Box, Inc. (BOX) vs WEX Inc. (WEX)

Box, Inc. and WEX Inc. are both Software Infrastructure companies. WEX Inc. is the larger, with a market value of $6.2B against $5.4B — 1.1× the size. WEX Inc. trades at the lower P/E: 17.9× against 54.9×. Box, Inc. grew revenue faster over the last twelve months: 9.63% against 7.46%. WEX Inc. has the higher net margin (12.6% vs 8.14%) and the higher return on invested capital (0.00% vs 0.00%). Across the 19 metrics below, WEX Inc. leads on 11 and Box, Inc. on 8.

Valuation

Metric BOX WEX Software Infrastructure median
P/E 54.94 17.86 28.38
P/S 4.40 2.26 2.98
P/B n/m 4.69 2.93
Price to free cash flow 15.54 126.32 16.28
EV/EBITDA 27.21 4.68 13.92
EV/Sales 4.58 1.74 2.90
Earnings yield 1.82% 5.60% 0.14%
Free cash flow yield 6.43% 0.79% 1.24%

Profitability

Metric BOX WEX Software Infrastructure median
Gross margin 79.55% 59.61% 61.00%
Operating margin 9.43% 25.47% 0.00%
Net margin 8.14% 12.56% 0.00%
Free cash flow margin 28.36% 1.79% 1.67%
Return on equity (32.39%) 30.19% 0.60%
Return on assets 6.64% 2.25% 0.00%
Return on invested capital 0.00% 0.00% 0.00%

Growth

Metric BOX WEX Software Infrastructure median
Revenue growth (TTM) 9.63% 7.46% 13.41%
EPS growth (last fiscal year) (57.35%) 12.93% 27.10%
Revenue growth, 5-year CAGR 8.84% 11.27% 15.57%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BOX WEX Software Infrastructure median
Debt to equity (1.29) 2.62 0.05
Current ratio 1.06 1.04 1.55
Net debt to EBITDA (0.16) (2.49) 0.08

Dividend

Metric BOX WEX Software Infrastructure median
Dividend yield — — 1.20%
Payout ratio — — 0.29

Size

Metric BOX WEX Software Infrastructure median
Market cap 5.42b 6.17b 752.37m

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