Wex Inc. (WEX) intrinsic value & 10-year financials
Wex Inc. (WEX) has a Graham intrinsic value of $281.34 per share. At $182.01 on Oct 17, 2026, the stock trades 35% below that value. Over the last 10 fiscal years revenue grew 6.9% a year to $1.8B, with an average return on invested capital of 7.9%.
- Graham intrinsic value
- $281.34
- Share price (Oct 17, 2026)
- $182.01
- Price vs Graham value
- 35% below
- Market cap
- $6.5B
- Revenue (FY2025)
- $1.8B
- Revenue growth (10-yr CAGR)
- 6.9%
- ROIC (10-yr avg)
- 7.9%
- Free cash flow (FY2025)
- $313.7M
WEX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.8B | $304.1M | $8.47 | $313.7M | 36.0% | 11.9% |
| FY2024 | $1.9B | $309.6M | $7.50 | $334.1M | 36.8% | 12.9% |
| FY2023 | $1.8B | $266.6M | $6.16 | $764.3M | 35.2% | 13.1% |
| FY2022 | $1.7B | $167.2M | $4.50 | $566.5M | 27.8% | 8.0% |
| FY2021 | $1.3B | $135.3M | $0.00 | $64.4M | 25.4% | 5.5% |
| FY2020 | $1.1B | -$283.9M | -$5.56 | $776.5M | -8.1% | -2.1% |
| FY2019 | $1.2B | $156.3M | $2.26 | $560.3M | 32.0% | 7.2% |
| FY2018 | $996.8M | $168.3M | $3.86 | $313.1M | 38.2% | 7.5% |
| FY2017 | $1.2B | $160.3M | $3.72 | $53.7M | 19.2% | 5.9% |
| FY2016 | $1.0B | $60.6M | $1.48 | -$212.9M | 19.3% | 8.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
WEX Inc. has demonstrated mature, steady growth, with revenue compounding at 6.9% annually over the past decade.
WEX Inc. has historically struggled to out-earn its cost of capital, averaging just 7.8% ROIC.
Over the decade, WEX Inc. shows that management has aggressively returned capital to shareholders by retiring 12.3% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, WEX Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $281.34 per share.