Euronet Worldwide vs WEX
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The short version
- Euronet Worldwide is the larger business, with $4.2B of revenue in fiscal 2025 against $2.7B for WEX, about 1.6 times as much.
- Euronet Worldwide grew revenue faster (6.4%, against 1.2%).
- WEX kept more of each dollar of sales as operating profit (25.0% operating margin, against 12.5%).
- WEX turned more of its sales into free cash flow (11.8% FCF margin, against 10.2%).
- Investors pay more for each dollar of WEX’s earnings: a P/E of 19.7x against 10.4x for Euronet Worldwide.
| Latest fiscal year | EEFT · FY25 | WEX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.0B | $6.9B |
| Revenue | $4.2B | $2.7B |
| Free cash flow | $434M | $314M |
| Net income | $310M | $304M |
| Growth | ||
| Revenue growth | 6.4% | 1.2% |
| 5-year growth | 11.3% | 11.3% |
| Share count change | −4.8% | −13.1% |
| Profitability | ||
| Gross margin | — | 58.6% |
| Operating margin | 12.5% | 25.0% |
| Net margin | 7.3% | 11.4% |
| FCF margin | 10.2% | 11.8% |
| Return on capital | 29.9% | — |
| Return on equity | 24.4% | 22.3% |
| Balance sheet | ||
| Net debt | $32.2M | −$326M |
| Net debt / EBITDA | 0.1x | −0.3x |
| Dividends and buybacks | $668M | $800M |
| Valuation & quality | ||
| P/E | 10.4x | 19.7x |
| Piotroski F-score | 7 | 7 |
Revenue
FY16
EEFT $2.0B
WEX $1.0B
FY17
EEFT $2.3B
WEX $1.2B
FY18
EEFT $2.5B
WEX $1.5B
FY19
EEFT $2.8B
WEX $1.7B
FY20
EEFT $2.5B
WEX $1.6B
FY21
EEFT $3.0B
WEX $1.9B
FY22
EEFT $3.4B
WEX $2.4B
FY23
EEFT $3.7B
WEX $2.5B
FY24
EEFT $4.0B
WEX $2.6B
FY25
EEFT $4.2B
WEX $2.7B
EEFT
WEX
Operating margin
FY16
EEFT 12.8%
WEX 15.7%
FY17
EEFT 11.8%
WEX 18.7%
FY18
EEFT 14.1%
WEX 25.5%
FY19
EEFT 17.3%
WEX 22.4%
FY20
EEFT 1.9%
WEX −5.9%
FY21
EEFT 6.1%
WEX 18.5%
FY22
EEFT 11.5%
WEX 20.0%
FY23
EEFT 11.7%
WEX 25.4%
FY24
EEFT 12.6%
WEX 26.1%
FY25
EEFT 12.5%
WEX 25.0%
EEFT
WEX
Free cash flow
FY16
EEFT $304M
WEX −$203M
FY17
EEFT $189M
WEX $56.2M
FY18
EEFT $285M
WEX $313M
FY19
EEFT $373M
WEX $560M
FY20
EEFT $156M
WEX $656M
FY21
EEFT $314M
WEX −$129M
FY22
EEFT $644M
WEX $567M
FY23
EEFT $549M
WEX $764M
FY24
EEFT $616M
WEX $334M
FY25
EEFT $434M
WEX $314M
EEFT
WEX
Return on capital
FY16
EEFT 24.1%
WEX —
FY17
EEFT 15.3%
WEX —
FY18
EEFT 25.5%
WEX 8.3%
FY19
EEFT 32.8%
WEX 7.7%
FY20
EEFT 2.1%
WEX −1.8%
FY21
EEFT 9.0%
WEX 6.3%
FY22
EEFT 17.6%
WEX 11.5%
FY23
EEFT 17.6%
WEX 24.3%
FY24
EEFT 24.2%
WEX 30.8%
FY25
EEFT 29.9%
WEX —
EEFT
WEX
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.