What is WEX's debt-to-equity?

WEX (WEX) reported debt-to-equity of 4.1× in Q1 2026.

How has WEX's debt-to-equity changed year-over-year?

WEX's debt-to-equity decreased by 40.4% year-over-year, from 6.9× to 4.1×.

What is the long-term trend for WEX's debt-to-equity?

Over 5 years (2020 to 2025), WEX's debt-to-equity has grown at a 19.4% compound annual growth rate (CAGR), from 1.6× to 4×.

What does debt-to-equity mean?

Total debt (including capitalized leases and financing obligations) divided by shareholders' equity at the quarter end. Measures how much the company is financed by debt relative to equity.

WEX WEX Debt-to-equity

Debt-to-equity at other companies

U.S. BancorpUSB

1.2×-0.1×

CorpayCPAY

3×+0.6×

HQY

HealthEquityHQY

0.5×0.0×

Fidelity National Information ServicesFIS

1.3×+0.7×

Global PaymentsGPN

0.9×+0.2×

ACI WorldwideACIW

0.6×0.0×

Other financials

Income statement

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Revenue$673.8M+5.8%

Gross profit$393.7M+7.4%

Operating income$158.2M+0.6%

Net income$77.7M+8.7%

EPS (diluted)$2.22+22.7%

Balance sheet

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Cash & equivalents$1.2B-2.9%

Total debt$5.2B-6.2%

Total equity$1.3B+57.3%

Total assets$15.4B+10.5%

Cash flow

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Operating cash flow-$330.8M+31.3%

CapEx$37.5M+15.0%

Free cash flow-$368.3M+28.4%

Valuation

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Market cap$4.42B-13.8%

Enterprise value$8.42B-11.1%

P/E14.2×-2.0×

P/S1.6×-0.3×

Profitability

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Gross margin58.8%-1.3pp

Operating margin24.6%-1.4pp

Net margin11.5%-0.6pp

FCF margin17%+16.8pp

Returns & leverage

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Return on equity29.8%+5.4pp

Current ratio1×0.0×

Where this comes from

Calculated from WEX’s reported figures.

total debt/total stockholders equity=4.1×

Based on the most recent quarter.

The official record: WEX’s 10-Q, filed April 23, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is WEX's debt-to-equity?: WEX (WEX) reported debt-to-equity of 4.1× in Q1 2026.
How has WEX's debt-to-equity changed year-over-year?: WEX's debt-to-equity decreased by 40.4% year-over-year, from 6.9× to 4.1×.
What is the long-term trend for WEX's debt-to-equity?: Over 5 years (2020 to 2025), WEX's debt-to-equity has grown at a 19.4% compound annual growth rate (CAGR), from 1.6× to 4×.
What does debt-to-equity mean?: Total debt (including capitalized leases and financing obligations) divided by shareholders' equity at the quarter end. Measures how much the company is financed by debt relative to equity.