Ecarx Holdings vs Ibex
Ecarx Holdings is the larger business, with $848m of revenue in fiscal 2025 against $644m for Ibex (1.3 times as much). Ibex grew faster (15.4% against 9.9%). Ibex kept more of each dollar of sales as profit: a net margin of 7.2% against -7.8%.
| Latest fiscal year | Ecarx HoldingsECX, 2025 | IbexIBEX, 2026 |
|---|---|---|
| Revenue | $848m | $644m |
| Revenue growth | 9.9% | 15.4% |
| Net income | −$66.0m | $46.3m |
| Operating margin | -6.5% | 8.5% |
| Net margin | -7.8% | 7.2% |
| Return on equity | — | 30.4% |
| Free cash flow | −$107m | $31.2m |
| Cash | $87.1m | $32.6m |
| Total debt | $410m | $1.7m |
| Debt to equity | — | 1.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $14.4m |
| Employees | — | 35,000 |
| Market value | $307m | $594m |
| Price vs our value range | — | Within our value range |
| Moat score | — | — |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 25 sales |