Recent News
On October 29, 2025 WEX reported third-quarter 2025 results showing revenue of $692 million and adjusted net income of $4.59 per diluted share, and raised full-year revenue and adjusted net income guidance; the company also announced a Board appointment effective November 3, 2025. On October 16, 2025 WEX confirmed the Q3 results release schedule and a conference call for October 30, 2025.
Technical Analysis
ADX at 16.14 indicates no trend, suggesting price may consolidate rather than extend a strong directional move; that context aligns with near-term range behavior and supports valuation-driven trading attention.
DI+ reads 20.42 with a peak-and-reversal characteristic, a bearish directional signal that increases the risk of short-term downward pressure on price relative to recent gains.
DI- at 18.27 trending lower provides a bullish offset by signaling weakening downside momentum; the juxtaposition of DI+ peak reversal and DI- decreasing creates a mixed directional profile for the coming weeks.
MACD sits at 0.80 and trades above its signal line (-0.21), which constitutes a bullish crossover signal, while the MACD trend shows a peak-and-reversal that indicates diminishing momentum; this contrast implies momentum may remain unstable near term.
MRO at -9.68 (negative) indicates price below the model target with potential upward pressure; the MRO trend moved higher, reinforcing the case for mean reversion toward the valuation target rather than momentum-driven decline.
RSI at 47.77 and rising points to building positive momentum without overextension; this supports a constructive tilt for short-term rallies while leaving room for further upside before reaching overbought conditions.
Price trades slightly above short- and medium-term averages (12-day EMA $151.03; 20-day avg $150.69; 200-day avg $150.73) and sits within the first Bollinger band (upper 1x SD $153.79), implying consolidation near recent means with resistance near the upper band and technical support around the super trend lower at $144.50.
Fundamental Analysis
Revenue totaled $691,700,000 with revenue growth of 4.87% (expressed as a decimal 0.04867), while quarter-over-quarter revenue expanded 34.71% and year-over-year revenue movement registered -509.68% by the provided value. QoQ revenue strength accompanied an operating margin of 26.514% and an EBIT margin of 26.052%, with EBIT margin improving 8.48% QoQ but falling 13.09% YoY.
EBIT margin at 26.05% sits below the industry peer mean of 49.53% and the industry peer median of 59.99% while remaining well above the industry peer low of -5.35%, indicating solid profitability but lower margin capture relative to peer averages.
Net income reached $80,300,000 and EPS printed $4.59 versus an estimate of $4.45, producing an EPS surprise ratio of 3.146%; earnings growth stands at 16.203% with YoY gain of 40.432% and QoQ gain of 29.252%, reflecting recovery in profitability metrics.
Free cash flow totaled $341,600,000 and produced a free cash flow yield of 6.24%, which outpaces the industry peer mean free cash flow yield of 0.95%, supporting the company’s capacity for buybacks and other cash returns.
Balance sheet metrics show $4,942,100,000 in cash and short-term investments against net debt of $4,212,900,000 and total debt of $5,025,800,000; debt-to-assets reads 34.82% and debt-to-equity registers 449.37%, while debt-to-EBITDA equals 19.04, and interest coverage sits at 2.82x compared with an industry peer mean of 7.53x, highlighting elevated leverage and tighter coverage versus peers.
Liquidity measures remain near peer central tendency: current ratio 1.05 approximates the industry peer mean of 1.05, while cash ratio at 53.41% offers moderate short-term cushion. Return on equity at 7.18% trails the industry peer mean of 12.23% but shows QoQ improvement of 3.191 percentage points and YoY growth of 17.052 percentage points.
Valuation metrics place price/earnings at 34.79 and EV-to-revenue at 8.03; price-to-book at 4.89 and price-to-sales at 7.91. WMDST values the stock as under-valued based on elevated free cash flow yield relative to peers and the company’s demonstrated ability to deploy capital through repurchases and guidance upgrades.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-10-29 |
| NEXT REPORT DATE: | 2026-01-28 |
| CASH FLOW | Begin Period Cash Flow | $ 1.5 B |
| Operating Cash Flow | $ 376.6 M | |
| Capital Expenditures | $ -35.00 M | |
| Change In Working Capital | $ 125.3 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -50.00 M | |
| End Period Cash Flow | $ 1.5 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 691.7 M | |
| Forward Revenue | $ 326.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 274.3 M | |
| Depreciation | $ 83.7 M | |
| Depreciation and Amortization | $ 83.7 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 508.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 417.4 M | |
| EBITDA | $ 263.9 M | |
| EBIT | $ 180.2 M | |
| Operating Income | $ 183.4 M | |
| Interest Income | — | |
| Interest Expense | $ 63.8 M | |
| Net Interest Income | $ -63.80 M | |
| Income Before Tax | $ 116.4 M | |
| Tax Provision | $ 36.2 M | |
| Tax Rate | 31.1 % | |
| Net Income | $ 80.3 M | |
| Net Income From Continuing Operations | $ 80.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 4.45 | |
| EPS Actual | $ 4.59 | |
| EPS Difference | $ 0.14 | |
| EPS Surprise | 3.146 % | |
| Forward EPS | $ 4.42 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 14.4 B | |
| Intangible Assets | $ 4.1 B | |
| Net Tangible Assets | $ -3.03 B | |
| Total Current Assets | $ 9.7 B | |
| Cash and Short-Term Investments | $ 4.9 B | |
| Cash | $ 812.9 M | |
| Net Receivables | $ 3.8 B | |
| Inventory | — | |
| Long-Term Investments | $ 214.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.5 B | |
| Short-Term Debt | $ 1.3 B | |
| Total Current Liabilities | $ 9.3 B | |
| Net Debt | $ 4.2 B | |
| Total Debt | $ 5.0 B | |
| Total Liabilities | $ 13.3 B | |
| EQUITY | ||
| Total Equity | $ 1.1 B | |
| Retained Earnings | $ 2.3 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 32.64 | |
| Shares Outstanding | 34.264 M | |
| Revenue Per-Share | $ 20.19 | |
| VALUATION | Market Capitalization | $ 5.5 B |
| Enterprise Value | $ 5.6 B | |
| Enterprise Multiple | 21.053 | |
| Enterprise Multiple QoQ | -15.454 % | |
| Enterprise Multiple YoY | 14.9 % | |
| Enterprise Multiple IPRWA | high: 99.822 median: 99.822 mean: 88.395 WEX: 21.053 low: -15.894 |
|
| EV/R | 8.032 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 12.905 | |
| Asset To Liability | 1.084 | |
| Debt To Capital | 0.818 | |
| Debt To Assets | 0.348 | |
| Debt To Assets QoQ | -6.105 % | |
| Debt To Assets YoY | 238.693 % | |
| Debt To Assets IPRWA | high: 0.854 WEX: 0.348 mean: 0.263 median: 0.253 low: 0.003 |
|
| Debt To Equity | 4.494 | |
| Debt To Equity QoQ | -19.178 % | |
| Debt To Equity YoY | 425.166 % | |
| Debt To Equity IPRWA | WEX: 4.494 high: 1.946 mean: 0.847 median: 0.677 low: -1.944 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.893 | |
| Price To Book QoQ | -13.08 % | |
| Price To Book YoY | 2.967 % | |
| Price To Book IPRWA | high: 21.183 median: 17.962 mean: 15.591 WEX: 4.893 low: -8.617 |
|
| Price To Earnings (P/E) | 34.794 | |
| Price To Earnings QoQ | -5.367 % | |
| Price To Earnings YoY | -24.43 % | |
| Price To Earnings IPRWA | high: 157.367 median: 115.868 mean: 108.193 WEX: 34.794 low: -7.199 |
|
| PE/G Ratio | 2.147 | |
| Price To Sales (P/S) | 7.911 | |
| Price To Sales QoQ | -5.282 % | |
| Price To Sales YoY | -33.952 % | |
| Price To Sales IPRWA | high: 22.84 median: 17.45 mean: 17.274 WEX: 7.911 low: 0.971 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 38.299 | |
| Forward PE/G | 2.364 | |
| Forward P/S | 17.378 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 2.828 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.048 | |
| Asset Turnover Ratio QoQ | 3.191 % | |
| Asset Turnover Ratio YoY | 0.742 % | |
| Asset Turnover Ratio IPRWA | high: 0.215 median: 0.107 mean: 0.104 WEX: 0.048 low: 0.026 |
|
| Receivables Turnover | 0.179 | |
| Receivables Turnover Ratio QoQ | 4.222 % | |
| Receivables Turnover Ratio YoY | 3.883 % | |
| Receivables Turnover Ratio IPRWA | high: 14.958 median: 3.547 mean: 2.966 low: 0.475 WEX: 0.179 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 510.608 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 27.348 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 73.731 WEX: 27.348 mean: 15.402 median: 2.205 low: -86.183 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.497 | |
| CapEx To Revenue | -0.051 | |
| CapEx To Depreciation | -0.418 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 4.8 B | |
| Net Invested Capital | $ 6.1 B | |
| Invested Capital | $ 6.1 B | |
| Net Tangible Assets | $ -3.03 B | |
| Net Working Capital | $ 462.1 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.534 | |
| Current Ratio | 1.05 | |
| Current Ratio QoQ | 0.756 % | |
| Current Ratio YoY | 0.484 % | |
| Current Ratio IPRWA | high: 1.947 median: 1.078 WEX: 1.05 mean: 1.048 low: 0.522 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 19.044 | |
| Cost Of Debt | 0.84 % | |
| Interest Coverage Ratio | 2.824 | |
| Interest Coverage Ratio QoQ | 15.902 % | |
| Interest Coverage Ratio YoY | -17.319 % | |
| Interest Coverage Ratio IPRWA | high: 16.162 median: 8.638 mean: 7.532 WEX: 2.824 low: 1.341 |
|
| Operating Cash Flow Ratio | 0.033 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 483.26 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.637 % | |
| Revenue Growth | 4.867 % | |
| Revenue Growth QoQ | 34.708 % | |
| Revenue Growth YoY | -509.68 % | |
| Revenue Growth IPRWA | high: 13.199 % median: 5.427 % WEX: 4.867 % mean: 3.193 % low: -23.046 % |
|
| Earnings Growth | 16.203 % | |
| Earnings Growth QoQ | 29.252 % | |
| Earnings Growth YoY | 40.432 % | |
| Earnings Growth IPRWA | high: 41.406 % WEX: 16.203 % median: 10.177 % mean: -3.318 % low: -57.465 % |
|
| MARGINS | ||
| Gross Margin | 60.344 % | |
| Gross Margin QoQ | 2.902 % | |
| Gross Margin YoY | -3.51 % | |
| Gross Margin IPRWA | high: 81.527 % median: 81.527 % mean: 71.447 % WEX: 60.344 % low: -13.899 % |
|
| EBIT Margin | 26.052 % | |
| EBIT Margin QoQ | 8.482 % | |
| EBIT Margin YoY | -13.093 % | |
| EBIT Margin IPRWA | high: 59.987 % median: 59.987 % mean: 49.53 % WEX: 26.052 % low: -5.353 % |
|
| Return On Sales (ROS) | 26.514 % | |
| Return On Sales QoQ | 11.535 % | |
| Return On Sales YoY | -11.552 % | |
| Return On Sales IPRWA | high: 65.75 % median: 65.75 % mean: 52.631 % WEX: 26.514 % low: -37.205 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 341.6 M | |
| Free Cash Flow Yield | 6.242 % | |
| Free Cash Flow Yield QoQ | 49.509 % | |
| Free Cash Flow Yield YoY | -1668.342 % | |
| Free Cash Flow Yield IPRWA | WEX: 6.242 % high: 5.031 % mean: 0.954 % median: 0.876 % low: -1.699 % |
|
| Free Cash Growth | 48.522 % | |
| Free Cash Growth QoQ | -133.813 % | |
| Free Cash Growth YoY | -225.428 % | |
| Free Cash Growth IPRWA | high: 226.259 % WEX: 48.522 % median: -7.291 % mean: -13.227 % low: -145.344 % |
|
| Free Cash To Net Income | 4.254 | |
| Cash Flow Margin | 43.979 % | |
| Cash Flow To Earnings | 3.788 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 0.552 % | |
| Return On Assets QoQ | 15.966 % | |
| Return On Assets YoY | -24.384 % | |
| Return On Assets IPRWA | high: 5.099 % median: 5.099 % mean: 4.016 % WEX: 0.552 % low: 0.173 % |
|
| Return On Capital Employed (ROCE) | 3.479 % | |
| Return On Equity (ROE) | 0.072 | |
| Return On Equity QoQ | 3.191 % | |
| Return On Equity YoY | 17.052 % | |
| Return On Equity IPRWA | high: 0.19 median: 0.137 mean: 0.122 WEX: 0.072 low: -0.13 |
|
| DuPont ROE | 7.658 % | |
| Return On Invested Capital (ROIC) | 2.021 % | |
| Return On Invested Capital QoQ | 12.153 % | |
| Return On Invested Capital YoY | -139.22 % | |
| Return On Invested Capital IPRWA | high: 10.987 % median: 8.441 % mean: 7.216 % WEX: 2.021 % low: 0.783 % |
|