TakeoverPE & activists

IMXIInternational Money Express, Inc.

Services-Business Services, NEC · $277M market cap · 531 employees

2.5×

More likely than average to be taken private

Top 4% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

4of 15 firedHow well they predict deals →
11 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    113% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    2% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    44% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    12% of assets
    Over 40% of assets
  • Low revenue per employeeNo
    $1M · 80th pct
    Bottom quartile of its SIC industry
  • Buyout-sizedNo
    $277M market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    6 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Net insider sellingNo
    $0 net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Nov 5, 2025DEFM14AThe Western Union Company$16.0072.4%
Oct 21, 2025PREM14AThe Western Union Company$16.0072.4%
Aug 11, 20258-KThe Western Union Company——

Key numbers

Revenue
$608MFY2021: $459MFY2022: $547MFY2023: $659MFY2024: $659MFY2025: $608M
7.7% YoY
Operating margin
9.2%FY2021: 14.8%FY2022: 15.2%FY2023: 14.5%FY2024: 14.4%FY2025: 9.2%
37% YoY
EBITDA
$73MFY2021: $77MFY2022: $92MFY2023: $108MFY2024: $109MFY2025: $73M
33% YoY
Net debt / EBITDA
-0.5×
−$37M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$459M$547M$659M$659M$608M 7.7% FY2021: $459MFY2022: $547MFY2023: $659MFY2024: $659MFY2025: $608M
Operating income$68M$83M$95M$95M$56M 41% FY2021: $68MFY2022: $83MFY2023: $95MFY2024: $95MFY2025: $56M
Net income$47M$57M$60M$59M$33M 44% FY2021: $47MFY2022: $57MFY2023: $60MFY2024: $59MFY2025: $33M
Operating cash flow$78M$15M$144M$53M$37M 31% FY2021: $78MFY2022: $15MFY2023: $144MFY2024: $53MFY2025: $37M
Capex$11M$12M$13M$30M$21M 30% FY2021: $11MFY2022: $12MFY2023: $13MFY2024: $30MFY2025: $21M
Stock-based comp$5M$7M$8M$7M$9M 32% FY2021: $5MFY2022: $7MFY2023: $8MFY2024: $7MFY2025: $9M
Buybacks$6M$54M$66M$75M$16M 78% FY2021: $6MFY2022: $54MFY2023: $66MFY2024: $75MFY2025: $16M

13D filers

FiledFilerFormStakeIntent
Oct 27, 2025Voss Capital, LPSCHEDULE 13D/A2.6%Active
Sep 11, 2025Magnetar Financial LLCSCHEDULE 13D/A6.0%Passive
Sep 2, 2025Magnetar Financial LLCSCHEDULE 13D5.3%Passive
Aug 22, 2025Voss Capital, LPSCHEDULE 13D/A5.3%Active
Feb 21, 2025Voss Capital, LPSCHEDULE 13D/A6.9%Active
Sep 5, 2024Voss Capital, LPSC 13D5.6%Active
Aug 11, 2022Godfrey Adam PSC 13D/A4.9%Passive
Jun 29, 2021Steamboat Capital Partners, LLCSC 13D/A4.6%Passive
May 21, 2021Steamboat Capital Partners, LLCSC 13D/A5.4%Passive
Jan 7, 2021Steamboat Capital Partners, LLCSC 13D/A6.6%Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

No pay-versus-performance disclosure yet.