# WEX Inc. (WEX)

> Source: Nexqual · https://nexqual.com/WEX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, WEX Inc. (WEX), nexqual.com/WEX" · informational, not investment advice.

**Price:** USD 198.14 (+5.65% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 187.54 · day 186.95–198.32 · 52w 125.29–203.99 · market cap $6.75B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.79B, net income $351M (12.6% margin), free cash flow $88.3M (SEC filings).
- Valuation: P/E 19.3x (avg 24.2x at the last 3 fiscal year-ends), EV/EBITDA 4.4x, net cash $2.52B.
- 1 of 80 tracked superinvestors hold WEX (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Total return with dividends: 1Y +23.8% vs S&P 500 +14.9%; 5Y +1.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 5.66, revenue estimate $750M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.85B | $2.35B | $2.55B | $2.63B | $2.66B | $2.79B |
| Gross profit | $1.15B | $1.42B | $1.57B | $1.59B | $1.56B | — |
| Operating income | $342M | $470M | $647M | $686M | $664M | $711M |
| Net income | $135M | $167M | $267M | $310M | $304M | $351M |
| EPS (diluted) | $0.00 | $4.50 | $6.16 | $7.50 | $8.47 | — |
| Free cash flow | -$129M | $567M | $764M | $334M | $314M | $88.3M |
| Gross margin | 62.1% | 60.4% | 61.8% | 60.5% | 58.6% | — |
| Operating margin | 18.5% | 20.0% | 25.4% | 26.1% | 25.0% | 25.5% |
| Net margin | 7.3% | 7.1% | 10.5% | 11.8% | 11.4% | 12.6% |
| Revenue growth | +18.6% | +27.0% | +8.4% | +3.1% | +1.2% | — |
| Cash + short-term investments | $1.54B | $2.32B | $4.00B | $4.36B | $5.24B | — |
| Total debt | $2.91B | $2.77B | $2.88B | $3.13B | $3.59B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 19.3x · P/S 2.4x · EV/EBITDA 4.4x · EV/Sales 1.5x · P/FCF 76.5x · P/B 5.0x · FCF yield 1.31% · Earnings yield 5.19% · Buyback yield (TTM) 0.95% · Net cash $2.52B · EV $4.23B
P/E at fiscal year-ends: Dec 2025 17.6x, Dec 2024 23.4x, Dec 2023 31.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold WEX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 0.47% | $46.8M | Reduced -1.9% |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-11 | Piper Sandler | Initiated | Neutral | $209 |
| 2026-07-24 | Mizuho | Target raised | Outperform | $170 → $200 |
| 2026-07-24 | Keefe, Bruyette & Woods | Target raised | Outperform | $200 → $210 |
| 2026-07-21 | Morgan Stanley | Target raised | Equal-Weight | $161 → $172 |
| 2026-06-29 | Cantor Fitzgerald | Target lowered | Neutral | $173 → $152 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +23.8% | +1.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +23.9% | +0.3% |
| Volatility (annualized) | 41.3% | 37.6% |
| Max drawdown | -31.4% (Apr 2026→Jun 2026) | -48.6% (Apr 2024→Apr 2025) |

## Peers (Software - Infrastructure)
DOX (Amdocs Limited) USD 63.57 +3.20% · QLYS (Qualys, Inc.) USD 208.2 +5.85% · PATH (UiPath, Inc.) USD 13.94 +1.68% · MBGL (Mobility Global Inc.) USD 19.28 +4.10% · BOX (Box, Inc.) USD 42.78 +1.93% · S (SentinelOne, Inc.) USD 22.5 -1.19%

## More
Full page: https://nexqual.com/WEX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Mobility | $245.1M | 32.5% | +25.4% |
| Benefits | $147.4M | 19.6% | +1.0% |
| Corporate Payments | $120.8M | 16.0% | +6.8% |
| Total revenue | $753.5M | 100% | — |
The lines above cover 68.1% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Payment processing revenue | $210.8M | 28.0% | +31.4% |
| Finance fee revenue | $101.9M | 13.5% | +26.7% |
| Other revenue | $23.0M | 3.1% | -6.1% |
| Account servicing revenue | $11.3M | 1.5% | +7.6% |
| Total revenue | $753.5M | 100% | — |
The lines above cover 46.1% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.34B | 87.8% | +2.0% |
| Non Us | $325.0M | 12.2% | -4.0% |
| Total revenue | $2.66B | 100% | — |

## Company outlook (8-K filed 2026-07-22)

- "The Company's guidance is based on the following assumptions: • U.S. retail fuel prices of $3.90 and $3.91 per gallon for the third quarter and full year 2026, respectively, based on the applicable NYMEX futures curve from the week of July 13, 2026."
- "This assumption does not include any further share repurchases beyond the approximately $60 million bought through Q2."
- "For additional information regarding our financial guidance assumptions, please see the Q2 2026 earnings supplemental materials filed with the SEC and available on our website."
- "The Company's adjusted net income guidance, which is a non-GAAP measure, excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, other costs, debt restructuring costs and debt issuance cost amortization, tax rel"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $5.66 | $5.45 | +3.9% | $749.7M | 14 |
| Next quarter (ends 2026-12-31) | $4.99 | $4.70 | +6.2% | $718.3M | 13 |
| Current fiscal year (ends 2026-12-31) | $20.14 | $19.34 | +4.1% | $2.90B | 15 |
| Next fiscal year (ends 2027-12-31) | $21.29 | $20.29 | +4.9% | $2.94B | 15 |