WEX Inc. (WEX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+116.1%

$409.79

vs $189.65 price

Levered DCF

$154.85

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.84

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	17.38×	23.1×	31.23×	36.05×	63,813.64×	-31.8×	58.35×	35.91×
P/B	4.28×	4.8×	4.57×	4.4×	3.41×	4.68×	4.71×	3.38×
P/S	1.99×	2.72×	3.27×	3.09×	3.39×	5.72×	5.26×	4.05×
EV / EBITDA	9.29×	11.29×	13.21×	14.36×	14.09×	90.9×	18.88×	14.45×
Gross margin	54.9%	60.5%	61.8%	60.4%	62.1%	56.8%	61.7%	63.3%
Operating margin	25.4%	26.1%	25.4%	20.0%	18.5%	-5.9%	22.4%	25.5%
Net margin	11.4%	11.8%	10.5%	8.6%	0.0%	-15.6%	5.7%	11.3%
Current ratio	1.05×	1.02×	1.05×	1.08×	1.2×	1.28×	1.26×	1.47×
Debt / equity	3.94×	2.99×	2.12×	1.7×	1.6×	1.64×	1.57×	1.32×
Interest coverage	2.81×	2.91×	3.16×	9.89×	3.83×	-0.58×	2.86×	3.62×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	24.6%	20.8%	14.6%	12.2%	0.0%	-12.8%	5.1%	9.4%
Return on invested capital	7.6%	8.1%	7.3%	5.5%	3.8%	-1.5%	5.0%	5.8%
Return on assets	2.1%	2.3%	1.9%	1.7%	0.0%	-3.0%	1.2%	2.5%
Free cash flow yield	5.9%	4.7%	9.2%	7.8%	1.0%	8.7%	6.2%	5.2%
Earnings yield	5.7%	4.3%	3.2%	2.8%	0.0%	-2.7%	1.1%	2.8%
Enterprise value	$9.2B	$11B	$11.2B	$8.2B	$8B	$10.7B	$11.1B	$7.9B
Net debt / EBITDA	3.97×	3.95×	3.4×	1.66×	2.99×	15.24×	3.46×	3.33×
Cash conversion cycle (days)	197	83	15	54	139	139	116	171