MEDIUMBuilt-inProduct / Revenue mix
fuel-related Mobility revenue
“10-K Item 1A: 'a substantial amount of our Company's total revenue is generated as a result of the purchase and/or sale of fuel'”
WEX · Concentration risk · 10-K extracted
WEX (WEX) concentration risks
Updated
The most significant concentration WEX discloses is fuel-related Mobility revenue, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: WEX’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH0
MEDIUM3
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCounterparty
Mastercard and Visa networks
“10-K Item 1A: 'A significant source of our revenue comes from processing transactions through the Mastercard and Visa networks'”
MEDIUMBuilt-inLoan_portfolio
brokered deposits and FHLB advances
“10-K Item 1A: 'WEX Bank is subject to funding risks associated with its reliance on brokered deposits and advances from the FHLB'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile encompasses three medium-share, structural exposures that collectively reflect the architecture of a payments and fleet card business rather than idiosyncratic single-name dependencies. A substantial amount of total revenue is generated as a result of the purchase and/or sale of fuel — a medium-share, structural revenue concentration. Because fleet card revenue is linked to fuel transaction volumes and spreads, this exposure ties a meaningful portion of the business to commodity fuel price dynamics and fleet driving activity, both of which move with broader economic cycles. A significant source of revenue also comes from processing transactions through the Mastercard and Visa networks — a medium-share, dependency exposure. Unlike the fuel revenue tilt, which is market-driven, the network dependency is counterparty-specific: network economics, fee structures, and access rules are set by Mastercard and Visa, and any adverse change to network terms or fees would affect a meaningful portion of processing revenue. This is an idiosyncratic dimension layered on top of the structural fuel exposure. On the funding side, WEX Bank's reliance on brokered deposits and FHLB advances introduces a structural funding concentration — medium-share. Brokered deposits are less sticky than retail deposits and more sensitive to rate competition, while FHLB access is contingent on membership and collateral eligibility. Together, the three exposures create a profile where commodity market dynamics, network counterparty terms, and wholesale funding conditions all require monitoring.
For the engine’s reasoning on WEX’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Software - Infrastructure
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| APPN | Appian Corporation | 2 | 2 | 0 | 4 |
| AVPT | AvePoint, Inc. | 1 | 0 | 0 | 1 |
| WEX● | WEX Inc. | 0 | 3 | 0 | 3 |
| ATEN | A10 Networks, Inc. | 0 | 2 | 0 | 2 |
| ACIW | ACI Worldwide, Inc. | 0 | 0 | 0 | 0 |
| AKAM | Akamai Technologies, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.