joseph COO, Benefits October 5, 2026 Sell pre-set plan 615 $174.94 $107,588
Deshaies Robert Joseph COO, Benefits October 5, 2026 Sell pre-set plan 549 $173.54 $95,273
Deshaies Robert Joseph COO, Benefits October 5, 2026 Sell pre-set plan 602 $172.63 $103,923
Deshaies Robert Joseph COO, Benefits October 5, 2026 Sell pre-set plan 48 $171.30 $8,222
Deshaies Robert Joseph COO, Benefits October 5, 2026 Sell pre-set plan 98 $169.81 $16,641
Dearborn Joel Alan Jr COO, International September 14, 2026 Sell pre-set plan 2,500 $200.00 $500,000
Dearborn Joel Alan Jr COO, International September 14, 2026 Sell pre-set plan 843 $200.00 $168,600
Smith Melissa D CEO and President September 1, 2026 Sell pre-set plan 11,109 $191.11 $2.1M
Smith Melissa D CEO and President September 1, 2026 Sell pre-set plan 180 $186.48 $33,566
Smith Melissa D CEO and President September 1, 2026 Sell pre-set plan 9,245 $189.12 $1.7M
Smith Melissa D CEO and President September 1, 2026 Sell pre-set plan 7,575 $189.87 $1.4M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 12 trades and filings

No trades in WEX Inc. disclosed in the last 12 months; 12 earlier trades on record.

  • Kelly Morrison(D-MN 3):Sale (full), $1,001 - $15,000, traded June 4, 2025, filed June 18, 2025
  • Kelly Morrison(D-MN 3):Sale (full), $1,001 - $15,000, traded June 4, 2025, filed June 18, 2025
  • Kelly Morrison(D-MN 3):Sale (full), $1,001 - $15,000, traded June 4, 2025, filed June 18, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 3, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 22, 2026
  • April 22, 2026
  • February 4, 2026
  • October 29, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on WEX Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

WEX Inc. in brief

What does WEX Inc. do?
WEX Inc. is a US-listed company in the transaction & payment processing services industry. Its financial year ends in December.
What is WEX Inc.'s stock ticker?
WEX Inc. trades under the ticker WEX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is WEX Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, WEX Inc. reported revenue of $2.9B, 9.7% higher than a year earlier, according to its SEC filings.
What is WEX Inc.'s free cash flow?
WEX Inc.'s free-cash-flow margin is -12.8% of revenue over the trailing twelve months, ranking 24 of the 25 transaction & payment processing services companies we cover.
What is WEX Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of WEX Inc.'s free cash flow after stock-based pay gives ~$78 per share in the base case, and ~$58–$100 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are WEX Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Jupiter Topco LLC, Blackrock, Inc. and PAR Capital Management Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is WEX Inc. buying back stock, and does it pay a dividend?
WEX Inc. spent $267M on share repurchases over the trailing twelve months, and its diluted share count fell 6.1% over the year.
What is WEX Inc.'s market cap?
On November 2, 2026, WEX Inc.'s market capitalisation was about $6.4B, with a price-to-earnings ratio of 15.9 and net debt of $4.8B. Market figures come from third-party market data and may be delayed.
How much debt does WEX Inc. have?
WEX Inc.'s debt-to-equity ratio is 461.9%, from its latest balance sheet (144.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are WEX Inc.'s competitors?
In our Transaction & Payment Processing Services peer group, the companies closest to WEX Inc. are Jack Henry & Associates Inc, Western Union Co, Affirm Holdings, Inc., Euronet Worldwide, Inc. and Wise Group plc. The side-by-side comparison below sets their revenue, margins and growth against WEX Inc.'s.
Are insiders buying or selling WEX Inc. stock?
Over the last 12 months, WEX Inc.'s directors and officers reported 2 open-market purchases and 40 sales on Form 4. The insider trading page charts every trade.
When is WEX Inc.'s next earnings date?
Around February 3, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — WEX Inc. announces its own schedule.