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WEX

WEX NYSE Transaction & Payment Processing Services Financials FY2016–FY2025

WEX's revenue rose 1.2% to $2.7 billion in fiscal 2025. Its operating margin was 24.9%, down from 26.1% a year earlier. Free cash flow was $314 million, down 6.1%. It paid out $800 million in dividends and buybacks, 255% of free cash flow. The diluted share count fell 13.1%.

Last close · Oct 23, 2026

$197.46

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$2.7B
1.2% vs prior year
Operating margin Operating income as a share of revenue.
25.0%
1.2 pts
Net income Profit after all expenses, interest and tax.
$304M
1.8%
Free cash flow Cash from operations minus capital spending.
$314M
6.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$6.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
19.7x
On $10.03 EPS (TTM)

About these figures. WEX's cash includes the large customer deposits it holds for its fuel-card and payments business (US$5.2 billion at the end of 2025, nearly as much as its equity and debt together), which leaves almost no invested capital, so return on capital is left blank for 2025.

What WEX does

No business description yet.

Legal name
WEX Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001309108-26-000010
0001309108

Revenue and margins

WEX had $2.7B of revenue in fiscal 2025, up 1.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 35.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $314M in fiscal 2025, 11.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

WEX returned $800M to shareholders in fiscal 2025, 255% of free cash flow. The diluted share count fell 13.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value WEX yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $326M and divides by 35.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 19.7x · peers 10.4x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably WEX can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.5B$2.3B$4.0B$4.4B$5.2B
Debt incl. finance leases $2.9B$2.8B$3.9B$4.4B$4.9B
Net debt / EBITDA 2.1x0.6x−0.1x0.1x−0.3x
Debt / equity 1.6x1.7x2.2x3.0x4.0x
Interest coverage 2.7x3.6x2.6x2.1x2.0x
Current ratio 1.2x1.1x1.1x1.0x1.1x
Quick ratio 1.2x1.1x1.1x1.0x1.1x
Total assets $10.3B$11.5B$13.9B$13.3B$14.4B
Total liabilities $8.2B$9.9B$12.1B$11.8B$13.2B
Shareholders' equity $1.8B$1.6B$1.8B$1.5B$1.2B
Net debt (− = net cash) $1.3B$461M−$74.2M$66.9M−$326M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.2M

1 insider

Sold, 12 months

$8.8M

6 insiders

Of sales under plans

85%

$7.5M

DateInsiderTradeSharesPriceValueFiling
Sep 14, 2026 Joel Alan Dearborn JRCOO, International Sold plan 3,343 $200.00 $0.7M Form 4
Sep 1, 2026 Melissa D SmithCEO and President, Director Sold plan 28,109 $190.09 $5.3M Form 4
Aug 4, 2026 Carlos CarriedoCOO, Amer. Payments & Mobility Sold 1,075 $186.00 $0.2M Form 4
Jul 30, 2026 Robert Joseph DeshaiesCOO, Benefits Sold 1,000 $184.95 $0.2M Form 4
Jul 27, 2026 Ann Elena DrewChief Risk and Compliance Sold 3,400 $176.02 $0.6M Form 4
Jul 27, 2026 Jennifer KimballChief Accounting Officer Sold 1,183 $176.55 $0.2M Form 4
Jul 6, 2026 Robert Joseph DeshaiesCOO, Benefits Sold plan 2,000 $148.40 $0.3M Form 4
May 28, 2026 Robert Joseph DeshaiesCOO, Benefits Sold 1,200 $144.84 $0.2M Form 4
May 18, 2026 James R GrochDirector Bought 1,500 $142.95 $0.2M Form 4
Apr 16, 2026 Joel Alan Dearborn JRCOO, International Sold plan 3,500 $175.00 $0.6M Form 4
Apr 1, 2026 Joel Alan Dearborn JRCOO, International Sold plan 3,500 $152.14 $0.5M Form 4
Mar 19, 2026 Jennifer KimballChief Accounting Officer Sold plan 104 $147.66 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✕ ✕ ✓
F-score 6 / 94 / 97 / 9
Accruals ratio −5.1%−1.3%−1.1%
Altman Z'' 1.081.081.14

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
WEX WEX $6.9B 1.2% 25.0% 11.8% — 19.7x 7
Jack Henry & Associates JKHY $11.7B 7.1% 25.0% 27.3% 23.8% — 7 Compare →
Western Union WU $2.0B −3.8% 18.7% 12.5% 24.0% 5.2x — Compare →
Shift4 FOUR $50.4M 25.5% 8.4% 14.9% 6.5% — 6 Compare →
Euronet Worldwide EEFT $3.0B 6.4% 12.5% 10.2% 29.9% 10.4x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.0B $1.2B $1.5B $1.7B $1.6B $1.9B $2.4B $2.5B $2.6B $2.7B
Gross profit $554M $734M $945M $1.1B $887M $1.1B $1.4B $1.6B $1.6B $1.6B
Operating income $159M $233M $381M $386M −$91.7M $342M $470M $647M $686M $664M
Interest expense $12.4M $25.0M $105M $135M $157M $128M $131M $248M $329M $334M
Pretax income $48.9M $174M $239M $217M −$301M $204M $261M $369M $418M $420M
Income tax $28.6M $15.4M $68.8M $61.2M −$20.6M $67.8M $93.1M $102M $108M $116M
Net income $60.6M $160M $168M $156M −$284M $135M $167M $267M $310M $304M
Diluted EPS $0.57 $3.71 $3.86 $2.26 −$5.56 $0.00 $4.50 $6.16 $7.50 $8.47
Diluted shares 0.04B 0.04B 0.04B 0.04B 0.04B 0.05B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations −$141M $135M $400M $663M $737M −$42.6M $679M $908M $481M $454M
Capital expenditure $61.8M $79.3M $87.2M $103M $80.5M $86.0M $113M $144M $147M $141M
Free cash flow −$203M $56.2M $313M $560M $656M −$129M $567M $764M $334M $314M
Depreciation and amortization $142M $204M $200M $237M $262M $273M $264M $276M $321M $331M
Stock-based compensation $19.7M $30.5M $33.9M $45.8M $63.9M $74.8M $97.9M $127M $112M $100M
Acquisitions $1.1B $114M $163M $882M $221M $559M $0.0M $402M $0.9M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $283M $303M $652M $800M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $283M $303M $652M $800M
Balance sheet
Cash and short-term investments $191M $504M $542M $811M $852M $1.5B $2.3B $4.0B $4.4B $5.2B
Total debt — $2.0B $2.1B $2.7B $3.0B $2.9B $2.8B $3.9B $4.4B $4.9B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $3.2B $3.4B $3.8B $3.5B $5.3B $6.8B $8.9B $8.5B $9.7B
Current liabilities — $2.6B $2.3B $3.0B $2.7B $4.4B $6.3B $8.5B $8.3B $9.3B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $167M $164M $188M $213M $188M $180M $202M $243M $261M $254M
Total assets $6.0B $6.7B $6.8B $8.3B $8.2B $10.3B $11.5B $13.9B $13.3B $14.4B
Total liabilities $4.5B $5.1B $5.0B $6.2B $6.1B $8.2B $9.9B $12.1B $11.8B $13.2B
Shareholders' equity $1.5B $1.6B $1.8B $1.9B $1.9B $1.8B $1.6B $1.8B $1.5B $1.2B
Margins
Gross margin 54.7% 58.8% 63.3% 61.7% 56.8% 62.1% 60.4% 61.8% 60.5% 58.6%
Operating margin 15.7% 18.7% 25.5% 22.4% −5.9% 18.5% 20.0% 25.4% 26.1% 25.0%
EBITDA margin 29.7% 35.0% 38.9% 36.1% 10.9% 33.2% 31.2% 36.2% 38.3% 37.4%
Net margin 6.0% 12.8% 11.3% 9.1% −18.2% 7.3% 7.1% 10.5% 11.8% 11.4%
FCF margin −20.1% 4.5% 21.0% 32.5% 42.1% −7.0% 24.1% 30.0% 12.7% 11.8%
Returns
Return on capital — — 8.3% 7.7% −1.8% 6.3% 11.5% 24.3% 30.8% —
Return on capital employed — — 8.9% 8.0% −1.7% 6.0% 8.4% 12.2% 13.3% 13.1%
Return on equity 4.7% 10.3% 9.9% 8.4% −14.8% 7.2% 9.6% 15.4% 18.7% 22.3%
Return on assets 1.2% 2.5% 2.5% 2.1% −3.5% 1.5% 1.5% 2.1% 2.3% 2.2%
Growth
Revenue growth 18.5% 23.3% 19.6% 15.5% −9.5% 18.6% 27.0% 8.4% 3.1% 1.2%
Net income growth −45.5% 164.0% 5.1% −7.1% −281.6% — 23.6% 59.5% 16.1% −1.8%
EPS growth −78.2% 550.9% 4.0% −41.5% −346.0% — — 36.9% 21.8% 12.9%
FCF growth −153.2% — 457.6% 79.0% 17.1% −119.6% — 34.9% −56.3% −6.1%
Share count change 5.3% 5.4% 1.1% 0.5% 0.2% 3.3% −1.3% −3.1% −4.6% −13.1%
Financial health
Net debt / EBITDA — 3.5x 2.7x 3.0x 12.8x 2.1x 0.6x −0.1x 0.1x −0.3x
Debt / equity — 1.3x 1.2x 1.4x 1.6x 1.6x 1.7x 2.2x 3.0x 4.0x
Interest coverage 12.8x 9.3x 3.6x 2.9x −0.6x 2.7x 3.6x 2.6x 2.1x 2.0x
Current ratio — 1.2x 1.5x 1.3x 1.3x 1.2x 1.1x 1.1x 1.0x 1.1x
Quick ratio — 1.2x 1.5x 1.3x 1.3x 1.2x 1.1x 1.1x 1.0x 1.1x
Capital allocation
Capex / revenue 6.1% 6.4% 5.8% 6.0% 5.2% 4.7% 4.8% 5.6% 5.6% 5.3%
Stock comp / revenue 2.0% 2.4% 2.3% 2.7% 4.1% 4.0% 4.2% 5.0% 4.3% 3.8%
Payouts / FCF — 0.0% 0.0% 0.0% 0.0% — 49.9% 39.7% 195.2% 255.0%
Quality scores
Piotroski F-score — — 7.0 4.0 3.0 5.0 6.0 6.0 4.0 7.0
Altman Z'' — 1.8 2.5 1.9 1.4 1.4 1.2 1.1 1.1 1.1
Accruals ratio 4.1% 0.4% −3.5% −6.7% −12.4% 1.9% −4.7% −5.1% −1.3% −1.1%

Source: SEC EDGAR XBRL filings (CIK 0001309108). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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