22 years of historical data (2003–2024) · Technology · Software - Infrastructure
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
WEX Inc. trades at 19.9x earnings, 42% below its 5-year average of 34.5x, sitting at the 26th percentile of its historical range. Compared to the Technology sector median P/E of 25.2x, the stock trades at a discount of 21%. On a free-cash-flow basis, the stock trades at 15.3x P/FCF, 51% below the 5-year average of 31.2x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.1B | $7.2B | $8.4B | $7.3B | $6.4B | $8.9B | $9.2B | $6.1B | $6.1B | $4.6B | $3.4B |
| Enterprise Value | $9.0B | $11.1B | $11.3B | $8.3B | $8.1B | $10.7B | $11.2B | $7.9B | $8.0B | $6.6B | $4.4B |
| P/E Ratio → | 19.89 | 23.38 | 31.58 | 36.37 | 46.80 | — | 59.00 | 36.28 | 37.86 | 75.41 | 33.74 |
| P/S Ratio | 1.95 | 2.76 | 3.31 | 3.11 | 3.44 | 5.72 | 5.32 | 4.09 | 4.87 | 4.51 | 4.02 |
| P/B Ratio | 4.14 | 4.86 | 4.63 | 4.44 | 3.04 | 4.38 | 4.38 | 3.40 | 3.53 | 3.03 | 3.13 |
| P/FCF | 15.32 | 21.67 | 11.03 | 13.00 | 98.84 | 11.49 | 16.36 | 19.49 | 113.20 | — | 9.00 |
| P/OCF | 10.63 | 15.04 | 9.28 | 10.77 | 42.30 | 10.41 | 13.82 | 15.25 | 45.70 | — | 7.71 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
WEX Inc.'s enterprise value stands at 8.9x EBITDA, 60% below its 5-year average of 22.1x. The Technology sector median is 15.7x, placing the stock at a 43% discount on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.22 | 4.44 | 3.52 | 4.35 | 6.87 | 6.50 | 5.30 | 6.40 | 6.50 | 5.10 |
| EV / EBITDA | 8.90 | 11.01 | 12.26 | 11.27 | 13.10 | 62.96 | 17.98 | 13.63 | 18.28 | 21.92 | 13.97 |
| EV / EBIT | 13.07 | 16.97 | 19.74 | 26.84 | 27.47 | — | 31.90 | 23.02 | 28.40 | 40.53 | 18.85 |
| EV / FCF | — | 33.20 | 14.81 | 14.68 | 125.12 | 13.80 | 19.99 | 25.27 | 148.92 | — | 11.41 |
Margins and return-on-capital ratios measuring operating efficiency
WEX Inc. earns an operating margin of 26.1%. Operating margins have expanded from 20.0% to 26.1% over the past 3 years, signaling improving operational efficiency. ROE of 18.7% indicates solid capital efficiency. ROIC of 10.2% represents solid returns on invested capital.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.5% | 60.5% | 61.8% | 60.4% | 62.1% | 56.8% | 61.7% | 63.3% | 58.8% | 54.7% | 52.6% |
| Operating Margin | 26.1% | 26.1% | 25.4% | 20.0% | 18.5% | -5.9% | 22.4% | 25.5% | 18.7% | 15.7% | 26.8% |
| Net Profit Margin | 11.8% | 11.8% | 10.5% | 8.6% | 0.0% | -15.6% | 5.7% | 11.3% | 12.8% | 2.3% | 11.9% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.7% | 18.7% | 15.4% | 10.8% | 0.0% | -11.8% | 5.1% | 9.6% | 9.9% | 1.8% | 9.3% |
| ROA | 2.3% | 2.3% | 2.1% | 1.8% | 0.0% | -3.0% | 1.3% | 2.5% | 2.5% | 0.5% | 2.6% |
| ROIC | 10.2% | 10.2% | 13.3% | 11.0% | 6.7% | -1.7% | 7.5% | 7.9% | 4.9% | 4.3% | 8.2% |
| ROCE | 13.3% | 13.3% | 12.2% | 8.4% | 6.0% | -1.7% | 7.9% | 7.6% | 4.3% | 3.7% | 6.7% |
Solvency and debt-coverage ratios — lower is generally safer
WEX Inc. carries a Debt/EBITDA ratio of 4.4x, which is highly leveraged (49% above the sector average of 3.0x). Net debt stands at $3.9B ($4.4B total debt minus $596M cash). Interest coverage of just 2.9x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.99 | 2.99 | 2.12 | 1.70 | 1.41 | 1.54 | 1.44 | 1.31 | 1.41 | 1.46 | 1.10 |
| Debt / EBITDA | 4.41 | 4.41 | 4.19 | 3.83 | 4.80 | 18.36 | 4.84 | 4.05 | 5.55 | 7.35 | 3.85 |
| Net Debt / Equity | — | 2.59 | 1.59 | 0.57 | 0.81 | 0.88 | 0.97 | 1.01 | 1.11 | 1.34 | 0.84 |
| Net Debt / EBITDA | 3.82 | 3.82 | 3.13 | 1.29 | 2.75 | 10.55 | 3.27 | 3.12 | 4.39 | 6.71 | 2.96 |
| Debt / FCF | — | 11.52 | 3.79 | 1.68 | 26.27 | 2.31 | 3.63 | 5.78 | 35.71 | — | 2.42 |
| Interest Coverage | 2.91 | 2.91 | 3.16 | 9.89 | 3.83 | -0.58 | 2.86 | 3.62 | 2.18 | 1.40 | 4.95 |
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.02x means WEX Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.08x to 1.02x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.02 | 1.02 | 1.05 | 1.08 | 1.20 | 1.28 | 1.26 | 1.47 | 2.83 | 2.52 | 3.54 |
| Quick Ratio | 1.02 | 1.02 | 1.05 | 1.08 | 1.20 | 1.28 | 1.26 | 1.42 | 2.83 | 2.53 | 3.54 |
| Cash Ratio | 0.52 | 0.52 | 0.47 | 0.52 | 0.50 | 0.49 | 0.32 | 0.23 | 0.47 | 0.23 | 0.56 |
| Asset Turnover | — | 0.20 | 0.18 | 0.20 | 0.18 | 0.19 | 0.21 | 0.22 | 0.19 | 0.17 | 0.22 |
| Inventory Turnover | 4.44 | — | — | — | — | — | — | 4.44 | — | — | — |
| Days Sales Outstanding | — | 417.83 | 511.32 | 534.43 | 596.71 | 489.53 | 588.23 | 631.92 | 717.94 | 740.72 | 644.30 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
WEX Inc. returns 12.7% to shareholders annually primarily through share buybacks. The earnings yield of 5.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.0% | 4.3% | 3.2% | 2.7% | 2.1% | — | 1.7% | 2.8% | 2.6% | 1.3% | 3.0% |
| FCF Yield | 6.5% | 4.6% | 9.1% | 7.7% | 1.0% | 8.7% | 6.1% | 5.1% | 0.9% | — | 11.1% |
| Buyback Yield | 12.7% | 9.0% | 3.6% | 3.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.6% |
| Total Shareholder Yield | 12.7% | 9.0% | 3.6% | 3.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.6% |
| Shares Outstanding | — | $41M | $43M | $45M | $45M | $44M | $44M | $44M | $43M | $41M | $39M |
Compare WEX with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| WEXYou | $5B | 19.9 | 8.9 | 15.3 | 60.5% | 26.1% | 18.7% | 10.2% | 4.4 |
| XYZ | $38B | 30.3 | 22.9 | 15.8 | 42.8% | 7.1% | 6.0% | 6.4% | 4.3 |
| CPAY | $23B | 23.3 | 13.7 | 12.9 | 78.1% | 45.0% | 31.2% | 14.7% | 3.7 |
| AFRM | $15B | 313.2 | 158.0 | 25.4 | 67.5% | -2.7% | 1.8% | -0.7% | 57.0 |
| TOST | $14B | 48.8 | 34.9 | 23.5 | 25.8% | 5.0% | 18.6% | 30.8% | 0.1 |
| KSPI | $13B | 6.5 | 5.0 | 13.8 | 62.3% | 50.4% | 77.7% | 113.5% | 0.2 |
| KLAR | $5B | 2023.9 | 39.2 | 9.4 | 77.7% | -4.5% | 0.1% | -218.7% | 11.6 |
| BLSH | $5B | -5.2 | — | — | 0.0% | -0.0% | -26.8% | -2.3% | — |
| STNE | $4B | -17.3 | — | — | 27.9% | -30.9% | -13.1% | -7.2% | — |
| ACIW | $4B | 18.4 | 11.1 | 13.2 | 49.0% | 18.7% | 15.4% | 11.4% | 2.0 |
| RELY | $3B | 53.9 | 30.7 | 11.8 | — | 4.7% | 8.9% | 14.0% | 1.9 |
| Technology Median | — | 25.2 | 15.7 | 17.3 | 49.8% | -0.9% | 1.1% | 2.9% | 3.0 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 22 years · Updated daily
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Start ComparisonWEX Inc.'s current P/E ratio is 19.9x. The historical average is 31.5x. This places it at the 26th percentile of its historical range.
WEX Inc.'s current EV/EBITDA is 8.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.9x.
WEX Inc.'s return on equity (ROE) is 18.7%. The historical average is 17.0%.
Based on historical data, WEX Inc. is trading at a P/E of 19.9x. This is at the 26th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
WEX Inc. has 60.5% gross margin and 26.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
WEX Inc.'s Debt/EBITDA ratio is 4.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.