WEX Inc. (WEX)

WEX Inc. operates a commerce platform in the United States and internationally. The Mobility segment offers fleet payment solutions, transaction processing, and information management services; and provides account activation and account retention services; authorization and billing inquiries, and account maintenance services; account management; credit and collections services; merchant services; analytics solutions; and ancillary services and offerings. This segment markets its products directly and indirectly to businesses and government agencies with fleets of commercial vehicles; and indirectly through co-branded and private label relationships. The Corporate Payments segment provides payment solutions, including embedded payments; and accounts payable automation and spend management solutions. This segment also markets its products directly and indirectly to customers in travel, fintech, insurance, consumer bill pay, and media verticals. The Benefits segment offers software-as-a-service (SaaS) platform for consumer directed healthcare benefits and full-service benefit enrollment solutions. In addition, its SaaS platform includes embedded payment solutions and plan administration services for consumer-directed health benefits; COBRA accounts; and benefit enrollment and administration services. Further, it offers custodial and depository services for health savings accounts; and markets its products through third-party administrators, financial institutions, payroll providers, and health plans. WEX Inc. was formerly known as Wright Express Corporation and changed its name to WEX Inc. in October 2012. WEX Inc. was founded in 1983 and is headquartered in Portland, Maine.

Ticker
WEX
Exchange
NYSE
Sector
Technology
Industry
Software - Infrastructure
Market cap
$6.07B
52-week range
$125.29 - $203.99

Valuation

Share price
$182.22 (close of Nov 6, 2026)
P/E (TTM)
15.47x
Price to book
5.27x
Price to free cash flow
-20.83x
Enterprise value
$6.12B
Book value per share
$34.60

Price performance

PeriodChange
1 day+1.36%
5 days-1.29%
1 month+6.26%
3 months-3.86%
6 months+26.54%
Year to date+22.31%
1 year+25.83%
3 years+5.49%
5 years+16.85%
10 years+78.59%
All time+965.61%

Short interest

As of
Oct 15, 2026
Short % of float
11.55%
Shares short
2.90M
Days to cover
5.49
Change since prior report
+4.70%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
24.63%
Return on invested capital
8.99%
Return on assets
2.11%
Return on capital employed
12.98%
Gross margin
58.64%
Net margin
11.43%
EBITDA margin
37.39%
Revenue growth
1.24%
Net income growth
-1.78%
Free cash flow growth
-6.11%

Cash flow and balance sheet

Free cash flow yield (TTM)
-4.80%
Current ratio
1.03x
Net debt to EBITDA
0.05x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$2.66B
Cost of revenue
$1.10B
Gross profit
$1.56B
EBITDA
$995.00M
Net income
$304.10M
Earnings per share
$8.57
Shares outstanding
35.50M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$2.66B$1.56B$304.10M$8.57
2024-12-31$2.63B$1.59B$309.60M$7.59
2023-12-31$2.55B$1.57B$266.60M$6.23
2022-12-31$2.35B$1.42B$167.20M$4.54
2021-12-31$1.85B$1.15B$135.30M$3.03
2020-12-31$1.56B$886.69M-$283.95M-$5.56
2019-12-31$1.72B$1.06B$156.32M$2.29
2018-12-31$1.49B$944.71M$168.29M$3.90
2017-12-31$1.25B$734.29M$160.06M$3.72
2016-12-31$1.01B$553.68M$60.64M$0.58

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3158.64%11.43%24.63%8.99%
2024-12-3160.51%11.78%20.80%9.86%
2023-12-3161.80%10.46%14.64%9.58%
2022-12-3160.41%7.11%10.14%8.61%
2021-12-3162.06%7.31%7.36%5.73%
2020-12-3156.84%-18.20%-15.12%-1.42%
2019-12-3161.72%9.07%8.11%6.57%
2018-12-3163.29%11.27%9.37%7.37%
2017-12-3158.81%12.82%9.82%5.37%
2016-12-3154.69%5.99%4.28%4.31%

Cash and debt by year

Period endCashDebt
2025-12-31$5.24B$3.53B
2024-12-31$4.36B$3.08B
2023-12-31$4.00B$2.83B
2022-12-31$2.32B$2.52B
2021-12-31$1.54B$2.70B
2020-12-31$852.00M$2.87B
2019-12-31$810.93M$2.69B
2018-12-31$541.50M$2.13B
2017-12-31$503.52M$2.03B
2016-12-31$190.93M$1.60B

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$313.70M$100.30M
2024-12-31$334.10M$112.20M
2023-12-31$764.30M$127.00M
2022-12-31$566.50M$97.90M
2021-12-31-$128.60M$74.80M
2020-12-31$656.33M$63.86M
2019-12-31$560.31M$45.81M
2018-12-31$313.08M$33.89M
2017-12-31$56.15M$30.49M
2016-12-31-$202.99M$19.74M

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-10-28Sep 2026$4.94
2026-07-22Jun 2026$4.41
2026-04-22Mar 2026$3.49
2026-02-04Dec 2025$3.29
2025-10-29Sep 2025$3.79
2025-07-23Jun 2025$3.15
2025-04-30Mar 2025$2.91
2025-02-05Dec 2024$2.97

Filings and sources

Company website
wexinc.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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