WEXNYSEServices-Business Services, NECFiscal year ends December 31
WEX Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 23, 2026
$183.26+1.25 (+0.69%)
Close on Oct 19, 2026
- Market cap
- $6.40B
- P/E (TTM)
- 18.3
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
58.6%+1.8 pts over 5 years
Operating margin
25.0%+30.8 pts over 5 years
Net margin
11.4%+29.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +1.2% | +4.2% | +11.3% | +12.0% | |
| Gross profit | -1.9% | +3.2% | +12.0% | +6.2% | |
| Operating income | -3.3% | +12.2% | – | +11.2% | |
| Net income | -1.8% | +22.1% | – | +10.6% | |
| EPS, diluted | +12.9% | +23.5% | – | +12.4% | |
| Free cash flow | +18.4% | -11.3% | -9.6% | +0.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 4.7% | -14.8% | 22.3% | |
| Return on assets | 1.2% | -3.4% | 2.2% | |
| Current ratio | – | 1.28 | 1.05 | |
| Debt to equity | – | 1.59 | 3.94 | |
| Net debt to EBITDA | – | 12.77× | 3.97× | |
| Interest coverage | 12.8× | -0.6× | – | |
| Capex to revenue | 6.1% | 5.2% | 2.2% | |
| Diluted shares | 41M | 44M | 36M |
Where the cash went
Fiscal 2021 to 2025, five years combined
WEX generated $2.57B from operations and spent $2.59B on capital expenditure, dividends and share buybacks. 21% of that went back into the business.
Generated
$2.57B
Used
$2.59B
Capital expenditure$548.40M21%Dividends$00%Share buybacks$2.04B79%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin11.4%
×Asset turnover0.19×
×Equity multiplier10.18×
=Return on equity, FY202522.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 11.4% | 0.19× | 10.18× | 22.3% |
| FY2024 | 11.8% | 0.19× | 8.22× | 18.7% |
| FY2023 | 10.5% | 0.20× | 7.32× | 15.4% |
| FY2022 | 7.1% | 0.22× | 6.26× | 9.6% |
| FY2021 | 7.3% | 0.20× | 4.94× | 7.2% |
| FY2020 | -18.2% | 0.19× | 4.30× | -14.8% |
| FY2019 | 9.1% | 0.23× | 4.06× | 8.4% |
| FY2018 | 11.3% | 0.22× | 3.95× | 9.9% |
| FY2017 | 12.8% | 0.20× | 4.07× | 10.3% |
| FY2016 | 6.0% | 0.21× | 3.80× | 4.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$304.10M
- Cash generatingOperating cash flow above zero$454.30M
- Return on assets improvedROA up on the prior year2.2% → 2.3%
- Earnings backed by cashOperating cash flow above net income$454.30M vs $304.10M
- Less leverageLong-term debt to assets fell23.1% → 24.5%
- Better liquidityCurrent ratio rose1.02 → 1.05
- No dilutionShare count did not rise41M → 36M
- Gross margin improvedGross margin up on the prior year60.51% → 58.64%
- More efficientAsset turnover rose0.19 → 0.20