Forensic Analysis · Professional & Commercial Services · as of Aug 9, 2026

Wex Inc. (WEX)

A forensic read on Wex Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Grey Zone

Financial health

1.5

Distress distance

Clean

Earnings quality

Forensic signals

18.4

P / E (ttm)

24.6%

ROE

$6.3B

Market cap

1.2%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Wex Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 1.5, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

255% of FCF

FY2025

Shareholder returns. Returned $800M to shareholders (buybacks + dividends) in FY2025 — 255% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely. Counting the $100M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 287%.

11.3%

FY2025

Return on invested capital. Return on invested capital is 11.3% in the latest fiscal year and rising from 7% — a modest positive spread over its ~10% cost of capital — growth adds value, though not dramatically.

$190M

FY2020–FY2022

Goodwill impairments. Took $190M of goodwill writedowns across 2 years (FY2020 ($53M), FY2022 ($136M)) — about 1024% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$2.66B

Revenue Growth YoY+1.2%

Revenue CAGR (3yr)+4.2%

Net Margin11.4%

Free Cash Flow$313.7M

Return on Equity24.6%

Debt / Equity2.91x

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Data from SEC EDGAR public filings · metrics as of Aug 9, 2026. Forensic signals flag probability, not certainty.