Latest Ratios: P/E Ratio 17.3x · EV/EBITDA 9.0x · ROE 22.3%. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.1B | $5.3B | $7.2B | $8.4B | $7.3B | $6.4B | $8.9B | $9.2B | $6.1B | $6.1B | $4.6B |
| Enterprise Value | $9.0B | $9.3B | $11.1B | $11.3B | $8.3B | $8.1B | $10.7B | $11.2B | $7.9B | $8.0B | $6.6B |
| P/E Ratio → | 17.29 | 17.59 | 23.38 | 31.58 | 36.37 | 63813.64 | — | 59.00 | 36.28 | 37.86 | 75.41 |
| P/S Ratio | 1.91 | 2.01 | 2.76 | 3.31 | 3.11 | 3.44 | 5.72 | 5.32 | 4.09 | 4.87 | 4.51 |
| P/B Ratio | 4.26 | 4.33 | 4.86 | 4.63 | 4.44 | 3.04 | 4.38 | 4.38 | 3.40 | 3.53 | 3.03 |
| P/FCF | 16.19 | 17.05 | 21.67 | 11.03 | 13.00 | 98.84 | 11.49 | 16.36 | 19.49 | 113.20 | — |
| P/OCF | 11.18 | 11.77 | 15.04 | 9.28 | 10.77 | 42.30 | 10.41 | 13.82 | 15.25 | 45.70 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.50 | 4.22 | 4.44 | 3.52 | 4.35 | 6.87 | 6.50 | 5.30 | 6.40 | 6.50 |
| EV / EBITDA | 8.97 | 9.24 | 11.01 | 12.26 | 11.27 | 13.10 | 62.96 | 17.98 | 13.63 | 18.28 | 21.92 |
| EV / EBIT | 13.36 | 14.01 | 16.97 | 19.74 | 26.84 | 27.47 | — | 31.90 | 23.02 | 28.40 | 40.53 |
| EV / FCF | — | 29.65 | 33.20 | 14.81 | 14.68 | 125.12 | 13.80 | 19.99 | 25.27 | 148.92 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.9% | 54.9% | 60.5% | 61.8% | 60.4% | 62.1% | 56.8% | 61.7% | 63.3% | 58.8% | 54.7% |
| Operating Margin | 25.4% | 25.4% | 26.1% | 25.4% | 20.0% | 18.5% | -5.9% | 22.4% | 25.5% | 18.7% | 15.7% |
| Net Profit Margin | 11.4% | 11.4% | 11.8% | 10.5% | 8.6% | 0.0% | -15.6% | 5.7% | 11.3% | 12.8% | 2.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 22.3% | 22.3% | 18.7% | 15.4% | 10.8% | 0.0% | -11.8% | 5.1% | 9.6% | 9.9% | 1.8% |
| ROA | 2.2% | 2.2% | 2.3% | 2.1% | 1.8% | 0.0% | -3.0% | 1.3% | 2.5% | 2.5% | 0.5% |
| ROIC | 9.6% | 9.6% | 10.2% | 13.3% | 11.0% | 6.7% | -1.7% | 7.5% | 7.9% | 4.9% | 4.3% |
| ROCE | 13.4% | 13.4% | 13.3% | 12.2% | 8.4% | 6.0% | -1.7% | 7.9% | 7.6% | 4.3% | 3.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.94 | 3.94 | 2.99 | 2.12 | 1.70 | 1.41 | 1.54 | 1.44 | 1.31 | 1.41 | 1.46 |
| Debt / EBITDA | 4.82 | 4.82 | 4.41 | 4.19 | 3.83 | 4.80 | 18.36 | 4.84 | 4.05 | 5.55 | 7.35 |
| Net Debt / Equity | — | 3.20 | 2.59 | 1.59 | 0.57 | 0.81 | 0.88 | 0.97 | 1.01 | 1.11 | 1.34 |
| Net Debt / EBITDA | 3.92 | 3.92 | 3.82 | 3.13 | 1.29 | 2.75 | 10.55 | 3.27 | 3.12 | 4.39 | 6.71 |
| Debt / FCF | — | 12.60 | 11.52 | 3.79 | 1.68 | 26.27 | 2.31 | 3.63 | 5.78 | 35.71 | — |
| Interest Coverage | 2.76 | 2.76 | 2.77 | 2.80 | 6.48 | 3.29 | -0.92 | 2.61 | 3.27 | 2.63 | 1.43 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.05 | 1.05 | 1.02 | 1.05 | 1.08 | 1.20 | 1.28 | 1.26 | 1.47 | 2.83 | 2.52 |
| Quick Ratio | 1.05 | 1.05 | 1.02 | 1.05 | 1.08 | 1.20 | 1.28 | 1.26 | 1.42 | 2.83 | 2.53 |
| Cash Ratio | 0.56 | 0.56 | 0.52 | 0.47 | 0.52 | 0.50 | 0.49 | 0.32 | 0.23 | 0.47 | 0.23 |
| Asset Turnover | — | 0.18 | 0.20 | 0.18 | 0.20 | 0.18 | 0.19 | 0.21 | 0.22 | 0.19 | 0.17 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 4.44 | — | — |
| Days Sales Outstanding | — | 478.24 | 417.83 | 511.32 | 534.43 | 596.71 | 489.53 | 588.23 | 631.92 | 717.94 | 740.72 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.8% | 5.7% | 4.3% | 3.2% | 2.7% | 0.0% | — | 1.7% | 2.8% | 2.6% | 1.3% |
| FCF Yield | 6.2% | 5.9% | 4.6% | 9.1% | 7.7% | 1.0% | 8.7% | 6.1% | 5.1% | 0.9% | — |
| Buyback Yield | 15.8% | 15.0% | 9.0% | 3.6% | 3.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% |
| Total Shareholder Yield | 15.8% | 15.0% | 9.0% | 3.6% | 3.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% |
| Shares Outstanding | — | $36M | $41M | $43M | $45M | $45M | $44M | $44M | $44M | $43M | $41M |
Credit and leverage volatility
According to current market data, WEX trades at a forward P/E of 7.10, which suggests that investors are heavily discounting the company's growth prospects compared to broader fintech peers, likely due to the inherent volatility in its fleet-based revenue model and sensitivity to macroeconomic cycles.
The significant gap between the TTM P/E of 16.29 and the forward multiple indicates that the market anticipates a contraction in earnings or is pricing in a high risk premium for the company's credit-sensitive business. This valuation profile appears to treat WEX more as a cyclical industrial service provider than a high-growth SaaS entity, reflecting skepticism regarding the sustainability of its current earnings trajectory.
Based on reported financial figures, WEX's ROIC has remained suppressed, hovering between 2.1% and 3.2% over the last ten quarters, which indicates that the company is struggling to generate meaningful returns on its invested capital despite its aggressive history of debt-funded acquisitions.
The persistent low ROIC suggests that the substantial goodwill on the balance sheet is not yet yielding the expected operational synergies. Investors should monitor whether management can improve capital allocation efficiency, as the current returns appear insufficient to justify the high leverage employed to build the company's current platform.
As reported in recent quarterly filings, WEX's DSO remains exceptionally high, consistently exceeding 479 days, which highlights significant friction in the company's ability to convert its fleet-related transaction volumes into actual cash, creating a structural drag on overall working capital efficiency.
The extended collection periods suggest that WEX is effectively acting as a long-term lender to its fleet customers, which introduces substantial credit risk that is not immediately apparent in headline revenue figures. This reliance on extended payment terms warrants further investigation into the quality of the company's receivables and the potential for future credit loss provisions.
Based on historical financial statements, WEX's debt-to-EBITDA ratio has shown extreme volatility, peaking at 23.39 in 2025Q1, which indicates that the company's reliance on debt financing is highly sensitive to fluctuations in operating performance and credit-related earnings adjustments.
The inconsistent interest coverage ratio, which has dipped as low as 2.32, suggests that the company's debt service capacity is vulnerable to even minor operational downturns. This leverage profile appears to limit the company's financial flexibility and may force management to prioritize debt reduction over strategic growth initiatives in the near term.
The most commonly misapplied metric for WEX is the standard Debt-to-Equity ratio, which fails to account for the company's unique role as a lender and its significant off-balance-sheet credit exposures, thereby masking the true level of financial risk inherent in its fleet payment operations.
Analysts should instead focus on credit-adjusted leverage metrics and the provision for credit losses, as these provide a more accurate picture of the company's financial health. Relying on traditional balance sheet ratios likely leads to an underestimation of the risks associated with the company's cyclical fleet business model.
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying WEX stock.
WEX Inc.'s current P/E ratio is 17.3x. The historical average is 29.9x. This places it at the 21th percentile of its historical range.
WEX Inc.'s current EV/EBITDA is 9.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.7x.
WEX Inc.'s return on equity (ROE) is 22.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 17.2%.
Based on historical data, WEX Inc. is trading at a P/E of 17.3x. This is at the 21th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
WEX Inc. has 54.9% gross margin and 25.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
WEX Inc.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.