Core Scientific, Inc. (CORZ) vs WEX Inc. (WEX)

Core Scientific, Inc. and WEX Inc. are both Software Infrastructure companies. Core Scientific, Inc. and WEX Inc. are of similar size ($6.3B and $5.9B). Core Scientific, Inc. has negative trailing earnings, so its P/E is not meaningful; WEX Inc. trades at 17.5×. Core Scientific, Inc. grew revenue faster over the last twelve months: 26.4% against 7.46%. WEX Inc. has the higher net margin (12.6% vs −487.8%) and the higher return on invested capital (0.00% vs 0.00%). Across the 16 metrics below, WEX Inc. leads on 10 and Core Scientific, Inc. on 6.

Valuation

Metric CORZ WEX Software Infrastructure median
P/E n/m 17.53 28.02
P/S 12.83 2.22 3.07
P/B n/m 4.60 3.36
Price to free cash flow n/m 123.97 17.12
EV/EBITDA n/m 3.80 14.91
EV/Sales 18.20 1.42 3.03
Earnings yield (24.41%) 5.70% 0.13%
Free cash flow yield (21.14%) 0.81% 1.15%

Profitability

Metric CORZ WEX Software Infrastructure median
Gross margin 28.35% 59.61% 61.23%
Operating margin (127.45%) 25.47% 0.00%
Net margin (487.78%) 12.56% 0.00%
Free cash flow margin (271.34%) 1.79% 1.67%
Return on equity 123.29% 30.19% 0.59%
Return on assets (59.37%) 2.25% 0.00%
Return on invested capital 0.00% 0.00% 0.00%

Growth

Metric CORZ WEX Software Infrastructure median
Revenue growth (TTM) 26.37% 7.46% 13.41%
EPS growth (last fiscal year) 79.95% 12.93% —
Revenue growth, 5-year CAGR 39.53% 11.27% 15.81%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CORZ WEX Software Infrastructure median
Debt to equity (1.78) 2.62 0.06
Current ratio 0.89 1.04 1.55
Net debt to EBITDA (4.70) (2.49) 0.08

Dividend

Metric CORZ WEX Software Infrastructure median
Dividend yield — — 1.53%
Payout ratio — 0.00 0.00

Size

Metric CORZ WEX Software Infrastructure median
Market cap 5.89b 6.32b 835.96m

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