Recent News
January 12, 2026 — WEX advanced a multi-year board refresh plan, appointing David Foss as Vice Chair and Lead Independent Director and announcing two director retirements. December 28, 2025 — institutional filing: Burney Co. opened a new position in WEX. February 2026 — sell-side coverage aggregated to an analyst consensus of “Hold” with mid‑$160s average price targets.
Technical Analysis
Directional indicators: ADX at 15.02 indicates no underlying trend; directional movement lacks strength. DI+ at 25.15 shows a dip & reversal (bullish), and DI- at 20.63 shows a peak & reversal (bullish), aligning directional signals toward short‑term buying pressure but without trend confirmation given the ADX level.
MACD: MACD sits at 1.73 with a dip & reversal and the MACD above its signal line (0.51), which represents a bullish momentum cross that supports continuation of recent gains in the near term.
MRO: MRO reads 6.2 (positive) with a dip & reversal. A positive MRO implies price currently sits above the model target and carries modest potential for a corrective move back toward valuation levels; the absolute value signals weak pressure relative to larger oscillations.
RSI: RSI at 53.17 with a dip & reversal indicates momentum regained from a shallow pullback and places the oscillator in the neutral-to-slightly-bullish band rather than overbought territory.
Price structure: Close at $167.07 trades above the 12‑day EMA ($159.63), the 20‑day average ($156.92), the 50‑day average ($156.12) and the 200‑day average ($155.15); the 12‑day EMA shows a dip & reversal. Price sits just above the 1σ Bollinger upper band ($164.05) and below the 2σ upper band ($171.19), implying an extension that remains within a non‑extreme volatility envelope. Short‑term momentum indicators favor modest upside continuation, but the low ADX and positive MRO counsel attention to possible mean reversion.
Fundamental Analysis
Profitability: EBIT equals $168,800,000 and EBITDA $250,700,000. EBIT margin registers 25.09%, up 15.72% year‑over‑year and down 3.70% quarter‑over‑quarter; the margin sits above the industry peer mean of 23.882% and below the industry peer median of 28.125%, placing WEX between peer central tendencies.
Revenue and growth: Total revenue for the period equals $672,800,000. Reported revenue growth stands at -2.73% (QoQ: -156.13%) and revenue growth YoY at -37.31%, reflecting a sizable year‑over‑year contraction in top‑line activity that contrasts with sequential dynamics in margins and segment performance.
Earnings and cash flow: GAAP/adjusted per‑share metrics show EPS actual $4.11 versus estimate $3.93 (EPS surprise +4.58%). Free cash flow equals $197,700,000, with a free cash flow yield of 3.75% (above the industry peer mean of ~1.08%). Cash conversion and operating cash flow detail: operating cash flow $294,700,000 and cash flow to earnings ~234.52% indicate cash generation that exceeds reported net income on a period basis.
Leverage and coverage: Total debt $4,858,300,000 with net debt $3,952,500,000 and debt‑to‑equity 3.94. Interest coverage ratio sits at 2.87 versus an industry peer mean near 29.93, reflecting a materially lower coverage buffer. Debt to EBITDA runs ~19.38x. These leverage figures present a capital‑structure profile with notably higher debt intensity than typical peers.
Capital efficiency and returns: Return on equity 6.83% and return on assets 0.59%, with asset turnover 0.0467. Book value per share $36.03 and cash & short‑term investments $5,238,700,000 provide balance‑sheet liquidity, while days‑sales‑outstanding (~486.8 days) and days‑payables‑outstanding (~396.8 days) show atypical working capital timing that influences funding and credit exposure.
Valuation context: Trailing P/E stands at 37.48 and forward P/E at 31.10. Price‑to‑book equals 4.28, below the industry peer mean (~15.78) and median (~17.05). Forward EPS consensus near $4.86 implies multiple compression to the forward year. The current valuation, as determined by WMDST, registers as under‑valued relative to the firm’s risk‑adjusted cash‑flow profile and WMDST’s internal modeling.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-04 |
| NEXT REPORT DATE: | 2026-05-06 |
| CASH FLOW | Begin Period Cash Flow | $ 1.5 B |
| Operating Cash Flow | $ 294.7 M | |
| Capital Expenditures | $ -97.00 M | |
| Change In Working Capital | $ 65.8 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 196.9 M | |
| End Period Cash Flow | $ 1.7 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 672.8 M | |
| Forward Revenue | $ 332.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 283.6 M | |
| Depreciation | $ 81.9 M | |
| Depreciation and Amortization | $ 81.9 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 506.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 389.2 M | |
| EBITDA | $ 250.7 M | |
| EBIT | $ 168.8 M | |
| Operating Income | $ 166.3 M | |
| Interest Income | — | |
| Interest Expense | $ 58.8 M | |
| Net Interest Income | $ -58.80 M | |
| Income Before Tax | $ 110.0 M | |
| Tax Provision | $ 25.8 M | |
| Tax Rate | 23.454 % | |
| Net Income | $ 84.3 M | |
| Net Income From Continuing Operations | $ 84.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 3.93 | |
| EPS Actual | $ 4.11 | |
| EPS Difference | $ 0.18 | |
| EPS Surprise | 4.58 % | |
| Forward EPS | $ 4.86 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 14.4 B | |
| Intangible Assets | $ 4.1 B | |
| Net Tangible Assets | $ -2.87 B | |
| Total Current Assets | $ 9.7 B | |
| Cash and Short-Term Investments | $ 5.2 B | |
| Cash | $ 905.8 M | |
| Net Receivables | $ 3.4 B | |
| Inventory | — | |
| Long-Term Investments | $ 218.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 925.3 M | |
| Short-Term Debt | $ 1.3 B | |
| Total Current Liabilities | $ 9.3 B | |
| Net Debt | $ 4.0 B | |
| Total Debt | $ 4.9 B | |
| Total Liabilities | $ 13.2 B | |
| EQUITY | ||
| Total Equity | $ 1.2 B | |
| Retained Earnings | $ 2.4 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 36.03 | |
| Shares Outstanding | 34.289 M | |
| Revenue Per-Share | $ 19.64 | |
| VALUATION | Market Capitalization | $ 5.3 B |
| Enterprise Value | $ 4.9 B | |
| Enterprise Multiple | 19.538 | |
| Enterprise Multiple QoQ | -7.199 % | |
| Enterprise Multiple YoY | 6.588 % | |
| Enterprise Multiple IPRWA | high: 90.617 median: 90.617 mean: 83.413 low: 24.104 WEX: 19.538 |
|
| EV/R | 7.28 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 11.664 | |
| Asset To Liability | 1.094 | |
| Debt To Capital | 0.797 | |
| Debt To Assets | 0.337 | |
| Debt To Assets QoQ | -3.107 % | |
| Debt To Assets YoY | 247.574 % | |
| Debt To Assets IPRWA | high: 0.41 WEX: 0.337 median: 0.219 mean: 0.213 low: 0.008 |
|
| Debt To Equity | 3.935 | |
| Debt To Equity QoQ | -12.424 % | |
| Debt To Equity YoY | 353.105 % | |
| Debt To Equity IPRWA | WEX: 3.935 high: 1.665 mean: 0.614 median: 0.554 low: 0.013 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.276 | |
| Price To Book QoQ | -12.612 % | |
| Price To Book YoY | -10.294 % | |
| Price To Book IPRWA | high: 18.834 median: 17.052 mean: 15.778 WEX: 4.276 low: 0.783 |
|
| Price To Earnings (P/E) | 37.482 | |
| Price To Earnings QoQ | 7.725 % | |
| Price To Earnings YoY | -26.46 % | |
| Price To Earnings IPRWA | high: 139.021 median: 106.804 mean: 102.153 WEX: 37.482 low: 23.796 |
|
| PE/G Ratio | -3.584 | |
| Price To Sales (P/S) | 7.846 | |
| Price To Sales QoQ | -0.831 % | |
| Price To Sales YoY | -29.63 % | |
| Price To Sales IPRWA | high: 19.807 median: 19.807 mean: 16.194 WEX: 7.846 low: 2.677 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 31.098 | |
| Forward PE/G | -2.974 | |
| Forward P/S | 15.893 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 2.315 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.047 | |
| Asset Turnover Ratio QoQ | -1.809 % | |
| Asset Turnover Ratio YoY | 0.021 % | |
| Asset Turnover Ratio IPRWA | high: 0.202 median: 0.111 mean: 0.107 WEX: 0.047 low: 0.026 |
|
| Receivables Turnover | 0.187 | |
| Receivables Turnover Ratio QoQ | 4.885 % | |
| Receivables Turnover Ratio YoY | -0.186 % | |
| Receivables Turnover Ratio IPRWA | high: 17.681 median: 3.43 mean: 3.077 low: 0.991 WEX: 0.187 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 486.814 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 47.08 median: 44.147 mean: 39.576 WEX: 0 low: -20.402 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.578 | |
| CapEx To Revenue | -0.144 | |
| CapEx To Depreciation | -1.184 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 4.8 B | |
| Net Invested Capital | $ 6.1 B | |
| Invested Capital | $ 6.1 B | |
| Net Tangible Assets | $ -2.87 B | |
| Net Working Capital | $ 426.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.564 | |
| Current Ratio | 1.046 | |
| Current Ratio QoQ | -0.383 % | |
| Current Ratio YoY | 2.28 % | |
| Current Ratio IPRWA | high: 1.69 median: 1.111 mean: 1.09 WEX: 1.046 low: 0.589 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 19.379 | |
| Cost Of Debt | 0.84 % | |
| Interest Coverage Ratio | 2.871 | |
| Interest Coverage Ratio QoQ | 1.639 % | |
| Interest Coverage Ratio YoY | 19.407 % | |
| Interest Coverage Ratio IPRWA | high: 35.67 median: 35.67 mean: 29.933 WEX: 2.871 low: 1.117 |
|
| Operating Cash Flow Ratio | 0.009 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 396.819 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.234 % | |
| Revenue Growth | -2.732 % | |
| Revenue Growth QoQ | -156.133 % | |
| Revenue Growth YoY | -37.311 % | |
| Revenue Growth IPRWA | high: 7.833 % mean: 2.03 % median: 1.651 % WEX: -2.732 % low: -4.062 % |
|
| Earnings Growth | -10.458 % | |
| Earnings Growth QoQ | -164.544 % | |
| Earnings Growth YoY | -41.676 % | |
| Earnings Growth IPRWA | high: 50.0 % median: 6.376 % mean: 6.156 % WEX: -10.458 % low: -81.818 % |
|
| MARGINS | ||
| Gross Margin | 57.848 % | |
| Gross Margin QoQ | -4.136 % | |
| Gross Margin YoY | -2.848 % | |
| Gross Margin IPRWA | high: 81.681 % median: 81.681 % mean: 73.497 % WEX: 57.848 % low: 27.633 % |
|
| EBIT Margin | 25.089 % | |
| EBIT Margin QoQ | -3.696 % | |
| EBIT Margin YoY | 15.719 % | |
| EBIT Margin IPRWA | high: 28.125 % median: 28.125 % WEX: 25.089 % mean: 23.882 % low: 4.12 % |
|
| Return On Sales (ROS) | 24.718 % | |
| Return On Sales QoQ | -6.774 % | |
| Return On Sales YoY | 14.008 % | |
| Return On Sales IPRWA | high: 26.151 % median: 26.151 % WEX: 24.718 % mean: 20.989 % low: -12.266 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 197.7 M | |
| Free Cash Flow Yield | 3.745 % | |
| Free Cash Flow Yield QoQ | -40.003 % | |
| Free Cash Flow Yield YoY | -55.686 % | |
| Free Cash Flow Yield IPRWA | high: 5.598 % WEX: 3.745 % mean: 1.077 % median: 0.982 % low: 0.934 % |
|
| Free Cash Growth | -42.125 % | |
| Free Cash Growth QoQ | -186.816 % | |
| Free Cash Growth YoY | -97.885 % | |
| Free Cash Growth IPRWA | high: 97.687 % mean: 19.661 % median: 9.455 % low: -42.063 % WEX: -42.125 % |
|
| Free Cash To Net Income | 2.345 | |
| Cash Flow Margin | 12.574 % | |
| Cash Flow To Earnings | 1.004 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.585 % | |
| Return On Assets QoQ | 5.978 % | |
| Return On Assets YoY | 25.0 % | |
| Return On Assets IPRWA | high: 5.959 % median: 5.959 % mean: 4.994 % WEX: 0.585 % low: 0.078 % |
|
| Return On Capital Employed (ROCE) | 3.301 % | |
| Return On Equity (ROE) | 0.068 | |
| Return On Equity QoQ | -4.889 % | |
| Return On Equity YoY | 59.11 % | |
| Return On Equity IPRWA | high: 0.173 median: 0.153 mean: 0.145 WEX: 0.068 low: 0.001 |
|
| DuPont ROE | 7.166 % | |
| Return On Invested Capital (ROIC) | 2.121 % | |
| Return On Invested Capital QoQ | 4.948 % | |
| Return On Invested Capital YoY | -159.378 % | |
| Return On Invested Capital IPRWA | high: 24.817 % median: 10.135 % mean: 9.603 % WEX: 2.121 % low: 0.367 % |
|