olivLaw · US equity research
International Money Express, Inc. IMXI
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
International Money Express moves money from consumers in the United States to Latin America and the Caribbean through a network of independent agents and digital channels. The company is under a merger agreement with The Western Union Company at 16.00 USD per share in cash, and the volume it sends fell in the first half of 2026.
At the close of 04 Nov 2026, International Money Express, Inc. (IMXI) stock was 8.31 USD (−1.66% on the day), with market capitalisation 251.1 m USD, P/E 13.3 on diluted EPS of 0.63 USD over the last 12 months, beta 0.46, 52-week range 8.31–15.94 USD. Latest reported quarter (Q2 2026): revenue of 131.2 m USD (−18.6% YoY), net income of 4.2 m USD (−61.8% YoY), diluted EPS 0.14 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 29.0
- oversold (≤ 30)
- Bollinger (20, 2)
- 7.50 – 12.18
- in the lower half of the band · %B 0.17 · band width 47.6%
- SMA 50 / 200
- 11.73 / 14.13
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.88 / -0.86
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −29.5% | −1.1% | −28.4 pp | — |
| 3 months | −32.3% | −0.5% | −31.9 pp | — |
| 6 months | −47.6% | +4.4% | −52.0 pp | — |
| Year to date | −45.9% | +12.3% | −58.2 pp | — |
| 1 year | −44.3% | +13.5% | −57.9 pp | +2.2% |
| 3 years | −50.4% | +76.4% | −126.8 pp | +4.5% |
| 5 years | −51.1% | +63.7% | −114.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 171.9 m | 164.8 m | 144.3 m | 161.1 m | 154.9 m | 147.4 m | 122.0 m | 131.2 m |
| Operating income | 27.8 m | 24.7 m | 14.1 m | 19.5 m | 10.5 m | 11.6 m | 3.7 m | 8.8 m |
| Depreciation & amortisation | 3.4 m | 3.7 m | 3.6 m | 4.5 m | 4.4 m | 4.7 m | 4.7 m | 4.8 m |
| Interest expense | 3.2 m | 2.7 m | 2.7 m | 3.1 m | 3.0 m | 3.1 m | 2.2 m | 2.3 m |
| Pre-tax income | 24.6 m | 22.0 m | 11.4 m | 16.4 m | 7.6 m | 11.8 m | 1.5 m | 6.4 m |
| Income tax | 7.3 m | 6.6 m | 3.6 m | 5.4 m | 2.6 m | 2.9 m | 955.0 k | 2.2 m |
| Net income | 17.3 m | 15.4 m | 7.8 m | 11.0 m | 5.0 m | 8.9 m | 511.0 k | 4.2 m |
| Diluted EPS | 0.53 | 0.49 ≈ | 0.25 | 0.37 | 0.17 | 0.30 ≈ | 0.02 | 0.14 |
| Operating cash flow | 29.3 m ≈ | -4.9 m | 41.3 m | 39.9 m ≈ | -28.7 m ≈ | -15.6 m | -37.4 m | 112.7 m ≈ |
| Capex | 5.9 m ≈ | 3.9 m | 5.3 m | 4.6 m ≈ | 6.9 m ≈ | 4.4 m | 5.5 m | 5.5 m ≈ |
| Share repurchases | 20.3 m ≈ | 20.2 m | 5.0 m | 11.4 m ≈ | 0 ≈ | 0 | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 25 percentile of its own 28-quarter history (min 6.2, median 15.4, max 26.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 273.9 m | 319.6 m | 357.2 m | 459.2 m | 546.8 m | 658.7 m | 658.6 m | 607.8 m |
| Revenue YoY | unavailable | +16.7% | +11.8% | +28.6% | +19.1% | +20.5% | −0.0% | −7.7% |
| Net income | -7.2 m | 19.6 m | 33.8 m | 46.8 m | 57.3 m | 59.5 m | 58.8 m | 32.7 m |
| Net income YoY | unavailable | unavailable | +72.3% | +38.7% | +22.4% | +3.8% | −1.2% | −44.5% |
| Diluted EPS | -0.28 | 0.52 | 0.88 | 1.20 | 1.48 | 1.63 | 1.79 | 1.08 |
| Diluted EPS YoY | unavailable | unavailable | +69.2% | +36.4% | +23.3% | +10.1% | +9.8% | −39.7% |
| net % | -2.6% | 6.1% | 9.5% | 10.2% | 10.5% | 9.0% | 8.9% | 5.4% |
| Free cash flow | 14.5 m | 46.1 m | -4.9 m | 67.5 m | 3.0 m | 130.7 m | 23.1 m | 15.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 168.7 m USD
- Financial debt
- 194.8 m USD
- Net debt
- 26.1 m USD
- Equity
- 161.1 m USD
- Total assets
- 517.7 m USD
- Debt / equity
- 1.21x
- Current ratio
- 2.51x
- ROE
- 22.1%
- ROA
- 6.7%
- FCF margin
- 2.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 357.2 m | 459.2 m | 546.8 m | 658.7 m | 658.6 m | 607.8 m | SEC (XBRL)· 06 Mar 2026verified |
| Operating income | 52.9 m | 67.9 m | 82.9 m | 95.5 m | 95.0 m | 55.7 m | SEC (XBRL)· 06 Mar 2026verified |
| Depreciation & amortisation | 10.8 m | 9.5 m | 9.5 m | 12.9 m | 13.6 m | 17.2 m | SEC (XBRL)· 06 Mar 2026verified |
| EBITDA | 63.7 m ≈ | 77.3 m ≈ | 92.4 m ≈ | 108.4 m ≈ | 108.7 m ≈ | 72.8 m ≈ | SEC (XBRL)· 06 Mar 2026derived |
| Interest expense | 6.6 m | 4.5 m | 5.6 m | 10.4 m | 11.7 m | 11.8 m | SEC (XBRL)· 06 Mar 2026verified |
| Pre-tax income | 46.3 m | 63.3 m | 77.3 m | 85.1 m | 83.3 m | 47.1 m | SEC (XBRL)· 06 Mar 2026verified |
| Income tax | 12.5 m | 16.5 m | 19.9 m | 25.5 m | 24.5 m | 14.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Net income | 33.8 m | 46.8 m | 57.3 m | 59.5 m | 58.8 m | 32.7 m | SEC (XBRL)· 06 Mar 2026verified |
| Diluted EPS | 0.88 | 1.20 | 1.48 | 1.63 | 1.79 | 1.08 | SEC (XBRL)· 06 Mar 2026verified |
| Weighted average diluted shares | 38.4 m | 39.1 m | 38.6 m | 36.4 m | 32.9 m | 30.2 m | SEC (XBRL)· 06 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 74.9 m | 132.5 m | 149.5 m | 239.2 m | 130.5 m | 168.7 m | SEC (XBRL)· 06 Mar 2026verified |
| Receivables | 55.0 m | 67.3 m | 129.8 m | 155.2 m | 107.1 m | 105.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Current assets | 186.7 m | 263.5 m | 382.4 m | 432.9 m | 297.8 m | 353.2 m | SEC (XBRL)· 06 Mar 2026verified |
| Property, plant & equipment, net | 13.0 m | 17.9 m | 28.2 m | 31.7 m | 50.4 m | 57.1 m | SEC (XBRL)· 06 Mar 2026verified |
| Goodwill | 36.3 m | 36.3 m | 49.8 m | 54.0 m | 55.2 m | 54.0 m | SEC (XBRL)· 06 Mar 2026verified |
| Intangibles (excl. goodwill) | 20.4 m | 15.4 m | 19.8 m | 18.1 m | 26.8 m | 25.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Total assets | 259.5 m | 340.5 m | 512.1 m | 576.8 m | 462.4 m | 517.7 m | SEC (XBRL)· 06 Mar 2026verified |
| Accounts payable | 12.8 m | 23.2 m | 25.7 m | 36.5 m | 19.5 m | 15.3 m | SEC (XBRL)· 06 Mar 2026verified |
| Short-term debt | 7.0 m | 3.9 m | 5.0 m | 7.2 m | 0 | — | SEC (XBRL)· 27 Feb 2025verified |
| Long-term debt | 80.6 m | 79.2 m | 150.2 m | 181.1 m | 156.6 m | 194.8 m | SEC (XBRL)· 06 Mar 2026verified |
| Current liabilities | 83.9 m | 116.9 m | 184.8 m | 223.4 m | 152.0 m | 141.0 m | SEC (XBRL)· 06 Mar 2026verified |
| Equity | 94.3 m † | 143.0 m † | 149.9 m † | 149.0 m † | 134.9 m † | 161.1 m † | SEC (XBRL)· 06 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -880.0 k | 78.1 m | 15.2 m | 143.5 m | 53.1 m | 36.9 m | SEC (XBRL)· 06 Mar 2026verified |
| Capex | 4.1 m | 10.6 m | 12.2 m | 12.8 m | 30.0 m | 21.1 m | SEC (XBRL)· 06 Mar 2026verified |
| Free cash flow | -4.9 m ≈ | 67.5 m ≈ | 3.0 m ≈ | 130.7 m ≈ | 23.1 m ≈ | 15.8 m ≈ | SEC (XBRL)· 06 Mar 2026derived |
| Investing cash flow | -4.1 m | -10.8 m | -12.5 m | -18.3 m | -43.9 m | -22.1 m | SEC (XBRL)· 06 Mar 2026verified |
| Financing cash flow | -6.2 m | -9.6 m | 14.1 m | -37.1 m | -114.2 m | 20.8 m | SEC (XBRL)· 06 Mar 2026verified |
| Share repurchases | 0 | 5.6 m | 53.7 m | 66.3 m | 75.1 m | 16.3 m | SEC (XBRL)· 06 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 53 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 251.1 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation79
- Balance sheet69
- Quality48
- Growth15
- Returns0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 9.73 – 33.48 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)9.73 – 16.15 (Mid 12.01)WACC 7.7% · starting FCFF 16.1 m USD · terminal value share of EV 78%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -13.5%
- Peers: EV/EBITDA22.08 – 33.48 (Mid 30.63)17 companies used · median multiple 16.7x · quartiles 11.9x – 18.4xBR, CPAY, EBAY, EXLS, FICO, FIS, GPN, HQY, MELI, OPRX, PSFE, PYPL, QNST, RBA, RELY, TIC, UBER
- Peers: P/E11.57 – 24.17 (Mid 16.41)26 companies used · median multiple 26.2x · quartiles 18.5x – 38.6xACN, AMTM, BR, CART, CPAY, DLO, EBAY, EXLS, FICO, FIS, FLYW, GRAB, HQY, LQDT, LYFT, MA, MELI, MSCI, OPRX, PYPL, QNST, RBA, RELY, TNET, UBER, WU
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 53/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 19.3% | 73 (vs peers) | 11% |
| Net margin · Quality | 3.4% | 29 (vs peers) | 7% |
| FCF conversion · Quality | 47.5% | 25 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 3.6% | 30 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -10.0% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | -0.7x | 83 (vs peers) | 11% |
| Interest coverage · Balance sheet | 3.3x | 27 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 2.0x | 97 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 13.3x | 85 (vs peers) | 11% |
| EV/EBITDA · Valuation | 4.0x | 100 (vs peers) | 11% |
| FCF yield · Valuation | 3.5% | 44 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet69/100 · 3/3 factors with a value
- Growth15/100 · 2/2 factors with a value
- Quality48/100 · 3/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation79/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INTERNATIONAL MONEY EXPRESS, INC. (IMXI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 607.8 m USD in 2025; YoY growth -7.7%; net margin 3.4%; ROE 11.9%; net debt/EBITDA -0.7x.
The estimated value range is 11.57–24.17 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 16.41 USD, the price of 8.31 USD leaves a potential of 97.4% (value / price − 1) and a margin of safety of 49.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 53/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 19.3%
- Net debt / EBITDA: -0.7x
- Current ratio: 2.0x
- P/E (TTM): 13.3x
- EV/EBITDA: 4.0x
- The price is below the estimated value range
What contradicts it
- Net margin: 3.4%
- FCF conversion: 47.5%
- Revenue CAGR 3Y: 3.6%
- EPS CAGR 3Y: -10.0%
- Interest coverage: 3.3x
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| UBERUber Technologies, Inc. | 142.7 bn | 41.3 | 12.4% | 6.1% | +18.3% | −20% / +24% |
| MELIMercadoLibre, Inc. | 88.2 bn | 47.3 | 27.5% | 5.3% | +39.1% | −16% / +7% |
| EBAYeBay Inc. | 54.9 bn | 27.2 | 46.6% | 16.9% | +7.9% | +51% / +205% |
| PYPLPayPal Holdings, Inc. | 50.0 bn | 11.5 | 23.8% | 13.8% | +4.3% | −4% / +4% |
| MSCIMsci Inc. | 48.2 bn | 35.7 | — | 40.3% | +9.7% | +20% / +29% |
| FISVFiserv, Inc. | 33.0 bn | — | -17.0% | -18.9% | +3.6% | +1% / −52% |
| CPAYCorpay, Inc | 27.5 bn | 25.4 | 30.5% | 22.7% | +13.9% | +42% / +74% |
| GPNGlobal Payments Inc. | 25.4 bn | — | -4.1% | -9.1% | −0.4% | +27% / −17% |
| BRBroadridge Financial Solutions, Inc. | 21.4 bn | 20.9 | 40.2% | 13.9% | +8.5% | −17% / −2% |
| RBARB Global, Inc | 17.6 bn | 39.9 | 8.8% | 10.0% | +7.2% | −3% / +49% |
| FISFidelity National Information Services, Inc. | 15.3 bn | 4.4 | 23.0% | 26.8% | +5.4% | −55% / −49% |
| FICOFair Isaac Corp | 15.1 bn | 20.3 | — | 34.1% | +15.9% | −61% / −36% |
| CARTMaplebear Inc. | 13.7 bn | 32.4 | 17.1% | 12.0% | +10.8% | +41% / +145% |
| HQYHealthequity, Inc. | 9.0 bn | 39.4 | 11.4% | 17.4% | +9.5% | +3% / +62% |
| LYFTLyft, Inc. | 7.1 bn | 2.7 | 152.6% | 42.3% | +9.2% | −11% / +60% |
| EXLSExlservice Holdings, Inc. | 6.5 bn | 25.7 | 27.7% | 11.1% | +13.6% | +9% / +52% |
| RELYRemitly Global, Inc. | 5.8 bn | 16.4 | 35.9% | 19.1% | +29.4% | +100% / +26% |
| AMTMAmentum Holdings, Inc. | 5.4 bn | 26.7 | 4.5% | 1.4% | +71.6% | −22% / unavailable |
| DLODLocal Limited | 4.1 bn | 21.4 | 37.2% | 18.0% | +46.6% | +3% / −19% |
| TNETTrinet Group, Inc. | 3.1 bn | 18.1 | 141.6% | 3.6% | −0.9% | +14% / −42% |
| FLYWFlywire Corporation | 2.7 bn | 36.3 | 9.1% | 10.3% | +26.6% | +56% / −6% |
| TICTIC Solutions, Inc. | 2.3 bn | — | -7.1% | -5.6% | unavailable | +10% / unavailable |
| WUThe Western Union Company | 2.1 bn | 6.3 | 36.8% | 8.3% | −3.8% | −25% / −43% |
| LQDTLiquidity Services, Inc | 1.5 bn | 45.8 | 15.0% | 6.8% | +31.2% | +56% / +144% |
| RDWRRadware Ltd. | 1.4 bn | 73.3 | 6.1% | 6.7% | +9.8% | +44% / +116% |
1- and 3-year price returns: for IMXI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 4.79 Total return -42% · Per year -42% | 8.47 Total return 2% · Per year 2% | 12.76 Total return 54% · Per year 54% |
| 3 years | 4.56 Total return -45% · Per year -18% | 9.09 Total return 9% · Per year 3% | 15.05 Total return 81% · Per year 22% |
| 5 years | 4.35 Total return -48% · Per year -12% | 9.75 Total return 17% · Per year 3% | 17.75 Total return 114% · Per year 16% |
- Exit P/E± 2.27
- Net margin± 1.59
- Annual revenue growth± 1.32
- Annual dilution± 0.13
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
International Money Express moves money from consumers in the United States to Latin America and the Caribbean through a network of independent agents and digital channels. The company is under a merger agreement with The Western Union Company at 16.00 USD per share in cash, and the volume it sends fell in the first half of 2026.
SWOT
Strengths
- The company holds a strong position in the Mexico and Guatemala corridors and runs a large agent and store network 1.
- Its proprietary software, with real-time compliance checks, and its relationships with major banks are cited as competitive advantages 1.
- Brand recognition and customer loyalty in the served corridors are described as important assets 1.
Weaknesses
- Volume sent and transaction counts have fallen in recent periods, and the agent network shrank in the first half of 2026 12.
- Dependence on a small number of large agents and on one main corridor raises exposure to losing those relationships 1.
- Merger and transaction costs have put pressure on profits and operating results 3.
Opportunities
Risks
- Merger not completedhigh
If the Western Union transaction is not completed, the company could bear unrecoverable costs and a termination fee, affecting results 1.
- Uncertainty during the mergermedium
The announcement and pendency of the deal could lead customers, agents and employees to reconsider their relationships with the company 1.
- Digital competitionmedium
Digital providers could attract consumers with lower prices, which could compress margins 1.
- Immigration and tax policyhigh
Policy changes in the United States could directly affect the number of consumers and the volume sent 12.
- Currency volatilitylow
Exchange rate movements could affect remittance volume and gains or losses on currency exchange 1.
Investment thesis
What would need to be true (bull case)
- If the merger closes, shareholders would receive an agreed cash payment, and execution risk would pass to Western Union 12.
- The strong position in the Mexico and Guatemala corridors could support revenue if volumes stabilise 1.
- Growth in digital channels could gradually offset the decline in traditional transfers 12.
What would break the thesis
What to watch
- Completion or failure of the Western Union merger and remaining regulatory approvals2026
- Trend in principal sent and transaction counts in the Mexico corridorQ3 2026
- Effects of taxes on remittances starting in 2026 on transfer volumes2026
- Development of the agent network and the number of Company-operated storesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
International Money Express, Inc. (Intermex) is a global money remittance company focused mainly on the United States to Latin America and the Caribbean corridor, which includes Mexico, Central and South America and the Caribbean. Remittances to Mexico, Guatemala, El Salvador, Honduras and the Dominican Republic are the main revenue source, and services are offered through over 100,000 independent agents, 118 Company-operated stores at year-end 2025 and digital channels 1. In fiscal 2025 the principal amount sent fell 2.2% to 23.8 billion USD 1. The company is in a merger with Western Union, in which shareholders receive 16.00 USD per share in cash 12.
Segments
Remittances to Latin America (single reportable segment)
The company reports one reportable segment covering money transfers through its agent network, Company-operated stores in the United States, Canada, Spain, Italy and Germany, and its websites and mobile apps 1. Revenue comes from fees paid by senders and from managing currency exchange spreads. Mexico dominates the corridor, with an 18.6% share of remittances to Mexico in 2025 1.
Digital channels and RaaS
The company develops digital channels and Remittance-as-a-Service relationships with partners, earning a fee for transfers processed through its proprietary software and money transmitter licences 1. Investment in marketing digital products was described as a short-term pressure on results 1.
Market context
The remittance market from the United States to Latin America is one of the largest in the world, and Intermex holds significant shares in Mexico and Guatemala 1. Principal sent fell 2.2% in 2025 to 23.8 billion USD, and transactions fell 8.5% to 53.9 million 1. In the first half of 2026, principal sent fell 12.0% to 10.4 billion USD, which the company attributed to a contraction in the retail remittance market, particularly the LAC corridor 2.
Trends
- Contraction in Mexico remittancesheadwind
The volume decline in the Mexico corridor was attributed to a general market contraction and a change in behaviour, with fewer transfers but larger amounts, which could continue to weigh on volume 1.
- Merger with Western Unionmixed
The merger agreement provides for 16.00 USD per share in cash, and closing was expected once the remaining regulatory approvals were received, if completed on the stated timetable 12.
- Shift to digital transferstailwind
Digital channels partly offset the volume decline and could become more relevant as consumers move transactions online, if adoption continues 12.
- Taxes and immigration policyheadwind
Changes to US tax law, including taxes on certain remittances from 2026, and immigration policy could affect transfer volumes 12.
Competitive position
The industry is concentrated, with a few large competitors and many small niche players, including remittance companies, banks, payment processors and newer digital providers 1. Intermex says it differentiates on trust, convenience, outlet efficiency, value and brand recognition 1.
- The Western Union CompanyWU
Company that signed the merger agreement with Intermex and would become its owner if the transaction is completed.
- Digital money transmission providers
Digital platforms competing on features and price, described by the company as an increasing pressure on its model.
- Banks and financial institutions
Banks that offer transfer services and remain payment partners or competitors for consumers with bank accounts.
- Informal remittance systems
Informal systems competing for consumers with limited access to formal financial services.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report03 Nov 2026Other events
- Current report02 Oct 2026Other events
- Quarterly report10 Aug 2026
- Quarterly report11 May 2026
- Annual report06 Mar 2026
- Current report09 Dec 2025Shareholder vote
- Quarterly report10 Nov 2025
- Current report07 Oct 2025Other events · Financial statements and exhibits
- Current report11 Aug 2025Regulation FD disclosure · Financial statements and exhibits
- Quarterly report11 Aug 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / International Money Express, Inc. · 06 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / International Money Express, Inc. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / International Money Express, Inc. · 11 Aug 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.