Wex Inc (WEX) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Wex Inc stock $203, price $182, upside +11.6%, quality 56 out of 100. Rating: undervalued. Calculated from audited financials with 22 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range $113.47 – $242.22 · fair‑value band $123.88 – $257.10 · the $182.22 price screens below the $203.36 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 3, 2026.
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WEX Inc. operates a commerce platform in the United States and internationally.
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The Mobility segment offers fleet payment solutions, transaction processing, and information management services; and provides account activation and account retention services; authorization and billing inquiries, and account maintenance services; account management; credit and collections services; merchant services; analytics solutions; and ancillary services and offerings.
This segment markets its products directly and indirectly to businesses and government agencies with fleets of commercial vehicles; and indirectly through co-branded and private label relationships.
The Corporate Payments segment provides payment solutions, including embedded payments; and accounts payable automation and spend management solutions. This segment also markets its products directly and indirectly to customers in travel, fintech, insurance, consumer bill pay, and media verticals.
The Benefits segment offers software-as-a-service (SaaS) platform for consumer directed healthcare benefits and full-service benefit enrollment solutions.
In addition, its SaaS platform includes embedded payment solutions and plan administration services for consumer-directed health benefits; COBRA accounts; and benefit enrollment and administration services.
Further, it offers custodial and depository services for health savings accounts; and markets its products through third-party administrators, financial institutions, payroll providers, and health plans.
WEX Inc. was formerly known as Wright Express Corporation and changed its name to WEX Inc. in October 2012. The company was founded in 1983 and is headquartered in Portland, Maine.
Stock analysis
Wex Inc (WEX) currently trades at $182.22, while our model-based Fair Value estimate is $203.36, implying the stock looks roughly 10% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $200.73 per share, and 12 of the 22 models we run sit above the $182.22 price.
Bear case: the Economic Profit group reads lowest at $115.11, and 10 of the 22 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $123.88 (bear) to $257.10 (bull), the price of $182.22 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 56/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Wex Inc reported revenue of $2.7B in FY2025 versus $1.9B in FY2021, a compound +9.5%/yr. Reported net income was $304M in FY2025, compounding +642.6%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap $6.4B Mid · P/E ratio 17.9 · P/S ratio 2.28 · EPS (TTM) $10.19 · Net margin 12.6% · Return on equity 30.2% · Return on assets (EBIT) 3.5% (5-year average) · Operating margin 26.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 70 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 10% below its 52-week high and 44% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −11% fair-value upside, at 12%, WEX screens cheaper than that median.
Fair Value models
Bear$123.88Fair Value $203.36Bull$257.10
Price $182.22 · Upside +11.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($8.71 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director bought shares worth $214,425, on May 18, 2026. Over the same period, 7 people sold shares worth $8.7M.
SaleSachin DhawanChief Technology Officer3,873 shares at $183.05$708,953Nov 3, 2026
SaleRobert Joseph DeshaiesCOO, Benefits7× since Nov 26, 2025: 11,976 shares, avg. $157.46$1.9MOct 5, 2026
SaleJoel Alan Dearborn JRCOO, International3× since Apr 1, 2026: 10,343 shares, avg. $175.34$1.8MSep 14, 202610b5-1 plan
SaleMelissa D SmithCEO and President, Director28,109 shares at $190.09$5.3MSep 1, 202610b5-1 plan
SaleCarlos CarriedoCOO, Amer. Payments & Mobility2× since Feb 18, 2026: 2,650 shares, avg. $170.49$451,793Aug 4, 2026
SaleAnn Elena DrewChief Risk and Compliance3,400 shares at $176.02$598,468Jul 27, 2026
SaleJennifer KimballChief Accounting Officer4× since Dec 18, 2025: 2,496 shares, avg. $165.00$411,848Jul 27, 2026
BuyJames R GrochDirector1,500 shares at $142.95$214,425May 18, 2026
SaleSara TrickettChief Legal Officer1,815 shares at $149.95$272,159Feb 25, 2026
BuyStephen Montgomery SmithDirector1,000 shares at $144.25$144,250Nov 13, 2025
Plus 18 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.94/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+1.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.3%
Start year 2020 (pandemic). Over 10 years: +12.0% a year
Revenue growth 24 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
≈ +49.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +49.6%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 49.6% / 12.4%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−6% → 25%
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 1.13 per share, median 3.17 in 2015 to 2018). It measures the recovery from the trough, not lasting growth.
⚠ Approximate: the rate leans on 2025, which sits 88% above its own trend.
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+7.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.2%
Yearly sales growth analysts expect, extended to five years.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +5.2% a year for the price and +0.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (99 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: AI automation delivers efficiency gains in the benefits segment via embedded SaaS and recurring volumes, yet fuel price swings in mobility and internal modernization hurdles limit broader adoption.
Main risk: Elevated debt levels may constrain long-term power and limit sustained investment in the benefits segment built on embedded SaaS and recurring volumes.
WEX has expanded its AI claims automation to additional health accounts after handling over 600,000 approvals at 95 percent accuracy in under two minutes. This adds efficiency in the benefits segment built on embedded SaaS and recurring volumes. Fuel price swings in mobility and persistent internal hurdles to B2B payment modernization still create drag on broader adoption. Will the AI-driven speed translate into sustained segment growth or stay incremental?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Infrastructure · 345 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside+11.6% · Above median
Profitability
Return on equity (12 months)30.2% · Top 25%
Return on assets2.1% · Below median
Net margin (12 months)12.6% · Above median
Operating margin (12 months)26.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)14.2% · Above median
Balance sheet
Debt / equity2.86× · Highest 25%
Valuation Multiplesvs Software - Infrastructure median · lower = cheaper
P/E (12 months)17.9× · Cheaper than median
P/B5.15× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)2.28× · Cheaper than median
Price / free cash flow (fiscal year)20.3× · Pricier than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Wex Inc Fair Value". https://www.fairvalue-calculator.com/stock/WEX
Frequently asked questions
Is Wex Inc (WEX) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of $203.36 versus a price of $182.22, about +12% upside (undervalued).
What is the fair value of WEX?
Our model-based fair value for Wex Inc is $203.36 (as of Nov 3, 2026), built from audited fundamentals. The current price: $182.22.
What is the quality score of WEX?
Wex Inc has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Wex Inc (WEX)?
Our model-based price target is the fair value of $203.36 (as of Nov 3, 2026) from 22 valuation models. Cautious scenario $123.88, optimistic scenario $257.10. It is a calculation from audited fundamentals, not an analyst target.
What is the Wex Inc stock forecast for 2026?
Our models put fair value at $203.36, about +12% upside versus a price of $182.22 (undervalued). Cautious scenario $123.88, optimistic scenario $257.10. The calculation is refreshed regularly with new filings.
What is the revenue of Wex Inc (WEX)?
Wex Inc reported trailing-twelve-month revenue of about $2.8B (latest available figure, as of Nov 3, 2026).
What growth is priced into Wex Inc (WEX)?
For today's price to be fair in a discounted-cash-flow model, Wex Inc would have to grow free cash flow by +7.7 % per year for five years (discount rate 9.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.3 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of WEX use?
Our models discount Wex Inc at 9.4 %: a base by market capitalisation (mid), damped by beta 0.85, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Wex Inc that is +7.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.4 %) and the same formula as our fair value.
How much growth has Wex Inc (WEX) delivered so far?
Over the past 5 years revenue at Wex Inc grew +11.3 % a year. The price currently implies free-cash-flow growth of +7.7 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Wex Inc (WEX) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Wex Inc (+7.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Wex Inc (WEX)?
The free-cash-flow yield on the price is 4.93 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow Wex Inc produces per unit of market value. When it exceeds the discount rate of our models (9.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Wex Inc (WEX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Wex Inc it is $203.36 per share (as of Nov 3, 2026), against a price of $182.22. It is the blended result of 22 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Wex Inc stock overvalued or undervalued in 2026?
As of Nov 3, 2026, WEX trades below its calculated fair value: price $182.22, fair value $203.36, a gap of about +12% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of WEX?
No. The price is what the market pays today ($182.22); the fair value is what the company's own numbers justify ($203.36). For Wex Inc the two are $21.14 per share apart. That gap is exactly why we show both numbers side by side.
How much is Wex Inc worth?
The market values Wex Inc at about $6.4B (market capitalisation, as of Nov 3, 2026). Per share that is $182.22; our models calculate a fair value of $203.36 per share.
What do the bullish and bearish scenarios say about WEX?
Our models span a range for Wex Inc: cautious scenario $123.88, base $203.36, optimistic $257.10 per share (as of Nov 3, 2026, price $182.22). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of WEX?
Wex Inc trades at a price-to-earnings ratio of 17.9 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $203.36 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 38.0. Other multiples: PEG 1.0, P/B 5.2, P/S 2.3, EV/EBITDA 9.8.
What is the PEG ratio of WEX?
The PEG ratio of Wex Inc is 0.95 (P/E divided by earnings growth, as of Nov 3, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Wex Inc (WEX)?
Balance-sheet figures for Wex Inc (as of Nov 3, 2026): return on equity 30.2%, debt of 2.86 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is WEX from its 52-week high?
Wex Inc trades at $182.22, about 10% below its 52-week high of $203.25 and 44% above the low of $126.86 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $203.36 is for.
Which stocks are comparable to Wex Inc?
From the same area (Technology) we also value Microsoft Corporation, Oracle Corporation, Palantir Technologies Inc, Palo Alto Networks, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Wex Inc stock attractive at the current price?
The data as of Nov 3, 2026: price $182.22, calculated fair value $203.36 (+12%), Quality Score 56/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of WEX calculated?
We run Wex Inc through 22 models from 6 families: DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $203.36 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Wex Inc currently trades 10% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Wex Inc (WEX)?
The closing price on Nov 6, 2026 was $182.22. Our model-based fair value is $203.36, about +12% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Wex Inc right now?
A fairly wide model range ($123.88 to $257.10) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Wex Inc (WEX) come from?
Earnings per share at Wex Inc grew +7.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +12.7 %, EBIT margin −4.2 %, tax rate +0.8 %, residual (interest, one-offs) −1.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Wex Inc
How large is the market capitalisation of Wex Inc (WEX)?
The market capitalisation of Wex Inc is $6.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Wex Inc (WEX)?
The price-to-sales ratio of Wex Inc is 2.28 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Wex Inc (WEX)?
Earnings per share at Wex Inc are $10.19 (price ÷ EPS = P/E 17.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Wex Inc (WEX)?
The net margin of Wex Inc is 12.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Wex Inc (WEX)?
The return on equity (ROE) of Wex Inc is 30.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Wex Inc (WEX)?
On an EBIT basis the return on assets of Wex Inc is 3.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Wex Inc (WEX)?
The operating margin of Wex Inc is 26.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Wex Inc (WEX)?
Revenue at Wex Inc is growing +14.2% versus a year earlier (3y avg +4.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Wex Inc (WEX)?
Earnings per share at Wex Inc are growing +57.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Wex Inc (WEX) carry?
The net debt of Wex Inc is $4.0B (fiscal year 2025, ≈ 12.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 3, 2026