IBEX Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data IBEX Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	342	368	405	444	494	523	509	558	644
Cost of revenue				335	374	375	357	386	456
Gross profit				108	120	148	152	173	188
Selling, general and administrative				77	80.2	88.7	93.1	109	113
Operating income	-17.8	6.81	19.5	17	20.6	40.5	39.4	46.6	55
Interest expense	3.09	7.71	9.43	1.89	1.29	0.79	0.51	1.63	0.94
Interest income					0.04	0.64	2.07	0.96	0.27
Pre-tax income	-15.9	19.4	10.1	15.2	19.4	40.3	41	45.9	54.3
Income tax	-0.11	3.62	2.32	2.06	-2.08	8.74	7.33	9.07	7.96
Income from continuing operations	-20.8	-4.52	7.77	2.85
Net income	-15.9	11	7.77	13.1	21.5	31.6	33.7	36.9	46.3
EBITDA	-5.6	27.7	44	31.2	38.7	59.5	58.9	63.8	74.9
EPS, basic	0.00	0.00	0.00	0.74	1.18	1.74	1.90	2.51	3.45
EPS, diluted	-6.72	0.00	0.00	0.71	1.15	1.67	1.84	2.36	3.13
Shares, basic (weighted)				17.6	18.2	18.2	17.7	14.7	13.4
Shares, diluted (weighted)				18.4	18.7	18.9	18.3	15.7	14.8

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	13.5	8.87	21.9	57.8	48.8	57.4	62.7	15.4	32.6
Receivables		71.1	62.6	81.1	75.4	86.4	98.4	117	125
Other current assets					4.56	2.19	1.89	2.13	2.35
Total current assets		81.8	86	141	142	159	180	146	180
Property, plant and equipment	18.9	82.3	13.3	30.8	41.9	41.2	29.9	32.6	40.7
Lease right-of-use assets	57.3	67.7	71.2	75.9	83.1	70.9	59.1	62.3	55.5
Goodwill	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8
Intangible assets	4.18	2.93	2.78	3.21	3.03
Other non-current assets					5.69	6.23	8.82	13.8	14.3
Total assets		188	195	274	294	293	294	273	309
Accounts payable		46.9	53.2	54.9	21.3	18.7	16.7	18.7	23
Accrued liabilities					33.5	29.4	30.7	38.6	40.9
Deferred revenue					8.6	6.41	4.75	5.5	6.38
Short-term debt		41.8	27.5	26.7	15.1	0.41	0.66	0.82	0.88
Total current liabilities		111	106	106	97.8	73.3	71	79.9	85.5
Long-term debt					0.66	0.6	0.87	0.8	0.78
Lease liabilities		58.6	62	71.9	76	64.9	53.4	53.8	46.8
Other non-current liabilities					2.3	3.26	1.67	3.24	3.67
Total liabilities		180	179	194	181	143	128	139	139
Total debt		13	9.78	6.21	3.83	1.01	1.53	1.62	1.66
Paid-in capital					198	205	210	218	227
Retained earnings		-117	-110	-111	-76.4	-44.8	-11.1	25.7	72.1
Treasury stock					-3.41	-3.68	-25.4	-103	-118
Other comprehensive income					-4.56	-6.31	-7.91	-6.34	-11.5
Shareholders' equity			18.7	94.7	113	150	166	134	170
Total equity	25.9	8.63	16.1	80.7	100	150	166	134	170
Total liabilities and equity		188	195	274	294	293	294	273	309
Shares outstanding					18.2	18.3	17	13.4	13.3

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-15.9	11	7.77	13.1	21.5	31.6	33.7	36.9	46.3
Depreciation and amortization	12.2	20.9	24.5	14.1	18.1	19	19.5	17.2	19.9
Stock-based compensation				5.36	1.85	4.61	3.77	5.43	7.74
Deferred income tax				-1.89	-5.3	4.41	0.36	-3.12	0.79
Change in receivables				-13.3	-9.71	-12.3	-12.1	-19.3	-8.66
Change in payables				-4.01	2.31	-3.75	-2.25	6.25	2.51
Cash from operations	-5.75	2.2	51.7	16.1	40	41.9	35.9	45.7	59
Capital expenditures	-5.19	-5.61	-4.28	-20.8	-25.9	-19	-8.86	-18.4	-27.8
Cash from investing	-5.44	-9.08	-4.84	-20.8	-25.9	-19	-8.86	-18.4	-27.8
Debt issued	1.36	36.6	1	1.71
Debt repaid	-6.23	-6.08	-8.03	-11.1	-6.83
Stock issued				0.03	0.04	2.05	0.37	4.31	4.01
Share buybacks	0	-5.97	0	0	-3.41	-0.28	-21.6	-78	-14.4
Dividends paid	-0.15	-1.6	-0.12	-4	0	0
Cash from financing	3.19	2.55	-33.9	40.9	-22.1	-13.6	-21.7	-74.7	-13.9
Exchange rate effect	0.2	-0.32	-0.02	-0.18	-0.97	-0.61	-0.02	-0	-0.05
Net change in cash	-7.8	-4.65	13	36	-9.01	8.6	5.29	-47.4	17.2
Free cash flow	-10.9	-3.41	47.4	-4.75	14.1	22.9	27	27.3	31.2
Interest paid	4.45	13.1	9.43	1.89	1.25	0.15	0.51	1.63	0.94
Income taxes paid				5.67	2.16	4.28	7.69	12	11.6

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $44.53 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	29.2%	Gross profit / revenue.
Operating margin	8.5%	Operating income / revenue.
EBITDA margin	11.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.4%	Pre-tax income / revenue.
Net margin	7.2%	Net income / revenue.
FCF margin	4.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.2%	Cash from operations / revenue.
Effective tax rate	14.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	30.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	15.9%	Net income / average total assets.
Return on invested capital (ROIC)	36.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	17.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.3%	Capital expenditures / revenue.
D&A / revenue	3.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	17.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	26.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	17.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	19.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	25.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	13.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	28.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	32.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	23.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	34.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	29.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	12.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	29.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	14.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	10.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	26.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	13.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-7.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.10x	Current assets / current liabilities.
Quick ratio	1.85x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.38x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.01x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.5%	Total debt / total assets.
Liabilities / assets	44.9%	Total liabilities / total assets.
Net debt	-$30.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.41x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	58.7x	Operating income / interest expense.
Working capital	$94.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$158.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.21x	Revenue / average total assets.
Fixed asset turnover	17.6x	Revenue / average property, plant and equipment.
Receivables turnover	5.31x	Revenue / average receivables.
Days sales outstanding	69 days	365 x average receivables / revenue.
Days payables	17 days	365 x average accounts payable / cost of revenue.
FCF conversion	67.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	47.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.13	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$3.45	Net income per basic share, as reported (split-adjusted).
Revenue per share	$43.50	Revenue / diluted weighted shares.
FCF per share	$2.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.98	Cash from operations / diluted weighted shares.
Book value per share	$12.79	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.90	Tangible book value / shares outstanding.
Cash per share	$2.45	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	46.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$596.2M	Share price x shares outstanding.
Enterprise value	$565.3M	Market cap + total debt - cash - short-term investments.
P/E	12.9x	Market cap / net income. Only when net income is positive.
P/S	0.93x	Market cap / revenue.
P/B	3.50x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.76x	Market cap / tangible book value, when positive.
P/FCF	19.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.1x	Market cap / cash from operations, when positive.
EV/Sales	0.88x	Enterprise value / revenue.
EV/EBIT	10.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.55x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.2%	Free cash flow / market cap.
Earnings yield	7.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.4%	(Dividends paid + share buybacks) / market cap.
PEG	0.55x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was IBEX Ltd's revenue in fiscal 2026?

IBEX Ltd reported revenue of $644.1M for fiscal 2026, 15.4% higher than the year before.

Was IBEX Ltd profitable in fiscal 2026?

Yes. Net income was $46.3M, a net margin of 7.2%.

How much free cash flow did IBEX Ltd generate in fiscal 2026?

Cash from operations of $59.0M minus capital expenditures of $27.8M left free cash flow of $31.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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