Forensic Analysis · Technology / Software · as of Jun 28, 2026
IBEX Ltd (IBEX)
A forensic read on IBEX Ltd built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
4.0
Altman Z-score
Clean
Earnings quality
5
Forensic signals
8.5
P / E (ttm)
31.8%
ROE
$403M
Market cap
IBEX Ltd earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is 4.0, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by shareholder returns.
What the filings flag
286% of FCFShareholder returns. Returned $78M to shareholders (buybacks + dividends) in FY2025 — 286% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely.
suspendedDividend — suspended. The dividend has been SUSPENDED — $4M paid in FY2021, then $0 in FY2023. A suspension is a major signal the board is conserving cash; the prior payment history doesn't offset it.
+14.2%Accruals ratio. Net operating assets grew +14.2% relative to their average in FY2025 — the accrual component of earnings. Accruals are building faster than is comfortable — part of profit sits in receivables, inventory or capitalized costs rather than cash. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -8% of net operating assets.
77d DSOReceivables vs revenue. Days sales outstanding moved from 71 to 77 days FY2024→FY2025 (receivables +19% vs revenue +10%). Receivables are creeping up relative to sales — watch the trend.
1% of revStock-based comp load. Stock-based compensation ran 1% of revenue and 20% of free cash flow in FY2025 — about $0.35 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin6.6%
Debt / Equity0.01x
Free Cash Flow$27.3M
Latest Revenue$558.3M
Return on Equity27.4%
Revenue Growth YoY+9.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on IBEX Ltd:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about IBEX's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown
🔒Peer comparison + filing-change monitoring & alerts
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Data from SEC EDGAR public filings · metrics as of Jun 28, 2026. Forensic signals flag probability, not certainty.