WEX (WEX)
Market Price (11/1/2026): $184.67 | Market Cap: $6.1 BilSector: Financials | Industry: Transaction & Payment Processing Services
WEX (WEX)
Market Price (11/1/2026): $184.67Market Cap: $6.1 BilSector: FinancialsIndustry: Transaction & Payment Processing Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5% Stock buyback supportStock Buyback 3Y Total is 1.9 Bil Low stock price volatilityVol 12M is 41% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Future of Freight. Themes include Digital Payments, and Freight Technology. | Weak multi-year price returns2Y Excs Rtn is -30%, 3Y Excs Rtn is -83% | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12% Key risksWEX key risks include [1] significant financial exposure to fuel price and foreign currency volatility, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5% |
| Stock buyback supportStock Buyback 3Y Total is 1.9 Bil |
| Low stock price volatilityVol 12M is 41% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Future of Freight. Themes include Digital Payments, and Freight Technology. |
| Weak multi-year price returns2Y Excs Rtn is -30%, 3Y Excs Rtn is -83% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12% |
| Key risksWEX key risks include [1] significant financial exposure to fuel price and foreign currency volatility, Show more. |
Qualitative Assessment
AI Analysis | Feedback
WEX (WEX) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Consistent Strong Financial Performance and Upgraded Outlook. WEX delivered robust financial results and repeatedly raised its full-year guidance, providing a strong fundamental support for its stock. For fiscal Q2 2026 (ended June 30, 2026), adjusted earnings per share (EPS) of $5.35 surpassed analyst expectations by $0.28, and revenue of $753.5 million represented a 14.2% year-over-year increase, exceeding forecasts by $13.95 million. The company subsequently raised its full-year 2026 revenue guidance to a range of $2.86 billion to $2.90 billion and adjusted net income guidance to $19.68 to $20.08 per diluted share. This positive momentum was sustained in fiscal Q3 2026 (ended September 30, 2026), where WEX reported revenue of $780.1 million, beating consensus estimates by approximately $31.4 million, and adjusted EPS of $6.13, surpassing expectations by $0.48. Following these strong results, WEX again increased its full-year 2026 revenue guidance to $2.97 billion to $2.99 billion and adjusted net income guidance to $21.28 to $21.48 per diluted share.
2. Strategic Share Repurchases. The company's significant share repurchase program likely played a role in stabilizing the stock price during the period. WEX repurchased approximately $200 million of shares during fiscal Q3 2026, with an additional $75 million in share buybacks completed through October 26, 2026. These actions demonstrate management's confidence and contribute to shareholder value by reducing the number of outstanding shares.
Show more
WEX (WEX) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Consistent Strong Financial Performance and Upgraded Outlook. WEX delivered robust financial results and repeatedly raised its full-year guidance, providing a strong fundamental support for its stock. For fiscal Q2 2026 (ended June 30, 2026), adjusted earnings per share (EPS) of $5.35 surpassed analyst expectations by $0.28, and revenue of $753.5 million represented a 14.2% year-over-year increase, exceeding forecasts by $13.95 million. The company subsequently raised its full-year 2026 revenue guidance to a range of $2.86 billion to $2.90 billion and adjusted net income guidance to $19.68 to $20.08 per diluted share. This positive momentum was sustained in fiscal Q3 2026 (ended September 30, 2026), where WEX reported revenue of $780.1 million, beating consensus estimates by approximately $31.4 million, and adjusted EPS of $6.13, surpassing expectations by $0.48. Following these strong results, WEX again increased its full-year 2026 revenue guidance to $2.97 billion to $2.99 billion and adjusted net income guidance to $21.28 to $21.48 per diluted share.
2. Strategic Share Repurchases. The company's significant share repurchase program likely played a role in stabilizing the stock price during the period. WEX repurchased approximately $200 million of shares during fiscal Q3 2026, with an additional $75 million in share buybacks completed through October 26, 2026. These actions demonstrate management's confidence and contribute to shareholder value by reducing the number of outstanding shares.
3. Favorable Impact from Fuel Price Dynamics. Higher fuel prices provided a notable tailwind for WEX's Mobility segment, contributing directly to revenue growth. In fiscal Q2 2026, WEX's revenue included a net favorable impact of $63.8 million from fuel prices. This positive effect continued into fiscal Q3 2026, where a net favorable impact of $57.3 million from fuel prices helped drive a 20.6% increase in Mobility segment revenue and a 12.8% overall rise in total revenue.
4. Counterbalancing Effect of Insider Selling and Broader Macroeconomic Concerns. Despite strong operational performance and capital return, the stock's ability to maintain a largely stable level may have been influenced by insider selling and general macroeconomic conditions. Over the three months leading up to October 30, 2026, insider transactions involved approximately $6.6 million in WEX share sales. Concurrently, the broader economic environment included expectations for sustained elevated interest rates and potential volatility in funding costs, which could introduce headwinds for financial services companies like WEX. These factors may have offset some of the positive company-specific news, contributing to the stock's largely unchanged trend.
Show less
Stock Movement Drivers
Fundamental Drivers
The -1.3% change in WEX stock from 7/31/2026 to 10/31/2026 was primarily driven by a -16.4% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 186.96 | 184.61 | -1.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,792 | 2,880 | 3.2% |
| Net Income Margin (%) | 12.6% | 14.0% | 11.8% |
| P/E Multiple | 18.5 | 15.5 | -16.4% |
| Shares Outstanding (Mil) | 35 | 34 | 2.4% |
| Cumulative Contribution | -1.3% |
Market Drivers
7/31/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| WEX | -1.3% | |
| Market (SPY) | 1.2% | -10.2% |
| Sector (XLF) | -0.8% | 38.0% |
Fundamental Drivers
The 22.8% change in WEX stock from 4/30/2026 to 10/31/2026 was primarily driven by a 22.1% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 150.33 | 184.61 | 22.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,698 | 2,880 | 6.8% |
| Net Income Margin (%) | 11.5% | 14.0% | 22.1% |
| P/E Multiple | 16.7 | 15.5 | -7.4% |
| Shares Outstanding (Mil) | 34 | 34 | 1.8% |
| Cumulative Contribution | 22.8% |
Market Drivers
4/30/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| WEX | 22.8% | |
| Market (SPY) | 5.4% | -14.3% |
| Sector (XLF) | 8.8% | 25.6% |
Fundamental Drivers
The 26.5% change in WEX stock from 10/31/2025 to 10/31/2026 was primarily driven by a 29.9% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 145.88 | 184.61 | 26.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,624 | 2,880 | 9.8% |
| Net Income Margin (%) | 10.8% | 14.0% | 29.9% |
| P/E Multiple | 17.7 | 15.5 | -12.5% |
| Shares Outstanding (Mil) | 34 | 34 | 1.5% |
| Cumulative Contribution | 26.5% |
Market Drivers
10/31/2025 to 10/31/2026| Return | Correlation | |
|---|---|---|
| WEX | 26.5% | |
| Market (SPY) | 11.7% | 8.5% |
| Sector (XLF) | 9.2% | 34.2% |
Fundamental Drivers
The 10.9% change in WEX stock from 10/31/2023 to 10/31/2026 was primarily driven by a 30.1% change in the company's Net Income Margin (%).| (LTM values as of) | 10312023 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 166.48 | 184.61 | 10.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,503 | 2,880 | 15.1% |
| Net Income Margin (%) | 10.8% | 14.0% | 30.1% |
| P/E Multiple | 26.4 | 15.5 | -41.4% |
| Shares Outstanding (Mil) | 43 | 34 | 26.5% |
| Cumulative Contribution | 10.9% |
Market Drivers
10/31/2023 to 10/31/2026| Return | Correlation | |
|---|---|---|
| WEX | 10.9% | |
| Market (SPY) | 86.9% | 41.8% |
| Sector (XLF) | 82.3% | 49.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WEX Return | -31% | 17% | 19% | -10% | -15% | 24% | -9% |
| Peers Return | 10% | -33% | 9% | 16% | -24% | 13% | -20% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| WEX Win Rate | 25% | 58% | 58% | 58% | 58% | 50% | |
| Peers Win Rate | 50% | 42% | 55% | 55% | 43% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| WEX Max Drawdown | -46% | -30% | -20% | -31% | -39% | -31% | |
| Peers Max Drawdown | -32% | -45% | -32% | -25% | -39% | -30% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CPAY, GPN, BILL, PYPL, ADP. See WEX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/30/2026 (YTD)
How Low Can It Go
| Event | WEX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.6% | -18.8% |
| % Gain to Breakeven | 36.3% | 23.1% |
| Time to Breakeven | 105 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -17.2% | -9.5% |
| % Gain to Breakeven | 20.8% | 10.5% |
| Time to Breakeven | 70 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -17.1% | -6.7% |
| % Gain to Breakeven | 20.6% | 7.1% |
| Time to Breakeven | 93 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -11.8% | -24.5% |
| % Gain to Breakeven | 13.4% | 32.4% |
| Time to Breakeven | 7 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -64.6% | -33.7% |
| % Gain to Breakeven | 182.3% | 50.9% |
| Time to Breakeven | 1458 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -33.2% | -19.2% |
| % Gain to Breakeven | 49.7% | 23.8% |
| Time to Breakeven | 99 days | 105 days |
In The Past
WEX's stock fell -26.6% during the 2025 US Tariff Shock. Such a loss loss requires a 36.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | WEX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.6% | -18.8% |
| % Gain to Breakeven | 36.3% | 23.1% |
| Time to Breakeven | 105 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -64.6% | -33.7% |
| % Gain to Breakeven | 182.3% | 50.9% |
| Time to Breakeven | 1458 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -33.2% | -19.2% |
| % Gain to Breakeven | 49.7% | 23.8% |
| Time to Breakeven | 99 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -41.3% | -12.2% |
| % Gain to Breakeven | 70.5% | 13.9% |
| Time to Breakeven | 194 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -48.9% | -6.8% |
| % Gain to Breakeven | 95.6% | 7.3% |
| Time to Breakeven | 298 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -29.8% | -17.9% |
| % Gain to Breakeven | 42.4% | 21.8% |
| Time to Breakeven | 58 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -76.2% | -53.4% |
| % Gain to Breakeven | 319.8% | 114.4% |
| Time to Breakeven | 619 days | 1085 days |
In The Past
WEX's stock fell -26.6% during the 2025 US Tariff Shock. Such a loss loss requires a 36.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About WEX (WEX)
WEX Inc. is a financial technology company that provides payment processing and information management solutions across various sectors globally. Its largest segment, Fleet Solutions, specializes in payment processing services for commercial and government vehicle fleets. This includes managing customer accounts, providing credit and collections, supporting merchant services, and offering data analytics tools to help fleet managers track expenses and optimize operations. WEX serves fleets of all sizes, from small businesses to large corporations and government agencies, often through direct sales or partnerships.
Beyond fleet management, WEX also offers comprehensive payment solutions for commercial and government organizations through its Travel and Corporate Solutions segment. This segment focuses on accounts payable automation, spend management, and embedded payments, primarily utilizing virtual cards for secure and efficient transactions. Lastly, the Health and Employee Benefit Solutions segment provides healthcare payment products and software-as-a-service (SaaS) platforms for consumer-directed healthcare. It also extends to payroll and employee benefit products in Brazil, serving a diverse clientele including health plans, financial institutions, and individuals.
AI Analysis | Feedback
WEX is like a specialized Visa or Mastercard for businesses, managing payments and expenses for fleet vehicles, corporate travel, and employee health benefits.
WEX is like SAP Concur, but also provides specialized B2B payment cards and platforms for fleet management, corporate travel, and healthcare benefits.
AI Analysis | Feedback
- Fleet Vehicle Payment Processing Services: Provides payment processing and management tools for commercial and government vehicle fleets.
- Travel and Corporate Payment Solutions: Offers various payment solutions, including embedded payments and virtual cards, for commercial and government organizations.
- Accounts Payable Automation and Spend Management: Delivers solutions to automate accounts payable and manage spending for businesses.
- Healthcare Payment Products: Provides specific payment solutions for the healthcare market.
- Healthcare SaaS Consumer Directed Platforms: Offers software platforms enabling consumers to manage their healthcare benefits.
- Payroll and Employee Benefit Products: Supplies payroll-related and employee benefit solutions, particularly in Brazil.
AI Analysis | Feedback
Major Customers of WEX Inc.
Based on the provided company description, WEX Inc. primarily sells its financial technology services to other companies and government organizations (B2B). The background information describes the categories of customers WEX serves rather than listing specific major customer company names.
WEX's major customer categories include:
- Commercial and Government Vehicle Fleet Customers: This segment serves organizations with small, medium, and large fleets, as well as over-the-road and long-haul fleets, providing them with payment processing services, analytics solutions, and tools for managing expenses and capital requirements. WEX also works through co-branded and private label relationships with other companies serving these fleets.
- Commercial and Government Organizations (General): These customers utilize WEX's payment solutions for accounts payable automation and spend management, including virtual cards for transactions.
- Healthcare Market and Employee Benefit Providers: WEX offers healthcare payment products and software-as-a-service consumer-directed platforms to entities such as health plans, third-party administrators, financial institutions, payroll companies, benefits consultants, and software providers.
AI Analysis | Feedback
- Visa Inc. (V)
- Mastercard Incorporated (MA)
- U.S. Bancorp (USB)
AI Analysis | Feedback
Melissa Smith, Chair, CEO, and President
Melissa Smith joined WEX in 1997 as a senior financial analyst. She became Chief Financial Officer at age 32 and was instrumental in WEX's initial public offering in 2005. In 2014, she was appointed CEO, and in 2019, she became the first female Chair of the WEX board. Prior to her time at WEX, Ms. Smith worked at Ernst & Young in Portland, Maine. She has led WEX through significant growth, both organically and through acquisitions.
Jagtar Narula, Chief Financial Officer
Jagtar Narula was appointed Chief Financial Officer of WEX, effective May 25, 2022. Before joining WEX, he served as CFO of 3D Systems Corporation. His previous experience includes overseeing corporate strategy and business development for Blackbaud, Inc., where he also managed investor relations, financial planning, and investment strategy. Mr. Narula held several finance leadership roles at Xerox, focusing on financial planning, acquisition operations, and strategy. Earlier in his career, he spent nearly ten years in investment banking and private equity. He has a strong background in executing and integrating acquisitions.
Hilary Rapkin, Chief Legal Officer, Corporate Secretary
Hilary Rapkin has been with WEX for more than two decades, having joined the company in 1996 as its first lawyer. In her role, she oversees WEX's global legal, regulatory compliance, government affairs, and corporate philanthropy functions. Ms. Rapkin was involved in WEX's IPO in 2005. She previously served as a Director at TelaPoint, Inc.
Karen Stroup, Chief Digital Officer
Karen Stroup joined WEX in 2022 as the company's first Chief Digital Officer. She brings over 15 years of experience in leading product management, digital, and innovation organizations, primarily within financial services and focused on software-as-a-service offerings. Prior to WEX, Ms. Stroup was the Chief Digital Officer at Thomson Reuters. Her previous roles include SVP, Product and Innovation at Capital One Financial Services, and VP, Product Management at Intuit.
Carlos Carriedo, Chief Operating Officer, International
Carlos Carriedo joined WEX on January 3, 2022, in the newly created role of Chief Operating Officer, International. In this position, he is responsible for leading WEX's operations across Europe, the Middle East, Africa (EMEA), and Asia Pacific (APAC). Mr. Carriedo has over two decades of experience in driving global business growth through multinational innovation and digital transformation initiatives. Before WEX, he served as the General Manager of Commercial Services for Europe at American Express and was also the Chairman of American Express Bank of Russia. He also held various positions at American Express managing commercial services in international markets and worked as an analyst at Deloitte Consulting.
AI Analysis | Feedback
Key Risks to WEX
- Intense Competition Across Segments: WEX operates in highly competitive markets for its Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions segments. The company faces significant rivalry from direct competitors like Corpay, large financial institutions, global payment networks such as Visa and Mastercard, and other benefits technology providers. This intense competition can pressure margins, impact pricing power, and threaten WEX's market leadership in its core offerings.
- Exposure to Fuel Price Volatility and the Electric Vehicle (EV) Transition: WEX's Fleet Solutions segment, which generates a substantial portion of its revenue, is inherently exposed to fluctuations in fuel prices and volumes. Declining fuel prices can negatively affect revenue in this segment. Furthermore, the ongoing shift towards fleet electrification poses a long-term risk to the demand for traditional fuel cards, potentially impacting WEX's foundational business. While WEX is investing in EV-related solutions, a failure to adapt quickly or loss of market share during this transition could be detrimental.
- Fraud and Cybersecurity Risks: As a financial technology company processing a high volume of payments and handling sensitive data across its diverse business segments, WEX is continuously exposed to fraud and cybersecurity threats. In its Fleet Solutions segment, there's a risk of losses from fuel theft, misallocation, and fraudulent transactions like card cloning. For its Health and Employee Benefit Solutions, the increasing digitalization of benefits administration makes it an attractive target for fraudsters, leading to potential financial leakage, exposure of employee data, and regulatory risks. While WEX implements fraud prevention measures, the evolving nature of these threats requires constant vigilance and investment.
AI Analysis | Feedback
The widespread adoption and electrification of vehicle fleets, necessitating a fundamental shift from traditional fuel payment processing to managing diverse electric vehicle (EV) charging and energy expenses. This could allow new specialized payment and management solution providers to emerge and gain market share, potentially challenging WEX's established Fleet Solutions segment if its offerings do not rapidly and comprehensively adapt to the EV ecosystem.
AI Analysis | Feedback
AI Analysis | Feedback
WEX Inc. (NYSE: WEX) is expected to drive future revenue growth over the next two to three years through several strategic initiatives across its business segments.
One primary driver is **strategic investments in product innovation and technology**. WEX is heavily investing in artificial intelligence (AI) to enhance product development and operational efficiency, with AI reportedly writing 40% of its code, thereby streamlining processes and improving customer experience. The company is also expanding its offerings for electric vehicles (EVs), including fleet cards with EV payment capabilities, and has acquired companies like Sawatch Labs to support fleet electrification. Additionally, WEX is launching new applications, such as 10-4 BY WEX and PACER, and has integrated capabilities from recent acquisitions like Payzer and Ascensus' Health and Benefits line of business to meet evolving customer needs and expand its product suite.
Another significant growth driver is the **expansion of its customer base and market penetration**. WEX's long-term strategy includes a strong focus on customer retention and acquiring new businesses. The company aims to increase sales momentum through cross-selling existing products to its current customer base and by utilizing digital go-to-market strategies. Growth in its direct business within the Mobility segment and strategic partnerships, such as with Trucker Path, are also expected to contribute to broadening its market reach and customer acquisition.
Finally, **continued strong performance and expansion within its key business segments** are anticipated to fuel revenue growth. The Corporate Payments segment has demonstrated robust purchase volume growth, particularly from its travel customers, with WEX consistently outpacing the overall travel market's growth. The Health and Employee Benefit Solutions segment is experiencing strong growth, driven by an increase in Software-as-a-Service (SaaS) accounts and the growth of Health Savings Account (HSA) custodial cash assets, which provide a significant new revenue stream. Furthermore, legislative changes expanding HSA eligibility could also benefit this segment. While the Fleet Solutions (Mobility) segment has faced some headwinds, underlying revenue growth is expected to accelerate, supported by acquisitions like Payzer and the anticipated BP portfolio conversion in the latter half of the year.
AI Analysis | Feedback
Share Repurchases
- In 2025, WEX repurchased $801.6 million of its common stock.
- The company repurchased approximately $650 million of its common stock in 2024.
- WEX repurchased approximately $295 million of its common stock in 2023.
- WEX's board of directors authorized an increase in the share repurchase program to $2.05 billion through December 31, 2025, in September 2024.
Share Issuance
- WEX did not report significant share issuances for capital raising purposes during the last 3-5 years. However, routine equity compensation activity, such as the vesting of restricted stock units (RSUs) and subsequent withholding of shares for tax obligations, occurred regularly.
Inbound Investments
- In 2025, WEX completed a private offering of $550 million in senior unsecured notes due in 2033 and amended its Credit Agreement to establish an incremental tranche of senior secured term loans amounting to $450 million. These funds were primarily used to fund a Tender Offer and repay outstanding debt.
Outbound Investments
- In 2021, WEX acquired the health savings account (HSA) assets of HealthCare Bank for approximately $250 million, with $200 million paid in cash upfront and deferred payments in July 2023 and January 2024.
- WEX acquired Benefit Express Services, LLC on June 1, 2021.
- In 2023, WEX expanded its offerings with the acquisitions of Payzer and Ascensus' Health and Benefits line of business.
- The company purchased a factoring portfolio in January 2025 and plans to close on the acquisition of a card program portfolio in early 2026 for an anticipated purchase price not exceeding $35 million.
Capital Expenditures
- Increased capital expenditures in 2023 were noted as a primary reason for a marginal decrease in adjusted free cash flow from 2022.
- WEX made strategic investments in AI and technology infrastructure projects in 2023 to advance its strategic priorities.
- The company has focused on strategic acquisitions and capital investments to drive growth.
Peer Outperformance in Transaction & Payment Processing Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 34.1% | 65.9% | 123.0% | SPNT 175% · RGA 148% · RNR 148% |
| Investment Banking & Brokerage | 13 | -4.7% | 88.8% | 91.9% | IBKR 346% · SNEX 158% · GS 144% |
| Diversified Banks | 12 | 30.6% | 154.1% | 91.6% | CM 143% · RY 132% · JPM 125% |
| Life & Health Insurance | 20 | 15.9% | 52.5% | 82.5% | JXN 532% · UNM 314% · MFC 190% |
| Multi-line Insurance | 9 | 7.8% | 65.6% | 64.8% | GNW 114% · L 102% · AIZ 97% |
| Property & Casualty Insurance | 42 | 19.8% | 69.5% | 64.1% | PGR 172% · TRV 171% · ACGL 167% |
| Multi-Sector Holdings | 3 | 8.3% | 55.6% | 55.1% | BRK-B 89% · VOYA 55% · JEF 32% |
| Regional Banks | 262 | 32.2% | 99.5% | 53.1% | CBC 254% · FCNCA 194% · NIC 148% |
| Financial Exchanges & Data | 15 | 18.4% | 43.2% | 27.9% | CBOE 172% · VIRT 158% · CME 70% |
| Insurance Brokers | 15 | 5.0% | 11.2% | 19.5% | LIFE 405% · ARX 89% · AJG 73% |
| Asset Management & Custody Banks | 85 | -8.4% | 22.5% | 6.7% | WT 249% · VCTR 241% · AAMI 200% |
| Consumer Finance | 30 | 5.9% | 70.0% | 4.2% | ENVA 437% · FCFS 118% · AXP 95% |
| Diversified Financial Services | 4 | -3.4% | 23.7% | 3.9% | FRHC 180% · EQH 83% |
| Commercial & Residential Mortgage Finance | 14 | -51.2% | 26.1% | -1.7% | FNMA 449% · FMCC 399% · ACT 157% |
| Specialized Finance | 3 | 3.9% | 35.5% | -21.1% | HASI -21% · CACC -22% |
| Transaction & Payment Processing Services ← | 17 | 11.6% | 11.6% | -28.8% | V 103% · MA 96% · CPAY 62% |
| Mortgage REITs | 34 | -19.5% | -5.5% | -35.9% | RITM 36% · DX 19% · AGNC 10% |
| Diversified Capital Markets | 20 | -54.3% | 14.0% | -63.3% | LPLA 77% · TW 40% · RIOT -53% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| WEX Earnings Notes | 12/22/2025 | |
| Is WEX Stock Built to Withstand a Pullback? | 10/17/2025 | |
| WEX vs Cheniere Energy: Which Is A Better Investment? | 08/18/2025 | |
| WEX vs Interactive Brokers: Which Is A Better Investment? | 08/18/2025 | |
| How Does WEX Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Better Bet Than WEX Stock: Pay Less Than WEX To Get More From UNH, OKE | 08/12/2025 | |
| Better Bet Than WEX Stock: Pay Less Than WEX To Get More From IBKR, JEF | 08/12/2025 | |
| Better Bet Than WEX Stock: Pay Less Than WEX To Get More From EEFT | 08/12/2025 | |
| WEX Dip Buy Analysis | 07/10/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 140.48 |
| Mkt Cap | 26.1 |
| Rev LTM | 7,626 |
| Op Inc LTM | 1,511 |
| FCF LTM | 1,231 |
| FCF 3Y Avg | 1,776 |
| CFO LTM | 1,753 |
| CFO 3Y Avg | 2,222 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.4% |
| Rev Chg 3Y Avg | 6.4% |
| Rev Chg Q | 13.3% |
| QoQ Delta Rev Chg LTM | 3.2% |
| Op Inc Chg LTM | 9.4% |
| Op Inc Chg 3Y Avg | 9.1% |
| Op Mgn LTM | 22.5% |
| Op Mgn 3Y Avg | 22.2% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 22.6% |
| CFO/Rev 3Y Avg | 23.6% |
| FCF/Rev LTM | 19.9% |
| FCF/Rev 3Y Avg | 20.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 26.1 |
| P/S | 2.7 |
| P/Op Inc | 16.3 |
| P/EBIT | 15.3 |
| P/E | 12.9 |
| P/CFO | 12.8 |
| Total Yield | 5.3% |
| Dividend Yield | 0.5% |
| FCF Yield 3Y Avg | 7.1% |
| D/E | 0.4 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 9.6% |
| 3M Rtn | 5.7% |
| 6M Rtn | 26.7% |
| 12M Rtn | 20.6% |
| 3Y Rtn | 10.4% |
| 1M Excs Rtn | 8.6% |
| 3M Excs Rtn | 0.9% |
| 6M Excs Rtn | 19.6% |
| 12M Excs Rtn | 5.3% |
| 3Y Excs Rtn | -77.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mobility | 1,386 | 1,401 | 1,383 | 1,444 | 1,111 |
| Benefits | 797 | 740 | 668 | 504 | 414 |
| Corporate Payments | 477 | 488 | 497 | 402 | 325 |
| Total | 2,661 | 2,628 | 2,548 | 2,350 | 1,850 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mobility | 541 | 598 | 599 | 693 | 557 |
| Benefits | 342 | 307 | 242 | 134 | 104 |
| Corporate Payments | 213 | 256 | 277 | 193 | 87 |
| Other acquisition and divestiture related items | -3 | -6 | -7 | -18 | -40 |
| Legal settlement | -10 | ||||
| Other costs | -25 | -54 | -46 | -40 | -23 |
| Unallocated corporate expenses | -98 | -102 | -103 | -84 | -78 |
| Stock-based compensation | -104 | -112 | -132 | -101 | -77 |
| Acquisition-related intangible amortization | -192 | -202 | -184 | -170 | -182 |
| Impairment charges | -136 | 0 | |||
| Debt restructuring costs | -6 | ||||
| Total | 664 | 686 | 647 | 470 | 342 |
Price Behavior
| Market Price | $184.61 | |
| Market Cap ($ Bil) | 6.3 | |
| First Trading Date | 02/16/2005 | |
| Distance from 52W High | -9.2% | |
| 50 Days | 200 Days | |
| DMA Price | $186.09 | $164.45 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -0.8% | 12.3% |
| 3M | 1YR | |
| Volatility | 33.2% | 40.8% |
| Downside Capture | 11.92 | 46.98 |
| Upside Capture | 16.58 | 65.03 |
| Correlation (S&P 500) | -12.1% | 9.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.71 | -0.64 | -0.31 | -0.45 | 0.26 | 1.05 |
| Up Beta | -4.72 | -2.58 | -0.78 | -1.20 | -0.25 | 1.25 |
| Down Beta | -1.19 | -1.87 | -1.87 | -1.05 | 0.07 | 1.17 |
| Up Capture | 48% | -11% | 17% | 20% | 51% | 47% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 13 | 20 | 32 | 68 | 132 | 394 |
| Down Capture | -96% | 15% | 29% | -38% | 52% | 98% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 9 | 23 | 32 | 58 | 119 | 357 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WEX | |
|---|---|---|---|---|
| WEX | 19.9% | 40.8% | 0.54 | - |
| Sector ETF (XLF) | 9.8% | 14.4% | 0.41 | 33.8% |
| Equity (SPY) | 10.9% | 12.8% | 0.52 | 8.6% |
| Gold (GLD) | -2.0% | 28.6% | -0.08 | -3.9% |
| Commodities (DBC) | 48.2% | 20.6% | 1.79 | 8.0% |
| Real Estate (VNQ) | 10.2% | 13.7% | 0.45 | 11.5% |
| Bitcoin (BTCUSD) | -30.0% | 43.5% | -0.70 | 11.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WEX | |
|---|---|---|---|---|
| WEX | -0.8% | 37.3% | 0.07 | - |
| Sector ETF (XLF) | 8.6% | 18.3% | 0.33 | 54.3% |
| Equity (SPY) | 12.2% | 17.1% | 0.53 | 50.3% |
| Gold (GLD) | 16.2% | 19.0% | 0.68 | 4.1% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | 22.2% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 41.4% |
| Bitcoin (BTCUSD) | 4.9% | 51.6% | 0.28 | 20.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WEX | |
|---|---|---|---|---|
| WEX | 5.9% | 40.4% | 0.27 | - |
| Sector ETF (XLF) | 13.2% | 22.1% | 0.54 | 65.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 61.5% |
| Gold (GLD) | 11.4% | 16.5% | 0.56 | 0.6% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 33.0% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.21 | 54.0% |
| Bitcoin (BTCUSD) | 61.8% | 66.2% | 1.02 | 15.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | -3.1% | ||
| 7/22/2026 | 10.1% | 21.0% | 27.1% |
| 4/22/2026 | -16.3% | -16.4% | -19.3% |
| 2/4/2026 | -0.2% | 11.3% | 12.2% |
| 10/29/2025 | -1.6% | -3.6% | -4.9% |
| 7/23/2025 | 6.5% | 5.1% | 3.8% |
| 4/30/2025 | -6.8% | -7.0% | 2.0% |
| 2/5/2025 | -18.7% | -19.2% | -15.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 8 |
| # Negative | 16 | 13 | 15 |
| Median Positive | 4.4% | 5.4% | 7.3% |
| Median Negative | -5.2% | -10.2% | -8.8% |
| Max Positive | 10.1% | 21.0% | 27.1% |
| Max Negative | -18.7% | -19.2% | -28.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | -3.1% | ||
| 7/22/2026 | 10.1% | 21.0% | 27.1% |
| 4/22/2026 | -16.3% | -16.4% | -19.3% |
| 2/4/2026 | -0.2% | 11.3% | 12.2% |
| 10/29/2025 | -1.6% | -3.6% | -4.9% |
| 7/23/2025 | 6.5% | 5.1% | 3.8% |
| 4/30/2025 | -6.8% | -7.0% | 2.0% |
| 2/5/2025 | -18.7% | -19.2% | -15.0% |
| 10/24/2024 | -15.0% | -18.4% | -14.7% |
| 7/25/2024 | -3.7% | 2.6% | 1.8% |
| 4/25/2024 | -7.8% | -10.2% | -19.2% |
| 2/8/2024 | 2.3% | 6.6% | 13.1% |
| 10/26/2023 | -8.0% | -6.3% | -2.8% |
| 7/27/2023 | -2.9% | -3.6% | -5.8% |
| 4/27/2023 | -0.6% | -4.1% | -3.8% |
| 2/9/2023 | 7.1% | 6.1% | -3.5% |
| 10/27/2022 | 7.1% | 5.8% | 10.8% |
| 7/28/2022 | -0.1% | 0.2% | -1.9% |
| 4/28/2022 | 1.1% | 4.1% | 0.3% |
| 2/10/2022 | 1.1% | 3.4% | -2.7% |
| 10/28/2021 | -12.7% | -19.1% | -28.4% |
| 7/29/2021 | -4.1% | -12.1% | -11.3% |
| 4/29/2021 | -6.4% | -11.6% | -15.1% |
| 2/24/2021 | 0.0% | -6.5% | -8.8% |
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 8 |
| # Negative | 16 | 13 | 15 |
| Median Positive | 4.4% | 5.4% | 7.3% |
| Median Negative | -5.2% | -10.2% | -8.8% |
| Max Positive | 10.1% | 21.0% | 27.1% |
| Max Negative | -18.7% | -19.2% | -28.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/29/2026 | 10-Q |
| 06/30/2026 | 07/23/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/29/2026 | 10-Q |
| 06/30/2026 | 07/23/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
Recent Forward Guidance
Updated 10/29/2026Latest: Q3 2026 Earnings Reported 10/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 U.S. Retail Fuel Price | Reported | 4.81 | ||||||
| Q4 2026 Mobility Credit Losses | Reported | 0 | 0 | 0 | ||||
| Q4 2026 Revenue | Reported | 760.00 Mil | 770.00 Mil | 780.00 Mil | 3.6% | Higher New | Guidance: 743.00 Mil for Q3 2026 | |
| Q4 2026 Adjusted Net Income Effective Tax Rate | Reported | 25.0% | ||||||
| Q4 2026 Adjusted Net Income | Reported | 193.00 Mil | 196.50 Mil | 200.00 Mil | 2.1% | Higher New | Guidance: 192.50 Mil for Q3 2026 | |
| Q4 2026 Adjusted Net Income Per Diluted Share | Reported | 5.67 | 5.77 | 5.87 | 4.0% | Higher New | Guidance: 5.55 for Q3 2026 | |
| Q4 2026 Weighted Average Diluted Shares Outstanding | Reported | 34.10 Mil | ||||||
| 2026 U.S. Retail Fuel Price | Reported | 4.5 | ||||||
| 2026 Mobility Credit Losses | Reported | 0 | 0 | 0 | ||||
| 2026 Revenue | Reported | 2.97 Bil | 2.98 Bil | 2.99 Bil | 3.5% | Raised | Guidance: 2.88 Bil for 2026 | |
| 2026 Adjusted Net Income Effective Tax Rate | Reported | 25.0% | ||||||
| 2026 Adjusted Net Income | Reported | 736.00 Mil | 739.50 Mil | 743.00 Mil | 6.2% | Raised | Guidance: 696.00 Mil for 2026 | |
| 2026 Adjusted Net Income Per Diluted Share | Reported | 21.28 | 21.38 | 21.48 | 7.5% | Raised | Guidance: 19.88 for 2026 | |
| 2026 Weighted Average Diluted Shares Outstanding | Reported | 34.60 Mil | ||||||
Prior: Q2 2026 Earnings Reported 7/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 733.00 Mil | 743.00 Mil | 753.00 Mil | 0.8% | Higher New | Guidance: 737.00 Mil for Q2 2026 | |
| Q3 2026 Adjusted Net Income | Reported | 189.00 Mil | 192.50 Mil | 196.00 Mil | 9.1% | Higher New | Guidance: 176.50 Mil for Q2 2026 | |
| Q3 2026 EPS | Reported | 5.45 | 5.55 | 5.65 | 10.3% | Higher New | Guidance: 5.03 for Q2 2026 | |
| 2026 Revenue | Reported | 2.86 Bil | 2.88 Bil | 2.90 Bil | 1.1% | Raised | Guidance: 2.85 Bil for 2026 | |
| 2026 Adjusted Net Income | Reported | 689.00 Mil | 696.00 Mil | 703.00 Mil | 2.7% | Raised | Guidance: 677.50 Mil for 2026 | |
| 2026 EPS | Reported | 19.68 | 19.88 | 20.08 | 3.3% | Raised | Guidance: 19.25 for 2026 | |
Q1 2026 Earnings Reported 4/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 727.00 Mil | 737.00 Mil | 747.00 Mil | ||||
| Q2 2026 Adjusted Net Income | Reported | 173.00 Mil | 176.50 Mil | 180.00 Mil | ||||
| Q2 2026 EPS | Reported | 4.93 | 5.03 | 5.13 | ||||
| 2026 Revenue | Reported | 2.82 Bil | 2.85 Bil | 2.88 Bil | 4.4% | Raised | Guidance: 2.73 Bil for 2026 | |
| 2026 Adjusted Net Income | Reported | 667.00 Mil | 677.50 Mil | 688.00 Mil | 9.7% | Raised | Guidance: 617.50 Mil for 2026 | |
| 2026 EPS | Reported | 18.95 | 19.25 | 19.55 | 9.7% | Raised | Guidance: 17.55 for 2026 | |
Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 650.00 Mil | 660.00 Mil | 670.00 Mil | 0.6% | Higher New | Guidance: 656.00 Mil for Q4 2025 | |
| Q1 2026 Adjusted Net Income | Reported | 133.00 Mil | 136.50 Mil | 140.00 Mil | ||||
| Q1 2026 EPS | Reported | 3.8 | 3.9 | 4 | 1.0% | Higher New | Guidance: 3.86 for Q4 2025 | |
| 2026 Revenue | Reported | 2.70 Bil | 2.73 Bil | 2.76 Bil | 3.4% | Higher New | Guidance: 2.64 Bil for 2025 | |
| 2026 Adjusted Net Income | Reported | 607.00 Mil | 617.50 Mil | 628.00 Mil | ||||
| 2026 EPS | Reported | 17.25 | 17.55 | 17.85 | 10.7% | Higher New | Guidance: 15.86 for 2025 | |
Insider Activity
Updated 10/7/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Deshaies, Robert Joseph | COO, Benefits | Direct | Sell | 10072026 | 173.56 | 2,000 | 347,111 | 3,000,428 | Form |
| 2 | Dearborn, Joel Alan JR | COO, International | Direct | Sell | 9162026 | 200.00 | 3,343 | 668,600 | 3,404,200 | Form |
| 3 | Smith, Melissa D | CEO and President | Direct | Sell | 9032026 | 190.09 | 28,109 | 5,343,287 | 24,070,359 | Form |
| 4 | Carriedo, Carlos | COO, Amer. Payments & Mobility | Direct | Sell | 8062026 | 186.00 | 1,075 | 199,950 | 2,060,136 | Form |
| 5 | Deshaies, Robert Joseph | COO, Benefits | Direct | Sell | 7312026 | 184.95 | 1,000 | 184,950 | 3,567,316 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Deshaies, Robert Joseph | COO, Benefits | Direct | Sell | 10072026 | 173.56 | 2,000 | 347,111 | 3,000,428 | Form |
| 2 | Dearborn, Joel Alan JR | COO, International | Direct | Sell | 9162026 | 200.00 | 3,343 | 668,600 | 3,404,200 | Form |
| 3 | Smith, Melissa D | CEO and President | Direct | Sell | 9032026 | 190.09 | 28,109 | 5,343,287 | 24,070,359 | Form |
| 4 | Carriedo, Carlos | COO, Amer. Payments & Mobility | Direct | Sell | 8062026 | 186.00 | 1,075 | 199,950 | 2,060,136 | Form |
| 5 | Deshaies, Robert Joseph | COO, Benefits | Direct | Sell | 7312026 | 184.95 | 1,000 | 184,950 | 3,567,316 | Form |
| 6 | Drew, Ann Elena | Chief Risk and Compliance | Direct | Sell | 7292026 | 176.02 | 3,400 | 598,468 | 1,406,048 | Form |
| 7 | Kimball, Jennifer | Chief Accounting Officer | Direct | Sell | 7292026 | 176.55 | 1,183 | 208,859 | 867,920 | Form |
| 8 | Deshaies, Robert Joseph | COO, Benefits | Direct | Sell | 7082026 | 148.40 | 2,000 | 296,796 | 3,010,695 | Form |
| 9 | Deshaies, Robert Joseph | COO, Benefits | Direct | Sell | 6012026 | 144.84 | 1,200 | 173,808 | 3,228,194 | Form |
| 10 | Groch, James R | Direct | Buy | 5182026 | 142.95 | 1,500 | 214,425 | 2,566,953 | Form | |
| 11 | Dearborn, Joel Alan JR | COO, International | Direct | Sell | 4202026 | 175.00 | 3,500 | 612,500 | 4,002,600 | Form |
| 12 | Dearborn, Joel Alan JR | COO, International | Direct | Sell | 4022026 | 152.14 | 3,500 | 532,489 | 4,012,226 | Form |
| 13 | Kimball, Jennifer | Chief Accounting Officer | Direct | Sell | 3232026 | 147.66 | 104 | 15,357 | 900,578 | Form |
| 14 | Kimball, Jennifer | Chief Accounting Officer | Direct | Sell | 3182026 | 157.82 | 715 | 112,841 | 978,957 | Form |
| 15 | Trickett, Sara | Chief Legal Officer | Direct | Sell | 2252026 | 149.95 | 1,815 | 272,159 | 320,443 | Form |
| 16 | Deshaies, Robert Joseph | COO, Benefits | Direct | Sell | 2252026 | 150.22 | 3,238 | 486,416 | 2,232,136 | Form |
| 17 | Carriedo, Carlos | COO, Amer. Payments & Mobility | Direct | Sell | 2182026 | 159.90 | 1,575 | 251,848 | 590,843 | Form |
| 18 | Deshaies, Robert Joseph | COO, Benefits | Direct | Sell | 2132026 | 166.00 | 1,032 | 171,312 | 2,606,034 | Form |
| 19 | Kimball, Jennifer | Chief Accounting Officer | Direct | Sell | 12222025 | 151.40 | 494 | 74,792 | 555,789 | Form |
| 20 | Deshaies, Robert Joseph | COO, Benefits | Direct | Sell | 12012025 | 149.62 | 1,506 | 225,328 | 2,348,884 | Form |
| 21 | Smith, Stephen Montgomery | Direct | Buy | 11172025 | 144.25 | 1,000 | 144,250 | 1,149,817 | Form |
Investor Activity (13F)
Updated Nov 1, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Impactive Capital LP | $261.3 Mil | 18.9% | 10 | TRIM -22.2% | 13F |
| Par Capital Management Inc | $345.1 Mil | 10.0% | 45 | Hold | 13F |
| Solel Partners LP | $25.6 Mil | 5.5% | 19 | Hold | 13F |
| Sunriver Management LLC | $31.2 Mil | 5.3% | 18 | TRIM -38.1% | 13F |
| Turtle Creek Asset Management Inc. | $102.4 Mil | 3.8% | 39 | ADD +58.5% | 13F |
| Rhino Investment Partners, Inc | $9.4 Mil | 2.6% | 39 | ADD +45.7% | 13F |
| Lone Peak Global Investors LLC | $14.1 Mil | 2.4% | 42 | Hold | 13F |
| Lightrock Netherlands B.V. | $9.2 Mil | 2.0% | 39 | Hold | 13F |
| Lyrical Asset Management LP | $116.5 Mil | 1.8% | 39 | Hold | 13F |
| Hawk Ridge Capital Management LP | $25.0 Mil | 0.9% | 48 | TRIM -64.0% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Par Capital Management Inc | $345.1 Mil | 10.0% | 45 | Hold | 13F |
| Impactive Capital LP | $261.3 Mil | 18.9% | 10 | TRIM -22.2% | 13F |
| Lyrical Asset Management LP | $116.5 Mil | 1.8% | 39 | Hold | 13F |
| Turtle Creek Asset Management Inc. | $102.4 Mil | 3.8% | 39 | ADD +58.5% | 13F |
| Sunriver Management LLC | $31.2 Mil | 5.3% | 18 | TRIM -38.1% | 13F |
| Solel Partners LP | $25.6 Mil | 5.5% | 19 | Hold | 13F |
| Hawk Ridge Capital Management LP | $25.0 Mil | 0.9% | 48 | TRIM -64.0% | 13F |
| Lone Peak Global Investors LLC | $14.1 Mil | 2.4% | 42 | Hold | 13F |
| Rhino Investment Partners, Inc | $9.4 Mil | 2.6% | 39 | ADD +45.7% | 13F |
| Lightrock Netherlands B.V. | $9.2 Mil | 2.0% | 39 | Hold | 13F |
WEX Trade Sentinel
Constructive
CONVICTION RATIONALE
Conviction is constructive based on an operational turnaround obscured by a financial discrepancy. Core business volumes are accelerating and guidance was raised, but trailing free cash flow is negative. A specific catalyst exists for cash flow to improve by approximately $150 million starting in 2027, which could trigger a significant re-evaluation of the company's earnings power.
STOCK ARCHETYPE
Transactional Processor & Service Provider(Transaction Volume x Take Rate) + (Number of Accounts x Service Fee) + Finance & Late Fees Operating leverage on transaction volumes and mix shift towards the higher-margin Benefits and Corporate Payments segments.
INVESTMENT THESIS
Evidence suggests a recovery in core volumes and pricing power is being overlooked due to severe, but potentially temporary, cash conversion issues.
- Mobility payment processing transactions inflected to 1.7% YoY growth after prior declines.
- Organic revenue growth accelerated to 4.4% in Q3, up from the first half of 2026.
- Full-year 2026 adjusted EPS guidance was raised by 7.5% at the midpoint.
- Trailing-twelve-month operating margin reached a five-year high of 26.6%.
- The DirectAP business within Corporate Payments saw volumes increase 24% in Q3.
PRIMARY RISK
Extremely poor cash conversion, with trailing free cash flow at $-349.9 million, suggests reported profits may not be real. Accounts receivable growing 40% YoY versus 12.8% revenue growth is a significant red flag.
- Trailing-twelve-month free cash flow was $-349.9 million.
- The ratio of free cash flow to net income is -0.86.
- Accounts receivable grew 40% YoY in the latest quarter.
- Operating cash flow was negative $-124.9 million over the last twelve months.
- The current shareholder return program is funded by the balance sheet, not cash flow.
| KPI | Status | Rationale |
|---|---|---|
| Mobility Payment Processing Transactions | 142.3 million transactions in Q3 2026 - Accelerating | The primary volume metric for WEX's largest segment has inflected from contraction to growth over the past year. Management attributes the recovery to improving performance in the local fleet business, new sales momentum, and the successful onboarding of the BP portfolio. |
| Corporate Payments Purchase Volume | $24.6 billion in Q3 2026 - Turning around | The Q2 2026 volume decline was attributed to the timing of transactions from a large online travel agency (OTA) customer. The Q3 rebound was driven by strong performance in the strategic Direct AP business, where volume grew 24%, as well as new customer wins. |
| Benefits Average Number of SaaS Accounts | 22.1 million (Q3 2026) | This metric reflects the scale and adoption of the company's benefits administration platform, a key driver of recurring service fee revenue. |
Operational Strength vs. Financial Strain
BULL VIEW
Bulls focus on accelerating organic growth (4.4% in Q3), inflecting volumes, and raised guidance as proof of a healthy core business whose cash flow will normalize.
CORE TENSION
Can accelerating organic growth and pricing power overcome the drag from severe negative cash conversion, which the market is heavily focused on?
PREVAILING SENTIMENT
The latest evidence favors the bulls on operations but the bears on financials. With a stated catalyst to improve cash flow in 2027, the operational strength may ultimately prevail.
BEAR VIEW
Bears see the $-349.9 million in negative free cash flow and 40% A/R growth as evidence that reported earnings are unsustainable and of poor quality.
| Timeline | Event & Metric To Watch |
|---|---|
Wednesday, November 11, 2026 at approximately 9:25 a.m. ET | CFO at KBW Conference Watch: CFO Jagtar Narula will participate in the KBW Fintech Ecosystem Conference. |
Q4 2026 | Fourth Quarter Guidance Period Watch: Company provides guidance for Q4 2026 revenue between $760 million and $780 million and adjusted EPS between $5.67 and $5.87. |
1/26/2027 | Peer ADP Earnings Report Watch: Peer Automatic Data Processing (ADP) is scheduled to report earnings. |
2/1/2027 | Peer PayPal Earnings Report Watch: Peer PayPal (PYPL) is scheduled to report earnings. |
2/2/2027 | Benefits Sales Cycle Disappoints Watch: The company's outlook for 2027 account growth and revenue in the Benefits segment. |
2/2/2027 | WEX Q4 Earnings Report Watch: WEX is scheduled to report its next earnings, which will include an update on the Benefits segment's 2027 sales cycle. |
2/8/2027 | Corporate Payments Slowdown Persists Watch: |
No set date | Mobility Demand Weakness Watch: Commentary on freight demand, over-the-road volumes, and payment processing gallons. |
| Date | Event | Stock Impact |
|---|---|---|
2026-10-29 | Executes Share Repurchases Details: The company repurchased $200 million of its shares during the third quarter, representing 85% of its quarterly adjusted free cash flow. | -2.5% $189.31 -> $184.61 |
2026-10-29 | Renews Largest OTR Customer Details: During the third quarter, the company renewed its contract with its largest direct over-the-road (OTR) customer by gallons processed. | -2.5% $189.31 -> $184.61 |
2026-10-28 | Reports Q3 and Raises Guidance Details: WEX reported Q3 revenue of $780.1 million, up 12.8%, and raised its full-year 2026 adjusted EPS guidance to $21.28 to $21.48. | -1.6% $186.38 -> $183.47 |
2026-07-29 | Launches AI Fraud Product Details: The company announced the general availability of SecureFuel®, an AI-powered fraud prevention tool for its North American fleet customers. | +1.9% $182.88 -> $186.40 |
2026-07-23 | Reports Strong Q2 Results Details: The company reported Q2 results exceeding guidance, leading to a two-day stock reaction of +13.0% versus -1.0% for the S&P 500. | +13.1% $155.68 -> $176.15 |
2026-05-14 | Announces Share Repurchase Program Details: The Board of Directors authorized a new share repurchase program for up to $1 billion of the company's common stock. | +4.1% $135.79 -> $141.42 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: WEX trades at roughly 33% annualized realized (three-month) volatility versus about 10% for the S&P 500 (3.2x the market). A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
CPAY - Corpay
Higher-Margin CompetitorCorpay operates with a substantially higher operating margin of 40.5% compared to WEX's 26.6%, suggesting a more profitable business model or cost structure.
GPN - Global Payments
Larger Scale PlayerGlobal Payments offers significantly greater scale, with trailing-twelve-month revenue of $10.2 billion versus WEX's $2.9 billion, and much faster top-line growth.
WEX is a diversified payments company transitioning from a cyclical, fuel-price-sensitive fleet business towards higher-growth, higher-margin software and B2B payment platforms.
WEX operates three distinct payment businesses. The largest, Mobility, is a mature fleet card provider exposed to fuel price volatility and economic cycles but possesses a strong moat via its proprietary network and bank charter. The company's growth engine is shifting towards its Benefits segment, a SaaS-like platform capitalizing on HSA adoption, and its high-margin Corporate Payments segment, which is expanding beyond travel. While reported revenue and margins are improving, the company's negative free cash flow and high working capital usage are significant concerns.
Sustained margin expansion, continued double-digit growth in the DirectAP business, and a return to positive free cash flow conversion.
A sharp, sustained drop in fuel prices, a deepening freight recession that further pressures Mobility volumes, or a failure to improve working capital management and cash flow.
Quarterly fluctuations in travel volumes or short-term fuel price volatility.
Repricing Catalyst
Management's execution on pricing actions and margin expansion, along with a commitment to return capital to shareholders via share repurchases, could drive a repricing if cash flow concerns are addressed.
Mobility
$1.5B TTM (53% of Total)What It Is
This segment provides fleet payment solutions, transaction processing, and information management for fleets of all sizes globally, including light, medium, and heavy-duty vehicles.
Who Pays & How
Businesses and government agencies with commercial vehicle fleets pay for payment processing and data-rich solutions that allow them to control spending, limit fraud, and optimize fleet operations through proprietary closed-loop and open-loop networks.
Competition
Benefits
$825M TTM (30% of Total)What It Is
This segment provides a SaaS platform integrated with payment solutions for employee benefits administration, including HSAs, FSAs, HRAs, and COBRA, to employers, third-party administrators, financial institutions, and health plans.
Who Pays & How
Employers and partners (like TPAs and financial institutions) pay for the platform to streamline benefits administration, reduce administrative burden, lower costs, and provide employees with tools for managing their benefits.
Competition
Corporate Payments
$494M TTM (18% of Total)What It Is
This segment delivers global B2B payment solutions, including embedded virtual payments and direct accounts payable (AP) automation, to mid-sized and large corporations, as well as white-label programs for financial institutions.
Who Pays & How
Businesses in industries like travel, fintech, and insurance, as well as corporations of all sizes, pay to automate AP, enhance payment security, simplify complex supply chain payments, and generate rebates through interchange.
Competition
WEX — Investor Video Playlist
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Transaction & Payment Processing Services Resources |
| PYMNTS |
| Payments Dive |
| The Paypers |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.