$WEX Inc (WEX.US)$The stock price has increased 25% since it...

Launched in 2005, it mainly deals with fleet solutions and corporate payment services. It looks similar to Fleetcor Technologies. 88% of the market is in the US, and the current price is 208.2.

In the past 5 years, revenue has increased for 4 years, with an average growth rate of 13.5%. Operating profit increased for 3 years excluding 2019 and 2020, with an average growth rate of 18.8%, of which in 2022 it increased 77.3%. Net profit lost 280 million dollars in 2020 due to a sharp decline in gross margin and significant depreciation. Obviously, financial bathing behavior has not increased much over 5 years. Interest expenses account for 22% of operating profit in 2022, and the interest burden is very heavy. Minority shareholders earned $136 million in 2021, and minority shareholders returned $34 million in 2022 when profits increased. The increase in earnings per share was actually distorted.

The gross margin fell from 63.3% to 60.4% in the past 5 years.

In the first three quarters of 2023, revenue increased 8.8%, operating profit increased 8.3%, and net profit increased significantly due to impairment.

The current price-earnings ratio is 44.85, and the price-earnings ratio after deducting the influence of minority shareholders is 54, which is unattractive.