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Wednesday 4 November 2026 Export WEX’s income statement to Excel — free account

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

181.31 3.56 −1.93%
Market cap
$6.0B
P/E
15.4×
Fwd P/E
14.8×
Dividend yield
—
F-score
5/9
Altman Z
0.84
Beneish M
−2.46
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

WEX Inc. (WEX) valuation and DCF model

What the price implies · reverse DCF

At $181.31 the price implies revenue of $6.83 billion by year ten, growing 9.0% a year, at a 10% free-cash-flow margin then.

Free cash flow after share-based pay grew 10.4% a year over the last ten years, −2.1% over the last five.

In December 2017 the price assumed 25.2% a year; WEX Inc. went on to grow free cash flow after share-based pay 23.7% a year to FY2025.

Price implies
9.0%
Last 5 years, reported
−2.1%
Last 10 years, reported
10.4%

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
9.0% a year for ten years
$181.31
today’s price
Its base case
12.0% a year for five years, then 7.2%
$187.35
3.3% above today’s price

Both are growth in revenue, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record WEX Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Revenue and margin
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in revenue. It usually slows as the company matures.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs
Free cash flow Revenue and margin
negative is net cash
new shares the cash flow does not pay for

Against WEX Inc.’s own cost of capital: risk-free 4.3% + beta 0.91 × equity premium 4.5% = 8.4% cost of equity; weighted, 8.4%.

Use 8.4%
Equity value $6.58b ▲ above market cap $6.36b
Base case value per share $187.35 equity value ÷ 35.10m shares
Current price $181.31 market price per share
Above today’s price 3.3% upside at the base case’s assumptions

How we got there$(610.22m) 10 years of cash to equity+$4.80b terminal value+$2.39b net cash=$6.58b equity value÷35.10m shares=$187.35 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Software Infrastructure).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 15.38× 24.59× 55.90× 72% below 26.15× 41% below
P/FCF — 16.22× 28.16× — 17.26× —
P/B 5.34× 4.68× 4.32× 23% above 2.94× 82% above
EV/EBITDA 5.02× 7.18× 17.87× 72% below 15.00× 67% below
EV/Sales 1.91× 2.55× 4.62× 59% below 2.95× 35% below
P/E P/FCF P/B EV/EBITDA EV/Sales
24.91×82.11×139.32×196.52×10Y avg 55.90×201620172018201920222023202420252026

WEX trades at 15.38× P/E, against a 10-year average of 55.90× (range 15.38×–214.40×). That is cheaper than 100% of the last 8 year-end readings; re-rating to the average implies $658.79 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.