Latest Ratios: P/E Ratio 14.1x · EV/EBITDA 7.9x · ROE 24.6%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $448M | $458M | $295M | $401M | $316M | $359M | — | — | — | — | — |
| Enterprise Value | $502M | $512M | $300M | $423M | $373M | $414M | — | — | — | — | — |
| P/E Ratio → | 14.08 | 12.33 | 8.79 | 12.71 | 14.67 | 130.13 | — | — | — | — | — |
| P/S Ratio | 0.80 | 0.82 | 0.58 | 0.77 | 0.64 | 0.81 | — | — | — | — | — |
| P/B Ratio | 3.89 | 3.41 | 1.78 | 2.67 | 2.78 | 4.45 | — | — | — | — | — |
| P/FCF | 16.40 | 16.77 | 10.92 | 17.51 | 22.42 | — | — | — | — | — | — |
| P/OCF | 9.80 | 10.02 | 8.23 | 9.58 | 7.90 | 22.32 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.92 | 0.59 | 0.81 | 0.76 | 0.93 | — | — | — | — | — |
| EV / EBITDA | 7.86 | 8.02 | 5.09 | 7.11 | 9.62 | 13.27 | — | — | — | — | — |
| EV / EBIT | 10.77 | 10.76 | 7.22 | 10.28 | 18.03 | 24.26 | — | — | — | — | — |
| EV / FCF | — | 18.76 | 11.08 | 18.45 | 26.45 | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.9% | 30.9% | 29.9% | 28.3% | 24.1% | 24.4% | 31.8% | 30.9% | 26.1% | 17.3% | 19.3% |
| Operating Margin | 8.3% | 8.3% | 7.8% | 7.7% | 4.2% | 3.8% | 4.8% | 1.8% | -5.2% | -0.7% | 2.7% |
| Net Profit Margin | 6.6% | 6.6% | 6.6% | 6.0% | 4.4% | 3.0% | 1.9% | -1.2% | -4.6% | -2.7% | 0.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 24.6% | 24.6% | 21.3% | 24.0% | 22.1% | 27.0% | 62.7% | -16.0% | -32.8% | -26.3% | 8.0% |
| ROA | 13.0% | 13.0% | 11.5% | 10.8% | 7.5% | 5.6% | 4.1% | -2.6% | -10.3% | -6.2% | 1.1% |
| ROIC | 19.5% | 19.5% | 17.3% | 17.8% | 10.1% | 10.9% | 13.4% | 4.7% | -14.6% | -2.3% | 9.3% |
| ROCE | 22.4% | 22.4% | 17.8% | 19.4% | 11.3% | 13.2% | 23.4% | 11.6% | -38.2% | -5.1% | 21.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.52 | 0.52 | 0.40 | 0.53 | 0.93 | 1.39 | 6.56 | 13.71 | 1.31 | 1.19 | 2.98 |
| Debt / EBITDA | 1.09 | 1.09 | 1.14 | 1.33 | 2.73 | 3.61 | 2.41 | 4.27 | — | 5.04 | 2.77 |
| Net Debt / Equity | — | 0.41 | 0.03 | 0.14 | 0.50 | 0.68 | 5.21 | 12.68 | 1.03 | 0.75 | 2.50 |
| Net Debt / EBITDA | 0.85 | 0.85 | 0.07 | 0.36 | 1.46 | 1.75 | 1.91 | 3.95 | — | 3.18 | 2.32 |
| Debt / FCF | — | 1.99 | 0.16 | 0.94 | 4.03 | — | 1.77 | — | — | — | — |
| Interest Coverage | 29.11 | 29.11 | 80.74 | 51.92 | 16.03 | 1.89 | 2.01 | 0.94 | -9.68 | -0.65 | 1.93 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.82 | 1.82 | 2.53 | 2.16 | 1.46 | 1.34 | 0.81 | 0.73 | 0.71 | 0.89 | 0.81 |
| Quick Ratio | 1.82 | 1.82 | 2.53 | 2.16 | 1.46 | 1.34 | 0.81 | 0.73 | 0.71 | 0.88 | 0.81 |
| Cash Ratio | 0.19 | 0.19 | 0.88 | 0.78 | 0.50 | 0.55 | 0.21 | 0.08 | 0.12 | 0.21 | 0.10 |
| Asset Turnover | — | 2.04 | 1.73 | 1.78 | 1.68 | 1.62 | 2.08 | 1.96 | 2.18 | 2.19 | 2.33 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | 546.92 | — |
| Days Sales Outstanding | — | 77.61 | 77.25 | 64.45 | 55.86 | 59.78 | 52.20 | 63.53 | 64.37 | 69.77 | 74.45 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 1.1% | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | 417.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.1% | 8.1% | 11.4% | 7.9% | 6.8% | 0.8% | — | — | — | — | — |
| FCF Yield | 6.1% | 6.0% | 9.2% | 5.7% | 4.5% | — | — | — | — | — | — |
| Buyback Yield | 17.4% | 17.0% | 7.3% | 0.1% | 1.1% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 17.4% | 17.0% | 7.3% | 0.1% | 1.1% | 1.1% | — | — | — | — | — |
| Shares Outstanding | — | $16M | $18M | $19M | $19M | $18M | $18M | $18M | $18M | $18M | $18M |
Client concentration and attrition
According to current market data, IBEX trades at a forward P/E of 8.55, which appears to discount the company relative to peers like TaskUs, suggesting investors remain skeptical of its long-term growth sustainability despite the recent 9.77% year-over-year revenue expansion observed in recent filings.
The current valuation multiples imply that the market views IBEX as a legacy BPO provider rather than a high-growth digital services firm. This discount warrants investigation into whether the market is over-penalizing the company for its smaller scale or if the ownership structure under TRGI creates a persistent overhang on the stock price.
Based on reported financial statements, IBEX's ROIC has fluctuated between 3.0% and 5.9% over the last ten quarters, indicating that the company is struggling to generate returns that consistently exceed its cost of capital while maintaining its extensive physical delivery center footprint.
The modest ROIC trend suggests that the company's capital-intensive model, characterized by significant investment in global delivery centers, limits its ability to compound returns efficiently. Investors should monitor whether the shift toward higher-margin digital services can improve these returns or if the business remains structurally tethered to low-margin labor arbitrage.
As indicated by recent quarterly data, IBEX's DSO has hovered around 70-80 days, reflecting a persistent challenge in managing customer payment terms that appears to be a structural feature of the BPO industry rather than a temporary operational inefficiency.
The lack of consistent improvement in the cash conversion cycle suggests that IBEX possesses limited leverage over its client base regarding payment terms. This working capital drag necessitates careful monitoring, as any further extension in collection periods could exacerbate the company's already tight liquidity position.
According to the latest balance sheet analysis, IBEX has successfully reduced its debt-to-equity ratio from a peak of 0.87 in 2025Q2 to 0.38 as of 2026Q3, demonstrating a clear management commitment to maintaining a conservative capital structure in a volatile macro environment.
This deleveraging trend provides the company with a degree of insulation against rising interest rates, though the low cash balance of $15.35M limits the firm's ability to pursue aggressive M&A. The current interest coverage ratio of 64.88 suggests that debt service is currently comfortable, provided that operating margins remain stable.
Based on an analysis of the business model, the P/E ratio is frequently misapplied to IBEX, as it fails to account for the significant non-cash stock-based compensation expenses that periodically distort net income and mask the company's true underlying cash-generating capacity.
Investors should prioritize EV/EBITDA or P/FCF metrics to better assess the company's operational performance, as these ratios strip away the noise created by accounting adjustments and capital structure decisions. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation relative to its actual cash-flow-generating potential.
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Quick answers to the most common questions about buying IBEX stock.
IBEX Limited's current P/E ratio is 14.1x. The historical average is 35.7x. This places it at the 60th percentile of its historical range.
IBEX Limited's current EV/EBITDA is 7.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.6x.
IBEX Limited's return on equity (ROE) is 24.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 11.5%.
Based on historical data, IBEX Limited is trading at a P/E of 14.1x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
IBEX Limited has 30.9% gross margin and 8.3% operating margin.
IBEX Limited's Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.