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IBEX Limited

IBEX
74
Information Technology Services · Technology
Exchange
NASDAQ
Winston Score
74
Winston is happy
A high-quality business with solid fundamentals.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Good
Growth
Exceptional
Cash Flow
Strong
Stability
Exceptional
Valuation
Good

Winston Score History

The full picture

IBEX Limited is a business process outsourcing (BPO) company that handles customer service on behalf of other businesses. When you call or chat with support for a brand you use, there is a good chance a company like IBEX is running that operation behind the scenes. IBEX serves clients in industries like retail, healthcare, utilities, and technology, managing customer interactions through phone, chat, and digital channels.

IBEX makes money by charging client companies fees for handling their customer service operations, typically under multi-year contracts. The company operates delivery centers across the United States, the Philippines, Jamaica, and other locations, giving it a global workforce at competitive labor costs. With a market cap around $0.5 billion, it is a smaller player in a crowded outsourcing industry dominated by much larger firms. The key growth opportunity is winning new contracts as more companies outsource customer experience functions, while the main risk is pricing pressure and competition from larger rivals with greater scale.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+25.3% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

18.7%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$16M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

IBEX Limited is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale
Gross Margin
26.5%
Modest — 26.5% gross margin
Profit after running costs
Operating Margin
9.8%
Modest — 9.8% operating margin
Return on the money invested
ROCE
32.6%
Exceptional — 32.6% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+17.0%
Fast-growing sales (+17.0% YoY)
Profit growth
EPS YoY
+45.5%
Earnings growing fast (+45.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
132%
Turns 132% of profit into real cash
Spare cash per sale
FCF Margin
5.2%
Thin free cash flow (5.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.10
Conservative — low debt load (0.10)
Covers its interest
Interest Cover
49.40x
Comfortably covers interest (49.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
10.4x
no trend
Attractive valuation — P/E 10.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+0.6
GROWING
Earnings roughly flat

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Dividends

Not applicable for this business.
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