OverviewSuggest Edit

WEX (formerly known as Wright Express Corporation) is a provider of financial technology solutions. The company operates in 3 segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment offers fleet vehicle payment processing services. The Travel and Corporate Solutions segment provides corporate purchasing and payment services. The Health and Employee Benefit Solutions segment offers healthcare payment products and software-as-a-service platforms for the healthcare market, as well as employee benefit products.

TypePublic
Founded1983
HQPortland, ME, US
Websitewexinc.com
Employee Ratings4
Overall CultureD

Latest Updates

Employees (est.) (Dec 2019)5,000(+36%)
Job Openings198
Revenue (FY, 2020)$1.6 B(-9%)
Share Price (Jul 2021)$196.4(+3%)
Cybersecurity ratingAMore

Key People/Management at WEX

Melissa Smith

Melissa Smith

Chair, President and CEO
Rick Rose

Rick Rose

Managing Director Asia-Pacific
Jack VanWoerkom

Jack VanWoerkom

Vice Chairman and Lead Director
Roberto Simon

Roberto Simon

Chief Financial Officer
Steve Elder

Steve Elder

Senior Vice President, Global Investor Relations
Jay Dearborn

Jay Dearborn

President, Corporate Payments
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WEX Office Locations

WEX has offices in Portland, Chantilly, Cordova, Cottonwood Heights and in 25 other locations
Portland, ME, US (HQ)
1 Hancock St
Chantilly, VA, US
14151 Newbrook Dr
Cordova, TN, US
7130 Goodlett Farms Pkwy #100
Cottonwood Heights, UT, US
7090 Union Park Center #350
Edina, MN, US
5050 Lincoln Dr #100
Fargo, ND, US
4321 20th Ave S
Show all (35)

WEX Financials and Metrics

WEX Revenue

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WEX's revenue was reported to be $1.56 b in FY, 2020
USD

Revenue (Q1, 2021)

410.8m

Gross profit (Q1, 2021)

253.0m

Gross profit margin (Q1, 2021), %

61.6%

Net income (Q1, 2021)

23.2m

EBIT (Q1, 2021)

50.5m

Market capitalization (21-Jul-2021)

8.8b

Closing stock price (21-Jul-2021)

196.4

Cash (31-Mar-2021)

561.2m

EV

11.1b
WEX's current market capitalization is $8.8 b.
Annual
USDFY, 2016FY, 2017FY, 2018FY, 2019FY, 2020

Revenue

1.0b1.2b1.5b1.7b1.6b

Revenue growth, %

18%23%20%

Cost of goods sold

458.8m514.3m547.9m659.8m673.2m

Gross profit

553.7m734.3m944.7m1.1b886.7m
Quarterly
USDQ1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018Q1, 2019Q2, 2019Q1, 2020Q2, 2020Q1, 2021

Revenue

291.4m303.9m324.0m354.8m370.9m382.7m381.9m441.8m431.7m147.5m410.8m

Cost of goods sold

116.4m128.5m134.8m134.9m131.8m144.1m153.2m160.8m185.8m157.8m

Gross profit

174.9m175.4m189.2m219.9m239.1m238.6m228.6m281.0m245.8m253.0m

Gross profit Margin, %

60%58%58%62%64%62%60%64%57%62%
Annual
USDFY, 2016FY, 2017FY, 2018FY, 2019FY, 2020

Cash

190.9m503.5m541.5m810.9m852.0m

Accounts Receivable

2.1b2.5b2.6b2.7b2.0b

Prepaid Expenses

77.5m149.0m87.7m86.6m

Current Assets

3.2b3.4b3.8b3.5b
Quarterly
USDQ1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018Q1, 2019Q2, 2019Q1, 2020Q2, 2020Q1, 2021

Cash

204.0m219.0m251.1m373.2m310.8m533.4m387.3m768.4m861.2m1.3b561.2m

Accounts Receivable

2.2b2.5b2.6b2.8b3.1b3.1b2.8b3.2b2.1b1.9b2.5b

Prepaid Expenses

80.6m79.8m85.8m153.1m74.2m94.0m78.8m95.0m

Current Assets

3.4b3.7b3.9b3.6b4.3b3.3b3.6b3.7b
Annual
USDFY, 2016FY, 2017FY, 2018FY, 2019FY, 2020

Net Income

20.3m159.0m169.8m155.3m(280.5m)

Depreciation and Amortization

141.7m203.7m199.8m237.1m261.9m

Accounts Payable

66.2m195.8m(3.6m)139.2m(183.7m)

Cash From Operating Activities

(141.2m)135.4m400.2m663.2m857.0m
Quarterly
USDQ1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018Q1, 2019Q2, 2019Q1, 2020Q2, 2020Q1, 2021

Net Income

29.1m45.7m79.6m49.3m88.8m146.1m16.2m48.1m(12.3m)1.1m23.2m

Depreciation and Amortization

49.2m99.2m150.4m50.2m100.8m148.9m51.7m110.5m65.0m129.5m66.8m

Accounts Payable

60.7m111.3m228.3m133.7m220.9m371.4m245.7m420.2m(200.4m)(115.0m)350.6m

Cash From Operating Activities

(60.9m)(91.8m)(44.5m)85.2m(77.9m)183.1m70.1m79.4m340.2m725.9m(217.3m)
USDFY, 2016

Revenue/Employee

389.4k

Debt/Equity

1.3 x

Debt/Assets

0.3 x

Financial Leverage

4 x
Show all financial metrics

WEX Operating Metrics

FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017Q3, 2017FY, 2017Q1, 2018Q2, 2018Q3, 2018FY, 2018Q1, 2019Q2, 2019

Average Number of Vehicles Serviced

8.05 m9.27 m9.8 m9.73 m9.58 m9.52 m9.64 m10.34 m10 m10.57 m10.86 m11 m10.9 m11.5 m11.8 m11.7 m11.8 m13.1 m13.9 m

Customers (Health and Employee Benefit Solutions)

12 m17 m25 m28 m

Transactions

311.29 m81.93 m86.7 m89.58 m342.98 m89.1 m94.16 m102.95 m385.86 m102.77 m108.13 m110 m429.7 m109.8 m115.9 m117.7 m459.3 m115.4 m128 m

Vehicles Served

9.2 m9.4 m10.5 m11.4 m12.4 m
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WEX Acquisitions / Subsidiaries

Company NameDateDeal Size
eNettJanuary 27, 2020
Discovery BenefitsJanuary 21, 2019

WEX Revenue Breakdown

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WEX revenue breakdown by business segment: 65.3% from Fleet Solutions, 14.3% from Health and Employee Benefit Solutions and 20.3% from Travel and Corporate Solutions

WEX revenue breakdown by geographic segment: 9.7% from Other , 86.3% from United States and 4.1% from Other

WEX Cybersecurity Score

Cybersecurity ratingPremium dataset

A

90/100

SecurityScorecard logo

WEX Environment, Social & Governance (ESG) Ratings

CSRHub ESG ratingPremium dataset

40-49

out of 100

CSRHub logo

WEX Online and Social Media Presence

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WEX Company Culture

  • Overall Culture

    D

    58/100

  • CEO Rating

    C-

    64/100

  • Compensation

    D

    55/100

Learn more on Comparably

WEX Blogs

4 Facts You Should Know About Commuter Benefits

With many employees returning to the office, your work commute expenses may be on the rise. But so has your opportunity to save on these expenses. In our latest episode of our Benefits Buzz open enrollment series, watch our podcast below to learn how you can benefit with commuter benefits. Or keep r…

How do company gas cards work?

Did you recently join a fleet and were handed a gas card for your job? Or did your company recently get gas cards for its drivers? Welcome to the growing circle of gas card users.  This article will explain how to use your card, and what you must do to ensure that you and your... Read more » The pos…

Quick Answers to 10 Top FSA Questions

A flexible spending account (FSA) lets you save money by setting aside pre-tax dollars to pay for eligible medical, dental, vision and dependent care expenses incurred by you, your spouse or your eligible dependents. Whether you’re a newcomer to the account or have routinely participated in this ben…

Why You Should Embrace the Power of Benefits Data

You’re likely not a data scientist. The good news is that you don’t have to be. You’re less concerned with the numbers and more concerned with what the numbers tell you. And as data and analytics have taken on a larger role for the modern business, so too has their ease of use. Keep in... Read more …

What is a Dependent Care FSA?

A dependent care flexible spending account lets participants set aside pre-tax dollars to help pay for dependent care. Contributing to this benefit reduces taxable income and spreads the benefits of pre-tax dollars throughout the year, helping you save 30 percent or more on your dependent care costs…

Beyond the virtual card: How bank rails drive cross-border payments

E-commerce is now a quotidian thread in the fabric of our lives. The great majority of objects and services we buy can be found online, from appliances at Lowes.com to the work of artisans and craftspeople on sites like Etsy, it’s all there for the taking. In a recent Forbes article, Ilker Koksal sh…
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WEX Frequently Asked Questions

  • When was WEX founded?

    WEX was founded in 1983.

  • Who are WEX key executives?

    WEX's key executives are Melissa Smith, Rick Rose and Jack VanWoerkom.

  • How many employees does WEX have?

    WEX has 5,000 employees.

  • What is WEX revenue?

    Latest WEX annual revenue is $1.6 b.

  • What is WEX revenue per employee?

    Latest WEX revenue per employee is $312 k.

  • Who are WEX competitors?

    Competitors of WEX include Accuity, HSA Bank and Elavon.

  • Where is WEX headquarters?

    WEX headquarters is located at 1 Hancock St, Portland.

  • Where are WEX offices?

    WEX has offices in Portland, Chantilly, Cordova, Cottonwood Heights and in 25 other locations.

  • How many offices does WEX have?

    WEX has 35 offices.