At a glance
Wex Inc is worth $6.22B, about 22 times its fiscal 2025 earnings. Revenue grew 1.2% to $2.66B in fiscal 2025, with 11.4% kept as profit; over 5 years it has grown 11.3% a year. It pays no dividend; it spent $2.04B buying back its shares over FY2021–FY2025. The stock returned +19.2% over the past year with dividends reinvested and +3.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 64.6% in the 2020 crash (S&P 500: 33.7%) and 30.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 48 months and 4 months after the lows.
The business in plain English
WEX Inc., once called Wright Express, sells payment and software tools that help businesses manage spending on fuel, employee benefits and supplier bills. Its largest segment, Mobility, produced 52.1% of the $2.66 billion in revenue for the year ended December 31, 2025. It supplies fuel cards and software to fleets, from service vans to long-haul trucks. Its U.S. closed-loop network, in which WEX links cards to merchants itself instead of using Visa or Mastercard, reaches more than 90% of fuel locations and is widely accepted at EV chargers. It records details such as driver, vehicle and odometer reading, so managers can control spending and spot fraud.
Benefits, 30% of revenue, sells software that employers use to run health savings accounts (HSAs, tax-advantaged accounts for medical costs) and other benefit programs. Corporate Payments, 17.9%, issues virtual cards (digital card numbers, often for one payment) that businesses and travel companies use to pay suppliers. It also runs card programs that banks offer under their own names.
Payment processing fees, earned when WEX's cards are used, made up 42.9% of revenue. Account servicing fees added 27.3% and finance fees on credit it extends 12.1%. The United States supplied 87.8%. WEX Bank, a wholly owned subsidiary, funds a large share of the Mobility and Corporate Payments business. It also holds most HSA deposits, which it invests in fixed-income securities.
Price history
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WEX +19.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Payment processing revenue | $1.14B | 42.9% |
| Account servicing revenue | $726.0M | 27.3% |
| Other revenue | $470.7M | 17.7% |
| Finance fee revenue | $321.3M | 12.1% |
By business segment
| Mobility | $1.39B | 52.1% |
| Benefits | $797.4M | 30% |
| Corporate Payments | $477.4M | 17.9% |
By geography
| United States | $2.34B | 87.8% |
| Other international | $325.0M | 12.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $780.1M, up 12.8% from a year earlier, and net income was $134.1M (+67.0%).
- For fiscal 2025, revenue was $2.66B (+1.2% year over year; +11.3% a year from FY2020 to FY2025) with a 11.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.3% good |
|---|---|
| Operating margin | 25% good |
| Free cash flow margin | 11.8% good |
| Return on equity (FY2025) | 24.6% good |
| Return on assets (FY2025) | 2.1% weak |
| Net cash (cash minus debt) | $-6.3M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.56B | $-283.9M | $656.3M |
| FY2021 | $1.85B | $135.3M | $-128.6M |
| FY2022 | $2.35B | $167.2M | $566.5M |
| FY2023 | $2.55B | $266.6M | $764.3M |
| FY2024 | $2.63B | $309.6M | $334.1M |
| FY2025 | $2.66B | $304.1M | $313.7M |
Valuation snapshot
| Market value | $6.22B |
|---|---|
| P/E ratio | 22.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Wex’s market value went from $4.77B at the end of 2016 to $6.22B on Oct 28, 2026, up 30%; since the end of 2025 it is up 22%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.22B | +21.8% |
| 2025 | $5.11B | -26.8% |
| 2024 | $6.97B | -16.1% |
| 2023 | $8.31B | +16.5% |
| 2022 | $7.13B | +13.4% |
| 2021 | $6.29B | -29.9% |
| 2020 | $8.98B | -0.9% |
| 2019 | $9.07B | +50.2% |
| 2018 | $6.04B | -0.4% |
| 2017 | $6.06B | +27.1% |
| 2016 | $4.77B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WEX price data to Oct 28, 2026 | +27.1% | +19.2% | +5.0% | +3.3% | +5.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +27.1% |
| 2025 | -15.0% |
| 2024 | -9.9% |
| 2023 | +18.9% |
| 2022 | +16.6% |
| 2021 | -31.0% |
| 2020 | -2.8% |
| 2019 | +49.5% |
| 2018 | -0.8% |
| 2017 | +26.6% |
| 2016 | +26.2% |
| 2015 | -10.6% |
| 2014 | -0.1% |
| 2013 | +31.4% |
| 2012 | +38.9% |
| 2011 | +18.0% |
| 2010 | +44.4% |
| 2009 | +152.9% |
| 2008 | -64.5% |
| 2007 | +13.9% |
| 2006 | +41.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 63.9% over that stretch · deepest drop along the way 79%, back to its old high 23.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 64.6% over that stretch · deepest drop along the way 64.6%, back to its old high 47.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 6.5% over that stretch · deepest drop along the way 30.4%, back to its old high 4.1 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 1 open-market purchases ($214K) and 23 sales ($8.0M), 18 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 1, 2026 | Melissa D Smith CEO and President, Director | sell (plan) | $2.1M |
| Sep 1, 2026 | Melissa D Smith CEO and President, Director | sell (plan) | $1.7M |
| Sep 1, 2026 | Melissa D Smith CEO and President, Director | sell (plan) | $1.4M |
| Jul 27, 2026 | Ann Elena Drew Chief Risk and Compliance | sell | $598K |
| Sep 14, 2026 | Joel Alan JR Dearborn COO, International | sell (plan) | $500K |
Who owns it
Large shareholders (13G filings)
| JANUS HENDERSON GROUP PLC | 11.3% | Jun 30, 2025 |
| PAR Investment Partners, L.P. | 6.6% | Dec 31, 2025 |
| Morgan Stanley | 5.8% | Mar 31, 2026 |
| FMR LLC | 5.2% | Jun 30, 2026 |
| Vanguard Capital Management | 5.2% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 2.7% | Mar 31, 2025 |
| Wellington Management Group LLP | 2.1% | Dec 31, 2024 |
ETFs with the most weight in WEX
| IPAY Amplify Mobile Payments ETF | 2.88% |
| BPAY iShares FinTech Active ETF | 2.23% |
| FDIG Fidelity Crypto Industry and Digital Payments ETF | 1.49% |
| DSMC Distillate Small/Mid Cash Flow ETF | 1.01% |
| NUSC Nuveen ESG Small-Cap ETF | 0.48% |
| JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | 0.36% |
| IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 0.3% |
| TMFX Motley Fool Next Index ETF | 0.29% |
What could go wrong
- Fuel prices and demand drive the biggest segment. Mobility produced 52.1% of fiscal 2025 revenue. WEX lists lower demand for gasoline and diesel, and falling or volatile fuel prices, as a principal risk that could hurt results.
- WEX Bank's special charter could be lost. WEX Bank operates under an industrial loan company charter, which lets a non-bank company own a bank. Losing it, or breaking related rules, could disrupt funding or force WEX to sell the bank.
- Credit and fraud losses on business cards. WEX extends credit to fleet and business customers. It has suffered credit and fraud losses before and could again if it misjudges who can pay or fails to stop fraudulent card use.
- Pressure on interchange fees and network incentives. Part of WEX's revenue depends on interchange, the fee merchants pay when a card is used. Limits on these fees, or losing Visa and Mastercard incentives tied to volume targets, could cut profits.
- Rising funding costs at WEX Bank. WEX Bank relies partly on brokered deposits (money placed by brokers on behalf of savers) and Federal Home Loan Bank advances. Higher interest rates have raised its cost of funds, and that may continue.
- Substantial debt, some at variable rates. Total debt was about $5.41 billion as of June 30, 2026, versus $1.34 billion of shareholders' equity. Some debt has variable rates, and WEX may not be able to refinance on favorable terms.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results; Other company announcement
- Major agreement signed; Investor presentation or announcement; Other company announcement
- Quarterly results released
- Quarterly results released
- Executive or board change; Investor presentation or announcement
For income and retirement investors
WEX paid no dividends in fiscal 2021 through 2025, so it provides no cash income for investors who rely on regular payouts. Any return comes from the share price. Instead, WEX has bought back stock: about $2.04 billion over those five years, including $790 million in 2025. That was largely funded with $550 million of new notes and a $450 million term loan. Shares outstanding fell about 24% from July 2021 to July 2026. Borrowing to buy back stock can lift earnings per share, but it adds debt.
The stock has fallen hard in downturns. In the 2008 financial crisis it dropped 79% and took until November 2010 to recover. In the 2020 COVID crash it lost 64.6% in about a month and did not regain its peak until March 2024. In the 2022 bear market it fell 30.4% and recovered by January 2023. Single stocks like WEX carry more risk than diversified funds.
Questions investors ask
Does WEX pay a dividend?
No. WEX paid no dividends in fiscal years 2021 through 2025. Instead it returns cash to shareholders through share buybacks, spending about $2.04 billion on them over those five years. Shares outstanding fell from about 44.8 million in July 2021 to about 34.1 million in July 2026, a drop of roughly 24%. For income investors, this means any return comes from changes in the share price rather than cash payments.
How does WEX make money?
WEX earns fees when businesses use its payment cards and software. Revenue was $2.66 billion in the fiscal year ended December 31, 2025. Payment processing (fees on card transactions) brought in 42.9%, account servicing 27.3%, finance fees on credit it extends 12.1% and other sources 17.7%. By segment, fleet-focused Mobility contributed 52.1%, Benefits 30% and Corporate Payments 17.9%. The United States supplied 87.8% of revenue.
Why does WEX own a bank?
Mainly to fund its card businesses and hold health savings account money. WEX Bank, a wholly owned subsidiary, funds a significant portion of the Mobility and Corporate Payments operations, which WEX says gives it low-cost capital. It also holds most of the HSA deposits WEX manages and invests them in fixed-income securities. The trade-offs are heavy regulation, reliance on brokered deposits and Federal Home Loan Bank advances, and the risk of losing its industrial loan company charter.
How has WEX stock performed over the long term?
Modestly, with big swings. As of October 28, 2026, the share price had returned 3.3% a year over five years and 5.3% a year over ten years, or 68% in total. It fell 9.88% in 2024 and 15.02% in 2025, then gained 27.1% in 2026 through October 28. The largest decline over the prior three years was 53.1%. Because WEX paid no dividends, these price returns are the full return.
What is WEX's P/E ratio?
About 22.4 times fiscal 2025 earnings as of October 28, 2026, when WEX's market value was about $6.45 billion. The P/E ratio compares the share price with a year of profit per share. Diluted earnings per share were $8.47 in 2025, up from $7.50 in 2024. A lower share count drove that rise, because revenue grew just 1.2% and net income fell 1.8%. In the quarter ended June 30, 2026, revenue rose 14.2% from a year earlier.