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Provides corporate payment solutions including fleet fuel cards, travel/corporate payments and employee benefits (HSA/COBRA) administration.
Provides corporate payment solutions including fleet fuel cards, travel/corporate payments and employee benefits (HSA/COBRA) administration.
Takes a percentage of each fuel purchase on its fleet cards, charged to the fuel merchant, so higher fuel prices lift income, and adds fees and late charges from fleet customers. Corporate Payments earns card fees on virtual cards, and Benefits earns per-account fees plus income on health-savings balances. It began as a fuel-card business and has diversified.
Moat: narrow (network effects, switching costs). Fuel-merchant network acceptance and embedded payment/benefits workflows create switching costs for corporate customers.
Headquarters: Portland, Maine, USA · Founded: 1983 · Employees: 6,600
Size WEX (WEX) is a United States Financials company (Miscellaneous Commercial Services) with a market value of $5.99B, the 1066th largest of 3,117 United States companies the cockpit tracks. Shares closed at $182.22 on 6 Nov 2026.
Performance Over six months the shares gained 28.6%, against +3.0% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 14 in its peer set.
Growth Revenue grew 9.8% over the last twelve months (peer median +19.7%); the operating margin is 26.9% (peer median 10.4%).
Valuation It trades at 8.0× forward earnings against a peer median of 17.4× (5th cheapest of 14).
Backlog Backlog (remaining performance obligations) was $206M at 30 Sep 2026, down 14% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Credit WEX has 1 bond outstanding ($550M), rated B by the agencies and trading like BB at a weighted spread of 224 bp.
Short interest Short interest is 8.5% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.88B | $2.66B | $2.63B | $2.55B | $2.35B |
| Revenue growth | — | +1% | +3% | +8% | — |
| Gross profit | $1.68B | $1.47B | $1.47B | $1.49B | $1.44B |
| EBITDA | $1.11B | $1.01B | $1.01B | $930M | $888M |
| Net income | $404M | $304M | $310M | $267M | $201M |
| Free cash flow | -$291M | $314M | $334M | $768M | $567M |
| Capital expenditure | $225M | $214M | $152M | $148M | $116M |
| Total debt | $5.32B | $4.92B | $4.45B | $3.95B | $2.81B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| WEX WEX | $5.99B | +29% | +10% | 27% | 8.0× | n/a |
| Corpay CPAY | $29.9B | +32% | +20% | 46% | 14.7× | n/a |
| HealthEquity HQY | $8.57B | +22% | +7% | 26% | 20.5× | n/a |
| Edenred EDEN.PA | $6.52B | +15% | +3% | 30% | 12.0× | -8.0% |
| Alight ALIT | $347M | -31% | -4% | 0% | 3.4× | 29.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WEX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.5% | +1.0% | 7th highest of 14 |
| 6-month return | +28.6% | +3.0% | 3rd highest of 14 |
| Distance from 52-week high | -10.7% | -23.4% | 4th highest of 14 |
| Revenue growth (TTM) | +9.8% | +19.7% | 4th lowest of 14 |
| Operating margin | 26.9% | 10.4% | 2nd highest of 14 |
| Forward P/E | 8.0× | 17.4× | 5th cheapest of 14 |
| Bond spread | 224 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| WEX WEX | United States | $5.99B | +29% | +10% | 27% | 8.0× | n/a | n/a |
| Klarna KLAR | United States | $5.13B | -6% | +34% | -1% | 106.5× | n/a | n/a |
| Remitly Global RELY | United States | $4.72B | -7% | +24% | 10% | 22.7× | n/a | n/a |
| Paymentus PAY | United States | $3.70B | +20% | +26% | 8% | 32.3× | n/a | n/a |
| PayPay Corporation Sponsored ADR PAYP | United States | $9.97B | -24% | +29% | 24% | 16.9× | n/a | n/a |
| Shift4 Payments FOUR | United States | $3.47B | +3% | +32% | 10% | 8.4× | n/a | n/a |
| Wise WSE | United States | $13.2B | -23% | +20% | 22% | 17.4× | n/a | n/a |
| Euronet Worldwide EEFT | United States | $2.65B | +3% | +5% | 11% | 6.2× | n/a | n/a |
| Flywire FLYW | United States | $2.62B | +25% | +31% | 9% | 33.9× | n/a | n/a |
| Payoneer Global PAYO | United States | $2.42B | +39% | +6% | 12% | 33.9× | n/a | n/a |
| PagSeguro Digital PAGS | United States | $2.11B | -25% | +11% | 38% | 4.5× | n/a | n/a |
| EVERTEC EVTC | United States | $2.00B | +40% | +16% | 20% | 7.8× | n/a | n/a |
| Marqeta MQ | United States | $1.93B | +11% | +17% | 2% | 38.5× | n/a | n/a |
| StoneCo STNE | United States | $1.83B | -30% | -30% | -130% | 3.7× | n/a | n/a |
WEX has 1 bond outstanding with $550M face value. The agencies rate it B; its bonds trade like BB. Weighted yield 6.92%, a spread of 224 bp over government bonds.
WEX reported $206M of remaining performance obligations at 30 Sep 2026, down 14% from a year earlier and down 5% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 0.99.