Latest Ratios: P/E Ratio 18.9x · EV/EBITDA 10.2x · ROE 24.6%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $600M | $458M | $295M | $401M | $316M | $359M | — | — | — | — | — |
| Enterprise Value | $654M | $512M | $300M | $423M | $373M | $414M | — | — | — | — | — |
| P/E Ratio → | 18.87 | 12.33 | 8.79 | 12.71 | 14.67 | 130.13 | — | — | — | — | — |
| P/S Ratio | 1.07 | 0.82 | 0.58 | 0.77 | 0.64 | 0.81 | — | — | — | — | — |
| P/B Ratio | 5.21 | 3.41 | 1.78 | 2.67 | 2.78 | 4.45 | — | — | — | — | — |
| P/FCF | 21.97 | 16.77 | 10.92 | 17.51 | 22.42 | — | — | — | — | — | — |
| P/OCF | 13.13 | 10.02 | 8.23 | 9.58 | 7.90 | 22.32 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.92 | 0.59 | 0.81 | 0.76 | 0.93 | — | — | — | — | — |
| EV / EBITDA | 10.25 | 8.02 | 5.09 | 7.11 | 9.62 | 13.27 | — | — | — | — | — |
| EV / EBIT | 14.03 | 10.76 | 7.22 | 10.28 | 18.03 | 24.26 | — | — | — | — | — |
| EV / FCF | — | 18.76 | 11.08 | 18.45 | 26.45 | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.9% | 30.9% | 29.9% | 28.3% | 24.1% | 24.4% | 31.8% | 30.9% | 26.1% | 17.3% | 19.3% |
| Operating Margin | 8.3% | 8.3% | 7.8% | 7.7% | 4.2% | 3.8% | 4.8% | 1.8% | -5.2% | -0.7% | 2.7% |
| Net Profit Margin | 6.6% | 6.6% | 6.6% | 6.0% | 4.4% | 3.0% | 1.9% | -1.2% | -4.6% | -2.7% | 0.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 24.6% | 24.6% | 21.3% | 24.0% | 22.1% | 27.0% | 62.7% | -16.0% | -32.8% | -26.3% | 8.0% |
| ROA | 13.0% | 13.0% | 11.5% | 10.8% | 7.5% | 5.6% | 4.1% | -2.6% | -10.3% | -6.2% | 1.1% |
| ROIC | 19.5% | 19.5% | 17.3% | 17.8% | 10.1% | 10.9% | 13.4% | 4.7% | -14.6% | -2.3% | 9.3% |
| ROCE | 22.4% | 22.4% | 17.8% | 19.4% | 11.3% | 13.2% | 23.4% | 11.6% | -38.2% | -5.1% | 21.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.52 | 0.52 | 0.40 | 0.53 | 0.93 | 1.39 | 6.56 | 13.71 | 1.31 | 1.19 | 2.98 |
| Debt / EBITDA | 1.09 | 1.09 | 1.14 | 1.33 | 2.73 | 3.61 | 2.41 | 4.27 | — | 5.04 | 2.77 |
| Net Debt / Equity | — | 0.41 | 0.03 | 0.14 | 0.50 | 0.68 | 5.21 | 12.68 | 1.03 | 0.75 | 2.50 |
| Net Debt / EBITDA | 0.85 | 0.85 | 0.07 | 0.36 | 1.46 | 1.75 | 1.91 | 3.95 | — | 3.18 | 2.32 |
| Debt / FCF | — | 1.99 | 0.16 | 0.94 | 4.03 | — | 1.77 | — | — | — | — |
| Interest Coverage | 29.11 | 29.11 | 80.74 | 51.92 | 16.03 | 1.89 | 2.01 | 0.94 | -9.68 | -0.65 | 1.93 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.82 | 1.82 | 2.53 | 2.16 | 1.46 | 1.34 | 0.81 | 0.73 | 0.71 | 0.89 | 0.81 |
| Quick Ratio | 1.82 | 1.82 | 2.53 | 2.16 | 1.46 | 1.34 | 0.81 | 0.73 | 0.71 | 0.88 | 0.81 |
| Cash Ratio | 0.19 | 0.19 | 0.88 | 0.78 | 0.50 | 0.55 | 0.21 | 0.08 | 0.12 | 0.21 | 0.10 |
| Asset Turnover | — | 2.04 | 1.73 | 1.78 | 1.68 | 1.62 | 2.08 | 1.96 | 2.18 | 2.19 | 2.33 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | 546.92 | — |
| Days Sales Outstanding | — | 77.61 | 77.25 | 64.45 | 55.86 | 59.78 | 52.20 | 63.53 | 64.37 | 69.77 | 74.45 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 1.1% | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | 417.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.3% | 8.1% | 11.4% | 7.9% | 6.8% | 0.8% | — | — | — | — | — |
| FCF Yield | 4.6% | 6.0% | 9.2% | 5.7% | 4.5% | — | — | — | — | — | — |
| Buyback Yield | 13.0% | 17.0% | 7.3% | 0.1% | 1.1% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 13.0% | 17.0% | 7.3% | 0.1% | 1.1% | 1.1% | — | — | — | — | — |
| Shares Outstanding | — | $16M | $18M | $19M | $19M | $18M | $18M | $18M | $18M | $18M | $18M |
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying IBEX stock.
IBEX Limited's current P/E ratio is 18.9x. The historical average is 35.7x. This places it at the 80th percentile of its historical range.
IBEX Limited's current EV/EBITDA is 10.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.6x.
IBEX Limited's return on equity (ROE) is 24.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 11.5%.
Based on historical data, IBEX Limited is trading at a P/E of 18.9x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
IBEX Limited has 30.9% gross margin and 8.3% operating margin.
IBEX Limited's Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Margin compression undermining growth
Metrics are mathematically derived from official filings.
Gross Margin Erosion Signals Structural Shift
IBEX's gross margin has compressed sharply from 31.4% in Q4 2024 to 23.8% in Q4 2026, a 760-basis-point decline that appears to coincide with its acceleration in revenue growth, suggesting a potential strategic shift toward lower-margin, higher-volume contracts.
This severe margin contraction, occurring alongside revenue acceleration, indicates that the company's growth may be funded by less profitable work or by unfavorable mix changes. The operating margin, declining from 10.3% to 11.1% over the same period, has not fully offset the gross margin decline, implying limited operating leverage and raising questions about the sustainability of the earnings growth trajectory.
ROIC Recovery Driven by Margins, Not Efficiency
IBEX's ROIC has trended upward from 4.7% in Q4 2024 to 6.7% in Q4 2026, but this improvement appears to be driven by margin expansion prior to the recent gross margin collapse, while asset turnover has remained relatively stagnant around 0.43-0.55.
The recent jump in ROIC to 6.7% in Q4 2026 is notable, but it coincides with a quarter where gross margin fell dramatically, suggesting this may be a lagging indicator. The more concerning trend is the lack of improvement in asset turnover, which implies the company is not becoming more efficient at deploying its asset base to generate returns as it scales, a critical issue for a services business model.
Working Capital Efficiency Under Pressure
Days Sales Outstanding (DSO) have decreased from a peak of 82 days in Q3 2025 to 72 days in Q4 2026, but this improvement is offset by the complete disappearance of Days Inventory Outstanding data, making the Cash Conversion Cycle impossible to fully assess.
The reduction in DSO suggests IBEX may have improved its collections process or customer payment terms, which is a positive development. However, the absence of DIO data for most quarters prevents a complete analysis of working capital efficiency. The cash flow volatility noted in prior analysis, with large quarterly swings in operating cash flow, suggests that underlying working capital dynamics remain a significant source of financial uncertainty for the company.
Deleveraging Provides Comfortable Cushion
The Debt-to-Equity ratio has improved markedly from a peak of 0.87 in Q2 2025 to 0.37 in Q4 2026, and interest coverage has surged from 19.74x to 61.57x, providing a substantial buffer against the current margin pressure.
This aggressive deleveraging, driven by retained earnings growth, has significantly reduced IBEX's financial risk profile. The current D/E of 0.37 is conservative for the sector, and the extremely high interest coverage suggests debt service is not a constraint. This financial flexibility is a key asset, as it provides the company with the capacity to weather the current margin compression or invest in initiatives to reverse it without facing refinancing pressure.
Valuation Premium Warrants Growth Justification
IBEX trades at a P/E of 17.16 and EV/EBITDA of 9.39, a significant premium to profitable peer TaskUs (P/E 7.49, EV/EBITDA 4.10), implying the market is pricing in a more favorable growth or margin trajectory than its peers.
Compared to the peer set, IBEX is one of the few companies showing consistent profitability, which justifies a premium over loss-making peers like TTEC and Concentrix. However, its valuation multiples are substantially higher than TaskUs, which has a superior ROIC (16.3%) and net margin (8.6%). This premium valuation appears to be predicated on IBEX's accelerating revenue growth, but the concurrent margin deterioration raises the risk that the market may be overestimating the company's ability to translate growth into sustainable earnings.
ROIC as a Misleading Growth Metric
The most commonly misapplied ratio for IBEX appears to be Return on Invested Capital (ROIC), as its recent improvement masks a simultaneous collapse in gross margin and stagnant asset turnover, which are more indicative of the true quality of its growth.
In a services business scaling rapidly, ROIC can temporarily improve due to accounting factors or one-time margin benefits, obscuring underlying operational deterioration. For IBEX, the rising ROIC trend from 4.7% to 6.7% would typically signal improving business quality, but in this context, it appears decoupled from the company's core profitability drivers. Analysts should instead focus on the gross margin trend and its relationship to revenue growth as a more reliable indicator of sustainable value creation.