Cluenex
Log inStart free
All stocks · Financial Services · Transaction & Payment Processing Services

WEX Inc WEX

WEX Inc scores average on business quality (6.0 of 10). Here is why, in plain words, and what our sealed record shows.

Last price$172.43Oct 10, 2026
Business qualityAverage
Next earningsOct 22, 2026, before the open
Insiders, 90 daysSelling

Why it matters

  1. What WEX Inc does

    WEX provides payment processing and information management solutions, generating revenue primarily from corporate fuel cards, travel payments, and employee benefit platforms. Businesses pay fees and processing charges to manage complex corporate spending fleets and employee benefits.

  2. What it does best

    WEX dominates corporate fleet payment processing through deep enterprise integrations and closed-loop fuel card networks. It runs at an operating margin of 29.5%, outperforming peers like GPN at 16.6% and TOST at 6.4%. This network scale creates deep switching costs for fleet operators.

  3. The main risk

    High leverage poses the primary structural risk for WEX, carrying total debt of $4.9 billion against $906 million in cash. With an interest coverage ratio of 2.4x, tighter credit conditions or rising interest expenses directly pinch earnings power and restrict capital deployment flexibility.

Quality, check by check

Scored against its own industry, from company filings.

ProfitabilityStrong

Gross margin prints at a solid 63.6%, though free cash flow margin rests at a modest 13.0%. Operating margin expands to 29.5%, showing that heavy corporate scale translates into strong baseline earnings efficiency.

MoatFair

WEX builds its moat on closed-loop network switching costs that lock in commercial fleet operators and corporate benefit users. Its operating margin sits in the sector's top quartile at the 71st percentile.

GrowthSlow

Revenue growth crawls at a 1.3% rate, landing in the bottom quartile of its sector at the 15th percentile. This top-line momentum has faded significantly compared to historical annual pacing.

Financial healthStrong

Total debt sits at $4.9 billion against $906 million in cash, leaving a net debt of $4.0 billion. Interest coverage is thin at 2.4x. Free cash flow dropped to $50.0 million, pointing to a softer financial reality.

Insiders

Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.

4 sold $1.2M outside pre-planned sales.

Our sealed record on WEX

Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.

The first sealed verdicts appear here on Oct 11, 2026.

Questions

Is WEX a good business?

WEX Inc scores average on the Cluenex quality check (6.0 of 10), measured against its own industry. Profitability is strong, moat fair, growth slow and financial health strong.

Are insiders buying WEX?

In the last 90 days of SEC Form 4 filings: 4 sold $1.2M outside pre-planned sales.

When does WEX report earnings?

Oct 22, 2026, before the open.

For members

See WEX today

  • Today's verdict on WEX, and why
  • Fair value with cautious, base and optimistic cases
  • The exact price that would change the verdict
  • Which stocks each signal names, the night it fires
Open in Cluenex Free to start. First month of Core free.

Cite this page: Cluenex, “WEX Inc (WEX)”, https://cluenex.com/stocks/wex/, data as of Oct 10, 2026.