olivLaw · US equity research
WEX Inc. WEX
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
WEX is a global payments platform serving three segments, Mobility, Benefits and Corporate Payments, with the aim of simplifying the running of businesses. In the second quarter of 2026 revenue rose 14.2 percent and the company raised its full-year guidance, in a period when fuel prices are volatile.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, WEX Inc. (WEX) stock was 180.11 USD (−1.02% on the day), with market capitalisation 5.9 bn USD, P/E 15.5 on diluted EPS of 11.62 USD over the last 12 months, beta 1.09, 52-week range 126.86–203.25 USD. Latest reported quarter (Q3 2026): revenue of 780.1 m USD (+12.8% YoY), net income of 134.1 m USD (+67.0% YoY), diluted EPS 3.88 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 45.3
- neutral
- Bollinger (20, 2)
- 168.83 – 197.78
- in the lower half of the band · %B 0.39 · band width 15.8%
- SMA 50 / 200
- 184.97 / 164.84
- mixed trend
- MACD (12, 26, 9)
- 0.70 / 1.17
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.4% | −2.0% | +6.4 pp | — |
| 3 months | −4.4% | −2.2% | −2.2 pp | — |
| 6 months | +25.1% | +4.3% | +20.8 pp | — |
| Year to date | +20.9% | +10.6% | +10.3 pp | — |
| 1 year | +21.7% | +10.5% | +11.2 pp | −6.1% |
| 3 years | +2.7% | +73.7% | −70.9 pp | −6.4% |
| 5 years | +15.5% | +61.7% | −46.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 636.5 m | 636.6 m | 659.6 m | 691.8 m | 672.9 m | 673.8 m | 753.5 m | 780.1 m |
| Cost of revenue | 257.6 m | 270.0 m | 272.7 m | 274.3 m | 283.6 m | 280.1 m | 289.7 m | 287.4 m |
| Operating income | 157.3 m | 157.3 m | 156.8 m | 183.6 m | 166.3 m | 158.2 m | 203.2 m | 238.8 m |
| Depreciation & amortisation | 81.8 m | 81.5 m | 46.0 m | 44.7 m | 81.9 m | 81.6 m | 43.7 m | 43.9 m |
| Pre-tax income | 80.6 m | 100.4 m | 93.4 m | 116.4 m | 110.0 m | 108.5 m | 150.5 m | 185.5 m |
| Income tax | 16.6 m | 28.9 m | 25.2 m | 36.2 m | 25.8 m | 30.8 m | 41.9 m | 51.4 m |
| Net income | 63.9 m | 71.5 m | 68.1 m | 80.3 m | 84.3 m | 77.7 m | 108.5 m | 134.1 m |
| Diluted EPS | 1.59 ≈ | 1.81 | 1.98 | 2.30 | 2.41 ≈ | 2.22 | 3.11 | 3.88 |
| Operating cash flow | 638.4 m | -481.6 m | 264.6 m ≈ | 376.6 m ≈ | 294.7 m | -330.8 m | -77.6 m ≈ | -11.2 m ≈ |
| Capex | 38.7 m | 32.6 m | 34.6 m ≈ | 35.0 m ≈ | 58.6 m | 37.5 m | 43.5 m ≈ | 47.0 m ≈ |
| Share repurchases | 108.4 m | 790.0 m | 9.7 m ≈ | 100.0 k ≈ | 0 | 0 | 63.8 m ≈ | 203.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 6 percentile of its own 36-quarter history (min 14.1, median 37.6, max 133.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.5 bn | 1.7 bn | 1.6 bn | 1.9 bn | 2.4 bn | 2.5 bn | 2.6 bn | 2.7 bn |
| Revenue YoY | +19.5% | +15.5% | −9.5% | +18.6% | +27.0% | +8.4% | +3.1% | +1.2% |
| Net income | 168.3 m | 156.3 m | -284.0 m | 135.3 m | 167.2 m | 266.6 m | 309.6 m | 304.1 m |
| Net income YoY | +5.1% | −7.1% | −281.6% | unavailable | +23.6% | +59.4% | +16.1% | −1.8% |
| Diluted EPS | 3.86 | 2.26 | -5.56 | 0.00 | 4.50 | 6.16 | 7.50 | 8.47 |
| Diluted EPS YoY | +4.0% | −41.5% | −346.0% | unavailable | unavailable | +36.9% | +21.8% | +12.9% |
| net % | 11.3% | 9.1% | -18.2% | 7.3% | 7.1% | 10.5% | 11.8% | 11.4% |
| Free cash flow | 313.1 m | 560.3 m | 656.3 m | -128.6 m | 566.5 m | 764.3 m | 334.1 m | 313.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 905.8 m USD
- Financial debt
- 4.9 bn USD
- Net debt
- 4.0 bn USD
- Equity
- 1.2 bn USD
- Total assets
- 14.4 bn USD
- Debt / equity
- 3.94x
- Current ratio
- 1.05x
- ROE
- 22.3%
- ROA
- 2.2%
- FCF margin
- 11.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.9 bn | 2.4 bn | 2.5 bn | 2.6 bn | 2.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Cost of revenue | 673.2 m | 702.1 m | 930.5 m | 973.3 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Gross profit | 886.7 m ≈ | 1.1 bn ≈ | 1.4 bn ≈ | 1.6 bn ≈ | 1.6 bn ≈ | 1.6 bn ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Operating income | -91.7 m | 342.0 m | 469.8 m | 647.1 m | 686.3 m | 663.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Depreciation & amortisation | 261.9 m | 272.6 m | 263.9 m | 276.2 m | 321.3 m | 331.1 m | SEC (XBRL)· 13 Feb 2026verified |
| EBITDA | 170.3 m ≈ | 614.6 m ≈ | 733.7 m ≈ | 923.3 m ≈ | 1.0 bn ≈ | 995.0 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Interest expense | 157.1 m | 128.4 m | 130.7 m | — | — | — | SEC (XBRL)· 28 Feb 2023verified |
| Pre-tax income | -301.1 m | 203.9 m | 260.5 m | 368.8 m | 417.8 m | 420.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | -20.6 m | 67.8 m | 93.1 m | 102.2 m | 108.2 m | 116.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Net income | -284.0 m | 135.3 m | 167.2 m | 266.6 m | 309.6 m | 304.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | -5.56 | 0.00 | 4.50 | 6.16 | 7.50 | 8.47 | SEC (XBRL)· 13 Feb 2026verified |
| Weighted average diluted shares | 43.8 m | 45.3 m | 44.7 m | 43.3 m | 41.3 m | 35.9 m | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 852.0 m | 588.9 m | 922.0 m | 975.8 m | 595.8 m | 905.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Current assets | 3.5 bn | 5.3 bn | 6.8 bn | 8.9 bn | 8.5 bn | 9.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Property, plant & equipment, net | 188.3 m | 179.5 m | 202.2 m | 242.9 m | 261.2 m | 253.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Goodwill | 2.7 bn | 2.9 bn | 2.7 bn | 3.0 bn | 3.0 bn | 3.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.6 bn | 1.6 bn | 1.5 bn | 1.5 bn | 1.3 bn | 1.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | 8.2 bn | 10.3 bn | 11.5 bn | 13.9 bn | 13.3 bn | 14.4 bn | SEC (XBRL)· 13 Feb 2026verified |
| Short-term debt | 152.7 m | 155.8 m | 202.6 m | 1.0 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Long-term debt | 2.9 bn | 2.7 bn | 2.5 bn | 2.8 bn | 3.1 bn | 3.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Current liabilities | 2.7 bn | 4.4 bn | 6.3 bn | 8.5 bn | 8.3 bn | 9.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total liabilities | 6.1 bn | 8.2 bn | 9.9 bn | 12.1 bn | 11.8 bn | 13.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Equity | 1.9 bn | 1.8 bn | 1.6 bn | 1.8 bn | 1.5 bn † | 1.2 bn † | SEC (XBRL)· 13 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 736.8 m | -42.6 m | 679.4 m | 907.9 m | 481.4 m | 454.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Capex | 80.5 m | 86.0 m | 112.9 m | 143.6 m | 147.3 m | 140.6 m | SEC (XBRL)· 13 Feb 2026verified |
| Free cash flow | 656.3 m ≈ | -128.6 m ≈ | 566.5 m ≈ | 764.3 m ≈ | 334.1 m ≈ | 313.7 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Investing cash flow | -329.1 m | -1.6 bn | -716.7 m | -2.1 bn | -960.6 m | -696.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Financing cash flow | -59.0 m | 1.6 bn | 681.3 m | 1.6 bn | -260.3 m | 418.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Share repurchases | 0 | 0 | 282.8 m | 303.4 m | 652.0 m | 799.8 m | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 44 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet12
- Valuation46
- Quality39
- Growth68
- Returns65
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 100.75 – 406.59 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA100.75 – 406.59 (Mid 318.64)16 companies used · median multiple 14.9x · quartiles 7.9x – 17.8xBAER, BR, CPAY, CSGP, EBAY, FICO, FIS, GPN, IMXI, MELI, MSCI, NUTX, PRTH, PYPL, RBA, UBER
- Peers: P/E132.22 – 384.68 (Mid 235.80)23 companies used · median multiple 20.3x · quartiles 11.4x – 33.1xACN, AKAM, BR, CART, CASS, CPAY, EBAY, FICO, FIS, FISV, GRAB, IMXI, LYFT, MA, MELI, MSCI, NUTX, PAYO, PRTH, PYPL, RBA, UBER, WSE
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 44/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.0% | 45 (vs peers) | 12% |
| Net margin · Quality | 14.0% | 67 (vs peers) | 7% |
| FCF conversion · Quality | -77.0% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 4.2% | 35 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 23.5% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 4.6x | 10 (vs peers) | 12% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 19 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 15.5x | 65 (vs peers) | 12% |
| EV/EBITDA · Valuation | 10.5x | 65 (vs peers) | 12% |
| FCF yield · Valuation | -5.3% | 0 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 4.5% | 65 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet12/100 · 2/3 factors with a value
- Growth68/100 · 2/2 factors with a value
- Quality39/100 · 3/3 factors with a value
- Returns· partial65/100 · 1/2 factors with a value
- Valuation46/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
WEX Inc. (WEX). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.7 bn USD in 2025; YoY growth 1.2%; net margin 14.0%; ROE 35.6%; net debt/EBITDA 4.6x.
The estimated value range is 116.48–395.63 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 277.22 USD, the price of 180.11 USD leaves a potential of 53.9% (value / price − 1) and a margin of safety of 35.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 44/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 23.5%
What contradicts it
- FCF conversion: -77.0%
- Net debt / EBITDA: 4.6x
- Current ratio: 1.0x
- FCF yield: -5.3%
Not assessed (insufficient data or a ratio without meaning): Interest coverage, Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| UBERUber Technologies, Inc | 136.0 bn | 14.6 | 38.4% | 17.3% | +18.3% | −24% / +18% |
| MELIMercadoLibre, Inc. | 84.3 bn | 45.2 | 27.5% | 5.3% | +39.1% | −20% / +3% |
| EBAYeBay Inc. | 52.1 bn | 25.8 | 46.6% | 16.9% | +7.9% | +43% / +189% |
| PYPLPayPal Holdings, Inc. | 48.4 bn | 11.1 | 23.8% | 13.8% | +4.3% | −7% / +1% |
| MSCIMsci Inc. | 45.7 bn | 33.9 | — | 40.3% | +9.7% | +13% / +23% |
| FISVFiserv, Inc. | 31.1 bn | 11.2 | 10.7% | 13.4% | +3.6% | −5% / −55% |
| CPAYCorpay, Inc | 26.7 bn | 24.7 | 30.5% | 22.7% | +13.9% | +37% / +69% |
| GPNGlobal Payments Inc. | 25.9 bn | — | -4.1% | -9.1% | −0.4% | +29% / −16% |
| BRBroadridge Financial Solutions, Inc. | 20.8 bn | 20.3 | 40.2% | 13.9% | +8.5% | −19% / −5% |
| FISFidelity National Information Services, Inc. | 20.1 bn | 6.0 | 22.3% | 27.6% | +5.4% | −41% / −34% |
| RBARB Global, Inc | 17.3 bn | 39.1 | 8.8% | 10.0% | +7.2% | −5% / +46% |
| FICOFair Isaac Corp | 15.6 bn | 20.9 | — | 34.1% | +15.9% | −60% / −33% |
| CARTMaplebear Inc. | 13.7 bn | 32.4 | 17.1% | 12.0% | +10.8% | +41% / +145% |
| CSGPCoStar Group, Inc. | 13.1 bn | 74.3 | 2.2% | 4.9% | +18.7% | −53% / −61% |
| AKAMAkamai Technologies, Inc | 12.3 bn | 30.9 | 8.9% | 9.5% | +5.4% | −4% / −26% |
| LYFTLyft, Inc. | 7.1 bn | 2.7 | 152.6% | 42.3% | +9.2% | −11% / +60% |
| WEXWEX Inc. | 5.9 bn | 15.5 | 35.6% | 14.0% | +1.2% | +22% / +3% |
| ALITAlight, Inc. | 5.7 bn | — | -67.9% | -46.0% | −3.0% | −72% / −92% |
| FLYWFlywire Corporation | 2.7 bn | 83.8 | 4.2% | 4.8% | +26.6% | +56% / −6% |
| PAYOPayoneer Global Inc. | 2.4 bn | 49.1 | 7.1% | 4.6% | +7.7% | +24% / +38% |
| ACVACopart Inc | 1.8 bn | — | -15.1% | -7.9% | +19.2% | +16% / −21% |
| NUTXNutex Health Inc. | 1.4 bn | 8.1 | 57.2% | 21.2% | +82.4% | +78% / +620% |
| CASSCass Information Systems, Inc. | 704.7 m | 19.8 | 15.1% | 18.5% | +5.3% | +31% / +33% |
| PRTHPriority Technology Holdings, Inc. | 652.9 m | 11.6 | — | 5.6% | +8.3% | +35% / +164% |
| IMXIInternational Money Express, Inc. | 251.1 m | 13.3 | 11.9% | 3.4% | −7.7% | −45% / −60% |
1- and 3-year price returns: for WEX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 112.50 Total return -38% · Per year -38% | 198.91 Total return 10% · Per year 10% | 299.66 Total return 66% · Per year 66% |
| 3 years | 108.57 Total return -40% · Per year -16% | 216.06 Total return 20% · Per year 6% | 357.46 Total return 98% · Per year 26% |
| 5 years | 104.77 Total return -42% · Per year -10% | 234.68 Total return 30% · Per year 5% | 426.41 Total return 137% · Per year 19% |
- Exit P/E± 54.01
- Net margin± 37.81
- Annual revenue growth± 31.12
- Annual dilution± 3.18
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
WEX is a global payments platform serving three segments, Mobility, Benefits and Corporate Payments, with the aim of simplifying the running of businesses. In the second quarter of 2026 revenue rose 14.2 percent and the company raised its full-year guidance, in a period when fuel prices are volatile 3.
SWOT
Strengths
- The company has a proprietary closed-loop network and detailed transaction data, giving it an edge in controlling fleet spending 1.
- Ownership of WEX Bank gives access to low-cost funding and supports the design of credit solutions for customers 1.
- Results in 2026 exceeded the initial guidance and the company raised its annual outlook, indicating good execution 3.
Weaknesses
- Mobility revenue depends heavily on fuel prices, and the company does not hedge this exposure 1.
- Higher Mobility credit losses in 2026 show that payment default risk has risen compared with the prior year 2.
- Operating cash flow was negative in the first half of 2026 because higher fuel prices inflated receivable balances 3.
Opportunities
- Expanding partnerships, such as the long-term agreement with BP for its U.S. commercial card portfolio, could open new customer segments 1.
- Developing embedded payments beyond the travel industry could broaden the Corporate Payments business 1.
- Growth in HSA deposits and custodial assets could bring higher recurring revenue in Benefits 13.
Risks
- Fuel price exposurehigh
Mobility revenue depends on fuel price and volume, and the company does not use hedges, so declines could affect results 1.
- Credit and fraud lossesmedium
The company has experienced credit and fraud losses, and higher fuel prices may increase exposure to non-payment and fraud 12.
- Indebtednessmedium
WEX carries substantial debt, partly at variable rates, which could limit flexibility and make refinancing more costly 1.
- Regulation and WEX Bankmedium
The bank is subject to strict supervision, and regulatory changes could restrict operations or increase costs 1.
- Cybersecuritylow
The company says it is regularly exposed to cyberattacks, and a breach could affect customer data and reputation 1.
Investment thesis
What would need to be true (bull case)
- Quarterly results beat guidance and the company raised its annual outlook, which could indicate solid execution if the trend holds 3.
- The proprietary network and transaction data could support strong margins and new contracts, such as the one with BP, if product development continues 1.
- Share repurchases and lower leverage could support per-share earnings if the funding model remains stable 13.
What would break the thesis
- Dependence on fuel prices makes results hard to predict, and a reversal in prices could reduce Mobility revenue 12.
- Rising credit losses and cost of capital could compress margins, especially if the economy slows 12.
- Negative operating cash flow in the first half could limit the ability to fund repurchases without additional borrowing 3.
What to watch
- Delivery of the 2026 revenue guidance (2.86 to 2.90 billion USD)2026
- Development of Mobility credit losses against guidanceQ3 2026
- Leverage level and pace of share repurchasesQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
The business
WEX presents itself as a global commerce platform offering embedded, personalized payment solutions through three segments: Mobility, Benefits and Corporate Payments 1. The company says the scale of its operations, processing hundreds of billions of dollars a year, lets it turn everyday payments into information that helps protect margins and optimize cash flow 1. It sells both directly to corporations and through partner channels 1.
Segments
Mobility
According to the company, Mobility is a leader in fleet payment solutions, transaction processing and information management 1. Its proprietary closed-loop network covers more than 90 percent of fuel charging locations in the U.S., and revenue is dominated by payment processing, especially for fuel 1. In the first half of 2026 segment revenue rose, partly because of higher fuel prices 2.
Benefits
The Benefits segment provides a SaaS platform integrated with payments for employee benefits administration, including consumer-directed health accounts, COBRA and enrollment 1. WEX Bank provides depository services for HSA accounts, and revenue includes per-participant fees, income on HSA deposits and interchange 1. The segment is seasonal, with the first calendar quarter the peak period 1.
Trends
- Volatile fuel pricesmixed
Fuel prices directly affect Mobility revenue, and the company does not use hedging, so price declines could reduce revenue 1. In 2026 higher prices supported quarterly results, but volatility linked to conflicts in the Middle East may return 23.
- Slower freight activityheadwind
The company points to a freight demand recession in the United States that reduced volumes, and weaker consumption could lower transactions and Mobility revenue 1. This effect could persist if economic activity stays weak 1.
- Digitization and artificial intelligencetailwind
WEX uses AI tools for fraud prevention, credit management and customer support, and says they have boosted productivity 1. If the integration succeeds, it could support new products and better margins 1.
- Regulation and cost of capitalheadwind
Regulatory changes, including those affecting WEX Bank and card payments, could affect costs and operations 1. The cost of capital for the bank has increased, which may weigh on funding 1.
Competitive position
In Mobility, WEX competes with financial institutions offering general payment services and with specialized players such as Corpay, U.S. Bank Voyager, Radius Payment Solutions, DKV and Edenred 1. The company argues its advantage comes from its breadth of solutions, payments network and funding model through WEX Bank 1.
In Benefits and Corporate Payments, competition comes from software vendors and payment processors, and smaller and newer players may introduce specialized products for distinct customer groups 1. Competition could limit price increases and margins 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report29 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report23 Jul 2026
- Current report22 Jul 2026Results of operations · Financial statements and exhibits
- Current report14 May 2026Shareholder vote · Other events
- Current report04 May 2026Material agreement · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report23 Apr 2026
- Current report22 Apr 2026Results of operations · Financial statements and exhibits
- Annual report13 Feb 2026
- Current report04 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / WEX Inc. · 13 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / WEX Inc. · 23 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / WEX Inc. · 22 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.