IBEXIBEX Limited
Is the business good?
A genuinely good business: earnings fully cash-backed (1.3×) and elite returns on assets.
Operating profit is fully backed by cash.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
High-quality, exceptional returns on the assets themselves, not leverage. ROE 29% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is IBEX?
IBEX Limited earns 31% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 22 points above what the capital costs: growth creates value
- Operating margin
- 8.5%
Operating margin · Information Technology Services median 8.0% · 12 months to Q4 2026
- Cash conversion
- 1.26×
Cash conversion · 1.22× a year ago · operating cash flow covers the operating profit after tax
- Gross margin
- 29%
Gross margin
| Year | Operating margin |
|---|---|
| FY2021 | 3.8% |
| FY2022 | 4.2% |
| FY2023 | 7.7% |
| FY2024 | 7.8% |
| FY2025 | 8.3% |
| FY2026 | 8.5% |
Details›
- Gross margin12 months to Q4 2026
- 29%
- Operating margin12 months to Q4 2026
- 8.5%
- Net margin12 months to Q4 2026
- 7.2%
- Free cash flow margin
- 4.8%
- Revenue, trailing twelve months
- $644M
- Free cash flow, trailing twelve months
- $31M
- Net income, trailing twelve months
- $46M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 31%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Information Technology Services
Ranks #1 of 31 by RyuScore