Positioning no disclosures inside 60 days, left as found
Options put/call open interest 1.68, read 2026-10-29
Ethical does not pass the values gate
Price184.87 USD
Fair value224.00
Ethical score70.0/100
Our investment reviews on this name
2026-10-26Read Markup185.12-0.1% to today Markdown gives way to Markup after a 7% rise in 11 days
2026-10-15Read Markdown172.43+7.2% to today Distribution gives way to Markdown with results news in the headlines
2026-10-02Read Distribution168.66+9.6% to today Accumulation gives way to Distribution after a 12% slide in 2 weeks
2026-09-17Read Accumulation191.52-3.5% to today Markup gives way to Accumulation
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
WEX Inc. holds its Markup at $184.87. The statistical read favours the sellers, held for 106 days.
As held on the ledger · 2026-11-02
Phase
Markup
Quantitative state
The statistical read favours the sellers, held for 106 days
Price at the screen
$184.87
Valuation
18.46 trailing · 8.69 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.85
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
33.74%
Below 33%
Interest-bearing debt is 33.7% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.65%
Below 33%
Cash held in interest-bearing accounts and securities is 0.7% of assets, under the one-third limit.
Pass
Receivables
29.64%
Below 49%
Money owed to the company is 29.6% of assets, under the 49% limit.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
WEX's business is in a permissible area, but its interest-bearing debt is about 34% of the company, just over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-02. It updates when the underlying figures move, and past reads are kept below.
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Today WEX does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Fair value range in USD, drawn from the 2026-11-02 screen. The gold marker is the market price at the same screen. A 21.3% margin of safety to the base estimate.
Where our models see it going: fair-value estimate $224.00, with a range of $224.00 to $369.22, dated to the 2026-11-02 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Fleet payments platform shows thin growth at any price
Every time a haulage firm settles its fuel bill on the road, WEX sits in the middle taking a cut. The business clears solid returns, with return on equity at 30 percent and a 12 percent profit margin, yet revenue is expanding only 6 percent a year. That pace leaves little room for error even though the shares trade at 8.1 times forward earnings and sit 27 percent below our own fair value.
We pass. The 10 analysts covering the name carry a buy rating and a median target of just 168 dollars, barely above the current 164 dollar price. Without a clearer moat or faster top-line momentum the valuation gap offers no real margin of comfort once modest growth is priced in.
Currency moves, fuel-price swings and competition from larger card networks keep execution risk elevated. The ethical screen is clear, yet the numbers still do not justify ownership today. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
WEX trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-28Markup$185.12+0.0%Entry 15
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 21% above its long-term trend line with momentum reading overbought. Over the past year the shares are down 3%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (10 analysts) rates it none, with a mean price target of $181. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Markup$185.12+0.0%Entry 14
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 21% above its long-term trend line with momentum reading overbought. Over the past year the shares are down 3%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (10 analysts) rates it none, with a mean price target of $181. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-26Markup · changed$185.12+0.0%Entry 13
The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 21% above its long-term trend line with momentum reading overbought. Over the past year the shares are down 3%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (10 analysts) rates it none, with a mean price target of $181. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Markdown$185.12+0.0%Entry 12
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 8% above its long-term trend line with momentum reading bearish. Over the past year the shares are down 3%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (10 analysts) rates it none, with a mean price target of $181. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-24Markdown$185.12+0.0%Entry 11
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 8% above its long-term trend line with momentum reading bearish. Over the past year the shares are down 3%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (10 analysts) rates it none, with a mean price target of $181. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-23Markdown$185.12+0.0%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 8% above its long-term trend line with momentum reading bearish. Over the past year the shares are down 3%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (10 analysts) rates it none, with a mean price target of $181. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-22Markdown$185.12+0.0%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 8% above its long-term trend line with momentum reading bearish. Over the past year the shares are down 3%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (10 analysts) rates it none, with a mean price target of $181. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-21Markdown$185.12+7.4%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 7.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 8% above its long-term trend line with momentum reading bearish. Over the past year the shares are down 3%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (10 analysts) rates it none, with a mean price target of $181. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-15Markdown · changed$172.43+2.2%Entry 7
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 2.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 3%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (10 analysts) rates it none, with a mean price target of $181. Insiders have been net sellers over the past quarter.
The framework has shifted from accumulation to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 11.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 3%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (10 analysts) rates it none, with a mean price target of $181.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.