IBEX Limited

IBEX

Information Technology Services · Technology

Price

$35.39

-0.06 (-0.17%)

Market Cap

$473.8M

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−14.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 18.4M (2021) → 15.7M (2025)

IBEX Limited provides end-to-end technology-enabled customer lifecycle experience solutions in the United States and internationally. The company provides ibex Connect, a customer engagement solution that comprises customer service, technical support, revenue generation, and other value-added outsourced back-office services through the CX model, which integrates voice, email, chat, SMS, social media, and other communication applications; ibex Digital, a customer acquisition solution that include

Winston Score History

Growth Profile

For growth stock investors

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

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

18.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$15M 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

Every number that matters to educated investors.

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Quality

Gross Margin

26.5%

Modest — 26.5% gross margin

Operating Margin

9.8%

Modest — 9.8% operating margin

ROCE

9.2%

Below par — 9.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+13.5%

Fast-growing sales (13.5% YoY)

EPS YoY

+27.7%

Earnings growing fast (27.7% YoY)

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

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

121%

Turns 121% of profit into real cash

FCF Margin

4.5%

Thin free cash flow (4.5%)

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

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Stability

Debt / Equity

0.10

Conservative — low debt load (0.10)

Interest Cover

42.28x

Comfortably covers interest (42.3x)

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

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Valuation

P/E Ratio (TTM)

10.4x

Attractive valuation — P/E 10.4

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

P/E vs Forward

+1.8

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Not applicable for this business.

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