$WEX Inc (WEX.US)$In the inventory count in the autumn of 20...

Listed in 2005, mainly engaged in fleet solution and corporate payment business, similar to Fleetcor Technologies, 88% of the market is in the USA, and the current price is 208.2.

In the past five years, revenue has grown for 4 years except 2020, with an average growth rate of 13.5%. Operating profit has grown for 3 years except 2019 and 2020, with an average growth rate of 18.8%. Among them, it grew by 77.3% in 2022. Net income suffered a loss of 0.28 billion in 2020 due to a significant decline in gross margin and impairment, which is a clear financial bath behavior. Overall, there is not much growth in the past five years. In 2022, interest expense accounted for 22% of operating profit, indicating a heavy interest burden. Minority shareholder income was 0.136 billion in 2021, and in 2022, minority shareholders returned 0.034 billion in the case of increased profits, so the growth in earnings per share is actually distorted.

The gross margin has declined from 63.3% to 60.4% in the past five years.

Revenue in the first three quarters of 2023 increased by 8.8%, operating profit increased by 8.3%, and net income increased significantly due to impairment.

Currently, the P/E ratio is 44.85, and the P/E ratio excluding the impact of minority shareholders is 54, which lacks attractiveness.