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WEX (WEX) Piotroski F-Score : 4 (As of Jul. 06, 2025)


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What is WEX Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

WEX has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for WEX's Piotroski F-Score or its related term are showing as below:

WEX' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 7
Current: 4

During the past 13 years, the highest Piotroski F-Score of WEX was 7. The lowest was 3. And the median was 5.


WEX Piotroski F-Score Historical Data

The historical data trend for WEX's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

WEX Piotroski F-Score Chart

WEX Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.00 5.00 7.00 7.00 4.00

WEX Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 6.00 6.00 4.00 4.00

Competitive Comparison of WEX's Piotroski F-Score

For the Software - Infrastructure subindustry, WEX's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


WEX's Piotroski F-Score Distribution in the Software Industry

For the Software industry and Technology sector, WEX's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where WEX's Piotroski F-Score falls into.


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How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar25) TTM:Last Year (Mar24) TTM:
Net Income was 77 + 102.9 + 63.9 + 71.5 = $315 Mil.
Cash Flow from Operations was -7 + 3.3 + 638.4 + -481.6 = $153 Mil.
Revenue was 673.5 + 665.5 + 636.5 + 636.6 = $2,612 Mil.
Gross Profit was 409.8 + 416.2 + 379 + 366.6 = $1,572 Mil.
Average Total Assets from the begining of this year (Mar24)
to the end of this year (Mar25) was
(14421.8 + 14246.9 + 13961.4 + 13321.6 + 13964.4) / 5 = $13983.22 Mil.
Total Assets at the begining of this year (Mar24) was $14,422 Mil.
Long-Term Debt & Capital Lease Obligation was $4,100 Mil.
Total Current Assets was $9,171 Mil.
Total Current Liabilities was $8,761 Mil.
Net Income was 95.3 + 18.4 + 84.9 + 65.8 = $264 Mil.

Revenue was 621.3 + 651.4 + 663.3 + 652.7 = $2,589 Mil.
Gross Profit was 386.3 + 416.3 + 407.4 + 385.5 = $1,596 Mil.
Average Total Assets from the begining of last year (Mar23)
to the end of last year (Mar24) was
(12727.3 + 13348 + 13900.4 + 13882.1 + 14421.8) / 5 = $13655.92 Mil.
Total Assets at the begining of last year (Mar23) was $12,727 Mil.
Long-Term Debt & Capital Lease Obligation was $3,082 Mil.
Total Current Assets was $9,535 Mil.
Total Current Liabilities was $8,986 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

WEX's current Net Income (TTM) was 315. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

WEX's current Cash Flow from Operations (TTM) was 153. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar24)
=315.3/14421.8
=0.02186274

ROA (Last Year)=Net Income/Total Assets (Mar23)
=264.4/12727.3
=0.02077424

WEX's return on assets of this year was 0.02186274. WEX's return on assets of last year was 0.02077424. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

WEX's current Net Income (TTM) was 315. WEX's current Cash Flow from Operations (TTM) was 153. ==> 153 <= 315 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar24 to Mar25
=4099.5/13983.22
=0.29317282

Gearing (Last Year: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=3081.5/13655.92
=0.22565305

WEX's gearing of this year was 0.29317282. WEX's gearing of last year was 0.22565305. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Mar25)=Total Current Assets/Total Current Liabilities
=9171/8761
=1.04679831

Current Ratio (Last Year: Mar24)=Total Current Assets/Total Current Liabilities
=9534.5/8985.5
=1.06109844

WEX's current ratio of this year was 1.04679831. WEX's current ratio of last year was 1.06109844. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

WEX's number of shares in issue this year was 39.4. WEX's number of shares in issue last year was 42.4. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=1571.6/2612.1
=0.6016615

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1595.5/2588.7
=0.61633252

WEX's gross margin of this year was 0.6016615. WEX's gross margin of last year was 0.61633252. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar24)
=2612.1/14421.8
=0.18112164

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar23)
=2588.7/12727.3
=0.20339742

WEX's asset turnover of this year was 0.18112164. WEX's asset turnover of last year was 0.20339742. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+0+0+0+1+0+0
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

WEX has an F-score of 4 indicating the company's financial situation is typical for a stable company.

WEX  (NYSE:WEX) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


WEX Piotroski F-Score Related Terms

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WEX Business Description

Traded in Other Exchanges
Address
1 Hancock Street, Portland, ME, USA, 04101
WEX Inc is a provider of corporate payment solutions. The company operates three business segments: Mobility, Benefits, and Corporate Payments. Mobility segment, the top segment by revenue, provides fleet vehicle payment solutions, transaction processing, and information management services for commercial and government fleets. The Corporate Payments segment offers business-to-business payment processing and transaction monitoring services. The Benefits segment generates revenue from healthcare payment products and its consumer-directed software platform. Wex's largest end market is the United States of America.
Executives
Melanie J Tinto officer: Chief Human Resources Officer C/O WEX INC., 97 DARLING AVENUE, SOUTH PORTLAND ME 04106
Robert Joseph Deshaies officer: President, WEX Health C/O WEX INC., 97 DARLING AVENUE, SOUTH PORTLAND ME 04106
Jagtar Narula officer: Chief Financial Officer 333 THREE D SYSTEMS CIRCLE, ROCK HILL SC 29730
Ann Elena Drew officer: Chief Risk and Compliance C/0 WEX INC., 97 DARLING AVENUE, SOUTH PORTLAND ME 04106
Jennifer Kimball officer: Interim CFO C/O WEX INC., 97 DARLING AVENUE, SOUTH PORTLAND ME 04106
Carlos Carriedo officer: COO, International C/0 WEX INC., 97 DARLING AVENUE, SOUTH PORTLAND ME 04106
Hilary A Rapkin officer: SVP, Gen. Counsel & Corp. Sec. C/O WRIGHT EXPRESS CORPORATION, 97 DARLING AVENUE, SOUTH PORTLAND ME 04106
Melissa D Goodwin officer: SVP, Finance and CFO C/O WRIGHT EXPRESS CORPORATION, 97 DARLING AVENUE, SOUTH PORTLAND ME 04106
Jack Vanwoerkom director
Stephen Montgomery Smith director C/O WEX INC., 97 DARLING AVENUE, SOUTH PORTLAND ME 04106
James R Groch director 50 SOUTH 16TH STREET, SUITE 3000, PHILADELPHIA PA 19102
Regina O Sommer director 201 JONES RD, WALTHAM MA 02451
David G Cooper officer: Chief Technology Officer C/O WEX INC., 9, SOUTH PORTLAND ME 04106
Derrick A. Roman director C/O COMMSCOPE HOLDING COMPANY, INC., 1100 COMMSCOPE PLACE, SE, HICKORY NC 28602
Karen B. Stroup officer: Chief Digital Officer 440 S. CHURCH STREET, SUITE 700, CHARLOTTE NC 28202