IBEX Limited Common Shares (IBEX)

FairStock Score: 90/100 — HIGH CONVICTION

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses that earn good returns on capital and sell at a sensible price. IBEX is a customer-experience outsourcer with 35,000 employees, serving companies that want to hand off customer service, technical support and digital contact work. It is not a glamorous franchise, but the numbers are respectable. Revenue rose from $508.6 million in FY2024 to $558.3 million in FY2025 and $644.1 million in FY2026. Net income rose from $33.7 million to $36.9 million to $46.3 million, and diluted EPS went from $1.84 to $2.36 to $3.13. FairStock calculates ROE of 30.43% and ROCE of 12.29%, with debt-to-equity of 0.37. Free cash flow is $31.2 million, a 5.2% yield, and the Altman Z-Score of 3.92 suggests a sound balance sheet. The Lynch category is STALWART, based on 28.8% annual profit growth over five years and 7.8% revenue growth. The moat, however, is not wide: outsourcing is competitive and the FY2026 net margin is only about 7.2% ($46.3M divided by $644.1M). Valuation is the rub. At $45.27 on 2026-10-13, the P/E is 14.46 and EV/EBITDA is 8.40, not excessive. But P/B is 3.54 and the Graham Number is $30.01, leaving a negative margin of safety of -50.85%. Piotroski is 6/9, decent but not pristine. So this is a good, cash-generative stalwart whose price already reflects much of its record. I would want a larger discount before calling it a bargain.

In plain English: IBEX provides outsourced customer service and digital contact solutions, with about 35,000 employees. The business looks reasonably strong because sales and profits have grown over the past three fiscal years, it earns a lot relative to shareholders' money, and it produces cash. The stock price, however, looks high compared with a conservative estimate of value from its profits and assets, so it is not an obvious bargain.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q3 2026 10-Q (period ended 2026-03-31) · fiscal Q2 2026 10-Q (period ended 2025-12-31) · fiscal Q1 2026 10-Q (period ended 2025-09-30) · fiscal Q3 2025 10-Q (period ended 2025-03-31) · FY2026 10-K (period ended 2026-06-30) · FY2025 10-K (period ended 2025-06-30) · FY2024 10-K (period ended 2024-06-30)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer