IBEX Limited (IBEX) 10-Year Financial Performance & Capital Metrics

IBEX • • Industrial / General

TechnologyIT ServicesCustomer Experience & Business Process OutsourcingCustomer Service BPO

AboutIBEX Limited provides end-to-end technology-enabled customer lifecycle experience solutions in the United States and internationally. The company provides ibex Connect, a customer engagement solution that comprises customer service, technical support, revenue generation, and other value-added outsourced back-office services through the CX model, which integrates voice, email, chat, SMS, social media, and other communication applications; ibex Digital, a customer acquisition solution that includes digital marketing, e-commerce technology, and platform solutions; and ibex CX, a customer experience solution, which provides a suite of proprietary software tools to measure, monitor, and manage its clients' customer experience. As of October 1, 2021, the company operated 33 customer engagement and three customer acquisition delivery centers. It serves banking and financial services, delivery and logistics, health tech and wellness, high tech, retail and e-commerce, streaming and entertainment, travel and hospitality, and utility industries. The company was formerly known as IBEX Holdings Limited and changed its name to IBEX Limited in September 2019. The company was incorporated in 2017 and is headquartered in Washington, District of Columbia. IBEX Limited is a subsidiary of The Resource Group International Limited.Show more

Revenue $558M +9.8%
EBITDA $64M +8.4%
Net Income $37M +9.5%
EPS (Diluted) 2.36 +28.3%
Gross Margin 30.91% +3.4%
EBITDA Margin 11.44% -1.2%
Operating Margin 8.35% +7.7%
Net Margin 6.6% -0.2%
ROE 24.57% +15.2%
ROIC 19.49% +12.5%
Debt/Equity 0.52 +28.5%
Interest Coverage 28.53 -62.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 23.3%
✓Strong 5Y profit CAGR of 36.5%
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 13.9% through buybacks
✓Efficient asset utilization: 2.0x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y6.62%

3Y4.24%

TTM12.86%

Profit (Net Income) CAGR

10Y-

5Y36.53%

3Y19.77%

TTM22.55%

EPS CAGR

10Y-

5Y39.92%

3Y27.08%

TTM47.09%

ROCE

10Y Avg9.78%

5Y Avg16.83%

3Y Avg19.88%

Latest22.4%

Peer Comparison

Customer Service BPO

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EXLSExlService Holdings, Inc.	6.77B	42.63	35.23	12.74%	11.91%	25.35%	3.29%	0.39
TASKTaskUs, Inc.	412.23M	11.65	23.30	7.64%	7.11%	14.35%	24.21%	0.61
GGenpact Limited	7.97B	46.22	16.22	6.48%	11.01%	21.67%	6.65%	0.60
IBEXIBEX Limited	511.21M	37.96	16.08	9.77%	7.14%	28.81%	5.34%	0.52
CNXCConcentrix Corporation	2.6B	42.18	11.37	35.2%	3.25%	7.28%	16.46%	1.39
CNDTConduent Incorporated	316.48M	2.07	0.93	-9.83%	-4.85%	-17.35%		0.84
TTECTTEC Holdings, Inc.	161.18M	3.32	-0.49	-10.36%	-0.84%	-6.4%		4.03

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	323.02M	334.03M	342.2M	368.38M	405.13M	443.39M	492.85M	523.12M	508.57M	558.27M
Revenue Growth %	-	0.03%	0.02%	0.08%	0.1%	0.09%	0.11%	0.06%	-0.03%	0.1%
Cost of Goods Sold+	260.59M	276.19M	252.93M	254.59M	276.25M	335.25M	373.97M	374.99M	356.54M	385.69M
COGS % of Revenue	0.81%	0.83%	0.74%	0.69%	0.68%	0.76%	0.76%	0.72%	0.7%	0.69%
Gross Profit+	62.43M	57.84M	89.28M	113.79M	128.88M	108.14M	118.88M	148.13M	152.03M	172.58M
Gross Margin %	0.19%	0.17%	0.26%	0.31%	0.32%	0.24%	0.24%	0.28%	0.3%	0.31%
Gross Profit Growth %	-	-0.07%	0.54%	0.27%	0.13%	-0.16%	0.1%	0.25%	0.03%	0.14%
Operating Expenses+	309.51M	335.07M	363.3M	361.34M	109.37M	91.09M	98.25M	107.65M	112.6M	125.97M
OpEx % of Revenue	0.96%	1%	1.06%	0.98%	0.27%	0.21%	0.2%	0.21%	0.22%	0.23%
Selling, General & Admin	281.72M	306.12M	332.93M	321.72M	350.42M	0	80.15M	88.66M	93.14M	108.74M
SG&A % of Revenue	0.87%	0.92%	0.97%	0.87%	0.86%	-	0.16%	0.17%	0.18%	0.19%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	27.8M	28.96M	30.37M	39.61M	-241.06M	91.09M	18.1M	18.98M	19.46M	17.23M
Operating Income+	8.56M	-2.33M	-17.78M	6.8M	19.51M	17.05M	20.63M	40.48M	39.43M	46.61M
Operating Margin %	0.03%	-0.01%	-0.05%	0.02%	0.05%	0.04%	0.04%	0.08%	0.08%	0.08%
Operating Income Growth %	-	-1.27%	-6.65%	1.38%	1.87%	-0.13%	0.21%	0.96%	-0.03%	0.18%
EBITDA+	21.22M	11.51M	-5.59M	27.7M	43.98M	31.16M	38.73M	59.46M	58.89M	63.84M
EBITDA Margin %	0.07%	0.03%	-0.02%	0.08%	0.11%	0.07%	0.08%	0.11%	0.12%	0.11%
EBITDA Growth %	-	-0.46%	-1.49%	5.95%	0.59%	-0.29%	0.24%	0.54%	-0.01%	0.08%
D&A (Non-Cash Add-back)	12.65M	13.83M	12.18M	20.89M	24.47M	14.12M	18.1M	18.98M	19.46M	17.23M
EBIT	7.1M	-3.44M	-18.91M	6.8M	19M	17.05M	20.67M	41.12M	41.5M	47.57M
Net Interest Income+	-5.13M	-6.39M	-3.09M	-7.71M	-9.43M	-9.03M	-1.25M	-152K	1.56M	-679K
Interest Income	0	0	0	7.25M	0	0	43K	640K	2.07M	955K
Interest Expense	3.67M	5.28M	1.96M	7.25M	9.43M	9.03M	1.29M	792K	514K	1.63M
Other Income/Expense	-5.13M	-6.39M	-3.09M	-7.71M	-9.43M	-1.89M	-1.25M	-152K	1.56M	-679K
Pretax Income+	3.43M	-8.72M	-20.87M	-904K	10.09M	15.15M	19.38M	40.33M	40.99M	45.93M
Pretax Margin %	0.01%	-0.03%	-0.06%	-0%	0.02%	0.03%	0.04%	0.08%	0.08%	0.08%
Income Tax+	1.86M	295K	-108K	3.62M	2.31M	2.06M	-2.08M	8.74M	7.33M	9.07M
Effective Tax Rate %	0.46%	1.03%	0.76%	5%	0.77%	0.86%	1.11%	0.78%	0.82%	0.8%
Net Income+	1.57M	-9.01M	-15.88M	-4.52M	7.77M	13.09M	21.46M	31.58M	33.66M	36.86M
Net Margin %	0%	-0.03%	-0.05%	-0.01%	0.02%	0.03%	0.04%	0.06%	0.07%	0.07%
Net Income Growth %	-	-6.74%	-0.76%	0.72%	2.72%	0.68%	0.64%	0.47%	0.07%	0.1%
Net Income (Continuing)	1.57M	-9.01M	-20.76M	-4.52M	7.77M	13.09M	21.46M	31.58M	33.66M	36.86M
Discontinued Operations	0	0	4.88M	15.48M	0	0	0	0	0	0
Minority Interest	3.64M	20M	20M	0	0	0	0	0	0	0
EPS (Diluted)+	0.09	-0.51	-0.90	-0.26	0.44	0.15	1.15	1.67	1.84	2.36
EPS Growth %	-	-6.74%	-0.76%	0.71%	2.69%	-0.66%	6.67%	0.45%	0.1%	0.28%
EPS (Basic)	0.09	-0.51	-0.90	-0.26	0.44	0.16	1.18	1.74	1.90	2.51
Diluted Shares Outstanding	17.69M	17.69M	17.69M	17.69M	17.69M	18.38M	18.72M	18.89M	18.25M	15.72M
Basic Shares Outstanding	17.69M	17.69M	17.69M	17.69M	17.69M	17.65M	18.23M	18.2M	17.7M	14.68M
Dividend Payout Ratio	4.18%	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	80.75M	88.58M	82M	81.78M	86.04M	141.37M	142.35M	158.61M	179.96M	145.62M
Cash & Short-Term Investments	9.45M	21.32M	13.52M	8.87M	21.87M	57.84M	48.83M	57.43M	62.72M	15.35M
Cash Only	9.45M	21.32M	13.52M	8.87M	21.87M	57.84M	48.83M	57.43M	62.72M	15.35M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	65.89M	63.85M	60.35M	64.12M	57.94M	72.61M	75.43M	92.37M	107.64M	118.7M
Days Sales Outstanding	74.45	69.77	64.37	63.53	52.2	59.78	55.86	64.45	77.25	77.61
Inventory	0	505K	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	0.67	-	-	-	-	-	-	-	-
Other Current Assets	5.41M	3.26M	2.62M	0	0	673K	10.95M	2.19M	1.89M	2.13M
Total Non-Current Assets+	57.69M	63.65M	75.08M	106.53M	109.2M	132.91M	151.83M	134.72M	113.95M	127.6M
Property, Plant & Equipment	23.33M	22.81M	18.9M	82.31M	84.59M	106.7M	125.03M	112.07M	89.01M	94.84M
Fixed Asset Turnover	13.84x	14.64x	18.11x	4.48x	4.79x	4.16x	3.94x	4.67x	5.71x	5.89x
Goodwill	11.89M	11.83M	11.83M	11.83M	11.83M	11.83M	11.83M	11.83M	11.83M	11.83M
Intangible Assets	9.13M	5.97M	4.18M	2.93M	2.78M	3.21M	700K	0	0	0
Long-Term Investments	288K	294K	392K	227K	2.94M	258K	382K	0	0	0
Other Non-Current Assets	9.74M	18.35M	34.56M	6.71M	4.83M	6.66M	4.61M	6.23M	8.82M	13.76M
Total Assets+	138.44M	152.23M	157.08M	188.3M	195.24M	274.29M	294.18M	293.32M	293.9M	273.21M
Asset Turnover	2.33x	2.19x	2.18x	1.96x	2.08x	1.62x	1.68x	1.78x	1.73x	2.04x
Asset Growth %	-	0.1%	0.03%	0.2%	0.04%	0.4%	0.07%	-0%	0%	-0.07%
Total Current Liabilities+	99.39M	99.89M	116.23M	111.38M	105.65M	105.72M	97.77M	73.26M	71M	79.94M
Accounts Payable	11.18M	13.69M	13.15M	9.93M	10.35M	5.98M	20.3M	18.7M	16.72M	18.69M
Days Payables Outstanding	15.66	18.09	18.98	14.23	13.68	6.51	19.82	18.21	17.12	17.69
Short-Term Debt	46.55M	43.3M	51.18M	41.84M	40.14M	26.72M	28.89M	413K	660K	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	1M	21.9M	19.07M	18.59M	35.83M	3.56M	0	0	0
Current Ratio	0.81x	0.89x	0.71x	0.73x	0.81x	1.34x	1.46x	2.16x	2.53x	1.82x
Quick Ratio	0.81x	0.88x	0.71x	0.73x	0.81x	1.34x	1.46x	2.16x	2.53x	1.82x
Cash Conversion Cycle	-	52.34	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	19.3M	23.61M	12.89M	68.29M	73.43M	87.91M	82.95M	70.1M	57.11M	58.97M
Long-Term Debt	12.21M	14.65M	9.01M	7.18M	3.78M	1.8M	339K	600K	867K	0
Capital Lease Obligations	0	0	866K	58.6M	62.04M	71.88M	76.32M	64.85M	53.44M	54.6M
Deferred Tax Liabilities	4.62M	5.34M	61.29M	147K	117K	86K	0	0	0	0
Other Non-Current Liabilities	1.09M	1.11M	2.31M	1.61M	7.06M	11.14M	2.3M	3.26M	1.67M	3.23M
Total Liabilities	118.69M	123.49M	129.13M	179.67M	179.09M	193.63M	180.72M	143.36M	128.1M	138.91M
Total Debt+	58.75M	57.95M	62.96M	118.25M	105.97M	112.52M	105.54M	78.9M	67.02M	69.75M
Net Debt	49.3M	36.63M	49.44M	109.38M	84.1M	54.67M	56.71M	21.47M	4.3M	54.41M
Debt / Equity	2.98x	1.19x	1.31x	13.71x	6.56x	1.39x	0.93x	0.53x	0.40x	0.52x
Debt / EBITDA	2.77x	5.04x	-	4.27x	2.41x	3.61x	2.73x	1.33x	1.14x	1.09x
Net Debt / EBITDA	2.32x	3.18x	-	3.95x	1.91x	1.75x	1.46x	0.36x	0.07x	0.85x
Interest Coverage	2.33x	-0.44x	-9.09x	0.94x	2.07x	1.89x	16.00x	51.11x	76.71x	28.53x
Total Equity+	19.75M	48.74M	47.95M	8.63M	16.15M	80.66M	113.46M	149.96M	165.8M	134.31M
Equity Growth %	-	1.47%	-0.02%	-0.82%	0.87%	3.99%	0.41%	0.32%	0.11%	-0.19%
Book Value per Share	1.12	2.75	2.71	0.49	0.91	4.39	6.06	7.94	9.08	8.54
Total Shareholders' Equity	16.1M	28.74M	27.95M	8.63M	16.15M	80.66M	113.46M	149.96M	165.8M	134.31M
Common Stock	1K	1K	12K	12K	12K	2K	2K	2K	2K	1K
Retained Earnings	-70.44M	-110.03M	-126.06M	-117.18M	-109.53M	-110.68M	-76.36M	-44.78M	-11.12M	25.74M
Treasury Stock	0	0	0	0	0	0	-3.41M	-3.68M	-25.37M	-103.34M
Accumulated OCI	22.34M	22.55M	37.8M	29.59M	29.46M	33.18M	5.79M	-6.31M	-7.91M	-6.34M
Minority Interest	3.64M	20M	20M	0	0	0	0	0	0	0

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	3.04M	6.65M	-5.75M	2.2M	51.72M	16.08M	40.01M	41.86M	35.9M	45.67M
Operating CF Margin %	0.01%	0.02%	-0.02%	0.01%	0.13%	0.04%	0.08%	0.08%	0.07%	0.08%
Operating CF Growth %	-	1.18%	-1.86%	1.38%	22.49%	-0.69%	1.49%	0.05%	-0.14%	0.27%
Net Income	3.43M	-8.72M	-15.94M	19.41M	7.77M	13.09M	21.46M	31.58M	33.66M	36.86M
Depreciation & Amortization	12.65M	13.83M	12.42M	21.8M	24.47M	14.12M	18.1M	18.98M	19.46M	17.23M
Stock-Based Compensation	945K	323K	8.94M	5.26M	359K	5.36M	1.85M	4.61M	3.77M	5.43M
Deferred Taxes	1.84M	-1.72M	-6.24M	-13.44M	0	-1.91M	-5.17M	4.53M	344K	-2.88M
Other Non-Cash Items	5.13M	6.39M	5.33M	13.38M	11.51M	12.41M	15.04M	15.85M	15.95M	15.32M
Working Capital Changes	-20.96M	-3.46M	-10.26M	-44.22M	7.61M	-26.98M	-11.27M	-33.69M	-37.28M	-26.3M
Change in Receivables	-20.04M	4.01M	758K	-18.02M	9.04M	-13.33M	-9.71M	-12.3M	0	-19.26M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	7.49M	2.34M	4.41M	9M	0	-4.01M	2.31M	-3.75M	-2.25M	6.25M
Cash from Investing+	-11.58M	-9.75M	-5.44M	-9.08M	-4.83M	-20.82M	-25.92M	-19.04M	-8.86M	-18.38M
Capital Expenditures	-10.88M	-9.93M	-5.76M	-6.23M	-4.28M	-20.82M	-25.92M	-18.95M	-8.86M	-18.38M
CapEx % of Revenue	0.03%	0.03%	0.02%	0.02%	0.01%	0.05%	0.05%	0.04%	0.02%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	178K	177K	715K	810K	-552K	0	0	0	0	0
Cash from Financing+	12.19M	14.98M	3.19M	2.55M	-33.87M	40.9M	-22.13M	-13.61M	-21.73M	-74.66M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-6.56M	-1M	-146K	-1.6M	0	-4M	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	200K	190K	0	0	-14.67M	-1.05M	35K	2.05M	366K	4.31M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-7.84M	-3.29M	-11.51M	-4.03M	47.44M	-4.75M	14.09M	22.91M	27.05M	27.29M
FCF Margin %	-0.02%	-0.01%	-0.03%	-0.01%	0.12%	-0.01%	0.03%	0.04%	0.05%	0.05%
FCF Growth %	-	0.58%	-2.5%	0.65%	12.76%	-1.1%	3.97%	0.63%	0.18%	0.01%
FCF per Share	-0.44	-0.19	-0.65	-0.23	2.68	-0.26	0.75	1.21	1.48	1.74
FCF Conversion (FCF/Net Income)	1.94x	-0.74x	0.36x	-0.49x	6.66x	1.23x	1.86x	1.33x	1.07x	1.24x
Interest Paid	0	0	0	0	9.43M	0	1.25M	152K	514K	1.63M
Taxes Paid	0	0	0	0	0	0	2.16M	4.28M	7.69M	11.95M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	7.96%	-26.32%	-32.85%	-15.97%	62.72%	27.04%	22.11%	23.98%	21.32%	24.57%
Return on Invested Capital (ROIC)	9.3%	-2.26%	-14.59%	4.74%	13.41%	10.85%	10.13%	17.77%	17.32%	19.49%
Gross Margin	19.33%	17.32%	26.09%	30.89%	31.81%	24.39%	24.12%	28.32%	29.89%	30.91%
Net Margin	0.49%	-2.7%	-4.64%	-1.23%	1.92%	2.95%	4.35%	6.04%	6.62%	6.6%
Debt / Equity	2.98x	1.19x	1.31x	13.71x	6.56x	1.39x	0.93x	0.53x	0.40x	0.52x
Interest Coverage	2.33x	-0.44x	-9.09x	0.94x	2.07x	1.89x	16.00x	51.11x	76.71x	28.53x
FCF Conversion	1.94x	-0.74x	0.36x	-0.49x	6.66x	1.23x	1.86x	1.33x	1.07x	1.24x
Revenue Growth	-	3.41%	2.44%	7.65%	9.98%	9.44%	11.16%	6.14%	-2.78%	9.77%

Revenue by Geography

	2020	2021	2022	2023	2024	2025
UNITED STATES	396.16M	-	-	509.17M	493.01M	537.78M
UNITED STATES Growth	-	-	-	-	-3.17%	9.08%
Offshore	-	-	-	221.91M	244.82M	282.29M
Offshore Growth	-	-	-	-	10.32%	15.30%
Non-US	-	-	-	13.95M	15.55M	20.49M
Non-US Growth	-	-	-	-	11.51%	31.75%
United States of America	-	-	476.81M	-	-	-
United States of America Growth	-	-	-	-	-	-
Others .	-	-	16.76M	-	-	-
Others . Growth	-	-	-	-	-	-
U	-	428.83M	-	-	-	-
U Growth	-	-	-	-	-	-
Other Countries	20.17M	14.83M	-	-	-	-
Other Countries Growth	-	-26.48%	-	-	-	-

Frequently Asked Questions

Valuation & Price

IBEX Limited (IBEX) has a price-to-earnings (P/E) ratio of 16.1x. This is roughly in line with market averages.

Growth & Financials

IBEX Limited (IBEX) reported $579.7M in revenue for fiscal year 2025. This represents a 79% increase from $323.0M in 2016.

IBEX Limited (IBEX) grew revenue by 9.8% over the past year. This is steady growth.

Yes, IBEX Limited (IBEX) is profitable, generating $41.4M in net income for fiscal year 2025 (6.6% net margin).

Dividend & Returns

IBEX Limited (IBEX) has a return on equity (ROE) of 24.6%. This is excellent, indicating efficient use of shareholder capital.

IBEX Limited (IBEX) generated $31.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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IBEX Limited (IBEX) 10-Year Financial Performance & Capital Metrics

IBEX • • Industrial / General

TechnologyIT ServicesCustomer Experience & Business Process OutsourcingCustomer Service BPO

Revenue $558M +9.8%
EBITDA $64M +8.4%
Net Income $37M +9.5%
EPS (Diluted) 2.36 +28.3%
Gross Margin 30.91% +3.4%
EBITDA Margin 11.44% -1.2%
Operating Margin 8.35% +7.7%
Net Margin 6.6% -0.2%
ROE 24.57% +15.2%
ROIC 19.49% +12.5%
Debt/Equity 0.52 +28.5%
Interest Coverage 28.53 -62.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 23.3%
✓Strong 5Y profit CAGR of 36.5%
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 13.9% through buybacks
✓Efficient asset utilization: 2.0x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y6.62%

3Y4.24%

TTM12.86%

Profit (Net Income) CAGR

10Y-

5Y36.53%

3Y19.77%

TTM22.55%

EPS CAGR

10Y-

5Y39.92%

3Y27.08%

TTM47.09%

ROCE

10Y Avg9.78%

5Y Avg16.83%

3Y Avg19.88%

Latest22.4%

Peer Comparison

Customer Service BPO

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EXLSExlService Holdings, Inc.	6.77B	42.63	35.23	12.74%	11.91%	25.35%	3.29%	0.39
TASKTaskUs, Inc.	412.23M	11.65	23.30	7.64%	7.11%	14.35%	24.21%	0.61
GGenpact Limited	7.97B	46.22	16.22	6.48%	11.01%	21.67%	6.65%	0.60
IBEXIBEX Limited	511.21M	37.96	16.08	9.77%	7.14%	28.81%	5.34%	0.52
CNXCConcentrix Corporation	2.6B	42.18	11.37	35.2%	3.25%	7.28%	16.46%	1.39
CNDTConduent Incorporated	316.48M	2.07	0.93	-9.83%	-4.85%	-17.35%		0.84
TTECTTEC Holdings, Inc.	161.18M	3.32	-0.49	-10.36%	-0.84%	-6.4%		4.03

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	323.02M	334.03M	342.2M	368.38M	405.13M	443.39M	492.85M	523.12M	508.57M	558.27M
Revenue Growth %	-	0.03%	0.02%	0.08%	0.1%	0.09%	0.11%	0.06%	-0.03%	0.1%
Cost of Goods Sold+	260.59M	276.19M	252.93M	254.59M	276.25M	335.25M	373.97M	374.99M	356.54M	385.69M
COGS % of Revenue	0.81%	0.83%	0.74%	0.69%	0.68%	0.76%	0.76%	0.72%	0.7%	0.69%
Gross Profit+	62.43M	57.84M	89.28M	113.79M	128.88M	108.14M	118.88M	148.13M	152.03M	172.58M
Gross Margin %	0.19%	0.17%	0.26%	0.31%	0.32%	0.24%	0.24%	0.28%	0.3%	0.31%
Gross Profit Growth %	-	-0.07%	0.54%	0.27%	0.13%	-0.16%	0.1%	0.25%	0.03%	0.14%
Operating Expenses+	309.51M	335.07M	363.3M	361.34M	109.37M	91.09M	98.25M	107.65M	112.6M	125.97M
OpEx % of Revenue	0.96%	1%	1.06%	0.98%	0.27%	0.21%	0.2%	0.21%	0.22%	0.23%
Selling, General & Admin	281.72M	306.12M	332.93M	321.72M	350.42M	0	80.15M	88.66M	93.14M	108.74M
SG&A % of Revenue	0.87%	0.92%	0.97%	0.87%	0.86%	-	0.16%	0.17%	0.18%	0.19%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	27.8M	28.96M	30.37M	39.61M	-241.06M	91.09M	18.1M	18.98M	19.46M	17.23M
Operating Income+	8.56M	-2.33M	-17.78M	6.8M	19.51M	17.05M	20.63M	40.48M	39.43M	46.61M
Operating Margin %	0.03%	-0.01%	-0.05%	0.02%	0.05%	0.04%	0.04%	0.08%	0.08%	0.08%
Operating Income Growth %	-	-1.27%	-6.65%	1.38%	1.87%	-0.13%	0.21%	0.96%	-0.03%	0.18%
EBITDA+	21.22M	11.51M	-5.59M	27.7M	43.98M	31.16M	38.73M	59.46M	58.89M	63.84M
EBITDA Margin %	0.07%	0.03%	-0.02%	0.08%	0.11%	0.07%	0.08%	0.11%	0.12%	0.11%
EBITDA Growth %	-	-0.46%	-1.49%	5.95%	0.59%	-0.29%	0.24%	0.54%	-0.01%	0.08%
D&A (Non-Cash Add-back)	12.65M	13.83M	12.18M	20.89M	24.47M	14.12M	18.1M	18.98M	19.46M	17.23M
EBIT	7.1M	-3.44M	-18.91M	6.8M	19M	17.05M	20.67M	41.12M	41.5M	47.57M
Net Interest Income+	-5.13M	-6.39M	-3.09M	-7.71M	-9.43M	-9.03M	-1.25M	-152K	1.56M	-679K
Interest Income	0	0	0	7.25M	0	0	43K	640K	2.07M	955K
Interest Expense	3.67M	5.28M	1.96M	7.25M	9.43M	9.03M	1.29M	792K	514K	1.63M
Other Income/Expense	-5.13M	-6.39M	-3.09M	-7.71M	-9.43M	-1.89M	-1.25M	-152K	1.56M	-679K
Pretax Income+	3.43M	-8.72M	-20.87M	-904K	10.09M	15.15M	19.38M	40.33M	40.99M	45.93M
Pretax Margin %	0.01%	-0.03%	-0.06%	-0%	0.02%	0.03%	0.04%	0.08%	0.08%	0.08%
Income Tax+	1.86M	295K	-108K	3.62M	2.31M	2.06M	-2.08M	8.74M	7.33M	9.07M
Effective Tax Rate %	0.46%	1.03%	0.76%	5%	0.77%	0.86%	1.11%	0.78%	0.82%	0.8%
Net Income+	1.57M	-9.01M	-15.88M	-4.52M	7.77M	13.09M	21.46M	31.58M	33.66M	36.86M
Net Margin %	0%	-0.03%	-0.05%	-0.01%	0.02%	0.03%	0.04%	0.06%	0.07%	0.07%
Net Income Growth %	-	-6.74%	-0.76%	0.72%	2.72%	0.68%	0.64%	0.47%	0.07%	0.1%
Net Income (Continuing)	1.57M	-9.01M	-20.76M	-4.52M	7.77M	13.09M	21.46M	31.58M	33.66M	36.86M
Discontinued Operations	0	0	4.88M	15.48M	0	0	0	0	0	0
Minority Interest	3.64M	20M	20M	0	0	0	0	0	0	0
EPS (Diluted)+	0.09	-0.51	-0.90	-0.26	0.44	0.15	1.15	1.67	1.84	2.36
EPS Growth %	-	-6.74%	-0.76%	0.71%	2.69%	-0.66%	6.67%	0.45%	0.1%	0.28%
EPS (Basic)	0.09	-0.51	-0.90	-0.26	0.44	0.16	1.18	1.74	1.90	2.51
Diluted Shares Outstanding	17.69M	17.69M	17.69M	17.69M	17.69M	18.38M	18.72M	18.89M	18.25M	15.72M
Basic Shares Outstanding	17.69M	17.69M	17.69M	17.69M	17.69M	17.65M	18.23M	18.2M	17.7M	14.68M
Dividend Payout Ratio	4.18%	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	80.75M	88.58M	82M	81.78M	86.04M	141.37M	142.35M	158.61M	179.96M	145.62M
Cash & Short-Term Investments	9.45M	21.32M	13.52M	8.87M	21.87M	57.84M	48.83M	57.43M	62.72M	15.35M
Cash Only	9.45M	21.32M	13.52M	8.87M	21.87M	57.84M	48.83M	57.43M	62.72M	15.35M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	65.89M	63.85M	60.35M	64.12M	57.94M	72.61M	75.43M	92.37M	107.64M	118.7M
Days Sales Outstanding	74.45	69.77	64.37	63.53	52.2	59.78	55.86	64.45	77.25	77.61
Inventory	0	505K	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	0.67	-	-	-	-	-	-	-	-
Other Current Assets	5.41M	3.26M	2.62M	0	0	673K	10.95M	2.19M	1.89M	2.13M
Total Non-Current Assets+	57.69M	63.65M	75.08M	106.53M	109.2M	132.91M	151.83M	134.72M	113.95M	127.6M
Property, Plant & Equipment	23.33M	22.81M	18.9M	82.31M	84.59M	106.7M	125.03M	112.07M	89.01M	94.84M
Fixed Asset Turnover	13.84x	14.64x	18.11x	4.48x	4.79x	4.16x	3.94x	4.67x	5.71x	5.89x
Goodwill	11.89M	11.83M	11.83M	11.83M	11.83M	11.83M	11.83M	11.83M	11.83M	11.83M
Intangible Assets	9.13M	5.97M	4.18M	2.93M	2.78M	3.21M	700K	0	0	0
Long-Term Investments	288K	294K	392K	227K	2.94M	258K	382K	0	0	0
Other Non-Current Assets	9.74M	18.35M	34.56M	6.71M	4.83M	6.66M	4.61M	6.23M	8.82M	13.76M
Total Assets+	138.44M	152.23M	157.08M	188.3M	195.24M	274.29M	294.18M	293.32M	293.9M	273.21M
Asset Turnover	2.33x	2.19x	2.18x	1.96x	2.08x	1.62x	1.68x	1.78x	1.73x	2.04x
Asset Growth %	-	0.1%	0.03%	0.2%	0.04%	0.4%	0.07%	-0%	0%	-0.07%
Total Current Liabilities+	99.39M	99.89M	116.23M	111.38M	105.65M	105.72M	97.77M	73.26M	71M	79.94M
Accounts Payable	11.18M	13.69M	13.15M	9.93M	10.35M	5.98M	20.3M	18.7M	16.72M	18.69M
Days Payables Outstanding	15.66	18.09	18.98	14.23	13.68	6.51	19.82	18.21	17.12	17.69
Short-Term Debt	46.55M	43.3M	51.18M	41.84M	40.14M	26.72M	28.89M	413K	660K	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	1M	21.9M	19.07M	18.59M	35.83M	3.56M	0	0	0
Current Ratio	0.81x	0.89x	0.71x	0.73x	0.81x	1.34x	1.46x	2.16x	2.53x	1.82x
Quick Ratio	0.81x	0.88x	0.71x	0.73x	0.81x	1.34x	1.46x	2.16x	2.53x	1.82x
Cash Conversion Cycle	-	52.34	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	19.3M	23.61M	12.89M	68.29M	73.43M	87.91M	82.95M	70.1M	57.11M	58.97M
Long-Term Debt	12.21M	14.65M	9.01M	7.18M	3.78M	1.8M	339K	600K	867K	0
Capital Lease Obligations	0	0	866K	58.6M	62.04M	71.88M	76.32M	64.85M	53.44M	54.6M
Deferred Tax Liabilities	4.62M	5.34M	61.29M	147K	117K	86K	0	0	0	0
Other Non-Current Liabilities	1.09M	1.11M	2.31M	1.61M	7.06M	11.14M	2.3M	3.26M	1.67M	3.23M
Total Liabilities	118.69M	123.49M	129.13M	179.67M	179.09M	193.63M	180.72M	143.36M	128.1M	138.91M
Total Debt+	58.75M	57.95M	62.96M	118.25M	105.97M	112.52M	105.54M	78.9M	67.02M	69.75M
Net Debt	49.3M	36.63M	49.44M	109.38M	84.1M	54.67M	56.71M	21.47M	4.3M	54.41M
Debt / Equity	2.98x	1.19x	1.31x	13.71x	6.56x	1.39x	0.93x	0.53x	0.40x	0.52x
Debt / EBITDA	2.77x	5.04x	-	4.27x	2.41x	3.61x	2.73x	1.33x	1.14x	1.09x
Net Debt / EBITDA	2.32x	3.18x	-	3.95x	1.91x	1.75x	1.46x	0.36x	0.07x	0.85x
Interest Coverage	2.33x	-0.44x	-9.09x	0.94x	2.07x	1.89x	16.00x	51.11x	76.71x	28.53x
Total Equity+	19.75M	48.74M	47.95M	8.63M	16.15M	80.66M	113.46M	149.96M	165.8M	134.31M
Equity Growth %	-	1.47%	-0.02%	-0.82%	0.87%	3.99%	0.41%	0.32%	0.11%	-0.19%
Book Value per Share	1.12	2.75	2.71	0.49	0.91	4.39	6.06	7.94	9.08	8.54
Total Shareholders' Equity	16.1M	28.74M	27.95M	8.63M	16.15M	80.66M	113.46M	149.96M	165.8M	134.31M
Common Stock	1K	1K	12K	12K	12K	2K	2K	2K	2K	1K
Retained Earnings	-70.44M	-110.03M	-126.06M	-117.18M	-109.53M	-110.68M	-76.36M	-44.78M	-11.12M	25.74M
Treasury Stock	0	0	0	0	0	0	-3.41M	-3.68M	-25.37M	-103.34M
Accumulated OCI	22.34M	22.55M	37.8M	29.59M	29.46M	33.18M	5.79M	-6.31M	-7.91M	-6.34M
Minority Interest	3.64M	20M	20M	0	0	0	0	0	0	0

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	3.04M	6.65M	-5.75M	2.2M	51.72M	16.08M	40.01M	41.86M	35.9M	45.67M
Operating CF Margin %	0.01%	0.02%	-0.02%	0.01%	0.13%	0.04%	0.08%	0.08%	0.07%	0.08%
Operating CF Growth %	-	1.18%	-1.86%	1.38%	22.49%	-0.69%	1.49%	0.05%	-0.14%	0.27%
Net Income	3.43M	-8.72M	-15.94M	19.41M	7.77M	13.09M	21.46M	31.58M	33.66M	36.86M
Depreciation & Amortization	12.65M	13.83M	12.42M	21.8M	24.47M	14.12M	18.1M	18.98M	19.46M	17.23M
Stock-Based Compensation	945K	323K	8.94M	5.26M	359K	5.36M	1.85M	4.61M	3.77M	5.43M
Deferred Taxes	1.84M	-1.72M	-6.24M	-13.44M	0	-1.91M	-5.17M	4.53M	344K	-2.88M
Other Non-Cash Items	5.13M	6.39M	5.33M	13.38M	11.51M	12.41M	15.04M	15.85M	15.95M	15.32M
Working Capital Changes	-20.96M	-3.46M	-10.26M	-44.22M	7.61M	-26.98M	-11.27M	-33.69M	-37.28M	-26.3M
Change in Receivables	-20.04M	4.01M	758K	-18.02M	9.04M	-13.33M	-9.71M	-12.3M	0	-19.26M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	7.49M	2.34M	4.41M	9M	0	-4.01M	2.31M	-3.75M	-2.25M	6.25M
Cash from Investing+	-11.58M	-9.75M	-5.44M	-9.08M	-4.83M	-20.82M	-25.92M	-19.04M	-8.86M	-18.38M
Capital Expenditures	-10.88M	-9.93M	-5.76M	-6.23M	-4.28M	-20.82M	-25.92M	-18.95M	-8.86M	-18.38M
CapEx % of Revenue	0.03%	0.03%	0.02%	0.02%	0.01%	0.05%	0.05%	0.04%	0.02%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	178K	177K	715K	810K	-552K	0	0	0	0	0
Cash from Financing+	12.19M	14.98M	3.19M	2.55M	-33.87M	40.9M	-22.13M	-13.61M	-21.73M	-74.66M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-6.56M	-1M	-146K	-1.6M	0	-4M	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	200K	190K	0	0	-14.67M	-1.05M	35K	2.05M	366K	4.31M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-7.84M	-3.29M	-11.51M	-4.03M	47.44M	-4.75M	14.09M	22.91M	27.05M	27.29M
FCF Margin %	-0.02%	-0.01%	-0.03%	-0.01%	0.12%	-0.01%	0.03%	0.04%	0.05%	0.05%
FCF Growth %	-	0.58%	-2.5%	0.65%	12.76%	-1.1%	3.97%	0.63%	0.18%	0.01%
FCF per Share	-0.44	-0.19	-0.65	-0.23	2.68	-0.26	0.75	1.21	1.48	1.74
FCF Conversion (FCF/Net Income)	1.94x	-0.74x	0.36x	-0.49x	6.66x	1.23x	1.86x	1.33x	1.07x	1.24x
Interest Paid	0	0	0	0	9.43M	0	1.25M	152K	514K	1.63M
Taxes Paid	0	0	0	0	0	0	2.16M	4.28M	7.69M	11.95M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	7.96%	-26.32%	-32.85%	-15.97%	62.72%	27.04%	22.11%	23.98%	21.32%	24.57%
Return on Invested Capital (ROIC)	9.3%	-2.26%	-14.59%	4.74%	13.41%	10.85%	10.13%	17.77%	17.32%	19.49%
Gross Margin	19.33%	17.32%	26.09%	30.89%	31.81%	24.39%	24.12%	28.32%	29.89%	30.91%
Net Margin	0.49%	-2.7%	-4.64%	-1.23%	1.92%	2.95%	4.35%	6.04%	6.62%	6.6%
Debt / Equity	2.98x	1.19x	1.31x	13.71x	6.56x	1.39x	0.93x	0.53x	0.40x	0.52x
Interest Coverage	2.33x	-0.44x	-9.09x	0.94x	2.07x	1.89x	16.00x	51.11x	76.71x	28.53x
FCF Conversion	1.94x	-0.74x	0.36x	-0.49x	6.66x	1.23x	1.86x	1.33x	1.07x	1.24x
Revenue Growth	-	3.41%	2.44%	7.65%	9.98%	9.44%	11.16%	6.14%	-2.78%	9.77%

Revenue by Geography

	2020	2021	2022	2023	2024	2025
UNITED STATES	396.16M	-	-	509.17M	493.01M	537.78M
UNITED STATES Growth	-	-	-	-	-3.17%	9.08%
Offshore	-	-	-	221.91M	244.82M	282.29M
Offshore Growth	-	-	-	-	10.32%	15.30%
Non-US	-	-	-	13.95M	15.55M	20.49M
Non-US Growth	-	-	-	-	11.51%	31.75%
United States of America	-	-	476.81M	-	-	-
United States of America Growth	-	-	-	-	-	-
Others .	-	-	16.76M	-	-	-
Others . Growth	-	-	-	-	-	-
U	-	428.83M	-	-	-	-
U Growth	-	-	-	-	-	-
Other Countries	20.17M	14.83M	-	-	-	-
Other Countries Growth	-	-26.48%	-	-	-	-

Frequently Asked Questions

Valuation & Price

IBEX Limited (IBEX) has a price-to-earnings (P/E) ratio of 16.1x. This is roughly in line with market averages.

Growth & Financials

IBEX Limited (IBEX) reported $579.7M in revenue for fiscal year 2025. This represents a 79% increase from $323.0M in 2016.

IBEX Limited (IBEX) grew revenue by 9.8% over the past year. This is steady growth.

Yes, IBEX Limited (IBEX) is profitable, generating $41.4M in net income for fiscal year 2025 (6.6% net margin).

Dividend & Returns

IBEX Limited (IBEX) has a return on equity (ROE) of 24.6%. This is excellent, indicating efficient use of shareholder capital.

IBEX Limited (IBEX) generated $31.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.