IBEX (IBEX) AI Stock Analysis

• Market Cap: $372.27M
• Dividend Yield: N/A
• Average Volume (3M): 157.33K
• Price to Earnings (P/E): 9.3
• Beta (1Y): 1.01
• Revenue Growth: 12.86%
• EPS Growth: 54.95%
• Country: US
• Employees: 33,000
• Sector: Technology
• Sector Strength: 88
• Industry: Information Technology Services
• EPS (TTM): 0.87
• Shares Outstanding: 13,405,520
• 10 Day Avg. Volume: 152,432
• 30 Day Avg. Volume: 157,331
• PEG Ratio: 0.36
• Price to Book (P/B): 3.18
• Price to Sales (P/S): 0.77
• P/FCF Ratio: 15.65
• Enterprise Value/Market Cap: 1.16
• Enterprise Value/Revenue: 0.71
• Enterprise Value/Gross Profit: 2.42
• Enterprise Value/Ebitda: 5.95
• 1Y Price Target: $41.00
• Price Target Upside: 47.64% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): 3.38
• Revenue Forecast (FY): $613.64M

• Rating: 72 Outperform
• Price Target: $31.00 ▲(11.63% Upside)
• Action: Reiterated Date: 02/06/26
• Date: Action: Reiterated 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

Steady revenue growth

Consistent multi-year revenue growth demonstrates durable demand for IBEX’s CX and BPO services. A steady revenue base supports reinvestment in digital/AI capabilities and offshore capacity, reducing execution risk and underpinning sustainable top-line momentum over the next 2–6 months.

Margin and profitability expansion

Improving EBITDA and narrowing SG&A as a percent of revenue reflect operating leverage from higher-value services and productivity gains. Margin expansion driven by digital mix and efficiency is a durable quality that should support cash generation and reinvestment even as the company scales.

Healthier leverage and ROE

Lower leverage and a stronger equity base provide financial flexibility for strategic investments (AI, offshore expansion) and buffer against cyclical client volatility. Elevated ROE indicates efficient capital use, giving management room to fund growth without jeopardizing solvency.

Negative Factors

Free cash flow variability

Inconsistent cash conversion and recent FCF softness limit the firm’s ability to self-fund expansion or absorb shocks. Variability in cash generation increases reliance on careful working-capital management and may constrain discretionary investments over the medium term.

Telecommunications vertical decline

A sharp, persistent decline in telecom volumes highlights exposure to legacy carrier contraction. Structural erosion in this vertical can depress revenue base and necessitate faster redeployment of capacity toward higher-growth segments, raising short-to-medium-term execution risk.

Client concentration risk

A rising share of revenue tied to the top-10 clients amplifies revenue volatility if one or more large programs shrink or renegotiate. High concentration constrains pricing leverage and makes revenue growth more dependent on a few relationships, a sustained strategic vulnerability.

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 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.

How the Company Makes Money

IBEX generates revenue primarily through subscription-based models for its software and digital solutions, allowing clients to access its platforms and services on a recurring basis. Additionally, the company earns income from consulting and implementation services, where it helps businesses integrate its technologies into their existing operations. Key revenue streams include licensing fees for proprietary software, transaction fees for data analytics services, and performance-based incentives linked to customer satisfaction improvements. IBEX also partners with major technology firms and industry leaders to expand its market reach and capabilities, further driving its earnings through collaborative projects and joint ventures.

IBEX Financial Statement Overview

Summary

Multi-year profitability improvement and generally rising revenue support the score, with leverage trending healthier and strong ROE. The main offset is cash-flow variability: recent free-cash-flow softness and less consistent cash conversion versus earnings.

Income Statement

TTM (Trailing-Twelve-Months) revenue of ~$603M is growing at a mid-single-digit pace (+4.1%), building on a multi-year upward trend despite a brief dip in FY2024. Profitability has improved meaningfully versus earlier years, with TTM gross margin ~30.6%, EBIT margin ~8.9%, and net margin ~7.1% (up from ~3.0% in FY2021). The main watch-out is that growth is not consistently strong year-to-year, making results more “steady improver” than high-growth.

Balance Sheet

Leverage looks reasonable in TTM (Trailing-Twelve-Months), with debt-to-equity ~0.46 and total debt (~$64M) down versus prior years, reflecting a healthier capital structure than FY2021–FY2022 when leverage was higher. Equity has also strengthened versus FY2022. Return on equity is notably high in TTM (~32%), which is a positive, but it can also signal the business is operating with a relatively lean equity base—worth monitoring if profitability softens.

Cash Flow

Cash generation is solid, with TTM (Trailing-Twelve-Months) operating cash flow of ~$59M and free cash flow of ~$29M. However, free cash flow declined (~-6.1%) in the latest TTM period, and free cash flow is only about ~58% of net income, suggesting cash conversion is good but not consistently strong. Operating cash flow coverage is improving versus earlier years, but still indicates that cash flow has not always tracked accounting earnings tightly.

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

• Technical Analysis Sentiment: Negative
• Last Price: 27.77
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IBEX, the sentiment is Negative. The current price of 27.77 is below the 20-day moving average (MA) of 32.69, below the 50-day MA of 35.91, and below the 200-day MA of 33.47, indicating a bearish trend. The MACD of -2.35 indicates Positive momentum. The RSI at 21.72 is Positive, neither overbought nor oversold. The STOCH value of 7.09 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IBEX.

IBEX Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IBEX	72 Outperform	$372.27M	9.33	33.65%	―	12.86%	54.95%
INOD	69 Neutral	$1.41B	47.62	46.40%	―	73.57%	56.21%
HCKT	65 Neutral	$356.77M	28.59	10.27%	2.41%	0.68%	-67.84%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
TASK	57 Neutral	$915.03M	12.15	15.40%	―	19.88%	51.03%
TSSI	46 Neutral	$243.74M	43.95	13.73%	―	91.66%	7.52%
UIS	45 Neutral	$151.88M	-0.51	―	―	-4.93%	18.65%

IBEX Corporate Events

Ibex Limited Announces New Board Chair and Governance Changes

On December 19, 2025, Ibex Limited announced several board and governance changes, appointing long-time associate and AI-focused executive Shuja Keen to fill a current vacancy on its Board of Directors and naming John Jones as Chair of the Board. Given that Jones is not deemed independent under Nasdaq rules, the Board also designated existing director Mingzhe (JJ) Zhuang as Lead Independent Director and Chair of the Corporate Governance Committee, changes that the company described as improving its governance structure and responding to prior shareholder feedback; all appointments took effect immediately and will run until the next annual general meeting or earlier termination in accordance with company procedures.

The most recent analyst rating on (IBEX) stock is a Hold with a $38.00 price target. To see the full list of analyst forecasts on IBEX stock, see the IBEX Stock Forecast page.

Ibex Shareholders Approve Key Proposals at AGM

At the 2025 annual general meeting held on December 5, Ibex Limited’s shareholders approved several key proposals. These included setting the number of directors at a maximum of eight, electing directors to hold office until the next annual meeting or their resignation, allowing the board to fill any vacancies, and approving amendments to the 2020 Long-Term Incentive Plan. Additionally, Deloitte & Touche LLP was appointed as the auditor for the fiscal year ending June 30, 2026. Notably, Mr. Mohammed Khaishgi withdrew his nomination for re-election as a director for personal reasons, creating a vacancy on the board.

The most recent analyst rating on (IBEX) stock is a Hold with a $38.00 price target. To see the full list of analyst forecasts on IBEX stock, see the IBEX Stock Forecast page.