IBEX Ltd
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, because the operating business clearly delivers based on the available numbers — five record quarters in a row, a guidance raised three times, and a nearly debt-free balance sheet are durable strengths, not a one-quarter fluke. Set against that is a governance history that only formally closed in June 2025: until November 2024, anchor shareholder TRGI controlled a majority of the board, and its chief still chairs the company today — a closeness that is neither illegal nor hidden, but merits closer attention. Add to that an unusually thin layer of external scrutiny (one analyst, no retrievable call transcripts) and an upcoming loss of regulatory relief effective June 30, 2026. None of this threatens the company itself — taken together, though, it justifies more vigilance than the growth numbers alone would suggest.
What the thesis turns on
Assessment: Opportunities & Risks
IBEX delivers operationally what a record quarter promises: five consecutive quarters of double-digit growth, a fiscal 2026 guidance raised three times, and a nearly debt-free balance sheet. At the same time, IBEX was, until November 19, 2024, a "controlled company" under anchor shareholder TRGI, whose founder and CEO still sits on the board as Chairman — covered by a single analyst and with no earnings-call transcripts retrievable for this analysis. Not investment advice.
Operating momentum
Five consecutive quarters of double-digit revenue growth, most recently +16.8% to $164.4 million (Q3 FY2026); fiscal 2026 guidance raised three times since September 2025, from $590–610 million to $638–642 million — each raise followed a quarter that had already beaten the prior guidance.
Balance sheet & capital returns
Nearly debt-free: total debt of just $1.4 million against $297.2 million in total assets and $160.8 million in equity (March 31, 2026). The board is funding a new $20 million buyback (May 2026) entirely from existing cash.
Ownership control & governance
A "controlled company" under anchor shareholder TRGI until November 19, 2024 (five of eight board seats); TRGI still holds 12.9%, Chairman Mohammed Khaishgi remains TRGI's founder and CEO, and a TRGI subsidiary leases office space from IBEX. Formally independent only since June 2025.
External scrutiny & transparency
Only a single Wall Street analyst covers the stock; no publicly available earnings-call transcript could be found for this analysis. Thin external coverage means less independent scrutiny of management's own numbers and statements.
Country concentration
Delivery centers and staff are concentrated in four countries — the Philippines, Jamaica, Pakistan, Nicaragua — each carrying its own political, currency or natural-disaster risk. Common in the BPO industry, but structural and not quickly diversifiable.
Valuation
P/E around 11.6, enterprise value/EBITDA around 7.1 (as of August 26, 2026) — moderate for the pace of growth, though the stock has traded notably higher within the past 52 weeks (high of $42.99); trading liquidity in the free float is thin.
Worth Noting
Occasion for this analysis: the quarterly report (Form 10-Q) for the period ended March 31, 2026, filed May 6, 2026, and the subsequent share buyback program announced May 13, 2026.
Data as of: annual and quarterly figures are drawn from the Form 10-K for FY2025 (filed September 11, 2025) and the Form 10-Q for the period ended March 31, 2026. Price, market cap and valuation figures are as of August 26–27, 2026.
Methodological caveat: no publicly available transcripts of IBEX earnings calls could be found for this analysis (search conducted August 27, 2026; 12 candidate dates, 0 retrievable). The assessment of management relies on published earnings releases rather than the Q&A portion of a call.
Stock Watch
This analysis is as of August 27, 2026. Stock Watch will tell you what's changed at IBEX since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 26.40 $ to 42.00 $ · Last price: 40.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Information Technology Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| IBEX Ltd IBEX | 0.6 | 13.0 | 7.4 | 29.3 | – | 9.8 | 1.4 |
| International Business Machines IBM | 212.8 | 21.3 | 16.3 | 58.1 | 13.8 | 7.6 | -5.9 |
| Accenture plc ACN | 117.9 | 15.3 | 9.0 | 32.0 | 17.0 | 7.4 | -18.5 |
| Infosys Ltd INFY | 45.0 | 13.7 | 9.0 | 29.7 | 21.2 | 4.6 | -32.7 |
| Cognizant Technology Solutions Corporation CTSH | 29.3 | 13.1 | 7.3 | 33.4 | 15.6 | 7.0 | -9.6 |
| CDW Corp CDW | 19.1 | 17.3 | 12.4 | 21.4 | 6.6 | 6.8 | -9.0 |
| Broadridge Financial Solutions Inc BR | 19.0 | 17.6 | 12.1 | 31.8 | 18.4 | 5.9 | -31.4 |
| Fidelity National Information Services, Inc. FIS | 18.8 | 7.2 | 9.6 | 35.8 | 16.4 | 5.4 | -43.7 |
| Wipro Limited WIT | 16.6 | 12.9 | 7.4 | 29.0 | 15.7 | 4.0 | -37.3 |
| Median of companies shown | 19.1 | 13.7 | 9.0 | 31.8 | 16.0 | 6.8 | -18.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 334 | -2 | -9 | -0.51 | 7 | 29 | 152 |
| 2018 | 342 | -18 | -16 | -0.90 | -6 | 28 | 157 |
| 2019 | 368 | 7 | -5 | -0.26 | 2 | 9 | 188 |
| 2020 | 405 | 20 | 8 | 0.44 | 52 | 16 | 195 |
| 2021 | 443 | 17 | 13 | 0.71 | 26 | 81 | 274 |
| 2022 | 493 | 21 | 21 | 1.15 | 40 | 113 | 294 |
| 2023 | 523 | 40 | 32 | 1.67 | 42 | 150 | 293 |
| 2024 | 509 | 39 | 34 | 1.84 | 36 | 166 | 294 |
| 2025 | 558 | 47 | 37 | 2.34 | 46 | 134 | 273 |
| 2026 | 644 | 63 | 46 | 3.13 | 59 | 170 | 309 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.57 | 72.70 | 141 | 6.10 | 6.60 | 1 | -3 |
| 2025: Q1 | 0.73 | 28.10 | 141 | 11.00 | 7.40 | 9 | 4 |
| 2025: Q2 | 0.66 | 20.00 | 147 | 18.20 | 6.50 | 28 | 23 |
| 2025: Q3 | 0.82 | 90.70 | 151 | 16.50 | 8.00 | 16 | 8 |
| 2025: Q4 | 0.83 | 45.60 | 164 | 16.70 | 7.40 | 7 | -5 |
| 2026: Q1 | 0.89 | 21.90 | 164 | 16.80 | 8.10 | 12 | 7 |
| 2026: Q2 | 0.59 | -10.60 | 164 | 11.70 | 5.30 | 25 | 22 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 06/30/2027 | 3.72 | 3.72 – 3.72 | 708 | 5.7% | 1 |
| 06/30/2028 | 4.18 | 4.18 – 4.18 | 755 | 12.4% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 6.1% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $31.2M |
|---|---|
| Market cap | $553.0M |
| Free cash flow in year ten | $56.2M |
| Terminal value as a share of market value | 53.6% |
For comparison: over the past five years free cash flow grew by 43.8% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
IBEX bezeichnet sich selbst als Anbieter „AI-powered customer experience solutions“ und verkauft mit der eigenen Plattform Wave iX (u. a. „Wave iX AI Virtual Agent“) sowie einer neuen Partnerschaft mit Sierra.ai KI-gestützte Kundenservice-Lösungen direkt an seine Firmenkunden.
View the full file — quotes, sources, reviewed filings
„With the increasing applicability of AI in enhancing business processes, the BPO industry is increasingly evaluating and starting to integrate AI into its range of solutions to improve the customer experience and efficiencies. We are moving aggressively to leverage generative AI in our business. Our Wave iX technology has a three-pronged AI strategy, which continues to keep ibex at the forefront of digital transformation."
Angesichts der wachsenden Anwendbarkeit von KI zur Verbesserung von Geschäftsprozessen bewertet die BPO-Branche zunehmend den Einsatz von KI in ihrem Lösungsportfolio, um Kundenerlebnis und Effizienz zu verbessern. Wir setzen generative KI in unserem Geschäft aggressiv ein. Unsere Wave-iX-Technologie verfolgt eine dreigleisige KI-Strategie, die ibex weiterhin an der Spitze der digitalen Transformation hält.
10-K · 2025-09-11 · View SEC filing
„We recently announced a landmark strategic partnership with Sierra.ai, the leading AI-powered customer experience platform. Through this partnership, ibex will integrate Sierra's market-leading AI technology with our best-in-class CX expertise, tech integration, and deep analytics to design and deploy scalable, end-to-end, AI-powered CX solutions."
Wir haben kürzlich eine wegweisende strategische Partnerschaft mit Sierra.ai angekündigt, der führenden KI-gestützten Plattform für Kundenerlebnis. Im Rahmen dieser Partnerschaft integriert ibex Sierras marktführende KI-Technologie mit unserer erstklassigen CX-Expertise, Technologieintegration und detaillierten Analytik, um skalierbare, durchgängige KI-gestützte CX-Lösungen zu entwickeln und einzuführen.
8-K · 2026-05-06 · View SEC filing
Filings Reviewed: 10-K 2025-09-11 · 10-Q 2026-05-06 · 8-K 2026-05-06
Rated on August 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 7.2%
- More than 10% revenue growth is expected for the coming year 6.1%
- Share count grows by less than 3% a year -7.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 20.2%
- Gross margin at 40% or higher and without meaningful erosion 26.4%
- Goodwill from acquisitions does not grow faster than revenue 3.8%
- Net debt below twice EBITDA 0.4 x EBITDA
- Operating cash flow covers the profits of the last three years 24 m
- Return on capital at 15% or higher, or up versus two years ago 28.3%
- Insiders hold at least 10% or are net buyers 7.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
8/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 7.6%
- Exp. sales growth 3Y > 5% 8.3%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 15.6%
- Net debt < 4x EBIT 0.5x
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 12.6%
- Return on equity > 15% 29.2%
- ROCE > 15% 28.3%
- Expected return > 10% 22.1%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 16, 2026 | Inson Paul Joseph | Chief People Officer | Sell | 2,500 | 40.07 | 100,165 |
| Sep 16, 2026 | Trofimuk-O'Connor Christina Alice | Chief Legal Officer | Sell | 2,376 | 39.34 | 93,476 |
| Sep 15, 2026 | Zhuang Mingzhe | Director | Sell | 5,522 | 40.10 | 221,444 |
| Sep 15, 2026 | Casteel Julie K | Chief Sales/Marketing Officer | Sell | 17,474 | 40.41 | 706,065 |
| Sep 15, 2026 | Ballou-Aares Daniella | Director | Sell | 1,500 | 40.29 | 60,437 |
| Sep 15, 2026 | Trofimuk-O'Connor Christina Alice | Chief Legal Officer | Sell | 7,500 | 40.30 | 302,252 |
| Sep 15, 2026 | Dechant Robert Thomas | Chief Executive Officer | Sell | 25,000 | 39.99 | 999,668 |
| Sep 14, 2026 | Inson Paul Joseph | Chief People Officer | Sell | 2,274 | 40.00 | 90,960 |
| Sep 14, 2026 | Afdahl David Martin | Chief Operating Officer | Sell | 10,819 | 40.07 | 433,483 |
| Sep 8, 2026 | Afdahl David Martin | Chief Operating Officer | Sell | 17,500 | 37.09 | 649,009 |
The company
About the Company
IBEX Limited bietet durchgängige, technologiegestützte Lösungen für den gesamten Customer-Lifecycle in den USA und international an. Das Produkt- und Dienstleistungsportfolio umfasst ibex Connect mit Kundenservice, technischem Support, Umsatzgenerierung und weiteren wertschöpfenden Out…
- Employees
- 35,000
- Headquarters
- Washington, DC
- Address
- 1717 Pennsylvania Avenue NW, 20006 Washington, United States
- Phone
- 202 580 6200
- Website
- ibex.co
- IPO Date
- 08/07/2020
- ISIN
- BMG4690M1010
Management
| Name | Title | Birth Year |
|---|---|---|
| Robert T. Dechant | CEO & Director | 1962 |
| Taylor C. Greenwald | Chief Financial Officer | 1968 |
| David Afdahl | Chief Operating Officer | 1974 |
| Bruce N. Dawson | Chief Sales & Client Services Officer | 1964 |
| Julie M. Casteel | Chief Marketing & Strategic Accounts Officer | 1962 |
| Michael Ringman | Chief Technology Officer | 1972 |
| Christy O'Connor | Chief Legal Officer & Assistant Corporate Secretary | 1969 |
| Paul Inson | Chief People Officer | 1964 |
| Carl O'Neil | EVP & President of Augment | 1979 |
| Greg Rajchel | Executive Vice President of Commercial & Client Operations | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/10/2026 IBEX Ltd (IBEX): Entry into a Material Definitive Agreement; Results of Operations and Financial Condition; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.