olivLaw · US equity research
IBEX Limited IBEX
Services-Computer Processing & Data Preparation · SIC 7374 · Vertical: Services-Computer Processing & Data Preparation (SIC 7374)
IBEX provides outsourced business process services, digital marketing and AI-powered customer experience solutions, centred on its Wave iX platform. The company aims to move from classic call-centre outsourcing toward a BPO 3.0 model, which matters as AI agents reshape customer service. Revenue for fiscal 2026 was 644.1 million USD, up 15.4%.
At the close of 04 Nov 2026, IBEX Limited (IBEX) stock was 44.70 USD (+0.65% on the day), with market capitalisation 593.6 m USD, P/E 14.3 on diluted EPS of 3.13 USD over the last 12 months, dividend yield 0.00%, beta 0.60, 52-week range 26.40–47.23 USD. Latest reported quarter (Q4 2026): revenue of 164.3 m USD (+11.6% YoY), net income of 8.7 m USD (−8.8% YoY), diluted EPS 0.59 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)
- 51.3
- neutral
- Bollinger (20, 2)
- 43.70 – 47.36
- in the lower half of the band · %B 0.27 · band width 8.0%
- SMA 50 / 200
- 42.63 / 34.32
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.62 / 1.05
- 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 | +3.2% | −1.1% | +4.3 pp | — |
| 3 months | +23.0% | −0.5% | +23.5 pp | — |
| 6 months | +59.0% | +4.4% | +54.6 pp | — |
| Year to date | +17.1% | +12.3% | +4.8 pp | — |
| 1 year | +22.6% | +13.5% | +9.0 pp | −24.8% |
| 3 years | +158.4% | +76.4% | +82.0 pp | −26.9% |
| 5 years | +131.7% | +63.7% | +68.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 129.7 m | 140.7 m | 140.7 m | 147.1 m | 151.2 m | 164.2 m | 164.4 m | 164.3 m |
| Cost of revenue | 90.0 m | 98.8 m | 96.0 m | 100.9 m | 106.6 m | 116.6 m | 115.6 m | 117.3 m |
| SG&A | 26.2 m | 25.7 m | 27.1 m | 29.8 m | 26.5 m | 27.6 m | 27.5 m | 31.5 m |
| Operating income | 9.1 m | 11.9 m | 13.3 m | 12.3 m | 13.7 m | 15.3 m | 16.2 m | 9.8 m |
| Depreciation & amortisation | 4.4 m | 4.3 m | 4.3 m | 4.2 m | 4.4 m | 4.8 m | 5.2 m | 5.6 m |
| Interest expense | 162.0 k | 620.0 k | 404.0 k | 448.0 k | 217.0 k | 248.0 k | 249.0 k | 222.0 k |
| Pre-tax income | 9.5 m | 11.6 m | 13.0 m | 11.8 m | 13.5 m | 15.1 m | 16.0 m | 9.7 m |
| Income tax | 2.0 m | 2.4 m | 2.5 m | 2.2 m | 1.5 m | 2.9 m | 2.6 m | 968.0 k |
| Net income | 7.5 m | 9.3 m | 10.5 m | 9.6 m | 12.0 m | 12.2 m | 13.3 m | 8.7 m |
| Diluted EPS | 0.43 | 0.57 | 0.73 | 0.66 ≈ | 0.82 | 0.83 | 0.89 | 0.59 ≈ |
| Operating cash flow | 7.8 m | 1.1 m ≈ | 8.8 m ≈ | 27.9 m | 15.7 m | 6.6 m ≈ | 11.9 m ≈ | 24.8 m |
| Capex | 3.6 m | 4.3 m ≈ | 5.3 m ≈ | 5.2 m | 7.6 m | 11.7 m ≈ | 5.3 m ≈ | 3.2 m |
| Share repurchases | 4.8 m | 46.6 m ≈ | 25.1 m ≈ | 1.6 m | 2.8 m | 2.8 m ≈ | 4.6 m ≈ | 4.2 m |
≈ 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 92 percentile of its own 13-quarter history (min 8.4, median 10.6, max 14.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 368.4 m | 405.1 m | 443.4 m | 492.9 m | 523.1 m | 508.6 m | 558.3 m | 644.1 m |
| Revenue YoY | +7.7% | +10.0% | +9.4% | +11.2% | +6.1% | −2.8% | +9.8% | +15.4% |
| Net income | 11.0 m | 7.8 m | 13.1 m | 21.5 m | 31.6 m | 33.7 m | 36.9 m | 46.3 m |
| Net income YoY | unavailable | −29.1% | +68.5% | +63.9% | +47.2% | +6.6% | +9.5% | +25.7% |
| Diluted EPS | 0.00 | 0.00 | 0.71 | 1.15 | 1.67 | 1.84 | 2.36 | 3.13 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | +62.0% | +45.2% | +10.2% | +28.3% | +32.6% |
| net % | 3.0% | 1.9% | 3.0% | 4.4% | 6.0% | 6.6% | 6.6% | 7.2% |
| Free cash flow | -3.4 m | 47.4 m | -4.7 m | 14.1 m | 22.9 m | 27.0 m | 27.3 m | 31.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 32.6 m USD
- Financial debt
- 882.0 k USD
- Net debt
- -31.7 m USD
- Equity
- 170.2 m USD
- Total assets
- 309.1 m USD
- Debt / equity
- 0.01x
- Current ratio
- 2.10x
- ROE
- 30.4%
- ROA
- 15.9%
- FCF margin
- 4.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 443.4 m | 492.9 m | 523.1 m | 508.6 m | 558.3 m | 644.1 m | SEC (XBRL)· 10 Sept 2026verified |
| Cost of revenue | 335.2 m | 374.0 m | 375.0 m | 356.5 m | 385.7 m | 456.2 m | SEC (XBRL)· 10 Sept 2026verified |
| Gross profit | 108.1 m ≈ | 118.9 m ≈ | 148.1 m ≈ | 152.0 m ≈ | 172.6 m ≈ | 187.9 m ≈ | SEC (XBRL)· 10 Sept 2026derived |
| SG&A | 77.0 m | 80.2 m | 88.7 m | 93.1 m | 108.7 m | 113.0 m | SEC (XBRL)· 10 Sept 2026verified |
| Operating income | 17.0 m | 20.6 m | 40.5 m | 39.4 m | 46.6 m | 55.0 m | SEC (XBRL)· 10 Sept 2026verified |
| Depreciation & amortisation | 14.1 m | 18.1 m | 19.0 m | 19.5 m | 17.2 m | 19.9 m | SEC (XBRL)· 10 Sept 2026verified |
| EBITDA | 31.2 m ≈ | 38.7 m ≈ | 59.5 m ≈ | 58.9 m ≈ | 63.8 m ≈ | 74.9 m ≈ | SEC (XBRL)· 10 Sept 2026derived |
| Interest expense | 1.9 m | 1.3 m | 792.0 k | 514.0 k | 1.6 m | 936.0 k | SEC (XBRL)· 10 Sept 2026verified |
| Pre-tax income | 15.2 m | 19.4 m | 40.3 m | 41.0 m | 45.9 m | 54.3 m | SEC (XBRL)· 10 Sept 2026verified |
| Income tax | 2.1 m | -2.1 m | 8.7 m | 7.3 m | 9.1 m | 8.0 m | SEC (XBRL)· 10 Sept 2026verified |
| Net income | 13.1 m | 21.5 m | 31.6 m | 33.7 m | 36.9 m | 46.3 m | SEC (XBRL)· 10 Sept 2026verified |
| Diluted EPS | 0.71 | 1.15 | 1.67 | 1.84 | 2.36 | 3.13 | SEC (XBRL)· 10 Sept 2026verified |
| Weighted average diluted shares | 18.4 m | 18.7 m | 18.9 m | 18.3 m | 15.7 m | 14.8 m | SEC (XBRL)· 10 Sept 2026verified |
| Dividend per share | 0.22 | 0.00 | — | — | — | — | SEC (XBRL)· 13 Sept 2023derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 57.8 m | 48.8 m | 57.4 m | 62.7 m | 15.4 m | 32.6 m | SEC (XBRL)· 10 Sept 2026verified |
| Receivables | 81.1 m | 75.4 m | 86.4 m | 98.4 m | 117.1 m | 125.3 m | SEC (XBRL)· 10 Sept 2026verified |
| Current assets | 141.4 m | 142.4 m | 158.6 m | 180.0 m | 145.6 m | 179.6 m | SEC (XBRL)· 10 Sept 2026verified |
| Property, plant & equipment, net | 30.8 m | 39.0 m | — | — | — | — | SEC (XBRL)· 04 Oct 2022verified |
| Goodwill | 11.8 m | 11.8 m | 11.8 m | 11.8 m | 11.8 m | 11.8 m | SEC (XBRL)· 10 Sept 2026verified |
| Intangibles (excl. goodwill) | 3.2 m | 3.0 m | — | — | — | — | SEC (XBRL)· 04 Oct 2022verified |
| Total assets | 274.3 m | 294.2 m | 293.3 m | 293.9 m | 273.2 m | 309.1 m | SEC (XBRL)· 10 Sept 2026verified |
| Accounts payable | 54.9 m | 21.3 m | 18.7 m | 16.7 m | 18.7 m | 23.0 m | SEC (XBRL)· 10 Sept 2026verified |
| Short-term debt | 26.7 m | 15.1 m | 413.0 k | 660.0 k | 823.0 k | 882.0 k | SEC (XBRL)· 10 Sept 2026verified |
| Long-term debt | 1.8 m | 338.0 k | — | — | — | — | SEC (XBRL)· 04 Oct 2022verified |
| Current liabilities | 105.7 m | 97.8 m | 73.3 m | 71.0 m | 79.9 m | 85.5 m | SEC (XBRL)· 10 Sept 2026verified |
| Total liabilities | 193.6 m | 180.7 m | 143.4 m | 128.1 m | 138.9 m | 138.9 m | SEC (XBRL)· 10 Sept 2026verified |
| Equity | 80.7 m | 100.3 m | 150.0 m † | 165.8 m † | 134.3 m † | 170.2 m † | SEC (XBRL)· 10 Sept 2026verified |
| Shares outstanding at year end | 18.4 m | 18.2 m | — | — | — | — | SEC (XBRL)· 04 Oct 2022verified |
† 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 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 16.1 m | 40.0 m | 41.9 m | 35.9 m | 45.7 m | 59.0 m | SEC (XBRL)· 10 Sept 2026verified |
| Capex | 20.8 m | 25.9 m | 19.0 m | 8.9 m | 18.4 m | 27.8 m | SEC (XBRL)· 10 Sept 2026verified |
| Free cash flow | -4.7 m ≈ | 14.1 m ≈ | 22.9 m ≈ | 27.0 m ≈ | 27.3 m ≈ | 31.2 m ≈ | SEC (XBRL)· 10 Sept 2026derived |
| Investing cash flow | -20.8 m | -25.9 m | -19.0 m | -8.9 m | -18.4 m | -27.8 m | SEC (XBRL)· 10 Sept 2026verified |
| Financing cash flow | 40.9 m | -22.1 m | -13.6 m | -21.7 m | -74.7 m | -13.9 m | SEC (XBRL)· 10 Sept 2026verified |
| Dividends paid | 4.0 m | 0 | 0 | — | — | — | SEC (XBRL)· 13 Sept 2023verified |
| Share repurchases | 0 | 3.4 m | 276.0 k | 21.6 m | 78.0 m | 14.4 m | SEC (XBRL)· 10 Sept 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
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 54 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 593.6 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation82
- Returns74
- Quality24
- Balance sheet72
- Growth43
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: 35.98 – 130.61 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)35.98 – 53.41 (Mid 42.78)WACC 9.3% · starting FCFF 32.0 m USD · terminal value share of EV 73%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): 9.3%
- Peers: EV/Sales43.69 – 130.61 (Mid 75.67)11 companies used · median multiple 1.5x · quartiles 0.9x – 2.6xADP, CARS, CLVT, EGHT, FA, GMHS, OOMA, PLTK, UPWK, WDAY, YEXT
- Peers: EV/EBITDA40.95 – 84.33 (Mid 64.56)7 companies used · median multiple 11.0x · quartiles 6.8x – 14.5xCARS, CLVT, EGHT, FA, GMHS, UPWK, VRSK
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 54/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 29.2% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | 8.5% | 59 (vs peers) | 9% |
| FCF margin · Quality | 4.8% | 19 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 7.2% | 29 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | 15.4% | 72 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | -0.4x | 67 (vs peers) | 6% |
| Current ratio · Balance sheet | 2.1x | 76 (on a fixed band) | 6% |
| EV/Sales · Valuation | 0.9x | 69 (vs peers) | 17% |
| FCF yield · Valuation | 5.3% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 2.4% | 74 (on a fixed band) | 4% |
Score groups
- Balance sheet72/100 · 2/2 factors with a value
- Growth43/100 · 2/2 factors with a value
- Quality24/100 · 3/3 factors with a value
- Returns74/100 · 1/1 factors with a value
- Valuation82/100 · 2/2 factors with a value
Memo
IBEX Limited (IBEX). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 644.1 m USD in 2026; YoY growth 15.4%; net margin 7.2%; ROE 30.4%; net debt/EBITDA -0.4x.
The estimated value range is 40.95–84.33 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 64.56 USD, the price of 44.70 USD leaves a potential of 44.4% (value / price − 1) and a margin of safety of 30.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 54/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue growth (YoY): 15.4%
- Current ratio: 2.1x
- FCF yield: 5.3%
- Shareholder yield (distributions): 2.4%
What contradicts it
- Gross margin: 29.2%
- FCF margin: 4.8%
- Revenue CAGR 3Y: 7.2%
Versus the vertical median
Services-Computer Processing & Data Preparation (SIC 7374) · 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 | |
|---|---|---|---|---|---|---|
| ADPAutomatic Data Processing, Inc. | 119.8 bn | 27.7 | 77.0% | 20.1% | +6.7% | +19% / +32% |
| WDAYWorkday, Inc. | 44.4 bn | 40.9 | 16.0% | 12.3% | +13.1% | −6% / −25% |
| VRSKVerisk Analytics, Inc. | 25.9 bn | 30.1 | — | 29.3% | +6.6% | −12% / −18% |
| FIRYFiry Inc. | 4.3 bn | — | -63.0% | -60.2% | +12.5% | +107% / +94% |
| FAFirst Advantage Corp | 3.9 bn | 160.5 | 1.9% | 1.5% | +83.0% | +62% / +45% |
| FIVNFive9, Inc. | 2.7 bn | 52.7 | 7.9% | 4.9% | +10.3% | +86% / −52% |
| RAMPLiveRamp Holdings, Inc. | 2.3 bn | 15.8 | 16.2% | 18.7% | +9.0% | +41% / +39% |
| INFQInfleqtion, Inc. | 1.9 bn | — | -70.8% | — | unavailable | unavailable / unavailable |
| INODInnodata Inc | 1.5 bn | 32.8 | 37.7% | 14.7% | +47.6% | −25% / +541% |
| CLVTClarivate PLC | 1.4 bn | — | -8.2% | -15.1% | −4.0% | −44% / −73% |
| UPWKUpwork Inc. | 1.3 bn | 12.9 | 16.3% | 13.5% | +2.4% | −48% / −27% |
| LZLegalZoom.com, Inc. | 1.1 bn | 56.0 | 12.1% | 2.6% | +10.9% | −26% / −40% |
| PLTKPlaytika Holding Corp. | 808.6 m | — | — | -9.9% | +8.1% | −48% / −76% |
| YEXTYext, Inc. | 775.0 m | 40.6 | 27.8% | 5.9% | +6.1% | −7% / +18% |
| NRDSNerdWallet, Inc. | 754.4 m | 13.3 | 18.2% | 7.6% | +21.7% | −21% / +1% |
| NXTTNext Technology Holding Inc. | 736.5 m | — | -59.4% | -2,356.0% | +545.3% | −99% / −100% |
| CARSCars.com Inc. | 682.5 m | 22.4 | 7.4% | 4.7% | +0.6% | +10% / −32% |
| IBEXIBEX Limited | 593.6 m | 14.3 | 30.4% | 7.2% | +15.4% | +23% / +158% |
| OOMAOoma, Inc. | 524.7 m | 49.8 | 11.7% | 3.6% | +6.5% | +69% / +64% |
| GRVYGravity Co., Ltd. | 475.7 m | 0.0 | 16.5% | 17.0% | −31.0% | +19% / −6% |
| EGHT8x8, Inc. | 326.4 m | 55.5 | 3.5% | 0.6% | +2.9% | +16% / −27% |
| TCXTucows Inc | 140.3 m | — | — | -21.2% | +7.7% | −42% / −41% |
| TRAKRepositrak, Inc. | 132.7 m | 18.7 | 14.9% | 32.5% | +3.0% | −46% / −29% |
| BIRDSmartbird, Inc. | 92.1 m | — | -164.0% | -72.8% | −19.7% | −68% / −91% |
| VERIVeritone, Inc. | 56.7 m | — | -517.7% | -117.5% | −0.5% | −87% / −73% |
1- and 3-year price returns: for IBEX 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 | 30.25 Total return -32% · Per year -32% | 53.41 Total return 19% · Per year 19% | 80.35 Total return 80% · Per year 80% |
| 3 years | 30.96 Total return -31% · Per year -12% | 61.35 Total return 37% · Per year 11% | 101.12 Total return 126% · Per year 31% |
| 5 years | 31.68 Total return -29% · Per year -7% | 70.48 Total return 58% · Per year 10% | 127.25 Total return 185% · Per year 23% |
- Exit P/E± 15.34
- Net margin± 10.74
- Annual revenue growth± 8.59
- Annual dilution± 0.90
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
IBEX provides outsourced business process services, digital marketing and AI-powered customer experience solutions, centred on its Wave iX platform. The company aims to move from classic call-centre outsourcing toward a BPO 3.0 model, which matters as AI agents reshape customer service. Revenue for fiscal 2026 was 644.1 million USD, up 15.4%.
SWOT
Strengths
- The company has a proprietary technology platform and a strong position in offshore and nearshore delivery, which supports better margins.
- Growth in revenue and profit in the latest fiscal year shows the ability to win new clients and expand existing relationships.
- The company generated positive cash flow and moved to a net cash position, giving it flexibility for investment.
Weaknesses
- Dependence on a few large clients means that losing one contract could have a significant effect on revenue.
- Many contracts allow clients to reduce volumes or terminate early without large penalties.
- Quarterly margins narrowed because of training costs for new clients and the temporary effect of transferring work between centres.
Opportunities
- AI agent solutions could bring higher-margin revenue if client adoption continues.
- Clients that transform their business toward digital channels could become new sources of revenue for digital services.
- Expanding offshore capacity could support growth if client demand continues.
Threats
- Clients may decide to insource services, which would reduce the volume of outsourced activity.
- Wage pressure in operating locations could reduce margins if it is not offset by productivity.
- A data security incident could seriously damage the company's reputation and client relationships.
Risks
- Dependence on key clientshigh
A small number of clients generate a large share of revenue, so losing one of them could have a visible effect on results.
- Capacity utilisation and pricingmedium
If centre utilisation falls or prices cannot be adjusted, margins could be affected, especially under long-term fixed-price contracts.
- Insourcing by clientsmedium
Contracts do not prevent clients from taking services in-house, and this could reduce the volume of activity.
- Keeping pace with AImedium
If technical solutions do not keep up with AI developments, services could become less competitive.
- Data security and claimslow
Security breaches or errors by staff could lead to damages claims and loss of clients.
Investment thesis
What would need to be true (bull case)
- Growth in revenue and profit, together with guidance for fiscal 2027 growth, suggests the company's strategy could keep outpacing the market.
- The partnership with a conversational AI provider and existing AI deployments could open higher-margin revenue streams.
- A sound balance sheet and positive cash flow could fund capacity and technology investment without major strain.
What would break the thesis
- Client concentration could make results sensitive to the decisions of a few large companies.
- Quarterly margins declined, and wage pressure could continue if productivity does not rise enough.
- Clients that adopt AI solutions on their own could reduce demand for the company's traditional services.
What to watch
- Delivery against fiscal 2027 revenue guidance2027
- Adjusted EBITDA margin trend as training costs weigh on resultsQ1 2027
- Number of AI implementations and their contribution to revenuenext 10-K
- Loss or reduction of volume from key clients2027
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
IBEX Limited, listed on Nasdaq under the ticker IBEX, offers end-to-end solutions across the customer lifecycle, including acquisition, engagement and retention. Its Connect business generates most of the revenue and covers customer service, technical support, upselling and back-office services. The company has extended its technology platform through Wave iX, a managed AI suite with virtual agents and real-time translation.
The delivery model is global, based on onshore centres in the United States, offshore centres in the Philippines, Pakistan and India, and nearshore centres in Jamaica, Nicaragua and Honduras. About 97% of on-site capacity sits in offshore and nearshore locations, where margins are higher. IBEX also runs customer acquisition centres of excellence, and its growth model follows a land-and-expand approach.
Clients fall into two groups: fast-growing digital-first companies and blue-chip companies with large customer bases in telecoms, financial services and healthcare. Client concentration is significant, since the largest client represents a meaningful share of revenue, which makes these relationships a sensitive factor.
Segments
Connect
Connect is the core of the offering and generates most revenue, covering customer service, technical support, sales and back-office services through omnichannel models that include voice, email, chat and SMS.
Wave iX and AI
Wave iX is the managed AI platform with virtual agents, real-time translation and routing to human or AI resources, and it underpins the company's growth strategy.
ibex Digital
ibex Digital provides digital marketing, e-commerce technology and platform solutions for customer acquisition, linked to digital-first clients and to growth in non-voice channels.
Market context
The customer-interaction outsourcing industry was built on labour arbitrage, but demand is shifting toward providers that offer technology and measurable results. Large clients look for partners that treat the contact centre as an extension of their brand rather than a cost centre.
The company competes in a fragmented market with outsourcing firms, clients' in-house teams and new entrants from software and communications. Price pressure and the risk of insourcing could limit growth if demand weakens.
Trends
- Generative AImixed
Generative AI automates part of assisted interactions, but it also creates opportunities for providers that can combine AI agents with human staff. If IBEX captures revenue from higher-margin AI solutions, the impact could be positive.
- Shift to lower-cost locationsmixed
Clients seeking cost reductions move work from onshore to offshore sites, which lowers unit prices but can raise the company's margins. The net effect depends on how much volume is relocated.
- Focus on customer experiencetailwind
Brands give growing weight to customer experience, driven by fast reactions on social media. This demand supports providers that offer integrated omnichannel solutions.
- Wage pressure and labour shortageheadwind
Rising wages and competition for agents from other sectors could compress margins if they are not offset by productivity gains or cost-of-living adjustments.
Competitive position
The market for customer acquisition, engagement and experience is highly competitive, and the main factors are service quality, industry experience, technological capability, global coverage, security and price. Some competitors have greater financial resources and stronger relationships with large clients.
Competition also comes from clients themselves, who may bring similar services in-house, and from new entrants in communications and software. Consolidation in the industry could create competitors with greater scale and more attractive pricing.
- Global BPO providers
Large outsourcing firms offering customer services with centres in lower-cost regions, named generically in the filing.
- Contact-centre solution providers
Firms specialised in contact-centre and automation solutions that compete on technology and service quality.
- Clients' in-house departments
Clients that can take services back in-house, a risk the filing explicitly mentions.
- New entrants from communications and software
Companies from the communications, software and data networking industries that could enter the market through technology-led offerings.
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
- IBEX Limited Q4 2026 Earnings Call SummaryYahoo Finance — News · 11 Sept 2026 · EN
The latest news item in our archive is from 11 Sept 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Proxy statement28 Oct 2026
- Annual report10 Sept 2026
- Current report10 Sept 2026Material agreement · Results of operations · Creation of a direct financial obligation · Financial statements and exhibits
- Current report13 May 2026Other events
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Feb 2026
- Current report05 Feb 2026Results of operations · Financial statements and exhibits
- Current report19 Dec 2025Departure or appointment of officers
- Current report10 Dec 2025Departure or appointment of officers · Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / IBEX Limited · 10 Sept 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / IBEX Limited · 10 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.