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Earnings transcript
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WEX
WEX Inc.
$154.69
4.33
(2.88%)
| Exchange: | NYSE |
| Market Cap: | 5.308B |
| Shares Outstanding: | 39.853M |
About The Company
| Sector: | Technology | |||||
| Industry: | Software – Infrastructure | |||||
| CEO: | Melissa D. Smith | |||||
| Full Time Employees: | 6500 | |||||
| Address: |
| |||||
| Website: | https://www.wexinc.com |
WEX Inc. provides financial technology services in the United States and internationally. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment offers fleet vehicle payment processing services. Its services include customer, account activation, and account retention services; authorization and billing inquiries, and account maintenance services; credit and collections services; merchant services; analytics solutions with access to web-based data analytics platform that offers insights to fleet managers; and ancillary services and tools to fleets to manage expenses and capital requirements. This segment markets its products directly and indirectly to commercial and government vehicle fleet customers with small, medium, and large fleets, as well as with over-the-road and long haul fleets; and indirectly through co-branded and private label relationships. The Travel and Corporate Solutions segment provides payment solutions, including embedded payments; and accounts payable automation and spend management solutions. Its products include virtual cards that are used for transactions where no card is presented. This segment markets its products directly and indirectly to commercial and government organizations. The Health and Employee Benefit Solutions segment offers healthcare payment products and software-as-a-service consumer directed platforms for healthcare market, as well as payroll related and employee benefit products in Brazil. This segment markets its products through health plans, third-party administrators, financial institutions, payroll companies benefits consultants, software providers, and individuals. The company 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 based in Portland, Maine.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2,548,000 | 2,628,200 | 2,660,800 |
| Gross Profit | 1,574,700 | 1,590,500 | 1,459,600 |
| EBITDA | 849,600 | 975,000 | 994,900 |
| Operating Income | 647,100 | 686,300 | 676,000 |
| Net Income | 266,600 | 309,600 | 304,100 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 13,882,100 | 13,321,600 | 14,399,500 |
| Total Liabilities | 12,061,500 | 11,832,800 | 13,165,000 |
| Total Stockholders Equity | 1,820,600 | 1,488,800 | 1,234,500 |
| Total Debt | 3,868,600 | 4,445,800 | 4,858,400 |
| Cash and Cash Equivalents | 975,800 | 595,800 | 905,800 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 907,900 | 481,400 | 454,300 |
| Capital Expenditure | -143,600 | -147,300 | -140,600 |
| Free Cash Flow | 763,900 | 334,100 | 313,700 |
| Net Income | 266,600 | 309,600 | 0 |
| Net Change in Cash | 370,300 | -793,000 | 241,400 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 3,022,884.322 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 3,029,580.707 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 3,026,232.515 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 1,466,884.096 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 1,470,133.582 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 1,468,508.839 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 761,817.407 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 807,197.521 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 784,507.464 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 886,870.742 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 888,835.365 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 887,853.054 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 21.830 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 22.480 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 21.220 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 6 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 3 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Solid Revenue Base: WEX reported revenue of $659.6 million in Q2 2025, reflecting a stable financial foundation despite a slight decline. This revenue level indicates resilience in core operations within the Financial Services sector.
- Strategic Investments: As highlighted in the Q2 2025 earnings call, WEX is focusing on leveraging strategic investments to enhance long-term growth. These initiatives position the company to capitalize on competitive advantages and drive shareholder value.
- Positive Free Cash Flow: Historical data from cash flow statements show consistent free cash flow generation, providing financial flexibility for reinvestment and debt management, which supports operational stability.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates WEX intrinsic value between $119.03 – $204.69 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about WEX valuation
Is WEX Inc. (WEX) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for WEX Inc. (WEX) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is WEX a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether WEX trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is WEX’s P/E ratio?
You can see WEX’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for WEX?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is WEX a good long-term investment?
Whether WEX fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
WEX
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Daily snapshot
2.88
Trading Metrics:
| Open: | 149.81 | Previous Close: | 150.36 | |
| Day Low: | 149.42 | Day High: | 158.17 | |
| Year Low: | 110.45 | Year High: | 180.71 | |
| Price Avg 50: | 156.08 | Price Avg 200: | 156.83 | |
| Volume: | 374901 | Average Volume: | 528023 |
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Login — it's freeWEX full analysis
Welcome to MARKETSNAP’s SWOT analysis for WEX! If you’re looking to dive deep into a company that’s carving out a niche in the payments and fleet management space, you’ve come to the right place. Today, we’re breaking down WEX—formally known as WEX Inc. (ticker WEX)—a player in the financial technology sector with a focus on payment solutions for businesses, fleets, and travel industries. Whether you’re a long-term investor or just keeping an eye on potential opportunities, let’s unpack what makes…
