# WEX Inc. (WEX) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/WEX/thesis · /stocks/WEX/memo

## Financial Snapshot

---
ticker: WEX
step: 04
generated: 2026-05-13
source: quick-research
---

### WEX Inc. (WEX) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$2.35B | $2.548B | $2.63B | +3.1% |
| Adj. Operating Margin | ~28% | ~29% | ~30% | stable |
| GAAP Net Income | variable | improving | positive | |
| Adj. EPS | ~$14.10 | ~$14.85 | $15.28 | +3% |
| GAAP Diluted EPS | | | $7.50 | +22% YoY |

*FY2025: Record revenue across all segments. Benefits: $204.9M (+9.6%); Corporate Payments: $122.9M (+17.8%). Mobility (fleet) is the dominant segment at ~70% of revenue. Each $0.10 decline in fuel prices reduces EPS by ~$0.20 — fuel price is the key external variable. FY2024 adjusted FCF supported ~$650M in buybacks ($1.2B total since 2022). Baird raised PT to $220 (Outperform). AI-driven efficiency investments are expanding margins.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$750–900M |
| Adjusted Free Cash Flow | ~$500–600M |
| Cash & Equivalents | ~$500M |
| Total Debt | ~$3.5–4.0B (revolving credit + term loans) |
| HSA Custodial Assets | $4.9B (off balance sheet) |
| Shares Repurchased (FY2024) | ~$650M |

*WEX carries meaningful leverage from prior acquisitions (eNett, Noventis, benefitexpress). The debt is manageable relative to consistent FCF generation. HSA custodial assets ($4.9B) earn float income that flows through the Benefits segment — sensitive to interest rates (declining rates reduce this income).*

#### Key Ratios (approximate)
- P/E: ~11x (GAAP) / ~10x (non-GAAP adj. EPS $15.28) | EV/EBITDA: ~8–9x
- Revenue Growth (TTM): ~3–5% organic | FCF Margin: ~20–23%

#### Growth Profile
WEX revenue growth has moderated to 3–8% annually as the fleet card market matures, but profitability is strong (adj. EPS $15.28, FCF margin ~20%). The growth vectors are: Benefits (+9.6% organic), Corporate Payments (+17.8% organic), and international fleet expansion. The EV fleet card (launched Jan 2026) is a strategic bet to remain relevant as commercial fleets electrify. Long-term guidance: 8% revenue CAGR, FCF margin expanding to 41% over 5 years.

#### Forward Estimates
- FY2025: Revenue ~$2.7–2.75B; adj. EPS ~$15.50–16.50
- FY2026: Revenue ~$2.9B; adj. EPS growing mid-single-digits
- FCF margin expansion target: 41% over 5-year plan
- Analyst avg PT: ~$170 (range $130–$220) vs. current ~$163
- 11 analysts covering; majority Hold/Buy; Baird Outperform at $220

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/WEX/fundamental

## Navigation

- Overview: /stocks/WEX
- Financials (this page): /stocks/WEX/financials
- Thesis: /stocks/WEX/thesis
- Investment Memo: /stocks/WEX/memo
- Coverage universe: /stocks