NYSE Shariah screener · October 2026
Is WEX Inc. (WEX) Halal?
WEX Inc. · NYSE: WEX · Financials
The short answer
WEX fails all three gates: interest-based credit through its wholly owned WEX Bank is integral to the business (finance fee revenue $321.3M in FY2025). Debt of $5,357.2 million is 81.8% of its ~$6.55 billion market cap, and interest income of $130.9 million is 9.17% of revenue.
Gate 1 — Business activity: FAIL
Gate 1 — business activity: FAIL. WEX Inc., per its FY2025 Form 10-K (filed February 13, 2026), runs a global commerce platform across three segments: Mobility (fleet payments, closed-loop fuel and EV networks), Benefits (benefits SaaS plus health-savings-account administration) and Corporate Payments (B2B and virtual payments).
It is a payments technology company, but interest-based credit extended through its wholly owned WEX Bank is a substantial, integral part of the business: finance fee revenue was $321.3 million in FY2025, and WEX Bank invests customer HSA deposits in fixed-income debt securities generating material interest income. Interest-based lending is not an ancillary line here. The business fails gate 1.
Gate 2 — Debt and cash: FAIL
Gate 2 — interest-bearing debt: FAIL (81.8%, ceiling 33%). Per WEX's Q2 2026 Form 10-Q consolidated balance sheet (filed July 23, 2026), short-term debt was $1,834.2 million and long-term debt $3,523.0 million - total debt of about $5,357.2 million.
$5,357.2 million against a market capitalization of about $6.55 billion (Finnhub, October 2, 2026; NYSE: WEX) is about 81.8%, far over the 33% ceiling.
Gate 3 — Non-compliant income: FAIL
Gate 3 — non-compliant income: FAIL (9.17%, ceiling 5%). WEX's Q2 2026 Form 10-Q reports segment interest income of $130.9 million for the first half of 2026 (Mobility $10.8 million, Benefits $114.4 million, Corporate Payments $5.7 million) against total revenues of $1,427.4 million - about 9.17%, over the 5% ceiling.
WEX Bank invests customer HSA deposits in fixed-income debt securities, generating material interest income - driven by the same credit operations behind the debt load.
Key figures used
- Business: global commerce platform — Mobility (fleet payments), Benefits (SaaS + HSA administration), Corporate Payments (B2B/virtual); owns WEX Bank (FY2025 10-K)
- Haram assessment: interest-based credit via wholly owned WEX Bank is substantial and integral — finance fee revenue $321.3M FY2025; not an ancillary line — fails business-activity gate
- Debt: $1,834.2M short-term + $3,523.0M long-term = $5,357.2M (Q2 2026 10-Q) ÷ ~$6.55B market cap (Finnhub, Oct 2, 2026) = 81.8% — over the 33% ceiling
- Interest income: $130.9M segment interest income (6M-2026) ÷ $1,427.4M total revenue = 9.17% — over the 5% ceiling
- Market data: NYSE-listed (WEX); actively listed, confirmed October 2, 2026; Finnhub XNYS live quote; no delisting
- Third-party: Zoya not Shariah-compliant; Musaffa not halal (AAOIFI, Oct 2026) — both consistent with this FAIL; no verifiable ShariaPortfolio rating
Frequently asked questions
What does WEX do?
WEX Inc. (NYSE: WEX) runs a global commerce platform with three segments, per its filings: Mobility (fleet payments, closed-loop fuel and EV networks), Benefits (benefits SaaS plus health-savings-account administration) and Corporate Payments (B2B and virtual payments). It is a payments technology company that owns WEX Bank, through which it extends credit and earns finance-fee and interest income.
Is WEX's business Shariah compliant?
No - WEX fails the business-activity gate. While its core is a payments platform, interest-based credit extended through its wholly owned WEX Bank is a substantial, integral part of the business: finance fee revenue was $321.3 million in FY2025, and segment interest income runs at about 9.17% of revenue. Interest-based lending is not an ancillary line here.
How much interest-bearing debt does WEX have?
WEX's Q2 2026 Form 10-Q reports short-term debt of $1,834.2 million plus long-term debt of $3,523.0 million - total debt of about $5,357.2 million. Against a market capitalization of about $6.55 billion (Finnhub, October 2, 2026), that is about 81.8% - far over the 33% ceiling.
How much interest income does WEX earn?
WEX's Q2 2026 Form 10-Q reports segment interest income of $130.9 million for the first half of 2026 (Mobility $10.8 million, Benefits $114.4 million, Corporate Payments $5.7 million) against total revenues of $1,427.4 million - about 9.17%, over the 5% non-compliant income ceiling. WEX Bank invests customer HSA deposits in fixed-income debt securities, generating material interest income.
What do third-party Shariah screeners say about WEX?
Zoya flags WEX as not Shariah-compliant, and Musaffa rates WEX as not halal (AAOIFI, October 2026) - both consistent with this page's FAIL. I could not verify a per-ticker ShariaPortfolio rating from public sources. Third-party screeners apply different assumptions and update on different schedules - always check the latest screening before investing.
Sources
- WEX FY2025 Form 10-K — SEC EDGAR (filed Feb 13, 2026; CIK 0001309108)
- WEX Q2 2026 Form 10-Q — SEC EDGAR (filed Jul 23, 2026)
- Finnhub — WEX financial market data (XNYS, market cap $6.55B, live quote Oct 2, 2026)
- Zoya — WEX (WEX) Shariah compliance page (not Shariah-compliant)
- Musaffa — WEX (WEX) stock page (not halal, AAOIFI, Oct 2026)
Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).