Stock fact sheet · data as of
WEX Inc. (WEX): fair value, margin of safety and Wheel Score
Ticker symbol WEX · Technology · Software - Infrastructure · United States · Blend
Is WEX undervalued?
WEX Inc. (WEX) closed at 180.11 on 5 Nov 2026, close to the GLS average fair value of 170.16 (5.8% above fair value). 2 of the 6 models that produced a number sit above the price, 4 below - the market and our models roughly agree. With little margin of safety either way, the case for or against the stock rests on the quality numbers and the option premium rather than on price.
The 6 models disagree widely: Lynch gives 73.24 while DCF gives 399.45. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, neither cheapness nor growth clearly wins for WEX, so the nightly engine files it under Blend (value score 34, growth score 32, out of 100).
Nine valuation models for WEX
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 399.45 | +122% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 95.53 | -47% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 242.43 | +35% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 73.24 | -59% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 77.68 | -57% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 132.61 | -26% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -105.04 | -158% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 185.00 | +3% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - WEX passes 5 of the nine Piotroski tests, which falls one point short of the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is 5.2 out of 10: a record that is solid on some of the four parts the score weighs (returns on capital, pricing power, lasting growth, balance sheet) and weaker on others.
Returns on capital are thin or negative - ROIC 5.0%, ROE 24.6%, ROA 2.1% - with debt at 3.94 times equity and negative free cash flow. Debt of 3.94 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
WEX Inc. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Payment Processing Revenue 44%, Account Servicing Revenue 24%, Product and Service, Other 17% (quarter Q3 FY2026).
Institutional ownership scores 10/10, insider activity 3/10 and Congressional trading 5/10 on the GLS smart-money scales; the last recorded insider buy was on 14 Sep 2026.
| Piotroski F-score | 5 / 9 | ROIC | 5.0% |
|---|---|---|---|
| GLS Moat | 5.2 / 10 | ROE | 24.6% |
| Debt / equity | 3.94 | ROA | 2.1% |
| Free-cash-flow yield | -4.9% | Payout ratio | 0% |
| Institutions | 10 / 10 | Insiders · Congress | 3 · 5 / 10 |
Wheel Score 35: Weak
WEX scores 35 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 3, below fair value - trades 6% above our fair value; and filter 4, financially healthy - Piotroski 5/9 (under 6); and filter 5, can repay its debt - 7.8 years to repay its debt (over 3), and the parts are thin too - value weak, premium strong, moat fair, health fair, red flags good, option trading weak, stability good. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 38% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 1,767 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 1.0M shares a day on a market cap of $5.9B, with a beta of 0.91; the Stability part of the Wheel Score rates that good.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Fails | trades 6% above our fair value |
| 4 | Financially healthy | Fails | Piotroski 5/9 (under 6) |
| 5 | Can repay its debt | Fails | 7.8 years to repay its debt (over 3) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 6% above fair value | |
| Premium | Strong | implied volatility 38% | |
| Moat | Fair | moat 5.2/10 | |
| Health | Fair | Piotroski 5/9 | |
| Red Flags | Good | Red Flags score 87/100 | |
| Option trading | Weak | 274 contracts a day, 1,767 open interest | |
| Stability | Good | beta 0.91, $5.9B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 3 Feb 2027, 90 days away - outside the window of a 30-45-day put sold today.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Software - Infrastructure
The 12 companies below are the closest to WEX Inc. by market cap within the Software - Infrastructure industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| ACIW ACI Worldwide, Inc. | 59.19 | 67.27 | +12% | 44Weak | $6.0B |
| MBGL Mobility Global Inc | 19.79 | 8.56 | -131% | 35Weak | $5.8B |
| BOX Box, Inc. | 44.05 | 34.44 | -28% | 43Weak | $6.0B |
| RELY Remitly Global, Inc. | 27.08 | 53.98 | +50% | 49Weak | $5.7B |
| VRNS Varonis Systems, Inc. | 48.80 | 20.74 | -135% | 22Weak | $5.6B |
| ZVLO zvelo, Inc. | 252.00 | - | - | 15No options | $6.7B |
| TENB Tenable Holdings, Inc. | 47.34 | 13.09 | -262% | 40Weak | $5.2B |
| BB BlackBerry Limited | 8.76 | 3.00 | -192% | 41Weak | $5.1B |
| PATH UiPath Inc. | 13.51 | 19.09 | +29% | 83Good | $7.0B |
| QLYS Qualys, Inc. | 210.89 | 177.94 | -19% | 41Weak | $7.3B |
| DOX Amdocs Limited | 43.66 | 77.34 | +44% | 84Good | $4.7B |
| FOUR Shift4 Payments, Inc. | 44.77 | 72.09 | +38% | 43Weak | $4.7B |
Scan the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about WEX
Is WEX undervalued right now?
Not meaningfully: at 180.11 the stock trades within a few percent of the GLS average fair value of 170.16 (5.8% above fair value, data as of 5 Nov 2026).
What is the Wheel Score of WEX and what does it mean?
WEX scores 35 out of 100 (Weak) - it fails Wheel Trade Filters 3, 4, 5. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for WEX?
170.16 per share as of 5 Nov 2026 - the simple average of the 6 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does WEX Inc. report earnings next?
The next earnings report is due on 3 Feb 2027, 90 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does WEX have listed options, and how liquid are they?
Yes. The nightly snapshot found 92 listed contracts with 1,767 open interest across all expiries and implied volatility of 38% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.