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what it is
WEX runs fuel cards, benefits payments, and corporate payment software so businesses can move money without chasing receipts.
how it gets paid
Last year Wex made $1.8B in revenue. Mobility was the main engine at $1.08B, or 60% of sales.
why growth slowed
Revenue fell 1.2% last year. The 45.23% miss matters most because it tells you WEX is not getting valued like a smooth compounder.
what just happened
Consensus shows WEX posted a 45.23% EPS miss, with $2.41 versus $4.40 expected.
At a glance
B+ balance sheet — decent shape, but not bulletproof
75/100 earnings predictability — reasonably predictable
9.9x trailing p/e — the market's not buying it — or you found a deal
15.0% return on capital — nothing to write home about
xvary composite: 64/100 — average
What they do
WEX runs fuel cards, benefits payments, and corporate payment software so businesses can move money without chasing receipts.
WEX said on its May 1, 2025 earnings call it serves more than 600,000 fleet customers globally. If your drivers, fuel controls, and expense rules already run through WEX, switching means changing payment rails, retraining staff, and risking billing chaos. That stickiness shows up in margins: operating margin was 36.0%, which is fat for a company doing back-office money plumbing.
How they make money
$1.8B
annual revenue · their business grew -1.2% last year
Mobility
$1.08B
Benefits
$0.40B
Corporate Payments
$0.32B
The products that matter
fleet and fuel payments platform
Mobility
60% of 2024 revenue
this is still the main engine. it generated 60% of 2024 revenue, so fuel spend, fleet activity, and transaction volume matter more here than abstract fintech narratives.
core segment
employee benefits administration
Benefits
22% of 2024 revenue
Benefits is 22% of revenue. Big enough to diversify the model, not big enough to fully offset a slowdown in Mobility on its own.
diversifier
business-to-business payment solutions
Corporate Payments
18% of 2024 revenue
Corporate Payments contributes 18% of revenue. That's the segment investors usually want to see scale faster, because it expands the story beyond fuel-linked spending.
watch this
Key numbers
9.9x
trailing p/e
P/E → price divided by earnings → so what: you are paying $9.90 for each $1 of trailing profit for a company with 2026 EPS estimated at $18.00.
$3.7B
long-term debt
Debt → money owed for years → so what: $3.7B equals 41% of capital, which boosts returns when things work and cuts flexibility when they do not.
36.0%
operating margin
Operating margin → profit after running the business → so what: WEX keeps 36 cents from each revenue dollar before interest and taxes, which gives it room to absorb shocks.
15.0%
return on capital
Return on capital → profit earned on the money tied up in the business → so what: WEX generates 15 cents of operating profit for every dollar invested.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 45 / 100
- long-term debt $3.7B (41% of capital)
- net profit margin 24.0% — keeps 24 cents of every dollar in revenue
- return on equity 37% — $0.37 profit for every $1 investors have put in
B+ — net profit margin looks solid but long-term debt needs watching.
Total return vs. market
You invested $10,000 in WEX 3 years ago → it's now worth $8,930.
The index would have given you $14,770.
source: institutional data · total return
What just happened
missed estimates
Consensus shows WEX posted a 45.23% EPS miss, with $2.41 versus $4.40 expected.
That miss clashes with the broader full-year trend, where quarterly EPS still stepped up from $3.57 in 2024 Q4 to $3.95 in 2025 Q4. EDGAR also lists the latest quarter at $1.4B of revenue, which shows the business can still produce scale even when the headline print gets messy.
$1.4B
revenue
$2.41
eps
36.0%
operating margin
the number that mattered
The 45.23% miss matters most because it tells you WEX is not getting valued like a smooth compounder, even with a 9.9x earnings multiple.
-
wex, inc. has posted decent top-line results.revenues have risen, thanks to higher sales volumes and a favorable impact from foreign exchange rates. management has announced a new partnership with trucker path, a mobile app for north american truckers. the partnership provides more than 1 million trucker path app users with access to fuel discounts offered by the 10-4 by wex app. this includes savings at thousands of fueling locations nationwide, including speedway, 7-eleven, circle k, and racetrac. trucker path users will be able to easily find the best fuel discounts from the 10-4 by wex app and immediately navigate to that location. additionally, they can find details on parking availability, services and amenities offered, and ratings and reviews from other commercial drivers.
-
the top line probably increased to $2.65 billion, in 2025.
-
this year, we predict another gain to $2.80 billion.wex has announced the expansion of its driverdash mobile payments app to include thousands of sunoco stations across the u.s. sunoco, the largest independent fuel distributor in the americas, supplies more than 15 billion gallons of fuel annually to approximately 11,000 sunoco and partner-branded retail locations. the driverdash app allows commercial fleet drivers to pay for fuel directly from their smartphone instead of using a physical card. built on wex’s closed-loop payments network, the app streamlines transactions and strengthens security. this latest integration brings driverdash’s mobile payments capabilities to nearly 40,000 fueling locations nationwide.
-
margins should continue to advance.
-
operating expenses have decreased, thanks to lower acquisition-related outlays and cost-reduction initiatives.
source: company earnings report, 2026
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What could go wrong
the #1 risk is fleet-spend weakness hitting the Mobility segment. Mobility is 60% of revenue, so this is not a side issue.
med
Mobility concentration
60% of revenue comes from Mobility. if fleet activity, fuel spend, or payment volumes soften, the rest of the company is not big enough to fully absorb it.
this risk touches a majority of the $1.8B revenue base
med
margin compression
full-year net margin is 21.2%, but last quarter came in at 16.7%. if that lower level sticks, the cheap multiple stops looking cheap.
a 4.5-point gap between annual and quarterly margin is the warning sign
med
balance sheet leverage
WEX carries $3.7B in long-term debt, equal to 41% of capital. leverage boosts return on equity when things go right and narrows the margin for error when they do not.
the balance sheet is rated B+, not A-range, for a reason
low
execution on diversification
Benefits and Corporate Payments make up 40% of revenue combined. if they do not grow fast enough, investors will keep treating WEX like a fuel-linked processor and give it a fuel-linked multiple.
the re-rating case depends on the non-Mobility mix mattering more over time
the risk picture is simple: 60% of revenue sits in Mobility, quarterly margin slipped to 16.7%, and the company carries $3.7B of debt. that's enough to explain the discount multiple.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
Mobility share of revenue
Mobility is 60% of sales today. if that mix stays this high, the stock stays tied to fleet and fuel economics.
trend
margin recovery
last quarter's 16.7% net margin sits well below the 21.2% full-year figure. you want that gap closing, not becoming the new normal.
calendar
next revenue guide
the page points to roughly $2.65B revenue for 2025 and $2.80B next year. the next guide will tell you whether that recovery track still holds.
risk
institutional selling
institutions have been net sellers for three straight quarters. cheap stocks can stay cheap when the big holders keep walking away.
Analyst rankings
short-term outlook
top 20%
momentum score 2 — analysts expect above-average price performance over the next 12 months. in human-speak: they think the setup is better than the chart looks.
risk profile
average
stability score 3 — this sits in the middle of the pack on risk. not especially safe. not especially wild.
chart momentum
below average
technical score 4 — the tape has not earned trust yet. the analysts like the stock more than the chart does.
earnings predictability
75 / 100
guidance has been reasonably dependable. you are not dealing with a business that lurches unpredictably every quarter.
source: institutional data
Institutional activity
institutions have been net selling for 3 consecutive quarters — 166 buyers vs. 179 sellers in 3q2025. total institutional holdings: 37.9M shares. net selling for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$116
$262
$158
current price
$189
target midpoint · +20% from current · 3-5yr high: $360 (+130% · 23% ann'l return)
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