Ibex
IBEX on Nasdaq. Ibex sells customer service, marketing, and customer engagement services to companies. Market value $575m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $5.42 of spare cash in the past 12 months. A savings account pays about $4.
You pay 9.9 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 31 cents a year. Above 10 is good.
Quality score: 90 of 100. Price score: 96 of 100. Our list needs 70 on quality and 60 on price.
$43.33 a share, 67% above its 1-year low
Over the past year the price has ranged from $25.94 to $45.28.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $493m | $523m | $509m | $558m | $644m |
| Operating margin | |||||
| Operating margin | 4.2% | 7.7% | 7.8% | 8.3% | 8.5% |
| Debt to equity | |||||
| Debt to equity | 0.14 | 0.01 | 0.01 | 0.01 | 0.01 |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.01bn | 0.01bn | 0.01bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)7 of 9
- Profit backed by cash (accruals)Yes
- Debt0.01× equity
- Revenue growth, five yearsSlow, 7.8% a year
- Buying back its own sharesYes, 27% fewer since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $164 million last quarter, up 12% on a year ago.
- Profit: $9 million, down 9% on a year ago.
- It keeps 9 cents of each $1 of sales as operating profit, up from 8 cents a year earlier.
- Spare cash over the past 12 months: $31 million, up from $27 million.
- It has $31 million more cash than debt, up from $14 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $130m |
| December 2024 | $141m |
| March 2025 | $141m |
| June 2025 | $147m |
| September 2025 | $151m |
| December 2025 | $164m |
| March 2026 | $164m |
| June 2026 | $164m |
| Quarter to | Amount |
|---|---|
| September 2024 | $8m |
| December 2024 | $9m |
| March 2025 | $10m |
| June 2025 | $10m |
| September 2025 | $12m |
| December 2025 | $12m |
| March 2026 | $13m |
| June 2026 | $9m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 10 September 2026
- Next quarterly (estimated, 10-Q)
- 5 August 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 153 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $11m | <0.1% | Added |
| Boston PartnersBoston Partners team | $10m | <0.1% | Added |
| LSV Asset ManagementJosef Lakonishok | $884,000 | <0.1% | Added |
| GMOJeremy Grantham | $209,006 | <0.1% | Cut |
Largest holders overall
- BlackRock$31mAdded
- American Century Companies$16mCut
- Dimensional Fund Advisors LP$12mAdded
- TWO Sigma Investments, LP$12m
- Ameriprise Financial$11mAdded
- Royce & Associates$11mAdded
- Vanguard Capital Management$11mNew
- Boston Partners$10mAdded
- Acadian Asset Management$9mCut
- JPMorgan Chase$9mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- PineBridge Global Emerging Markets Partners II, L.P.at least 3.9%−4.4 pts(filed with 4 related holders)Since 25 February 2025
- American Century Investment Management, Inc.Passive investorat least 3.8%−1.3 pts(filed with 2 related holders)Since 30 June 2026
- JPMORGAN CHASE & CO.Passive investorSold down below 5%Since 30 April 2025
- American Century Capital Portfolios, Inc.Passive investorSold down below 5%Since 30 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
PineBridge Global Emerging Markets Partners II, L.P. | at least 3.9%−4.4 pts (filed with 4 related holders) | 25 February 2025 | |
American Century Investment Management, Inc. Passive investor | at least 3.8%−1.3 pts (filed with 2 related holders) | 30 June 2026 | |
JPMORGAN CHASE & CO. Passive investor | Sold down below 5% | 30 April 2025 | |
American Century Capital Portfolios, Inc. Passive investor | Sold down below 5% | 30 September 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 11 sold $6m, $2m of it under preset trading plans.
- Dechant Robert ThomasChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 25 September 2026
- Shares
- 5,000
- Price
- $45.02
- Value
- $225,096
- Inson Paul JosephChief People OfficerSold
- Date
- 16 September 2026
- Shares
- 2,500
- Price
- $40.07
- Value
- $100,165
- Trofimuk-O'Connor Christina AliceChief Legal OfficerSold
- Date
- 16 September 2026
- Shares
- 2,376
- Price
- $39.34
- Value
- $93,476
- Zhuang MingzheDirectorSold
- Date
- 15 September 2026
- Shares
- 5,522
- Price
- $40.10
- Value
- $221,444
- Casteel Julie KChief Sales/Marketing OfficerSold
- Date
- 15 September 2026
- Shares
- 17,474
- Price
- $40.41
- Value
- $706,065
- Ballou-Aares DaniellaDirectorSold
- Date
- 15 September 2026
- Shares
- 1,500
- Price
- $40.29
- Value
- $60,437
- Trofimuk-O'Connor Christina AliceChief Legal OfficerSold
- Date
- 15 September 2026
- Shares
- 7,500
- Price
- $40.30
- Value
- $302,252
- Dechant Robert ThomasChief Executive Officer, DirectorSold
- Date
- 15 September 2026
- Shares
- 25,000
- Price
- $39.99
- Value
- $999,668
- Inson Paul JosephChief People OfficerSoldunder a preset trading plan
- Date
- 14 September 2026
- Shares
- 2,274
- Price
- $40.00
- Value
- $90,960
- Afdahl David MartinChief Operating OfficerSoldunder a preset trading plan
- Date
- 14 September 2026
- Shares
- 10,819
- Price
- $40.07
- Value
- $433,483
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 25 September 2026 | Dechant Robert Thomas Chief Executive Officer, Director | Sold under a preset trading plan | 5,000 | $45.02 | $225,096 |
| 16 September 2026 | Inson Paul Joseph Chief People Officer | Sold | 2,500 | $40.07 | $100,165 |
| 16 September 2026 | Trofimuk-O'Connor Christina Alice Chief Legal Officer | Sold | 2,376 | $39.34 | $93,476 |
| 15 September 2026 | Zhuang Mingzhe Director | Sold | 5,522 | $40.10 | $221,444 |
| 15 September 2026 | Casteel Julie K Chief Sales/Marketing Officer | Sold | 17,474 | $40.41 | $706,065 |
| 15 September 2026 | Ballou-Aares Daniella Director | Sold | 1,500 | $40.29 | $60,437 |
| 15 September 2026 | Trofimuk-O'Connor Christina Alice Chief Legal Officer | Sold | 7,500 | $40.30 | $302,252 |
| 15 September 2026 | Dechant Robert Thomas Chief Executive Officer, Director | Sold | 25,000 | $39.99 | $999,668 |
| 14 September 2026 | Inson Paul Joseph Chief People Officer | Sold under a preset trading plan | 2,274 | $40.00 | $90,960 |
| 14 September 2026 | Afdahl David Martin Chief Operating Officer | Sold under a preset trading plan | 10,819 | $40.07 | $433,483 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 10 Sep 2026, and no later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
What changed in the risks this year
Companies must list what could hurt them each year. These are the parts that changed since last year’s report.
We no longer qualify as an “emerging growth company” or a “smaller reporting company” and may no longer take advantage of certain disclosure exemptions which may cause us to incur increased costs.
Additionally, on the last business day of the second quarter of fiscal year 2026, the aggregate market value of the Company’s common shares held by non-affiliate stockholders exceeded $250 million. As a result, we no longer qualify as a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K and may no longer take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements and certain scaled disclosures.
Read more
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.