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Friday 6 November 2026
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WEX Inc.
WEX Technology Software Infrastructure
WEX Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.7 billion, up 1.24% from fiscal 2024.
- Revenue
- +12.8%
- EPS
- +69.1%
- Free cash flow
- −117.0%
- Total debt
- −7.03%
Quarter to September 2026, against a year earlier
180.60
0.49
+0.27%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 1,012 | 1,249 | 1,493 | 1,724 | 1,560 | 1,851 | 2,351 | 2,548 | 2,628 | 2,661 | 2,880 | +11.3% | 2,978 | 2,998 | 3,082 | +5.0% | |
| Gross margin, % | 54.69 | 58.81 | 63.29 | 61.72 | 56.84 | 62.05 | 60.41 | 61.80 | 60.52 | 58.64 | 60.39 | +3.9 pt | ||||||
| EBT | 49 | 174 | 239 | 217 | (301) | 204 | 261 | 369 | 418 | 420 | 555 | +27.0% | ||||||
| EBT margin, % | 4.83 | 13.97 | 15.99 | 12.56 | (19.30) | 11.02 | 11.08 | 14.47 | 15.90 | 15.79 | 19.25 | +11.0 pt | ||||||
| Net income | 20 | 159 | 170 | 155 | (280) | 136 | 168 | 267 | 310 | 304 | 405 | +35.1% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 24.81 | 29.05 | 34.59 | 39.79 | 35.58 | 41.40 | 52.94 | 59.53 | 64.41 | 74.95 | 84.96 | +13.1% | |||||
| Earnings | 0.58 | 3.73 | 3.90 | 2.29 | (5.56) | 0.00 | 4.54 | 6.23 | 7.59 | 8.57 | 11.79 | +34.9% | ||||||
| Cash flow | (3.46) | 3.15 | 9.27 | 15.31 | 16.81 | (0.95) | 15.30 | 21.21 | 11.80 | 12.80 | (3.68) | n/m | ||||||
| Capex | (1.51) | (1.84) | (2.02) | (2.37) | (1.84) | (1.92) | (2.62) | (3.46) | (3.74) | (6.02) | (6.64) | +16.6% | ||||||
| Free cash flow | (4.97) | 1.31 | 7.25 | 12.94 | 14.97 | (2.88) | 12.68 | 17.75 | 8.06 | 6.78 | (10.32) | n/m | ||||||
| Book value | 36.90 | 37.93 | 41.61 | 44.71 | 43.75 | 41.14 | 37.15 | 42.54 | 36.49 | 34.77 | 33.99 | (0.7%) | ||||||
| Shares, m | 41 | 43 | 43 | 43 | 44 | 45 | 44 | 43 | 41 | 36 | 35 | (1.5%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 214.40 | 37.98 | 36.29 | 91.47 | 0.00 | 0.00 | 35.83 | 31.36 | 23.07 | 17.30 | 15.32 | 48.8 | |||||
| P/S | 4.52 | 4.89 | 4.05 | 5.26 | 5.72 | 3.39 | 3.06 | 3.28 | 2.72 | 1.99 | 2.13 | 3.9 | ||||||
| P/B | 3.04 | 3.74 | 3.37 | 4.69 | 4.65 | 3.41 | 4.36 | 4.59 | 4.80 | 4.28 | 5.31 | 4.1 | ||||||
| EV/Sales | 6.15 | 7.50 | 6.28 | 7.27 | 7.84 | 4.60 | 3.49 | 3.02 | 2.58 | 1.72 | 1.91 | 5.0 | ||||||
| EV/FCF | (30.66) | 166.80 | 29.96 | 22.37 | 18.62 | (66.26) | 14.58 | 10.13 | 20.65 | 18.97 | (15.68) | 20.5 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (141) | 135 | 400 | 663 | 737 | (43) | 679 | 908 | 481 | 454 | (125) | n/m | |||||
| Capex | (62) | (79) | (87) | (103) | (80) | (86) | (116) | (148) | (152) | (214) | (225) | +14.8% | ||||||
| Free cash flow | (203) | 56 | 313 | 560 | 656 | (129) | 563 | 760 | 329 | 241 | (350) | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (1,685) | 630 | 1,087 | 792 | 762 | 900 | 523 | 416 | 188 | 426 | 290 | n/m | |||||
| Net debt | 1,642 | 1,505 | 1,579 | 1,705 | 1,544 | 490 | (733) | (2,425) | (2,116) | (2,479) | (2,390) | n/m | ||||||
| Shareholders’ equity | 1,506 | 1,630 | 1,796 | 1,937 | 1,918 | 1,839 | 1,650 | 1,821 | 1,489 | 1,235 | 1,152 | (2.2%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 0.48 | 2.52 | 2.50 | 1.31 | (2.96) | 0.00 | 1.84 | 2.10 | 2.28 | 2.19 | 2.64 | +1.7 pt | |||||
| ROIC | 3.15 | 4.65 | 7.05 | 6.62 | (1.65) | 9.17 | 32.03 | 0.00 | 0.00 | 0.00 | 0.00 | (3.1) pt | ||||||
| ROE | 1.81 | 10.21 | 9.82 | 5.31 | (12.64) | 0.01 | 11.55 | 15.37 | 18.71 | 22.33 | 35.63 | +20.5 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 2,600 | 3,300 | 3,700 | 5,000 | 5,300 | 5,600 | 4,900 | 5,500 | 6,500 | 6,600 | — | +10.9% | |||||
| Revenue/emp, $m | 0.39 | 0.38 | 0.40 | 0.34 | 0.29 | 0.33 | 0.48 | 0.46 | 0.40 | 0.40 | — | +0.4% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2017
| Fleet Solutions | 823 | 65.92% |
|---|---|---|
| Travel and Corporate Solutions | 224 | 17.94% |
| Benefits | 201 | 16.13% |
| Gross margin | 58.81% | |
| Operating margin | 18.70% | |
| Pre-tax margin | 13.97% |
WEX Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| PATH UiPath, Inc. | $6.8B | 19.5× | 35.1× | +13.42% (above 0%: growing) | +2,233.33% (above 0%: growing) | −29.52% (below 0%: shrinking) | 80.36% | 7.70% | Compare |
| ACIW ACI Worldwide, Inc. | $6.0B | 36.1× | 21.6× | −11.52% (below 0%: shrinking) | −63.64% (below 0%: shrinking) | +74.53% (above 0%: growing) | 45.78% | 12.27% | Compare |
| BOX Box, Inc. | $6.0B | 60.7× | 109× | +9.23% (above 0%: growing) | +66.67% (above 0%: growing) | +65.84% (above 0%: growing) | 79.08% | 10.16% | Compare |
| WEX WEX Inc. | $5.9B | 15.3× | 14.8× | +12.76% (above 0%: growing) | +69.05% (above 0%: growing) | −117.04% (below 0%: shrinking) | 63.16% | 30.61% | |
| MBGL Mobility Global Inc. | $5.9B | — | — | — | — | — | 71.37% | 17.52% | Compare |
| VRNS Varonis Systems, Inc. | $5.6B | — (loss-making) | — (loss-making) | +17.26% (above 0%: growing) | n/m | −10.99% (below 0%: shrinking) | 75.25% | (25.18%) | Compare |
| BB BlackBerry Limited | $4.9B | 62.9× | 60.2× | +26.00% (above 0%: growing) | +200.00% (above 0%: growing) | +1,470.59% (above 0%: growing) | 77.83% | 20.58% | Compare |
| TENB Tenable Holdings, Inc. | $4.6B | 333× | 222× | +9.49% (above 0%: growing) | +400.00% (above 0%: growing) | +24.39% (above 0%: growing) | 77.81% | 6.05% | Compare |
| RELY Remitly Global, Inc. | $4.6B | 12.5× | 16.3× | +21.54% (above 0%: growing) | +700.00% (above 0%: growing) | +197.33% (above 0%: growing) | 0.00% | 13.61% | Compare |
| Median of peers | $5.7B | 48.4× | 47.7× | +13.42% | +300.00% | +65.84% | 76.53% | 11.22% |
From the latest earnings call
- CEO Melissa Smith said Mobility benefited from pricing and sales investments, while elevated diesel prices contributed to softer over-the-road volume and a shift toward rail.
- CFO Jagtar Narula said WEX raised its full-year outlook after third-quarter performance and higher fuel price assumptions, while planning further share repurchases.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
115.69%
Held by the ten largest
62.83%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Jupiter Topco | 3.97m | 11.57% | +3.97m |
| Vanguard | 3.22m | 9.39% | −79.14k |
| BlackRock | 3.17m | 9.23% | +61.56k |
| PAR CAPITAL MANAGEMENT INC | 2.25m | 6.57% | 0.00 |
| Morgan Stanley | 1.95m | 5.68% | −150.97k |
| Fidelity (FMR) | 1.80m | 5.25% | +576.08k |
| Impactive Capital LP | 1.71m | 4.98% | 0.00 |
| Boston Partners | 1.49m | 4.35% | −167.74k |
| State Street | 1.13m | 3.30% | +41.82k |
| EARNEST PARTNERS LLC | 857.37k | 2.50% | −25.63k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 17 April 2025
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2024 | 12.59m | 7.75m | 83,700.00 |
| 2023 | 11.66m | 20.80m | 92,880.00 |
| 2022 | 10.19m | 16.14m | 78.13 |
| 2021 | 9.61m | (11.06m) | 67.02 |
| 2020 | 20.11m | 17.20m | 97.17 |
Ownership
Directors and executive officers, together
1.40%
The Vanguard Group
12.30%
Janus Henderson Group plc
11.80%
BlackRock, Inc.
11.20%
Impactive Capital LP
7.50%
Morgan Stanley
6.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
WEX Inc. (WEX) Latest News
30 Oct
28 Oct
27 Oct
30 Sep
WEX metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
WEX is a commerce platform that combines payments and software for businesses. It serves fleet operators, employers and benefits administrators, and companies making payments to other businesses. Melissa Smith is its chair, chief executive officer and president.
The Mobility business helps fleets pay for fuel and charging, manage spending and run vehicle-related operations. Its payment networks capture information such as the driver, vehicle and items purchased, which fleet managers can use to monitor expenses. WEX also sells software for field service management, telematics and reporting.