IBEX Limited spent fiscal 2026 proving that a mid-sized customer-experience outsourcer can sell the automation layer that was supposed to erase its seats. The Sierra partnership, announced in May after a quieter January formalization, is the mechanism. IBEX maps the journey, Sierra's conversational agents take the repetitive intents, and the company's human bench catches the overflow. That is not a defensive hedge. It is a second product that attaches to the same enterprise buyer who already pays for Philippine, Nicaraguan, Jamaican, and Pakistani delivery. The investment debate is whether this attachment, plus HealthTech's climb through the hundred-million mark, is a mix upgrade the market still prices as a fading labor-arbitrage story.
The year closed with revenue of $644.1 million. That print sits 15.4% above the prior year and is the sixth straight double-digit growth quarter when stacked on the June close. Adjusted EBITDA reached $82.4 million. The margin barely moved, finishing at 12.8%. Net income of $46.3 million outran the top line because offshore mix and a lighter tax load did more work than the fourth-quarter training hangover undid. Cash conversion is the quieter tell for shareholders watching earnings quality. Operating cash flow hit $59.0 million and free cash flow hit $31.2 million even as capital spending rose to fund offshore seats.
HealthTech is the named growth engine that already cleared the internal hundred-million target and finished the year at $114 million. Fourth-quarter HealthTech revenue of $29.4 million grew 42% and now carries almost a fifth of the quarterly book. The Sierra deployments at Philippine Airlines and BJ's Wholesale are the proof points that management wants the market to generalize. Resolution rates above 20% at the airline and above 40% at the warehouse club are not yet a reported revenue line. They are a sales argument that IBEX can win the automation request-for-proposal against a pure software vendor and a traditional outsourcer at the same table. The counterweight is the June quarter itself. Nine new trophy logos created training cost, a nearshore-to-offshore transfer created idle time, and fuel in the offshore grid lifted utilities. Adjusted EBITDA margin compressed to 12.3% from 13.9% even as the top line set another record.
Guidance for the new year asks the market to accept slower growth on a larger base. Revenue is framed at $700 million to $715 million. That band is 9% to 11% growth, a step down from the year just closed. Adjusted EBITDA is framed at $90 million to $94 million. The multiple still treats IBEX like a no-growth outsourcer even after the Friday re-rating that followed the year-end print. Shares last changed hands near $40.46 on the Nasdaq tape. The question the next several quarters resolve is whether Sierra attachments and the HealthTech mix lift the mid-cycle margin, or whether the fourth-quarter training drag is the more honest run-rate.