WEX Inc. WEX
WEX is a global commerce platform that provides seamlessly embedded, personalized payments solutions across three business segments: Mobility, Benefits, and Corporate Payments. Our purpose is to simplify the business of running a business. That purpose has become increasingly relevant as organizations face rising complexity driven by fragmented systems, manual workflows, increasing costs, and greater compliance demands. These challenges slow decision-making and introduce additional operational risk. Leveraging our deep industry expertise, WEX has developed platforms and proprietary networks that address these issues by delivering the technologies and services that enable our customers to achieve greater speed and efficiency, cost savings, accuracy, and insight across financial and administrative workflows.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.85B | $1.87B | $1.84B | $1.69B | $1.35B | $1.13B | $1.21B | $996.8M | $1.25B | $1.01B |
| Cost of revenue | $1.10B | $1.04B | $973.3M | $930.5M | $702.1M | $673.2M | $659.8M | $547.9M | $514.3M | $458.8M |
| Gross profit | $744.8M | $829.5M | $865.1M | $759.2M | $643.7M | $455.8M | $547.7M | $448.8M | $734.3M | $553.7M |
| SG&A | $330.2M | $375.8M | $428.0M | $343.9M | $326.9M | $292.1M | $275.8M | $209.3M | $184.3M | $185.6M |
| Total operating expenses | — | — | — | — | — | — | — | — | $1.01B | $823.3M |
| Operating income | $663.9M | $686.3M | $647.1M | $469.8M | $342.0M | -$91.7M | $385.8M | $380.6M | $233.4M | $158.5M |
| Interest expense | — | — | — | $130.7M | $128.4M | $157.1M | $134.7M | $105.0M | $31.9M | $17.1M |
| Pre-tax income | $420.2M | $417.8M | $368.8M | $260.5M | $203.9M | -$301.1M | $216.5M | $238.6M | $174.4M | $48.9M |
| Income tax | $116.1M | $108.2M | $102.2M | $93.1M | $67.8M | $20.6M | $61.2M | $68.8M | $15.4M | $28.6M |
| Net income | $304.1M | $309.6M | $266.6M | $167.2M | $135.3M | -$283.9M | $156.3M | $168.3M | $160.1M | $20.3M |
| EPS, basic | 8.57 | 7.59 | 6.23 | 4.54 | 0.00 | -5.56 | 2.29 | 3.90 | 3.72 | 0.58 |
| EPS, diluted | 8.47 | 7.50 | 6.16 | 4.50 | 0.00 | -5.56 | 2.26 | 3.86 | 3.71 | 0.57 |
| Shares, diluted (wtd. avg.) | $35.9M | $41.3M | $43.3M | $44.7M | $45.3M | $43.8M | $43.8M | $43.6M | $43.1M | $40.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $905.8M | $595.8M | $2.23B | $1.86B | $1.26B | $852.0M | $810.9M | $541.5M | $503.5M | $190.9M |
| Short-term investments | $4.33B | $3.76B | $3.02B | $1.40B | $948.7M | $0 | — | — | — | — |
| Total current assets | $9.71B | $8.52B | $8.94B | $6.82B | $5.30B | $3.50B | $3.84B | $3.40B | $3.21B | — |
| Property, plant and equipment | $253.7M | $261.2M | $242.9M | $202.2M | $179.5M | $188.3M | $212.5M | $187.9M | $163.9M | $167.3M |
| Goodwill | $3.02B | $2.98B | $3.02B | $2.73B | $2.91B | $2.69B | $2.44B | $1.83B | $1.88B | $1.84B |
| Other intangibles | $1.09B | $1.26B | $1.46B | $1.47B | $1.64B | $1.55B | $1.58B | $1.03B | $1.15B | $1.27B |
| Total assets | $14.40B | $13.32B | $13.88B | $11.53B | $10.31B | $8.18B | $8.30B | $6.77B | $6.69B | $6.00B |
| Short-term debt | $54.7M | $52.1M | $55.1M | $53.1M | $155.8M | $152.7M | $248.5M | $216.5M | $397.2M | — |
| Total current liabilities | $9.29B | $8.33B | $8.52B | $6.29B | $4.40B | $2.74B | $3.05B | $2.31B | $2.58B | — |
| Long-term debt | $3.53B | $3.08B | $2.83B | $2.52B | $2.70B | $2.87B | $2.69B | $2.13B | $2.03B | — |
| Total liabilities | $13.16B | $11.83B | $12.06B | $9.88B | $8.21B | $6.15B | $6.21B | $4.97B | $5.06B | $4.49B |
| Retained earnings | $2.37B | $2.07B | $1.76B | $1.49B | $1.29B | $1.29B | $1.54B | $1.48B | $1.31B | $1.24B |
| Total equity | $1.23B | $1.49B | $1.82B | $1.65B | $1.84B | $1.88B | $1.93B | $1.80B | $1.63B | $1.42B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $454.3M | $481.4M | $907.9M | $679.4M | -$42.6M | $736.8M | $663.2M | $400.2M | $135.4M | -$141.2M |
| Depreciation and amortisation | $331.1M | $321.3M | $276.2M | $263.9M | $272.6M | $261.9M | $237.1M | $199.8M | $203.7M | $141.7M |
| Stock-based compensation | $100.3M | $112.2M | $127.0M | $97.9M | $74.8M | $63.9M | $45.8M | $33.9M | $30.5M | $19.7M |
| Capital expenditure | $140.6M | $147.3M | $143.6M | $112.9M | $86.0M | $80.5M | $102.9M | $87.2M | $79.3M | $61.8M |
| Investing cash flow | -$696.9M | -$960.6M | -$2.14B | -$716.7M | -$1.60B | -$329.1M | -$990.6M | -$254.2M | -$168.1M | -$1.16B |
| Financing cash flow | $418.9M | -$260.3M | $1.57B | $681.3M | $1.60B | -$59.0M | $749.8M | -$102.7M | $359.4M | $1.22B |
| Buybacks | $799.8M | $652.0M | $303.4M | $282.8M | $0 | $0 | — | — | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001309108-26-000010.
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