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. In the quarter to June 2026, revenue grew 14.2%, EPS grew 58.1%, free cash flow fell 152.7% and total debt fell 9.88%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
Follow WEX
WEX Inc. (WEX) Piotroski F-score
WEX Inc.'s Piotroski F-score for fiscal 2025 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 5 | 0.00 |
| FY2024 | 5 | (2.00) |
| FY2023 | 7 | 0.00 |
| FY2022 | 7 | 2.00 |
| FY2021 | 5 | 1.00 |
| FY2020 | 4 | 0.00 |
| FY2019 | 4 | (3.00) |
| FY2018 | 7 | 2.00 |
| FY2017 | 5 | 4.00 |
| FY2016 | 1 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 2.19% | 2.28% | Pass | 1 |
| Positive operating cash flow | 454.30m | 481.40m | Pass | 1 |
| Rising return on assets | 2.19% | 2.28% | Fail | 0 |
| Cash flow above net income | 150.20m | 171.80m | Pass | 1 |
| Falling long-term leverage | 0.25 | 0.23 | Fail | 0 |
| Rising current ratio | 1.05 | 1.02 | Pass | 1 |
| No new shares issued | 35,500,000 | 40,800,000 | Pass | 1 |
| Rising gross margin | 58.64% | 60.52% | Fail | 0 |
| Rising asset turnover | 0.19 | 0.19 | Fail | 0 |
| Piotroski F-score | Mixed | 5 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| PATH UiPath, Inc. compare | 8 |
| RELY Remitly Global, Inc. compare | 7 |
| QLYS Qualys, Inc. compare | 7 |
| ACIW ACI Worldwide, Inc. compare | 7 |
| BB BlackBerry Limited compare | 6 |
| BOX Box, Inc. compare | 6 |
| DOX Amdocs Limited compare | 6 |
| WEX WEX Inc. | 5 |
| VRNS Varonis Systems, Inc. compare | 4 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover