Demonstrações financeiras detalhadas de WEX Inc. (WEX): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
WEX Inc. registou receitas de $2.66B no último exercício, com um CAGR de 5 anos de 11.3%.
Margens dos últimos 12 meses: margem bruta 56.7%, margem operacional 25.5%, margem líquida 12.6%. O fluxo de caixa livre cresceu a CAGR de -16.6% em 5 anos.
Ao preço atual de $193.31, WEX negocia a um P/L de 19.26 e um ROE de 28.22%. A capitalização de mercado é de $6.6B.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $1.01B | $1.25B | $1.49B | $1.72B | $1.56B | $1.85B | $2.35B | $2.55B | $2.63B | $2.66B |
| Custo da Receita | $458.8M | $514.3M | $547.9M | $659.8M | $673.2M | $702.2M | $930.5M | $973.3M | $1.04B | $1.20B |
| Lucro Bruto | $553.7M | $734.3M | $944.7M | $1.06B | $886.7M | $1.15B | $1.42B | $1.57B | $1.59B | $1.46B |
| P&D | 0 | 0 | 0 | 0 | 0 | $74.2M | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $316.4M | $348.0M | $438.6M | $535.7M | $558.8M | $646.0M | $655.7M | $755.8M | $716.8M | $717.2M |
| Despesas Operacionais | $395.2M | $500.9M | $564.1M | $678.1M | $978.4M | $806.4M | $950.3M | $927.6M | $904.2M | $783.6M |
| Lucro Operacional | $158.5M | $233.4M | $380.6M | $385.8M | -$91.7M | $342.0M | $469.8M | $647.1M | $686.3M | $676.0M |
| EBITDA | $304.0M | $485.2M | $543.4M | $588.3M | $117.9M | $565.7M | $571.9M | $849.6M | $975.0M | $994.9M |
| Despesas com Juros | $113.4M | $107.1M | $105.0M | $134.7M | $157.1M | $89.2M | $47.5M | $204.6M | $235.9M | $240.6M |
| Lucro Antes de Impostos | $48.9M | $174.4M | $238.6M | $216.5M | -$301.1M | $203.9M | $260.5M | $368.8M | $417.8M | $420.2M |
| Imposto | $28.6M | $15.4M | $68.8M | $61.2M | -$20.6M | $67.8M | $93.1M | $102.2M | $108.2M | $116.1M |
| Lucro Líquido | $23.5M | $160.1M | $168.3M | $99.0M | -$243.6M | $100000 | $201.4M | $266.6M | $309.6M | $304.1M |
| LPA | $1.49 | $3.73 | $3.90 | $3.59 | $-6.40 | $0.00 | $4.54 | $6.23 | $7.59 | $8.57 |
| LPA Diluído | $1.48 | $3.73 | $3.86 | $3.55 | $-6.40 | $0.00 | $4.50 | $6.16 | $7.50 | $8.47 |
| Ações em Circulação (Diluídas) | $40.9M | $43.0M | $43.6M | $43.8M | $43.8M | $45.3M | $44.7M | $43.3M | $41.3M | $35.9M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $691.8M | $672.9M | $673.8M | $753.5M |
| Lucro Bruto | $417.5M | $366.3M | $379.3M | $420.2M |
| Lucro Operacional | $183.6M | $166.6M | $158.2M | $203.2M |
| EBITDA | $219.2M | $251.3M | $243.7M | $242.6M |
| Lucro Líquido | $80.3M | $84.3M | $77.7M | $108.5M |
| LPA | $2.34 | $2.45 | $2.25 | $3.13 |
| LPA Diluído | $2.30 | $2.41 | $2.22 | $3.11 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $190.9M | $508.1M | $541.5M | $981.4M | $1.33B | $1.26B | $1.86B | $975.8M | $595.8M | $905.8M |
| Investimentos de Curto Prazo | $23.5M | $23.4M | 0 | 0 | 0 | $948.7M | $1.40B | $3.02B | $3.76B | $4.33B |
| Contas a Receber | $2.05B | $2.46B | $2.58B | $2.78B | $2.09B | $3.03B | $3.44B | $3.57B | $3.01B | $3.49B |
| Estoque | -$11.7M | 0 | $123.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $2.37B | $3.21B | $3.40B | $3.84B | $3.50B | $5.30B | $6.82B | $8.94B | $8.52B | $9.71B |
| Imobilizado | $167.3M | $163.9M | $187.9M | $280.8M | $273.4M | $259.0M | $269.1M | $304.7M | $261.2M | $253.7M |
| Ágio | $1.84B | $1.88B | $1.83B | $2.44B | $2.69B | $2.91B | $2.73B | $3.02B | $2.98B | $3.02B |
| Ativos Intangíveis | $1.27B | $1.15B | $1.03B | $1.58B | $1.55B | $1.64B | $1.47B | $1.46B | $1.26B | $1.09B |
| Ativos Totais | $6.08B | $6.74B | $6.77B | $8.30B | $8.18B | $10.31B | $11.53B | $13.88B | $13.32B | $14.40B |
| Contas a Pagar | $617.1M | $752.4M | $814.7M | $853.0M | $647.1M | $880.1M | $1.23B | $1.32B | $952.7M | $925.3M |
| Dívida de Curto Prazo | 0 | $397.2M | $216.5M | $261.7M | $169.2M | $171.3M | $214.4M | $1.04B | $1.29B | $1.33B |
| Passivos Circulantes | $940.6M | $1.13B | $2.31B | $3.05B | $2.74B | $4.40B | $6.29B | $8.52B | $8.33B | $9.29B |
| Dívida de Longo Prazo | $1.99B | $2.03B | $2.13B | $2.69B | $2.87B | $2.70B | $2.52B | $2.83B | $3.08B | $3.53B |
| Passivos Totais | $4.57B | $5.02B | $4.97B | $6.21B | $6.15B | $8.21B | $9.88B | $12.06B | $11.83B | $13.16B |
| Reservas | $1.24B | $1.40B | $1.48B | $1.54B | $1.29B | $1.29B | $1.49B | $1.76B | $2.07B | $2.37B |
| Patrimônio Líquido | $1.50B | $1.71B | $1.79B | $1.93B | $1.90B | $1.84B | $1.65B | $1.82B | $1.49B | $1.23B |
| Dívida Total | $2.20B | $2.42B | $2.35B | $3.02B | $3.13B | $2.95B | $2.81B | $3.87B | $4.45B | $4.86B |
| Dívida Líquida | $1.99B | $1.89B | $1.81B | $2.03B | $1.80B | $742.2M | -$450.2M | -$129.3M | $85.3M | -$380.4M |
| Capital de Giro | $1.43B | $2.07B | $1.09B | $792.4M | $762.0M | $899.8M | $523.1M | $416.1M | $188.2M | $426.4M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $812.9M | $905.8M | $633.5M | $1.16B |
| Ativos Totais | $14.43B | $14.40B | $15.43B | $16.50B |
| Passivos Totais | $13.31B | $13.16B | $14.15B | $15.15B |
| Patrimônio Líquido | $1.12B | $1.23B | $1.27B | $1.34B |
| Dívida Total | $5.03B | $4.86B | $5.24B | $5.36B |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $57.5M | $159.2M | $169.8M | $155.3M | -$280.5M | $136.1M | $167.5M | $266.6M | $309.6M | $304.1M |
| Depreciação e Amortização | $141.7M | $203.7M | $199.8M | $237.1M | $261.9M | $272.6M | $263.9M | $276.2M | $321.3M | $331.1M |
| Compensação em Ações | $19.7M | $30.5M | $33.9M | $45.8M | $63.9M | $74.8M | $97.9M | $127.0M | $112.2M | $100.3M |
| Variação Capital de Giro | -$441.8M | -$344.7M | -$139.1M | $100.8M | $589.1M | -$419.0M | -$195.5M | -$5.4M | -$371.3M | -$414.0M |
| Fluxo de Caixa Operacional | -$151.1M | $132.9M | $400.2M | $663.2M | $857.0M | $150.4M | $679.4M | $907.9M | $481.4M | $454.3M |
| CapEx | -$65.8M | -$79.3M | -$87.2M | -$102.9M | -$80.5M | -$86.0M | -$116.2M | -$143.6M | -$147.3M | -$140.6M |
| Aquisições | -$1.09B | -$84.4M | -$165.5M | -$882.4M | -$243.2M | -$558.8M | 0 | -$402.0M | -$900000 | 0 |
| Recompra de Ações | -$2.2M | -$9.5M | 0 | 0 | 0 | 0 | -$282.8M | -$303.4M | -$652.0M | -$799.8M |
| Dividendos Pagos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | -$216.9M | $53.7M | $313.1M | $560.3M | $776.5M | $64.4M | $563.2M | $763.9M | $334.1M | $313.7M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $376.6M | $294.7M | -$330.8M | -$77.6M |
| CapEx | -$35.0M | -$38.4M | -$37.5M | -$43.5M |
| Fluxo de Caixa Livre | $341.6M | $256.3M | -$368.3M | -$121.1M |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | $33.5M | 0 | $27.5M | -$27.5M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +23.3% | +19.5% | +15.5% | -9.5% | +18.6% | +27.0% | +8.4% | +3.1% | +1.2% |
| Crescimento Lucro Líquido (anual) | | +581.1% | +5.1% | -41.2% | -346.1% | +100.0% | +201300.0% | +32.4% | +16.1% | -1.8% |
| Crescimento LPA (anual) | | +150.3% | +4.6% | -7.9% | -278.3% | +100.0% | +206263.6% | +37.2% | +21.8% | +12.9% |
| Variação de Ações (anual) | | +5.2% | +1.3% | +0.4% | +0.2% | +3.4% | -1.3% | -3.2% | -4.6% | -13.1% |
| Crescimento FCF (anual) | | +124.7% | +483.3% | +79.0% | +38.6% | -91.7% | +775.1% | +35.6% | -56.3% | -6.1% |
| Margem Bruta | 54.7% | 58.8% | 63.3% | 61.7% | 56.8% | 62.1% | 60.4% | 61.8% | 60.5% | 54.9% |
| Margem Operacional | 15.7% | 18.7% | 25.5% | 22.4% | -5.9% | 18.5% | 20.0% | 25.4% | 26.1% | 25.4% |
| Margem EBITDA | 30.0% | 38.9% | 36.4% | 34.1% | 7.6% | 30.6% | 24.3% | 33.3% | 37.1% | 37.4% |
| Margem Líquida | 2.3% | 12.8% | 11.3% | 5.7% | -15.6% | 0.0% | 8.6% | 10.5% | 11.8% | 11.4% |
| Margem FCF | -21.4% | 4.3% | 21.0% | 32.5% | 49.8% | 3.5% | 24.0% | 30.0% | 12.7% | 11.8% |
| Taxa Efetiva de Imposto | 58.4% | 8.9% | 28.9% | 28.3% | 6.8% | 33.3% | 35.7% | 27.7% | 25.9% | 27.6% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $-5.30 | $1.25 | $7.18 | $12.80 | $17.71 | $1.42 | $12.59 | $17.64 | $8.09 | $8.74 |
| Dividendo por Ação | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $40.8M | $43.0M | $43.2M | $43.3M | $43.8M | $44.7M | $44.4M | $42.8M | $40.8M | $35.5M |
O que olhar em empresas de Technology
- Crescimento de receita 3a (≥15%/ano) — Valida tração sustentada, não um ano pontual.
- Margem bruta (Depende do sub-setor) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Receita (≥20%) — Caixa real gerada. Muitas tech maquilham lucros não-GAAP.
- ROIC (≥15%) — Eficiência do capital reinvestido — a primeira métrica de Buffett.
- SBC / Receita (<10% saudável) — Stock-based compensation. Diluição silenciosa: >20% destrói valor.
- Dívida Líquida / EBITDA (≤2x (1,5x SaaS)) — Resistência em recessões e subidas de juros.
Rentabilidade
| Retorno sobre patrimônio | 28.22% |
| Retorno sobre capital investido | 7.31% |
| Retorno sobre ativos | 2.13% |
| Margem bruta | 56.71% |
| Margem operacional | 25.49% |
| Margem líquida | 12.56% |
Saúde financeira
| Dívida / Patrimônio | 3.98 |
| Liquidez corrente | 1.04 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 0.85 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 74.90 | 37.86 | 35.91 | 58.35 | -31.80 | 63813.64 | 36.05 | 31.23 | 23.10 | 17.38 |
| P/VP | 3.04 | 3.55 | 3.38 | 4.71 | 4.68 | 3.41 | 4.40 | 4.57 | 4.80 | 4.28 |
| P/V | 4.50 | 4.86 | 4.05 | 5.26 | 5.72 | 3.39 | 3.09 | 3.27 | 2.72 | 1.99 |
| Margem Bruta | 54.7% | 58.8% | 63.3% | 61.7% | 56.8% | 62.1% | 60.4% | 61.8% | 60.5% | 54.9% |
| Margem Operacional | 15.7% | 18.7% | 25.5% | 22.4% | -5.9% | 18.5% | 20.0% | 25.4% | 26.1% | 25.4% |
| Margem Líquida | 2.3% | 12.8% | 11.3% | 5.7% | -15.6% | 0.0% | 8.6% | 10.5% | 11.8% | 11.4% |