WEXWEX Inc.
Services-Business Services, NEC
- Revenue
- $1.8B
- 1.2% YoY
- Operating margin
- 36.0%
- 2.1% YoY
- EBITDA
- $995M
- 1.3% YoY
- Market cap
- $6.1B
- Employees
- 6,600
- $280K revenue each
- Net debt / EBITDA
- 2.4×
- $2.4B net debt
- AI in 10-K
- 5.6
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo149% of net incomeCash flow under 80% of net income
- Dilutive SBCNo5% of revenueOver 10% of revenue
- Payouts exceed cash flowYes176% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo19% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$280K · 20th pctBottom quartile of its SIC industry
- Quiet on AINo5.6 per 10K words · 84th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.4× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$6.1B market capMarket cap $500M–$5B
Catalysts 2 of 2
- Active 13DYes3 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$10M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.7B | $1.8B | $1.9B | $1.8B | 1.2% |
| Operating income | $342M | $470M | $647M | $686M | $664M | 3.3% |
| Net income | $135M | $167M | $267M | $310M | $304M | 1.8% |
| Operating cash flow | −$43M | $679M | $908M | $481M | $454M | 5.6% |
| Capex | $86M | $113M | $144M | $147M | $141M | 4.5% |
| Stock-based comp | $75M | $98M | $127M | $112M | $100M | 11% |
| Buybacks | $0 | $283M | $303M | $652M | $800M | 23% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Apr 1, 2026 | Impactive Capital LP | SCHEDULE 13D/A | 4.9% | Passive |
| Feb 9, 2026 | Impactive Capital LP | SCHEDULE 13D/A | 5.0% | Active |
| Oct 20, 2025 | Impactive Capital LP | SCHEDULE 13D/A | 6.4% | Active |
| May 23, 2025 | Impactive Capital LP | SCHEDULE 13D/A | 28.1% | Active |
| May 2, 2025 | Impactive Capital LP | SCHEDULE 13D/A | 7.0% | Active |
| Mar 6, 2025 | Impactive Capital LP | SCHEDULE 13D/A | 6.7% | Active |
| Dec 9, 2022 | Impactive Capital LP | SC 13D | 5.0% | Active |
Insider trading
- Open-market buys, 12 mo
- $359K · 2
- Open-market sells, 12 mo
- $11M · 40
- Net
- −$10M
Pay vs performance
No pay-versus-performance disclosure yet.