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what it is
Ibex runs outsourced customer support, digital marketing, and customer-experience software for companies.
how it gets paid
Last year Ibex made $558M in revenue.
why it's growing
Revenue grew 9.8% last year. Revenue was up 92% vs. prior year, and EPS was up 99% vs. prior year.
what just happened
IBEX posted $315M of revenue and $1.65 of EPS in the latest quarter.
At a glance
B balance sheet — gets the job done, barely
45/100 earnings predictability — expect surprises
14.0x trailing p/e — the market's not buying it — or you found a deal
27.9% return on capital — every dollar works hard here
$2.36 fy2025 eps est
xvary composite: 61/100 — average
What they do
Ibex runs outsourced customer support, digital marketing, and customer-experience software for companies.
You are not buying one app. You are buying 33,000 employees across voice, email, chat, SMS, and social. Leaving means rewiring the whole customer-service machine, and the company still posted an 11.8% operating margin, or profit after running the business.
How they make money
$558M
annual revenue · their business grew +9.8% last year
total revenue
$558M
+9.8%
The products that matter
customer support outsourcing
Business Process Outsourcing
$164.2M in Q2 FY2026 · +17% from last year
This is the core business, generating $164.2M in Q2 FY2026 revenue and growing 17% from last year. If this slows, the whole growth story slows with it.
core engine
healthcare support programs
Health Tech Vertical
17.4% of Q2 FY2026 revenue
This vertical reached 17.4% of total revenue in Q2 FY2026. It is still smaller than the base business, but it is the part of the story that can make the multiple look too low instead of merely low.
growth mix
digital customer acquisition
Digital Marketing & Acquisition
supports 46% adjusted EPS growth
Management pitches this as part of an end-to-end engagement platform. The number that matters is 46% adjusted EPS growth in Q2 FY2026. If digital services help keep that leverage, the model gets more interesting fast.
margin lever
Key numbers
$384M
market cap
The market values the whole business below annual sales. That is a weird number when revenue is $558M.
11.8%
operating margin
That means $11.80 of operating profit for every $100 of sales after running the business.
27.9%
return on capital
For every $100 put into the business, it earned $27.90 in operating profit.
14.0x
trailing p/e
You pay $14 for each $1 of trailing earnings, which is not cheap for a slow grower and not wild for a profitable one.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 30 / 100
- long-term debt $51M (12% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for IBEX right now.
source: institutional data · return history unavailable
What just happened
beat estimates
IBEX posted $315M of revenue and $1.65 of EPS in the latest quarter.
Revenue was up 92% vs. prior year, and EPS was up 99% vs. prior year. Gross margin was not disclosed in the source set.
$315M
revenue
$1.65
eps
n/a
n/a
the number that mattered
Revenue was $315M. That matters because it was almost double last year and shows the business can still grow fast.
source: company earnings report, 2026
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What could go wrong
The #1 risk is double-digit growth slipping back to single digits in a no-moat outsourcing business.
med
Growth fades, and the whole story gets ordinary
IBEX has now delivered four straight quarters of double-digit revenue growth, including 17% in Q2 FY2026. If that falls back toward the 9.8% full-year pace, the market can keep treating this like a standard BPO name.
A 14.0x p/e looks cheap only if the recent growth rate has some staying power.
med
Customer concentration and competitive pressure
Outsourcing contracts cut both ways. A client loss or pricing pressure can hit revenue quickly, and the company does not have the kind of moat that lets you shrug that off. Even the current moat case is really an execution case.
This is why a business with a 13% EBITDA margin and 27.9% return on capital still trades with skepticism.
med
Insider alignment is limited
The CEO sold 12,000 shares in February 2026, and insiders own 3.2% of shares worth about $13M. That is not zero alignment. It is also not the kind of owner-operator setup that makes you instantly more patient.
If results wobble, you do not have a huge insider ownership cushion supporting the story.
med
Capex is rising before the market is convinced
Management expects fiscal 2026 capital expenditures of $20–$25M. For a $384M company, that is real money. If growth and margins do not follow, free-cash-flow conversion takes the blame next.
The spending needs to show up in better economics, not just better slides.
The bull case needs IBEX to hold growth above the 9.8% full-year pace while digesting $20–$25M of capex. If those two numbers move in the wrong directions at the same time, the discount multiple stays deserved.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
Can revenue stay in double digits
Four straight quarters have cleared that bar. If the next quarter does too, the market has fewer excuses for keeping a 14.0x p/e on the stock.
risk
Whether capex earns its keep
Fiscal 2026 capital spending of $20–$25M needs to translate into either better growth, better margins, or both. If not, the cash-flow debate gets louder.
calendar
The next quarterly print
After a $164.2M revenue quarter and raised full-year guidance, the next report matters more than the last one. The market already saw the beat and still sold the stock.
trend
Health Tech mix
Health Tech reached 17.4% of Q2 FY2026 revenue. If that keeps climbing, IBEX starts looking less like a generic outsourcer and more like a niche operator with better economics.
Analyst rankings
earnings predictability
45 / 100
Earnings can move around more than you want. In human-speak, analysts do not view this as a clean, autopilot estimate story.
analyst consensus
45.7 / 100
That is basically neutral. The street sees the growth, but it is not ready to fully trust it yet.
source: institutional data
Institutional activity
institutional ownership data for IBEX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$39
current price
n/a
target midpoint · n/a from current
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