WEX Inc. (WEX) Key Metrics
WEX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $6.20B
- Enterprise value
- $5.43B
- P/E (TTM)
- 18.1 10-yr median 37.2
- Forward P/E
- 8.6
- PEG ratio
- 0.96
- Price / sales
- 2.2 10-yr median 3.8
- Price / book
- 4.6 10-yr median 4.4
- EV / EBITDA
- 5.2 10-yr median 15.5
- Dividend yield
- —
- Beta
- 0.84
WEX key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsWEX valuation Price multiples at each fiscal year-end price.
WEX returns How much profit the business earns on the capital it uses.
WEX per-share figures Results divided by the shares outstanding at year-end.
WEX financial health Debt, liquidity and how easily interest is covered.
WEX efficiency & capital use Working capital cycle and where the cash goes.
WEX valuation history
WEX returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
WEX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
WEX cash returned to shareholders
WEX price vs earnings per share
WEX key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $5.35B | $6.84B | $8.42B | $7.32B | $6.36B | $8.92B | $9.17B | $6.10B | $6.08B | $4.57B |
| Enterprise value | $4.97B | $3.77B | $8.29B | $6.87B | $7.10B | $10.72B | $11.20B | $7.91B | $7.97B | $6.56B |
| P/E ratio | 17.6 | 22.1 | 568.8 | 36.3 | — | — | 92.6 | 36.3 | 38.0 | 194.3 |
| Price / sales | 2.0 | 2.6 | 3.3 | 3.1 | 3.4 | 5.7 | 5.3 | 4.1 | 4.9 | 4.5 |
| Price / book | 4.3 | 4.6 | 4.6 | 4.4 | 3.5 | 4.7 | 4.8 | 3.4 | 3.6 | 3.0 |
| Price / free cash flow | 17.0 | 20.5 | 11.0 | 13.0 | 98.8 | 11.5 | 16.4 | 19.5 | 113.2 | — |
| Price / operating cash flow | 11.8 | 14.2 | 9.3 | 10.8 | 42.3 | 10.4 | 13.8 | 15.2 | 45.7 | — |
| EV / sales | 1.9 | 1.4 | 3.3 | 2.9 | 3.8 | 6.9 | 6.5 | 5.3 | 6.4 | 6.5 |
| EV / EBITDA | 5.0 | 3.9 | 560.1 | 12.0 | 12.6 | 90.9 | 19.0 | 14.6 | 16.4 | 21.6 |
| EV / free cash flow | 15.8 | 11.3 | 10.9 | 12.2 | 110.4 | 13.8 | 20.0 | 25.3 | 148.5 | — |
| Earnings yield | 5.7% | 4.5% | 0.2% | 2.8% | 0.0% | −2.7% | 1.1% | 2.8% | 2.6% | 0.5% |
| Free cash flow yield | 5.9% | 4.9% | 9.1% | 7.7% | 1.0% | 8.7% | 6.1% | 5.1% | 0.9% | −4.8% |
| Dividend yield | — | — | 0.0% | 0.1% | 0.3% | 0.1% | 0.1% | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 15.0% | 9.5% | 3.6% | 3.9% | 0.7% | 0.2% | 0.2% | 0.2% | 0.2% | 0.0% |
| Share price at fiscal year-end | $148.98 | $175.32 | $194.55 | $163.65 | $140.39 | $203.53 | $209.46 | $140.06 | $141.23 | $111.60 |
| Per share | ||||||||||
| Revenue per share | $74.12 | $67.39 | $58.85 | $52.56 | $40.84 | $35.58 | $39.38 | $34.26 | $29.02 | $24.75 |
| Earnings per share | $8.47 | $7.94 | $0.34 | $4.50 | $0.00 | −$5.56 | $2.26 | $3.86 | $3.72 | $0.57 |
| Operating cash flow per share | $12.65 | $12.34 | $20.97 | $15.19 | $3.32 | $19.55 | $15.15 | $9.19 | $3.09 | −$3.69 |
| Free cash flow per share | $8.74 | $8.57 | $17.64 | $12.59 | $1.42 | $17.71 | $12.80 | $7.18 | $1.25 | −$5.30 |
| Cash per share | $145.92 | $111.81 | $92.33 | $72.84 | $48.67 | $30.33 | $22.42 | $12.43 | $12.35 | $5.24 |
| Book value per share | $34.39 | $38.17 | $42.05 | $36.88 | $40.58 | $43.45 | $44.03 | $40.98 | $39.78 | $36.59 |
| Tangible book value per share | −$79.92 | −$70.63 | −$61.29 | −$57.08 | −$59.86 | −$53.27 | −$47.73 | −$24.80 | −$30.66 | −$39.27 |
| Dividends per share | — | — | $0.00 | $0.11 | $0.46 | $0.22 | $0.12 | — | $0.00 | $0.00 |
| Capex per share | $3.92 | $3.78 | $3.32 | $2.60 | $1.90 | $1.84 | $2.35 | $2.00 | $1.84 | $1.61 |
| Debt per share | $135.33 | $33.16 | $89.34 | $62.77 | $65.05 | $71.31 | $68.91 | $53.94 | $56.37 | $53.89 |
| Shares outstanding | 35.9M | 39.0M | 43.3M | 44.7M | 45.3M | 43.8M | 43.8M | 43.6M | 43.0M | 40.9M |
| Change in shares outstanding | −7.9% | −9.9% | −3.2% | −1.3% | +3.4% | +0.2% | +0.4% | +1.3% | +5.2% | +5.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 22.3% | 18.7% | 0.9% | 11.5% | 0.0% | −12.7% | 5.3% | 9.6% | 10.0% | 1.8% |
| Return on invested capital (ROIC) | — | — | 0.5% | 16.0% | 7.3% | −1.9% | 7.3% | 7.5% | 6.0% | 2.9% |
| Return on assets (ROA) | 2.2% | 2.3% | 0.1% | 1.8% | 0.0% | −3.0% | 1.3% | 2.5% | 2.5% | 0.5% |
| Return on tangible assets | 3.0% | 3.4% | 0.2% | 2.7% | 0.0% | −6.2% | 2.3% | 4.3% | 4.3% | 0.8% |
| Free cash flow margin | 11.8% | 12.7% | 30.0% | 24.0% | 3.5% | 49.8% | 32.5% | 21.0% | 4.3% | −21.4% |
| Income quality (OCF / net income) | 1.49 | 1.55 | 61.30 | 3.37 | — | — | 6.70 | 2.38 | 0.83 | −6.43 |
| Financial health | ||||||||||
| Total debt | $4.86B | $1.29B | $3.87B | $2.81B | $2.95B | $3.13B | $3.02B | $2.35B | $2.42B | $2.20B |
| Cash & short-term investments | $5.24B | $4.36B | $4.00B | $3.26B | $2.21B | $1.33B | $981.4M | $541.5M | $531.4M | $214.5M |
| Net debt | −$380.4M | −$3.07B | −$129.3M | −$450.2M | $742.2M | $1.80B | $2.03B | $1.81B | $1.89B | $1.99B |
| Debt / equity | 3.94 | 0.87 | 2.12 | 1.70 | 1.60 | 1.64 | 1.57 | 1.32 | 1.42 | 1.47 |
| Debt / assets | 0.34 | 0.10 | 0.28 | 0.24 | 0.29 | 0.38 | 0.36 | 0.35 | 0.36 | 0.36 |
| Net debt / EBITDA | −0.38 | −3.15 | −8.73 | −0.79 | 1.31 | 15.24 | 3.46 | 3.33 | 3.90 | 6.55 |
| Current ratio | 1.05 | 1.02 | 1.05 | 1.08 | 1.20 | 1.28 | 1.26 | 1.47 | 2.83 | 2.52 |
| Quick ratio | 1.05 | 1.02 | 1.05 | 0.91 | 1.02 | 1.07 | 1.17 | 1.42 | 2.83 | 2.53 |
| Interest coverage | 2.8 | 2.9 | 0.1 | 9.9 | 3.8 | -0.6 | 2.9 | 3.6 | 2.2 | 1.4 |
| Working capital | $426.4M | $188.2M | $416.1M | $523.1M | $899.8M | $762.0M | $792.4M | $1.09B | $2.07B | $1.43B |
| Invested capital | $854.1M | −$1.58B | $1.69B | $1.20B | $2.58B | $3.70B | $3.96B | $3.59B | $3.60B | $3.49B |
| Tangible asset value | −$2.87B | −$2.75B | −$2.65B | −$2.55B | −$2.46B | −$2.21B | −$1.92B | −$1.07B | −$1.31B | −$1.60B |
| Net current asset value | −$3.45B | −$3.32B | −$3.13B | −$3.06B | −$2.91B | −$2.65B | −$2.36B | −$1.58B | −$1.81B | −$2.21B |
| Graham number | $80.96 | $82.57 | $17.99 | $61.13 | $1.42 | — | $47.34 | $59.68 | $57.70 | $21.75 |
| Graham net-net per share | −$147.95 | −$133.74 | −$126.84 | −$78.27 | −$73.77 | −$67.61 | −$68.52 | −$55.84 | −$61.49 | −$69.04 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $1 | $5.0M | $20.7M | $9.5M | $5.4M | — | $0 | $0 |
| Share buybacks (net) | $799.8M | $652.0M | $303.4M | $282.8M | $23.5M | $9.5M | $10.4M | $12.4M | $9.5M | $2.2M |
| Dividend payout ratio | — | — | 0.0% | 2.5% | — | — | 5.5% | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | 255.0% | 195.2% | 39.7% | 51.1% | 68.7% | 2.5% | 2.8% | 4.0% | 17.8% | — |
| Capex / revenue | 5.3% | 5.6% | 5.6% | 4.9% | 4.6% | 5.2% | 6.0% | 5.8% | 6.3% | 6.5% |
| Capex / operating cash flow | 30.9% | 30.6% | 15.8% | 17.1% | 57.2% | 9.4% | 15.5% | 21.8% | 59.6% | — |
| Capex / depreciation | 0.42 | 0.46 | 0.52 | 0.44 | 0.32 | 0.31 | 0.43 | 0.44 | 0.39 | 0.46 |
| Stock-based compensation / revenue | 3.8% | 4.3% | 5.0% | 4.2% | 4.0% | 4.1% | 2.7% | 2.3% | 2.4% | 1.9% |
| R&D / revenue | — | — | 3.1% | 3.3% | 4.0% | 4.6% | 3.4% | 2.6% | 2.6% | 2.7% |
| SG&A / revenue | 27.0% | 27.3% | 41.3% | 27.9% | 34.9% | 35.8% | 31.1% | 29.4% | 27.9% | 31.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 445.5 | 447.0 | 492.1 | 502.1 | 504.7 | 569.8 | 567.7 | 616.2 | 659.3 | 642.3 |
| Days of inventory on hand | — | — | 203.6 | 367.6 | 354.5 | 231.4 | 112.3 | 41.1 | -4.2 | -4.7 |
| Days payables outstanding | 285.3 | 400.3 | 479.9 | 412.9 | 396.9 | 406.7 | 461.3 | 522.0 | 486.0 | 396.2 |
| Cash conversion cycle (days) | 160.1 | 46.7 | 215.7 | 456.8 | 462.2 | 394.5 | 218.7 | 135.4 | 169.2 | 241.5 |
| Receivables turnover | 0.82 | 0.82 | 0.74 | 0.73 | 0.72 | 0.64 | 0.64 | 0.59 | 0.55 | 0.57 |
| Payables turnover | 1.28 | 0.91 | 0.76 | 0.88 | 0.92 | 0.90 | 0.79 | 0.70 | 0.75 | 0.92 |
| Inventory turnover | — | — | 1.79 | 0.99 | 1.03 | 1.58 | 3.25 | 8.88 | — | — |
| Asset turnover | 0.19 | 0.19 | 0.20 | 0.22 | 0.20 | 0.19 | 0.23 | 0.22 | 0.19 | 0.20 |
| Average receivables | $3.25B | $3.22B | $3.44B | $3.23B | $2.56B | $2.43B | $2.68B | $2.52B | $2.26B | $1.78B |
| Average payables | $939.0M | $1.14B | $1.27B | $1.05B | $763.6M | $750.0M | $833.9M | $783.6M | $684.7M | $498.0M |
| Average inventory | — | — | $540.5M | $937.0M | $682.0M | $426.7M | $203.0M | $61.7M | −$5.9M | −$5.9M |
| Intangibles / total assets | 28.5% | 31.9% | 32.2% | 36.5% | 44.2% | 51.8% | 48.4% | 42.3% | 45.0% | 51.1% |
Computed from WEX's annual financial statements (latest annual report filed February 13, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
WEX valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), WEX traded at 17.6 times earnings, against a 10-year median of 37.2. Based on the latest twelve months, the trailing P/E is 18.1 and the forward P/E is 8.6. WEX earned a return on equity of 22.3% in fiscal 2025. It ended the year with $4.9 billion of debt and $5.2 billion in cash and short-term investments, a net cash position of $380.4 million. It returned $799.8 million to shareholders: $0 in dividends and $799.8 million in share buybacks, 255% of free cash flow. The share count fell 12.3% from 40.9M to 35.9M over 9 years.
See the WEX income statement, the WEX chart for price history, or the WEX stock overview for the latest quote and news.
WEX key metrics FAQ
What is WEX's P/E ratio?
WEX's trailing P/E ratio is 18.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 8.6. At the end of fiscal 2025 it was 17.6, compared with a 10-year median of 37.2.
What is WEX's EV/EBITDA?
WEX's enterprise value was 5.0 times EBITDA at the end of fiscal 2025 (enterprise value $5.0 billion, EBITDA $994.9 million); the current EV/EBITDA is 5.2.
What is WEX's return on equity?
WEX's return on equity (ROE) was 22.3% in fiscal 2025: net income of $304.1 million on average shareholders' equity of $1.4 billion.
How much debt does WEX have?
WEX had total debt of $4.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 3.94 and more cash than debt.
Does WEX buy back its shares?
Yes. WEX spent $799.8 million on net share repurchases in fiscal 2025 Shares outstanding changed −7.9% over the year, to 35.9M..
What is WEX's free cash flow yield?
WEX generated $313.7 million of free cash flow in fiscal 2025, a free cash flow yield of 5.9% on its market value at year-end ($5.3 billion).
What is WEX's current ratio?
WEX's current ratio was 1.05 at the end of fiscal 2025: current assets were 1.05 times current liabilities.