IBEX Limited (NASDAQ:IBEX) Raises 2026 Guidance While Near-Term Volatility Persists

IBEX shows operational momentum and margin expansion but technicals signal short-term downside pressure; fundamentals support a valuation that WMDST classifies as over-valued.

Recent News

On February 5, 2026 the company scheduled its second-quarter 2026 results release and related investor call.

Market filings and reporting in March 2026 show notable institutional rebalancing, including a reduction in American Century Companies’ disclosed stake.

Several market write-ups in early 2026 highlighted the company’s continued emphasis on scaling AI-driven CX solutions and reiterated analyst coverage and price-target dispersion.

Technical Analysis

ADX / DI+/DI-: ADX at 16.23 indicates no established trend in strength; DI+ equals 16.43 and trends downward, while DI- at 25.34 has experienced a dip-and-reversal, which signals directional pressure skewed toward sellers and implies bearish directional momentum.

MACD: MACD sits at -1.18 with a peak-and-reversal pattern and the MACD line remains just below the signal line (-1.17), indicating waning bullish momentum and a bearish momentum profile.

MRO (Momentum/Regression Oscillator): MRO at 6.86 registers positive, indicating the current price sits above the model target and therefore carries potential downward pressure toward that target in the near term.

RSI: RSI at 37.49 with a peak-and-reversal shows recent loss of buying strength and places the indicator nearer to lower-range levels, reinforcing short-term selling bias.

Price vs. Moving Averages & Ichimoku: Last close $26.79 trades below the 20-day average ($28.02), 50-day average ($31.39) and 200-day average ($33.44); the 12-day EMA trends downward. Ichimoku Senkou A and B sit near $34.61–$34.75 above the market price, implying the cloud offers resistive overhead and a bearish posture for short-term price action.

Bollinger & SuperTrend: The price sits below the 1x Bollinger upper band and beneath the super-trend upper boundary ($28.81), consistent with contraction and likely range-bound or lower price movement unless momentum indicators shift.

Volume & Volatility: Daily volume near 147,854 compares with a 10‑day average of 142,097 and a 50‑day average of 151,168, showing average participation; 42‑day and 52‑week volatility at 3% suggest relatively low realized volatility versus larger-cap peers, which can compress directional moves.

 


Fundamental Analysis

Profitability & Margins: EBIT of $15,346,000 implies an EBIT margin of 9.35%, up 2.91 percentage points QoQ and up 7.41 percentage points YoY. That margin sits below the industry peer mean of 14.99% and median of 16.18% but above the industry peer low of -2.08% and below the industry peer high of 22.69%.

Revenue & Growth: Total revenue reported $164,221,000 with revenue growth shown as 8.63% (overall) and a year-over-year revenue growth of 2.06%; the quarter-over-quarter revenue figure in the dataset reads as 214.17% (reported as provided), indicating sharp sequential variability in the period-to-period comparisons.

Earnings & Cash Flow: Reported EPS $0.87 versus an estimate of $0.79 produced an EPS surprise of 10.13%. Operating cash flow stands at $6,644,000 while free cash flow registers negative $5,088,000 and a free cash flow yield of -1.03%, reflecting cash conversion pressure despite positive operating income.

Leverage & Liquidity: Total debt $64,341,000 yields debt-to-assets of 21.75% and debt-to-equity of 0.42; interest coverage remains elevated (61.88), indicating ample earnings cushion for interest. Current ratio at 1.83 improved modestly QoQ and sits slightly above the industry peer mean of 1.65.

Efficiency & Returns: Asset turnover 0.5666 increased YoY; return on equity at 7.91% and return on assets at 4.22% sit near or modestly above industry peer means in some categories, but earnings growth metrics show contraction in some periods (earnings growth negative on the provided YoY and QoQ lines), reflecting mixed operational leverage.

Valuation: Price-to-earnings at 42.55 sits below the industry peer mean P/E of 62.57, while price-to-book of 3.21 sits below the industry peer mean book multiple of 4.11. Enterprise multiple reads 27.09 with an EV/Revenue-like ratio at 3.32. Despite some multiples below peer means, cash-flow negatives, compressed free-cash yield, and margin positioning led WMDST to classify the current valuation as over-valued.

MOST-RECENT QUARTERLY REPORT
REPORT PERIOD ENDING: 2025-12-31
REPORT DATE: 2026-02-05
NEXT REPORT DATE: 2026-05-07
CASH FLOW  Begin Period Cash Flow 22.7 M
 Operating Cash Flow 6.6 M
 Capital Expenditures -11.73 M
 Change In Working Capital -14.73 M
 Dividends Paid
 Cash Flow Delta -7.23 M
 End Period Cash Flow 15.5 M
 
INCOME STATEMENT REVENUE
 Total Revenue 164.2 M
 Forward Revenue 41.3 M
COSTS
 Cost Of Revenue 116.6 M
 Depreciation 4.8 M
 Depreciation and Amortization 4.8 M
 Research and Development
 Total Operating Expenses 148.9 M
PROFITABILITY
 Gross Profit 47.6 M
 EBITDA 20.1 M
 EBIT 15.3 M
 Operating Income 15.3 M
 Interest Income 59.0 K
 Interest Expense 248.0 K
 Net Interest Income -189.00 K
 Income Before Tax 15.1 M
 Tax Provision 2.9 M
 Tax Rate 19.1 %
 Net Income 12.2 M
 Net Income From Continuing Operations 12.2 M
EARNINGS
 EPS Estimate 0.79
 EPS Actual 0.87
 EPS Difference 0.08
 EPS Surprise 10.127 %
 Forward EPS 0.92
 
BALANCE SHEET ASSETS
 Total Assets 295.8 M
 Intangible Assets 11.8 M
 Net Tangible Assets 142.7 M
 Total Current Assets 158.5 M
 Cash and Short-Term Investments 15.5 M
 Cash 15.5 M
 Net Receivables 130.5 M
 Inventory
 Long-Term Investments 15.5 M
LIABILITIES
 Accounts Payable 24.6 M
 Short-Term Debt
 Total Current Liabilities 86.5 M
 Net Debt
 Total Debt 64.3 M
 Total Liabilities 141.3 M
EQUITY
 Total Equity 154.5 M
 Retained Earnings 50.0 M
VALUATION & PER-SHARE METRICS EQUITY & PER-SHARE METRICS
 Book Value Per-Share 11.54
 Shares Outstanding 13.440 M
 Revenue Per-Share 12.27
VALUATION
 Market Capitalization 495.6 M
 Enterprise Value 544.5 M
 Enterprise Multiple 27.093
Enterprise Multiple QoQ -5.961 %
Enterprise Multiple YoY 55.778 %
Enterprise Multiple IPRWA high: 105.534
median: 46.929
mean: 40.32
IBEX: 27.093
low: -7.239
 EV/R 3.315
CAPITAL STRUCTURE
 Asset To Equity 1.914
 Asset To Liability 2.094
 Debt To Capital 0.294
 Debt To Assets 0.218
Debt To Assets QoQ -7.209 %
Debt To Assets YoY 82.376 %
Debt To Assets IPRWA high: 0.976
IBEX: 0.218
mean: 0.196
median: 0.127
low: 0.005
 Debt To Equity 0.416
Debt To Equity QoQ -10.121 %
Debt To Equity YoY 39.576 %
Debt To Equity IPRWA high: 4.036
mean: 0.562
IBEX: 0.416
median: 0.266
low: -2.661
PRICE-BASED VALUATION
 Price To Book (P/B) 3.207
Price To Book QoQ -3.594 %
Price To Book YoY 27.002 %
Price To Book IPRWA high: 10.768
median: 5.108
mean: 4.112
IBEX: 3.207
low: -0.523
 Price To Earnings (P/E) 42.546
Price To Earnings QoQ 7.919 %
Price To Earnings YoY 20.27 %
Price To Earnings IPRWA high: 83.682
median: 64.904
mean: 62.57
IBEX: 42.546
low: -20.675
 PE/G Ratio -12.765
 Price To Sales (P/S) 3.018
Price To Sales QoQ -4.521 %
Price To Sales YoY 54.318 %
Price To Sales IPRWA high: 12.784
median: 8.413
mean: 6.693
IBEX: 3.018
low: 0.003
FORWARD MULTIPLES
Forward P/E 39.886
Forward PE/G -11.967
Forward P/S 12.038
EFFICIENCY OPERATIONAL
 Operating Leverage 1.365
ASSET & SALES
 Asset Turnover Ratio 0.567
Asset Turnover Ratio QoQ 4.396 %
Asset Turnover Ratio YoY 16.555 %
Asset Turnover Ratio IPRWA IBEX: 0.567
high: 0.464
median: 0.288
mean: 0.273
low: 0.129
 Receivables Turnover 1.332
Receivables Turnover Ratio QoQ 2.736 %
Receivables Turnover Ratio YoY 7.303 %
Receivables Turnover Ratio IPRWA high: 4.195
mean: 1.568
median: 1.388
IBEX: 1.332
low: 0.373
 Inventory Turnover
Inventory Turnover Ratio QoQ
Inventory Turnover Ratio YoY
Inventory Turnover Ratio IPRWA
 Days Sales Outstanding (DSO) 68.495
CASH CYCLE
 Cash Conversion Cycle Days (CCC) 47.08
Cash Conversion Cycle Days QoQ -6.642 %
Cash Conversion Cycle Days YoY
Cash Conversion Cycle Days IPRWA high: 79.668
IBEX: 47.08
median: 44.147
mean: 36.375
low: -51.73
CAPITAL DEPLOYMENT
 Cash Conversion Ratio 2.28
 CapEx To Revenue -0.071
 CapEx To Depreciation -2.47
 
CAPITAL, LIQUIDITY & COVERAGE CAPITAL STRUCTURE
 Total Capital 154.5 M
 Net Invested Capital 154.5 M
 Invested Capital 154.5 M
 Net Tangible Assets 142.7 M
 Net Working Capital 72.0 M
LIQUIDITY
 Cash Ratio 0.179
 Current Ratio 1.833
Current Ratio QoQ 0.785 %
Current Ratio YoY 27.507 %
Current Ratio IPRWA high: 3.119
IBEX: 1.833
mean: 1.651
median: 1.411
low: 0.675
 Quick Ratio
Quick Ratio QoQ
Quick Ratio YoY
Quick Ratio IPRWA
COVERAGE & LEVERAGE
 Debt To EBITDA 3.202
 Cost Of Debt 0.307 %
 Interest Coverage Ratio 61.879
Interest Coverage Ratio QoQ -2.194 %
Interest Coverage Ratio YoY 213.465 %
Interest Coverage Ratio IPRWA IBEX: 61.879
high: 56.412
median: 46.402
mean: 29.842
low: -28.708
 Operating Cash Flow Ratio 0.02
TIMING / LIQUIDITY
 Days Payables Outstanding (DPO) 21.415
DIVIDENDS
 Dividend Coverage Ratio
 Dividend Payout Ratio
 Dividend Rate
 Dividend Yield
PERFORMANCE GROWTH
 Asset Growth Rate 4.206 %
 Revenue Growth 8.627 %
Revenue Growth QoQ 214.166 %
Revenue Growth YoY 2.058 %
Revenue Growth IPRWA high: 20.145 %
IBEX: 8.627 %
median: 6.512 %
mean: 3.557 %
low: -9.343 %
 Earnings Growth -3.333 %
Earnings Growth QoQ -196.665 %
Earnings Growth YoY -124.759 %
Earnings Growth IPRWA high: 120.149 %
median: 30.033 %
mean: 18.714 %
IBEX: -3.333 %
low: -80.0 %
MARGINS
 Gross Margin 28.98 %
Gross Margin QoQ -1.773 %
Gross Margin YoY -2.745 %
Gross Margin IPRWA high: 77.989 %
median: 33.065 %
mean: 32.981 %
IBEX: 28.98 %
low: 2.672 %
 EBIT Margin 9.345 %
EBIT Margin QoQ 2.907 %
EBIT Margin YoY 7.414 %
EBIT Margin IPRWA high: 22.688 %
median: 16.183 %
mean: 14.991 %
IBEX: 9.345 %
low: -2.078 %
 Return On Sales (ROS) 9.309 %
Return On Sales QoQ 2.737 %
Return On Sales YoY 7.0 %
Return On Sales IPRWA high: 19.071 %
median: 16.974 %
mean: 14.691 %
IBEX: 9.309 %
low: -0.483 %
CASH FLOW
 Free Cash Flow (FCF) -5.09 M
 Free Cash Flow Yield -1.027 %
Free Cash Flow Yield QoQ -161.095 %
Free Cash Flow Yield YoY -11.082 %
Free Cash Flow Yield IPRWA high: 23.799 %
mean: 1.791 %
median: 0.956 %
IBEX: -1.027 %
low: -6.181 %
 Free Cash Growth -163.355 %
Free Cash Growth QoQ 152.317 %
Free Cash Growth YoY -7.663 %
Free Cash Growth IPRWA high: 126.42 %
mean: -33.218 %
median: -37.215 %
IBEX: -163.355 %
low: -206.016 %
 Free Cash To Net Income -0.416
 Cash Flow Margin 1.057 %
 Cash Flow To Earnings 0.142
VALUE & RETURNS
 Economic Value Added 0.04
 Return On Assets (ROA) 4.215 %
Return On Assets QoQ -2.498 %
Return On Assets YoY 31.595 %
Return On Assets IPRWA high: 5.495 %
IBEX: 4.215 %
median: 3.174 %
mean: 2.878 %
low: -2.323 %
 Return On Capital Employed (ROCE) 7.332 %
 Return On Equity (ROE) 0.079
Return On Equity QoQ -5.689 %
Return On Equity YoY -7.064 %
Return On Equity IPRWA high: 0.195
IBEX: 0.079
median: 0.072
mean: 0.063
low: -0.048
 DuPont ROE 8.195 %
 Return On Invested Capital (ROIC) 8.037 %
Return On Invested Capital QoQ -5.658 %
Return On Invested Capital YoY -89.879 %
Return On Invested Capital IPRWA high: 10.135 %
IBEX: 8.037 %
median: 6.362 %
mean: 5.09 %
low: -0.921 %

Six-Week Outlook

Expect condensed, range-bound trading with a bearish tilt unless directional indicators recover; technicals and momentum favor additional downside pressure toward recent support bands, while fundamental strength in revenue momentum and margin expansion provides a stabilizing floor. Institutional repositioning noted in March 2026 may widen intraday swings. For swing timeframes, the near-term probability favors continued consolidation below recent short- and medium-term moving averages until momentum indicators (MACD, DI+, RSI) reverse upward.

About IBEX Limited

IBEX Limited (NASDAQ:IBEX) is a leading provider of comprehensive customer lifecycle management solutions, leveraging cutting-edge technology to enhance customer experiences across various industries. Headquartered in Washington, D.C., IBEX specializes in delivering seamless customer service, technical support, and revenue generation through its robust CX model. This model integrates multiple communication channels, including voice, email, chat, SMS, and social media, ensuring a cohesive and efficient customer interaction process. The company’s offerings are categorized into three main solutions: ibex Connect, ibex Digital, and ibex CX. Ibex Connect focuses on outsourced back-office services, while ibex Digital drives customer acquisition through innovative digital marketing and e-commerce platforms. Ibex CX provides tools to effectively measure and manage customer experiences, ensuring clients can optimize their engagement strategies. IBEX serves a diverse range of sectors, including banking, health tech, retail, and entertainment, among others. Since its incorporation in 2017, IBEX has established a global presence with delivery centers that support its mission of transforming customer engagement. By continuously innovating and adapting to market needs, IBEX empowers businesses to foster stronger customer relationships and drive sustainable growth.



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