The Tip Desk

WEX Inc.

Company Stats

Market Cap
$5.7B
as of Sep 30, 2026
Enterprise Value
$8.5B
Shares Outstanding
34.1M
Free Float
88.3%

Income Statement

Revenue
$2.7B
Operating Income
$663.9M
Net Income
$304.1M
EBITDA
$995.0M
Non-cash Impairment
$9.9M
Revenue Growth, 3Y
4.2%
FCF Margin, 3Y Avg
18.2%
FCF Margin, Worst Year
11.8%

Cash Flow

Free Cash Flow
$313.7M
FCF Yield
5.5%
Owner FCF Yield
3.7%

Balance Sheet

Cash & Equivalents
$905.8M
Total Debt
$3.6B
Net Debt
$2.7B
Net Debt / EBITDA
2.73x
EV / EBITDA
8.51x
Net Debt / EBIT
4.09x

Returns & Capital

Share Repurchases
$799.8M
Buyback Yield, 3Y Avg
10.2%
SBC, 3Y Avg
$113.2M

Cash Flow by Year

YearRevenueFCFMargin
FY2025$2.7B$313.7M11.8%
FY2024$2.6B$334.1M12.7%
FY2023$2.5B$764.3M30.0%
FY2022$2.4B$566.5M24.1%
FY2021$1.9B-$128.6M-6.9%

Annual filing data through FY ended December 31, 2025; shares and float as of October 28, 2026. Yields and enterprise value use the calculated market cap above, at its as-of date. Ratios are our calculations from reported figures.

Earnings

Other Coverage