# Wex (WEX.US)

Canonical: https://gigainvestors.com/s/WEX

Analysis as of: 2026-10-16T07:33:04.762Z. Financial observations: FY2001–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $180.98 per share; close as of 2026-10-15.

Estimated value: low $310.37 per share, central $328.71 per share, high $353.12 per share. Buy at or below the central value $328.71 per share. Valuation as of 2026-10-16T07:33:04.762Z; scenarios are not confidence intervals.

Expected annual return: 339.0% at the stated quote. About 339.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.60×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.19×

- FY2018: 0.26×

- FY2019: 0.22×

- FY2020: -0.06×

- FY2021: 0.18×

- FY2022: 0.20×

- FY2023: 0.01×

- FY2024: 0.26×

- FY2025: 0.25×

- LTM to Jun 2026: 0.25×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 4.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 7.4%

- ROIC, second-lowest year: 0.2%

- Typical minus recent gross margin: 4.8 pp

- Typical gross margin (annual median): 59.6%

- Recent gross margin (lower of latest and 3-year median): 54.9%

- Years with nonpositive capital: 5

- Capital spending / revenue: 5.6%

- ROIC including acquisitions, ten-year median: 7.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.2%

- FY2017: 13.0%

- FY2018: 15.4%

- FY2019: 18.2%

- FY2020: -7.1%

- FY2021: 4.8%

- FY2022: 6.9%

- FY2023: 0.2%

- FY2024: 18.3%

- FY2025: 8.0%

### economics: pass

- Owner earnings / net income, 5-yr: 2.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.7B

- Net income, five-year total: $830M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -5.8 pp

- Working capital / revenue, change between three-year averages: -49.0 pp

- Working capital / revenue, final three-year average: 85.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1,866.59×

- FY2022: 1.73×

- FY2023: 9.95×

- FY2024: 1.56×

- FY2025: 1.63×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 13.0% vs 8.0%

- Per-share earnings: 2.62 to 7.50 (three-year endpoint medians)

- acquisition spending exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.8%

- Ordinary dilution, 5-year annual growth: -3.9%

- Market cap gain: $329M

- Cumulative retained earnings: $1.1B

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: -3.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.0%

- Per-share value change: $4.87

- Per-share value, starting three-year median: $2.62

- Per-share value, ending three-year median: $7.50

- Buybacks concentrated in cheaper years (correlation): 0.67

- Average buyback yield: 3.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $3.4B

- Cumulative net income, 10 years: $1.0B

- ROIC, first three-year median: 13.0%

- ROIC, last three-year median: 8.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.57

- FY2017: $3.71

- FY2018: $3.86

- FY2019: $2.26

- FY2020: -$5.56

- FY2021: $0.00

- FY2022: $4.51

- FY2023: $0.34

- FY2024: $7.50

- FY2025: $8.47

### accounting: fail

- restructuring or one-time charges in at least three of five years

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -1.0%

- Receivables to sales index (DSRI): 1.14×

- Restructuring years, last five: 3

- Stock compensation / operating cash flow: 22.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.49×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 3.32×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.9%

- FY2017: 0.4%

- FY2018: -3.4%

- FY2019: -6.8%

- FY2020: -13.4%

- FY2021: -1.5%

- FY2022: -4.1%

- FY2023: -6.4%

- FY2024: -1.3%

- FY2025: -1.0%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 24% since Mar 2024 · "WEX Q1 Deep Dive: Margin Pressures and Macro Volatility Offset Revenue Growth" (finance.yahoo.com, Apr 2026) · sales +4.9%

Story as of 2026-10-16T09:59:51.351Z; price observation 2026-10-15.

Price needs cash profits to shrink 58.7% a year for ten years

- 2025-07-24: Earnings call transcript: Wex Inc beats Q2 2025 earnings expectations ([investing.com](https://www.investing.com/news/transcripts/earnings-call-transcript-wex-inc-beats-q2-2025-earnings-expectations-93CH-4151519))

### Sales · FY2025–2026

sales +4.9%; source https://www.sec.gov/Archives/edgar/data/1309108/000130910826000010/wex-20251231.htm; observed 2026-02-13.

- FY2017: $1.2B 

- FY2018: $1.5B 

- FY2019: $1.7B 

- FY2020: $1.6B 

- FY2021: $1.9B 

- FY2022: $2.4B 

- FY2023: $2.5B 

- FY2024: $2.6B 

- FY2025: $2.7B 

- FY2026: $2.8B 

### Gross margin · FY2025

gross margin 54.9%; source https://www.sec.gov/Archives/edgar/data/1309108/000130910826000010/wex-20251231.htm; observed 2026-02-13.

- FY2016: 54.7% 

- FY2017: 58.8% 

- FY2018: 63.3% 

- FY2019: 61.7% 

- FY2020: 56.8% 

- FY2021: 62.1% 

- FY2022: 60.4% 

- FY2023: 0.0% 

- FY2024: 60.5% 

- FY2025: 54.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software infrastructure; annual sales are USD 2.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1309108/000130910826000010/wex-20251231.htm (filed 2026-02-13); FY2025: revenue 2660800000; grossProfit 1459600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WEX.US: WEX Inc. operates a commerce platform in the United States and internationally. The Mobility segment offers fleet payment solutions, transaction processing, and information management services; and provides account activation and account retention services; authorization and billing inquiries, and account maintenance services; account management; credit and collections services; merchant services; analytics solutions; and ancillary services and offerings. This segment markets its products directly and indirectly to businesses and government agencies with fleets of commercial vehicles; and indirectly through co-branded and private label relationships. The Corporate Payments segment provides payment solutions, including embedded payments; and accounts payable automation and spend management solutions. This segment also markets its products directly and indirectly to customers in travel, fintech, insurance, consumer bill pay, and media verticals. The Benefits segment offers software-as-a-service (SaaS) platform for consumer directed healthcare benefits and full-service benefit enrollment solutions. In addition, its SaaS platform includes embedded payment solutions and plan administration services for consumer-directed health benefits; COBRA accounts; and benefit enrollment and administration services. Further, it offers custodial and depository services for health savings accounts; and markets its products through third-party administrators, financial institutions, payroll providers, and health plans. WEX Inc. was formerly known as Wright Express Corporation and changed its name to WEX Inc. in October 2012. WEX Inc. was founded in 1983 and is headquartered in Portland, Maine.

### Why customers stay

Margins ranged from 0% to 60.5% during 2023–25; it earns 7.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: grossProfit / revenue = 0%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: grossProfit / revenue = 60.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1309108/000130910826000010/wex-20251231.htm (filed 2026-02-13); FY2025: grossProfit / revenue = 54.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on capital observations [[2016,0.06247968707176103],[2017,0.1298587012942707],[2018,0.1536568157063413],[2019,0.18200581464069948],[2020,-0.07146680205770697],[2021,0.047692832480669536],[2022,0.0685180165787707],[2023,0.0016920656682837658],[2024,0.1828055553739264],[2025,0.08029530380691068]]; median 0.07440666019284069. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 10 years; bought back USD 799.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2016: growth capex 0; upkeep 65799000; cash acquisitions 1093282000; owner earnings 99351000. Growth capex plus acquisitions / owner earnings = 11.004237501383981.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2017: growth capex 0; upkeep 79276000; cash acquisitions 114282000; owner earnings 284510000. Growth capex plus acquisitions / owner earnings = 0.4016800815437067.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2018: growth capex 0; upkeep 87152000; cash acquisitions 162750000; owner earnings 280948000. Growth capex plus acquisitions / owner earnings = 0.5792886939931945.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2019: growth capex 0; upkeep 102860000; cash acquisitions 882417000; owner earnings 233275000. Growth capex plus acquisitions / owner earnings = 3.7827328260636586.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2021: growth capex 0; upkeep 86041000; cash acquisitions 558800000; owner earnings 186659000. Growth capex plus acquisitions / owner earnings = 2.9936943838764805.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2022: growth capex 0; upkeep 116200000; cash acquisitions 0; owner earnings 349100000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: growth capex 0; upkeep 143600000; cash acquisitions 402000000; owner earnings 147410000. Growth capex plus acquisitions / owner earnings = 2.727087714537684.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: growth capex 0; upkeep 147300000; cash acquisitions 900000; owner earnings 483600000. Growth capex plus acquisitions / owner earnings = 0.0018610421836228288.

- Source: https://www.sec.gov/Archives/edgar/data/1309108/000130910826000010/wex-20251231.htm (filed 2026-02-13); FY2025: growth capex 0; upkeep 140600000; cash acquisitions 0; owner earnings 494600000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,5411000],[2020,9519000],[2021,20740000],[2022,4952000],[2023,1],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1309108/000130910826000010/wex-20251231.htm (filed 2026-02-13); FY2025: cash repurchases 799800000 USD.

### Are managers owners

Insiders own 1.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WEX.US SharesStats.PercentInsiders = 1.318 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 58.7% yearly over ten years; actual growth was 16%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Ten-year compound average after fade. Initial solved rate -0.7501726553306312. Price 180.98; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.127719280179183 → FY2025 13.777158774373259. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $109.10 per share

- 2016-11: $110.51 per share

- 2016-12: $111.60 per share

- 2017-01: $114.33 per share

- 2017-02: $111.23 per share

- 2017-03: $103.50 per share

- 2017-04: $101.46 per share

- 2017-05: $102.16 per share

- 2017-06: $104.27 per share

- 2017-07: $108.68 per share

- 2017-08: $109.14 per share

- 2017-09: $112.22 per share

- 2017-10: $123.59 per share

- 2017-11: $128.72 per share

- 2017-12: $141.23 per share

- 2018-01: $154.81 per share

- 2018-02: $149.55 per share

- 2018-03: $156.62 per share

- 2018-04: $161.92 per share

- 2018-05: $175.81 per share

- 2018-06: $190.48 per share

- 2018-07: $189.82 per share

- 2018-08: $190.22 per share

- 2018-09: $200.76 per share

- 2018-10: $175.96 per share

- 2018-11: $154.97 per share

- 2018-12: $140.06 per share

- 2019-01: $161.33 per share

- 2019-02: $178.06 per share

- 2019-03: $191.99 per share

- 2019-04: $210.30 per share

- 2019-05: $188.94 per share

- 2019-06: $208.10 per share

- 2019-07: $218.07 per share

- 2019-08: $204.55 per share

- 2019-09: $202.07 per share

- 2019-10: $189.18 per share

- 2019-11: $201.13 per share

- 2019-12: $209.46 per share

- 2020-01: $216.92 per share

- 2020-02: $187.24 per share

- 2020-03: $104.55 per share

- 2020-04: $132.32 per share

- 2020-05: $148.08 per share

- 2020-06: $165.01 per share

- 2020-07: $158.37 per share

- 2020-08: $159.71 per share

- 2020-09: $138.97 per share

- 2020-10: $126.55 per share

- 2020-11: $173.24 per share

- 2020-12: $203.53 per share

- 2021-01: $188.60 per share

- 2021-02: $208.35 per share

- 2021-03: $209.22 per share

- 2021-04: $205.21 per share

- 2021-05: $195.91 per share

- 2021-06: $193.90 per share

- 2021-07: $189.73 per share

- 2021-08: $183.57 per share

- 2021-09: $176.14 per share

- 2021-10: $149.70 per share

- 2021-11: $126.42 per share

- 2021-12: $140.39 per share

- 2022-01: $160.98 per share

- 2022-02: $168.51 per share

- 2022-03: $178.45 per share

- 2022-04: $166.24 per share

- 2022-05: $170.28 per share

- 2022-06: $155.56 per share

- 2022-07: $166.21 per share

- 2022-08: $154.25 per share

- 2022-09: $126.94 per share

- 2022-10: $164.14 per share

- 2022-11: $169.14 per share

- 2022-12: $163.65 per share

- 2023-01: $184.97 per share

- 2023-02: $192.81 per share

- 2023-03: $183.89 per share

- 2023-04: $177.35 per share

- 2023-05: $165.85 per share

- 2023-06: $182.07 per share

- 2023-07: $189.35 per share

- 2023-08: $196.18 per share

- 2023-09: $188.09 per share

- 2023-10: $166.48 per share

- 2023-11: $176.58 per share

- 2023-12: $194.55 per share

- 2024-01: $204.39 per share

- 2024-02: $219.73 per share

- 2024-03: $237.53 per share

- 2024-04: $211.26 per share

- 2024-05: $187.32 per share

- 2024-06: $177.14 per share

- 2024-07: $183.45 per share

- 2024-08: $191.02 per share

- 2024-09: $209.73 per share

- 2024-10: $172.60 per share

- 2024-11: $188.66 per share

- 2024-12: $175.32 per share

- 2025-01: $183.89 per share

- 2025-02: $157.10 per share

- 2025-03: $157.02 per share

- 2025-04: $130.37 per share

- 2025-05: $132.93 per share

- 2025-06: $146.89 per share

- 2025-07: $169.68 per share

- 2025-08: $171.35 per share

- 2025-09: $157.53 per share

- 2025-10: $145.88 per share

- 2025-11: $148.36 per share

- 2025-12: $148.98 per share

- 2026-01: $153.90 per share

- 2026-02: $149.19 per share

- 2026-03: $153.04 per share

- 2026-04: $150.33 per share

- 2026-05: $144.96 per share

- 2026-06: $141.09 per share

- 2026-07: $186.96 per share

- 2026-08: $190.58 per share

- 2026-09: $168.70 per share

- 2026-10: $180.98 per share

## Annual estimated value (USD per share)

- FY2016: low $58.14 per share, central $67.57 per share, high $77.84 per share

- FY2017: low $96.88 per share, central $126.93 per share, high $146.70 per share

- FY2018: low $94.31 per share, central $122.64 per share, high $141.63 per share

- FY2019: low $89.53 per share, central $107.79 per share, high $122.27 per share

- FY2020: low $82.25 per share, central $89.50 per share, high $99.16 per share

- FY2021: low $109.09 per share, central $118.49 per share, high $129.95 per share

- FY2022: low $165.70 per share, central $201.83 per share, high $224.31 per share

- FY2023: low $156.03 per share, central $164.97 per share, high $176.88 per share

- FY2024: low $174.47 per share, central $184.14 per share, high $197.02 per share

- FY2025: low $264.76 per share, central $281.35 per share, high $303.43 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1309108/000130910826000010/wex-20251231.htm); period 2025-12-31, filed 2026-02-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [John Rogers](https://gigainvestors.com/AI): 331,383 WEX shares; USD 46,755,000 reported position value; 0.47% of portfolio; reduce; quarter 2026 Q2.

# WEX — WEX Inc.

Held by 1 investor · USD 46,755,000 total · 2026 Q2 · reported price USD 141.09 (split-adjusted).
Page: https://gigainvestors.com/s/WEX

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| John Rogers (https://gigainvestors.com/AI) | USD 46,755,000 | 0.5% | reduce -1.88% |

## Total held by quarter

- 2024 Q3: USD 31,342,051 · 1 holder · USD 209.73
- 2024 Q4: USD 55,799,447 · 1 holder · USD 175.32
- 2025 Q1: USD 64,731,024 · 1 holder · USD 157.02
- 2025 Q2: USD 58,915,523 · 1 holder · USD 146.89
- 2025 Q3: USD 53,707,648 · 1 holder · USD 157.53
- 2025 Q4: USD 50,176,017 · 1 holder · USD 148.98
- 2026 Q1: USD 51,685,281 · 1 holder · USD 153.04
- 2026 Q2: USD 46,755,000 · 1 holder · USD 141.09