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WEX

WEX on NYSE. WEX sells payment systems to businesses for fleet, benefits, and corporate spending. Market value $5.9bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Financial services stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
1.9%low

For every $100 of what the whole company costs, it produced $1.86 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
14.2×fair

You pay 14.2 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
10.2%five-year median

Each dollar kept in the business earns 10 cents a year. Above 10 is good.

Quality score: 69 of 100. Price score: 72 of 100. Our list needs 70 on quality and 60 on price.

$171.48 a share, 37% above its 1-year low

Over the past year the price has ranged from $125.29 to $203.99.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
0.6
0.8
0.3
0.3
0.1
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $109 million in the past 12 months, $314 million in the year to December 2025.

Revenue
$1.9bn$2.4bn$2.5bn$2.6bn$2.7bn
Operating margin
18.5%20.0%25.4%26.1%25.0%
Debt to equity
1.581.682.162.973.98
Shares outstanding
0.04bn0.04bn0.04bn0.03bn0.03bn

Health checks

  • Free cash flow positive4 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)6 of 9
  • Profit backed by cash (accruals)Yes
  • Debt3.98× equity
  • Revenue growth, five yearsStrong, 11.3% a year
  • Buying back its own sharesYes, 22% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $754 million last quarter, up 14% on a year ago.
  • Profit: $109 million, up 59% on a year ago.
  • It keeps 25 cents of each $1 of sales as operating profit, down from 26 cents a year earlier.
  • Spare cash over the past 12 months: $109 million, down from $284 million.
  • 1% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $4.3 billion more than cash, down from $4.7 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$666m
December 2024$637m
March 2025$637m
June 2025$660m
September 2025$692m
December 2025$673m
March 2026$674m
June 2026$754m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$103m
December 2024$64m
March 2025$72m
June 2025$68m
September 2025$80m
December 2025$84m
March 2026$78m
June 2026$109m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
13 February 2026
Next quarterly (estimated, 10-Q)
22 October 2026

Who owns it

8 long-term investors we follow own it, unchanged from 8 last quarter. 415 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%; 1 of them is pushing for change.

  • at least 11.3%+1.0 pts
    (filed with 1 related holder)
    Since 30 June 2025
  • PAR Investment Partners, L.P.
    Passive investor
    at least 6.6%+1.2 pts
    (filed with 2 related holders)
    Since 31 December 2025
  • Morgan Stanley
    Passive investor
    at least 5.8%−1.3 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • FMR LLC
    Passive investor
    at least 5.2%
    (filed with 1 related holder)
    Since 30 June 2026
  • 5.2%
    Since 31 March 2026
  • Impactive Capital
    Activist
    Wants board seats
    at least 4.9%−0.1 pts
    (filed with 6 related holders)
    Since 30 March 2026
    What they said

    Item 4 is hereby amended to add the following: On March 30, 2026, Impactive filed a preliminary proxy statement with the Securities and Exchange Commission in connection with its solicitation of proxies for the election of its director nominees at the Issuer's 2026 annual…

    Read the filing
  • at least 2.1%
    (filed with 2 related holders)
    Since 31 December 2024
  • JPMORGAN CHASE & CO.
    Passive investor
    Sold down below 5%
    Since 31 March 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026
  • Kenneth L. Cornick
    Activist
    Wants board seats
    Sold down below 5%
    Since 6 February 2026
    What they said

    Item 4 is hereby amended to add the following: On February 9, 2026, Impactive Capital Master Fund LP, an affiliate of Impactive Capital (together with its affiliates, "Impactive"), delivered a letter to the Issuer nominating its finalized slate of highly qualified director…

    Read the filing
  • James L. Fox
    Activist
    Wants board seats
    Sold down below 5%
    Since 20 October 2025
    What they said

    Item 4 is hereby amended to add the following: Impactive Capital is a longstanding investor in the Issuer and has made significant efforts to engage constructively with the Board and management to address the persistent challenges facing the Issuer. Despite these efforts, the…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $358,675 of shares on the open market. 7 sold $10m, $8m of it under preset trading plans.

  • Dearborn Joel Alan JR
    COO, International
    Sold
    under a preset trading plan
    Date
    14 September 2026
    Shares
    3,343
    Price
    $200.00
    Value
    $668,600
  • Smith Melissa D
    CEO and President, Director
    Sold
    under a preset trading plan
    Date
    1 September 2026
    Shares
    28,109
    Price
    $190.09
    Value
    $5m
  • Carriedo Carlos
    COO, Amer. Payments & Mobility
    Sold
    Date
    4 August 2026
    Shares
    1,075
    Price
    $186.00
    Value
    $199,950
  • Deshaies Robert Joseph
    COO, Benefits
    Sold
    Date
    30 July 2026
    Shares
    1,000
    Price
    $184.95
    Value
    $184,950
  • Kimball Jennifer
    Chief Accounting Officer
    Sold
    Date
    27 July 2026
    Shares
    1,183
    Price
    $176.55
    Value
    $208,859
  • Drew Ann Elena
    Chief Risk and Compliance
    Sold
    Date
    27 July 2026
    Shares
    3,400
    Price
    $176.02
    Value
    $598,468
  • Deshaies Robert Joseph
    COO, Benefits
    Sold
    under a preset trading plan
    Date
    6 July 2026
    Shares
    2,000
    Price
    $148.40
    Value
    $296,796
  • Deshaies Robert Joseph
    COO, Benefits
    Sold
    Date
    28 May 2026
    Shares
    1,200
    Price
    $144.84
    Value
    $173,808
  • GROCH JAMES R
    Director
    Bought
    Date
    18 May 2026
    Shares
    1,500
    Price
    $142.95
    Value
    $214,425
  • Dearborn Joel Alan JR
    COO, International
    Sold
    under a preset trading plan
    Date
    16 April 2026
    Shares
    3,500
    Price
    $175.00
    Value
    $612,500

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

  • It carries a lot of debt: 4.0× its equity.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.