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, US
Websitewexinc.com
Employee Ratings3.7
Overall CultureD+

Latest Updates

Employees (est.) (Dec 2019)5,000(+36%)
Job Openings65
Revenue (FY, 2019)$1.7 B(+16%)
Share Price (Nov 2020)$171.7 (-1%)
Cybersecurity ratingBMore

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, US (HQ)
1 Hancock St
Chantilly, US
14151 Newbrook Dr
Cordova, US
7130 Goodlett Farms Pkwy #100
Cottonwood Heights, US
7090 Union Park Center #350
Edina, US
5050 Lincoln Dr #100
Fargo, US
4321 20th Ave S
Show all (35)

WEX Financials and Metrics

WEX Revenue

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View revenue for all periods
WEX's revenue was reported to be $1.72 b in FY, 2019
USD

Revenue (Q2, 2020)

147.5m

Market capitalization (20-Nov-2020)

7.7b

Closing stock price (20-Nov-2020)

171.7

Cash (30-Jun-2020)

1.3b

EV

9.2b
WEX's current market capitalization is $7.7 b.
Annual
USDFY, 2016FY, 2017FY, 2018FY, 2019

Revenue

1.0b1.2b1.5b1.7b

Revenue growth, %

18%23%20%

Cost of goods sold

458.8m514.3m547.9m659.8m

Gross profit

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

Revenue

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

Cost of goods sold

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

Gross profit

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

Gross profit Margin, %

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

Cash

190.9m503.5m541.5m810.9m

Accounts Receivable

2.1b2.5b2.6b2.7b

Prepaid Expenses

77.5m149.0m87.7m

Current Assets

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

Cash

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

Accounts Receivable

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

Prepaid Expenses

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

Current Assets

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

Net Income

20.3m159.0m169.8m155.3m

Depreciation and Amortization

141.7m203.7m199.8m237.1m

Accounts Payable

66.2m195.8m(3.6m)139.2m

Cash From Operating Activities

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

Net Income

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

Depreciation and Amortization

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

Accounts Payable

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

Cash From Operating Activities

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

Revenue/Employee

389.4k

Debt/Equity

1.3 x

Debt/Assets

0.3 x

Financial Leverage

4 x
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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 m9.80 m9.73 m9.58 m9.52 m9.64 m10.34 m10 m10.57 m10.86 m11 m10.90 m11.50 m11.80 m11.70 m11.80 m13.10 m13.90 m

Customers (Health and Employee Benefit Solutions)

12 m17 m25 m28 m

Transactions

311.29 m81.93 m86.70 m89.58 m342.98 m89.10 m94.16 m102.95 m385.86 m102.77 m108.13 m110 m429.70 m109.80 m115.90 m117.70 m459.30 m115.40 m128 m

Vehicles Served

9.20 m9.40 m10.50 m11.40 m12.40 m
Show all operating metrics

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

B

80/100

SecurityScorecard logo

WEX Online and Social Media Presence

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WEX Company Culture

  • Overall Culture

    D+

    60/100

  • CEO Rating

    A

    78/100

  • Compensation

    C-

    61/100

Learn more on Comparably

WEX Blogs

5 Tips to Help Employees With FSA Spend Down

Medical flexible spending accounts (medical FSAs) are use-or-lose accounts. There are limits as to whether (or how much of) your employees’ FSA funds can be carried over into the next plan year.  Do your employees know they should spend down their FSA balance? If they don’t, they could risk forfeiti…

3 Surprising Ways Your Employees Can Save With Commuter Benefits

You’re always looking for an edge when it comes to recruiting and retaining employees. And why not, especially when employee turnover costs an estimated $15,000 for every employee you need to replace? Your employee benefits package is one way to get that edge. And commuter benefits are one way you c…

Will We Have a Twindemic? What You Need to Know

If you’ve been hearing the term “twindemic” a lot recently, you’re not alone. A twindemic describes the potential for two pandemics at once: the COVID-19 pandemic and a possible flu pandemic this winter.  Why should I be concerned about a twindemic? This will be our first peak flu season during the …

My HSA Story: 3 Americans Tell Us Why They Love Their HSAs

As part of HSA Day on October 15, we talked to three health savings account (HSA) participants to learn about how they first discovered the benefits of an HSA, how an HSA helps them meet their financial goals, and what they’re loving right now about their accounts.  Here’s how three HSA participants…

COVID Caused B2B Tipping Point To Digital Payments

PYMNTS Feature: Jay Dearborn Discusses COVID’s Impact on B2B Payments  How Will COVID Crisis Impact The Way Companies Make Payments? In a recent interview for PYMNTS’ Masterclass series, Jay Dearborn, President, WEX Corporate Payments, discussed the impact of COVID-19 on B2B payments and how during …

7 Unforgettable Moments from HSA Day 2020

HSA Day 2020 has come and gone, but the tips and insight shared won’t soon be forgotten. We invited Americans to say “Hello to HSAs” on October 15, and they did just that.  A health savings account (HSA) is made to benefit Americans at any stage of their life; it’s a conversation we kicked off... Re…
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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 $1.7 b.

  • What is WEX revenue per employee?

    Latest WEX revenue per employee is $344.7 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.