IMXIInternational Money Express, Inc.
Services-Business Services, NEC
- Revenue
- $608M
- 7.7% YoY
- Operating margin
- 9.2%
- 37% YoY
- EBITDA
- $73M
- 33% YoY
- Market cap
- $277M
- Employees
- 531
- $1M revenue each
- Net debt / EBITDA
- -0.5×
- −$37M net debt
- AI in 10-K
- 0.3
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo113% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo44% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo12% of assetsOver 40% of assets
- Shareholder dissentYes75% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$1M · 80th pctBottom quartile of its SIC industry
- Quiet on AIYes0.3 per 10K words · 16th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 0.5× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedNo$277M market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes2 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $459M | $547M | $659M | $659M | $608M | 7.7% |
| Operating income | $68M | $83M | $95M | $95M | $56M | 41% |
| Net income | $47M | $57M | $60M | $59M | $33M | 44% |
| Operating cash flow | $78M | $15M | $144M | $53M | $37M | 31% |
| Capex | $11M | $12M | $13M | $30M | $21M | 30% |
| Stock-based comp | $5M | $7M | $8M | $7M | $9M | 32% |
| Buybacks | $6M | $54M | $66M | $75M | $16M | 78% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Nov 5, 2025 | DEFM14A | The Western Union Company | $16.00 | 72.4% |
| Oct 21, 2025 | PREM14A | The Western Union Company | $16.00 | 72.4% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 27, 2025 | Voss Capital, LP | SCHEDULE 13D/A | 2.6% | Active |
| Sep 11, 2025 | Magnetar Financial LLC | SCHEDULE 13D/A | 6.0% | Passive |
| Sep 2, 2025 | Magnetar Financial LLC | SCHEDULE 13D | 5.3% | Passive |
| Aug 22, 2025 | Voss Capital, LP | SCHEDULE 13D/A | 5.3% | Active |
| Feb 21, 2025 | Voss Capital, LP | SCHEDULE 13D/A | 6.9% | Active |
| Sep 5, 2024 | Voss Capital, LP | SC 13D | 5.6% | Active |
| Aug 11, 2022 | Godfrey Adam P | SC 13D/A | 4.9% | Passive |
| Jun 29, 2021 | Steamboat Capital Partners, LLC | SC 13D/A | 4.6% | Passive |
| May 21, 2021 | Steamboat Capital Partners, LLC | SC 13D/A | 5.4% | Passive |
| Jan 7, 2021 | Steamboat Capital Partners, LLC | SC 13D/A | 6.6% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.