IBEXIBEX Limited

$44.38+19% 1Y

Is the business good?

Good

A genuinely good business: earnings fully cash-backed (1.3×) and elite returns on assets.

2 good, 1 neutral, 1 without data
Profits arrive as cash1.26×derived · Jun 30, 2026

Operating profit is fully backed by cash.

Margin direction, 3 yearsStable

Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.

Where ROE comes from15% ROA

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.

31%

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

Operating margin by fiscal year
YearOperating margin
FY20213.8%
FY20224.2%
FY20237.7%
FY20247.8%
FY20258.3%
FY20268.5%
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.