Ibex Ltd (IBEX)
NASDAQ:IBEX
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IBEX
(NASDAQ:IBEX)
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Rating:72Outperform
Price Target:
$32.00
▲(11.81% Upside)
Action:ReiteratedDate:02/06/26
The score is driven primarily by improving fundamentals and a notably upbeat earnings call with raised guidance. Valuation is supportive at a ~12.3 P/E, while weaker technical momentum and some cash-flow/working-capital and vertical-mix risks temper the overall rating.
Positive Factors
Consistent revenue growth
Sustained double‑digit quarters and raised full‑year revenue guidance reflect a durable demand trajectory and successful account expansion. Multi‑quarter organic growth reduces execution risk, supports scale economics, and underpins medium‑term revenue visibility as digital services and vertical wins compound.
Negative Factors
Cash‑flow variability & higher CapEx
Elevated capital spending for offshore expansion and AI increases near‑term cash outflows and caused a quarterly FCF shortfall. While investments are strategic, cash conversion volatility reduces cushion for distributions or opportunistic M&A and requires monitoring of FCF recovery as investments mature.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent revenue growth
Sustained double‑digit quarters and raised full‑year revenue guidance reflect a durable demand trajectory and successful account expansion. Multi‑quarter organic growth reduces execution risk, supports scale economics, and underpins medium‑term revenue visibility as digital services and vertical wins compound.
Read all positive factors
IBEX (IBEX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$368.52M
Dividend YieldN/A
Average Volume (3M)122.91K
Price to Earnings (P/E)10.5
Beta (1Y)0.98
Revenue Growth12.86%
EPS Growth54.95%
CountryUS
Employees33,000
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)0.87
Shares Outstanding13,405,520
10 Day Avg. Volume97,898
30 Day Avg. Volume122,913
Financial Highlights & Ratios
PEG Ratio0.36
Price to Book (P/B)3.18
Price to Sales (P/S)0.77
P/FCF Ratio15.65
Enterprise Value/Market Cap1.17
Enterprise Value/Revenue0.72
Enterprise Value/Gross Profit2.42
Enterprise Value/Ebitda5.97
Forecast
1Y Price Target
$40.00Price Target Upside39.76% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)3.38
Revenue Forecast (FY)$613.64M
IBEX Business Overview & Revenue Model
Company Description
IBEX 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 supp...
How the Company Makes Money
IBEX makes money by providing outsourced CX and BPO services to enterprise clients under service contracts, earning fees for operating customer-interaction and support programs on the client’s behalf. Revenue is primarily generated from (a) custom...
IBEX Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
The call presents strong operational and financial momentum: record revenue, accelerated EPS growth, improved adjusted EBITDA margins, raised full-year guidance, and clear progress in high-growth verticals (notably HealthTech), offshore expansion and AI capabilities. Lowlights are manageable and largely reflect intentional, growth-oriented investments (higher CapEx, India expansion, and temporary training revenue timing) and a sharp decline in the telecommunications vertical. On balance, the positives and upward guidance significantly outweigh the negatives.Positive Updates
Record Quarterly Revenue and Continued Double-Digit Growth
Q2 revenue of $164.2M, up 16.7% year-over-year (CEO cited ~17%). This marks the fourth consecutive quarter of double-digit organic revenue growth and builds on calendar-year 2025 results that surpassed $600M in revenue with 16% growth.
Negative Updates
Telecommunications Vertical Decline
Telecommunications revenue declined ~23.1% year-over-year and now represents 8.7% of total revenue versus 13.1% a year ago, reflecting lower volumes from legacy carriers and a notable vertical contraction.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue and Continued Double-Digit Growth
Q2 revenue of $164.2M, up 16.7% year-over-year (CEO cited ~17%). This marks the fourth consecutive quarter of double-digit organic revenue growth and builds on calendar-year 2025 results that surpassed $600M in revenue with 16% growth.
Read all positive updates
Company Guidance
IBEX raised full-year revenue guidance to $620–$630 million (from $605–$620 million) and lifted adjusted EBITDA guidance to $80–$82 million (from $78–$81 million), and said it now expects capital expenditures at the upper end of its prior $20–$25 million range (i.e., roughly $25M); management also noted HealthTech is on track to be ~$100 million by year‑end, expects an effective tax rate (before discrete items) of about 20–22% for the remaining quarters, and expects DSOs to remain in the mid‑70s. For context, Q2 revenue was $164.2M (up 16.7% YoY), adjusted EBITDA was a record $20.7M (12.6% of revenue), free cash flow was an outflow of $5.1M in the quarter, net cash was ~$14M, weighted average diluted shares were 14.7M, and $7.8M remained on the share repurchase authorization.IBEX Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 603.27M | 558.27M | 508.57M | 523.12M | 492.85M | 443.39M |
| Gross Profit | 178.43M | 172.58M | 152.03M | 148.13M | 118.88M | 108.14M |
| EBITDA | 72.43M | 64.80M | 60.96M | 60.10M | 38.77M | 31.16M |
| Net Income | 44.32M | 36.86M | 33.66M | 31.58M | 21.46M | 13.09M |
Balance Sheet | ||||||
| Total Assets | 295.80M | 273.21M | 293.90M | 293.32M | 294.18M | 274.29M |
| Cash, Cash Equivalents and Short-Term Investments | 15.46M | 15.35M | 62.72M | 57.43M | 48.83M | 57.84M |
| Total Debt | 64.34M | 69.75M | 67.02M | 78.90M | 105.54M | 112.52M |
| Total Liabilities | 141.28M | 138.91M | 128.10M | 143.36M | 180.72M | 193.63M |
| Stockholders Equity | 154.51M | 134.31M | 165.80M | 149.96M | 113.46M | 80.66M |
Cash Flow | ||||||
| Free Cash Flow | 29.28M | 27.29M | 27.05M | 22.91M | 14.09M | -4.75M |
| Operating Cash Flow | 59.08M | 45.67M | 35.90M | 41.86M | 40.01M | 16.08M |
| Investing Cash Flow | -29.80M | -18.38M | -8.86M | -19.04M | -25.92M | -20.82M |
| Financing Cash Flow | -33.96M | -74.66M | -21.73M | -13.61M | -22.13M | 40.90M |
IBEX Technical Analysis
Neutral
28.62
Price Trends
29.55
Negative
33.33
Negative
33.42
Negative
Market Momentum
-0.52
Negative
51.11
Neutral
65.02
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IBEX, the sentiment is Neutral. The current price of 28.62 is above the 20-day moving average (MA) of 27.74, below the 50-day MA of 29.55, and below the 200-day MA of 33.42, indicating a neutral trend. The MACD of -0.52 indicates Negative momentum. The RSI at 51.11 is Neutral, neither overbought nor oversold. The STOCH value of 65.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IBEX.
IBEX Risk Analysis
IBEX disclosed 49 risk factors in its most recent earnings report. IBEX reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
IBEX Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $368.52M | 10.52 | 31.85% | ― | 12.86% | 54.95% | |
68 Neutral | $1.16B | 50.36 | 35.11% | ― | 73.57% | 56.21% | |
66 Neutral | $344.95M | 10.94 | 38.06% | ― | 91.66% | 7.52% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | $585.93M | 10.43 | 18.33% | ― | 19.88% | 51.03% | |
52 Neutral | $313.74M | 42.13 | 12.82% | 2.41% | 0.68% | -67.84% | |
45 Neutral | $144.65M | 2.63 | 126.78% | ― | -4.93% | 18.65% |
* Technology Sector Average
IBEX
IBEX
28.47
5.07
21.67%
INOD
Innodata
39.00
3.84
10.92%
HCKT
The Hackett Group
12.91
-12.77
-49.74%
UIS
Unisys
2.10
-1.80
-46.15%
TSSI
TSS
14.84
7.50
102.18%
TASK
TaskUs
6.82
-1.49
-17.92%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.