Demonstrações financeiras detalhadas de IBEX Limited (IBEX): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
IBEX Limited registou receitas de $644.1M no último exercício, com um CAGR de 5 anos de 7.8%. O lucro líquido atingiu $46.3M, com CAGR de 5 anos de 28.8%.
Margens dos últimos 12 meses: margem bruta 28.3%, margem operacional 9.2%, margem líquida 7.5%.
Ao preço atual de $40.28, IBEX negocia a um P/L de 11.44 e um ROE de 31.81%. A capitalização de mercado é de $539M.
Demonstração de Resultados (10 anos)
| Ano | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Receita | $334.0M | $342.2M | $368.4M | $405.1M | $443.4M | $492.9M | $523.1M | $508.6M | $558.3M | $644.1M |
| Custo da Receita | $276.2M | $252.9M | $254.6M | $276.3M | $335.2M | $374.0M | $375.0M | $356.5M | $385.7M | $474.0M |
| Lucro Bruto | $57.8M | $89.3M | $113.8M | $128.9M | $108.1M | $118.9M | $148.1M | $152.0M | $172.6M | $170.1M |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $306.1M | $332.9M | $321.7M | $350.4M | 0 | $80.2M | $88.7M | $93.1M | $108.7M | $113.0M |
| Despesas Operacionais | $335.1M | $363.3M | $361.3M | $109.4M | $91.1M | $98.3M | $107.6M | $112.6M | $126.0M | $106.8M |
| Lucro Operacional | -$2.3M | -$17.8M | $6.8M | $19.5M | $17.0M | $20.6M | $40.5M | $39.4M | $46.6M | $55.0M |
| EBITDA | $11.5M | -$6.5M | $27.7M | $43.5M | $38.3M | $38.8M | $60.1M | $61.0M | $64.8M | $83.3M |
| Despesas com Juros | $5.3M | $2.0M | $7.3M | $9.4M | $9.0M | $1.3M | $792000 | $514000 | $1.6M | -$936000 |
| Lucro Antes de Impostos | -$8.7M | -$20.9M | -$904000 | $10.1M | $15.2M | $19.4M | $40.3M | $41.0M | $45.9M | $54.3M |
| Imposto | $295000 | -$108000 | $3.6M | $2.3M | $2.1M | -$2.1M | $8.7M | $7.3M | $9.1M | -$8.0M |
| Lucro Líquido | -$9.0M | -$15.9M | -$4.5M | $7.8M | $13.1M | $21.5M | $31.6M | $33.7M | $36.9M | $46.3M |
| LPA | $-0.51 | $-0.90 | $-0.26 | $0.44 | $0.16 | $1.18 | $1.74 | $1.90 | $2.51 | $3.45 |
| LPA Diluído | $-0.51 | $-0.90 | $-0.26 | $0.44 | $0.15 | $1.15 | $1.67 | $1.84 | $2.36 | $3.13 |
| Ações em Circulação (Diluídas) | $17.7M | $17.7M | $17.7M | $17.7M | $18.4M | $18.7M | $18.9M | $18.3M | $15.7M | $14.8M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $151.2M | $164.2M | $164.4M | $164.3M |
| Lucro Bruto | $44.6M | $42.8M | $43.6M | $39.1M |
| Lucro Operacional | $13.7M | $15.3M | $16.2M | $9.8M |
| EBITDA | $18.1M | $20.1M | $21.4M | $23.7M |
| Lucro Líquido | $12.0M | $12.2M | $13.3M | $8.7M |
| LPA | $0.90 | $0.91 | $0.99 | $0.65 |
| LPA Diluído | $0.82 | $0.83 | $0.89 | $0.59 |
Balanço (10 anos)
| Ano | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Caixa e Equivalentes | $21.3M | $13.5M | $8.9M | $21.9M | $57.8M | $48.8M | $57.4M | $62.7M | $15.3M | $32.6M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Contas a Receber | $63.9M | $60.3M | $64.1M | $57.9M | $72.6M | $75.4M | $92.4M | $107.6M | $118.7M | $129.5M |
| Estoque | $505000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $88.6M | $82.0M | $81.8M | $86.0M | $141.4M | $142.4M | $158.6M | $180.0M | $145.6M | $179.6M |
| Imobilizado | $22.8M | $18.9M | $82.3M | $84.6M | $106.7M | $125.0M | $112.1M | $89.0M | $94.8M | $96.2M |
| Ágio | $11.8M | $11.8M | $11.8M | $11.8M | $11.8M | $11.8M | $11.8M | $11.8M | $11.8M | $11.8M |
| Ativos Intangíveis | $6.0M | $4.2M | $2.9M | $2.8M | $3.2M | $699999 | 0 | 0 | 0 | 0 |
| Ativos Totais | $152.2M | $157.1M | $188.3M | $195.2M | $274.3M | $294.2M | $293.3M | $293.9M | $273.2M | $309.1M |
| Contas a Pagar | $13.7M | $13.1M | $9.9M | $10.4M | $6.0M | $20.3M | $18.7M | $16.7M | $18.7M | $23.0M |
| Dívida de Curto Prazo | $43.3M | $51.2M | $41.8M | $40.1M | $26.7M | $28.9M | $413000 | $660000 | 0 | 0 |
| Passivos Circulantes | $99.9M | $116.2M | $111.4M | $105.7M | $105.7M | $97.8M | $73.3M | $71.0M | $79.9M | $85.5M |
| Dívida de Longo Prazo | $14.7M | $9.0M | $7.2M | $3.8M | $1.8M | $339000 | $600000 | $867000 | 0 | 0 |
| Passivos Totais | $123.5M | $129.1M | $179.7M | $179.1M | $193.6M | $180.7M | $143.4M | $128.1M | $138.9M | $138.9M |
| Reservas | -$110.0M | -$126.1M | -$117.2M | -$109.5M | -$110.7M | -$76.4M | -$44.8M | -$11.1M | $25.7M | $72.1M |
| Patrimônio Líquido | $28.7M | $28.0M | $8.6M | $16.1M | $80.7M | $113.5M | $150.0M | $165.8M | $134.3M | $170.2M |
| Dívida Total | $57.9M | $63.0M | $118.3M | $106.0M | $112.5M | $105.5M | $78.9M | $67.0M | $69.8M | $62.4M |
| Dívida Líquida | $36.6M | $49.4M | $109.4M | $84.1M | $54.7M | $56.7M | $21.5M | $4.3M | $54.4M | $29.9M |
| Capital de Giro | -$11.3M | -$34.2M | -$29.6M | -$19.6M | $35.7M | $44.6M | $85.3M | $109.0M | $65.7M | $94.1M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $22.7M | $15.5M | $15.4M | $32.6M |
| Ativos Totais | $283.9M | $295.8M | $297.2M | $309.1M |
| Passivos Totais | $140.2M | $141.3M | $136.5M | $138.9M |
| Patrimônio Líquido | $143.6M | $154.5M | $160.8M | $170.2M |
| Dívida Total | $66.5M | $64.3M | $61.0M | $62.4M |
Fluxo de Caixa (10 anos)
| Ano | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Lucro Líquido | -$8.7M | -$15.9M | $19.4M | $7.8M | $13.1M | $21.5M | $31.6M | $33.7M | $36.9M | $46.3M |
| Depreciação e Amortização | $13.8M | $12.4M | $21.8M | $24.5M | $14.1M | $18.1M | $19.0M | $19.5M | $17.2M | $19.9M |
| Compensação em Ações | $323000 | $8.9M | $5.3M | $359000 | $5.4M | $1.9M | $4.6M | $3.8M | $5.4M | $7.7M |
| Variação Capital de Giro | -$3.5M | -$10.3M | -$44.2M | $7.6M | -$27.0M | -$11.3M | -$33.7M | -$37.3M | -$26.3M | -$30.3M |
| Fluxo de Caixa Operacional | $6.6M | -$5.7M | $2.2M | $51.7M | $16.1M | $40.0M | $41.9M | $35.9M | $45.7M | $59.0M |
| CapEx | -$9.9M | -$5.8M | -$6.2M | -$4.3M | -$20.8M | -$25.9M | -$19.0M | -$8.9M | -$18.4M | -$27.8M |
| Aquisições | $177000 | $182000 | -$3.0M | 0 | 0 | 0 | -$85000 | 0 | 0 | 0 |
| Recompra de Ações | 0 | 0 | -$6.0M | 0 | 0 | -$3.4M | -$276000 | -$21.6M | -$78.0M | -$14.4M |
| Dividendos Pagos | -$1.0M | -$146000 | -$1.6M | 0 | -$4.0M | 0 | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | -$3.3M | -$11.5M | -$4.0M | $47.4M | -$4.7M | $14.1M | $22.9M | $27.0M | $27.3M | $31.2M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $15.7M | $6.6M | $11.9M | $24.8M |
| CapEx | -$7.6M | -$11.7M | -$5.3M | -$3.2M |
| Fluxo de Caixa Livre | $8.0M | -$5.1M | $6.6M | $21.7M |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | $2.5M | $1.1M | 0 | $3.3M |
Crescimento e Margens (10 anos)
| Ano | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Crescimento Receita (anual) | | +2.4% | +7.7% | +10.0% | +9.4% | +11.2% | +6.1% | -2.8% | +9.8% | +15.4% |
| Crescimento Lucro Líquido (anual) | | -76.2% | +71.5% | +271.9% | +68.5% | +63.9% | +47.2% | +6.6% | +9.5% | +25.7% |
| Crescimento LPA (anual) | | -76.5% | +71.1% | +269.2% | -63.6% | +637.5% | +47.5% | +9.2% | +32.1% | +37.5% |
| Variação de Ações (anual) | | +0.0% | +0.0% | +0.0% | +3.9% | +1.8% | +0.9% | -3.4% | -13.9% | -5.8% |
| Crescimento FCF (anual) | | -250.4% | +65.0% | +1276.5% | -110.0% | +396.8% | +62.6% | +18.1% | +0.9% | +14.3% |
| Margem Bruta | 17.3% | 26.1% | 30.9% | 31.8% | 24.4% | 24.1% | 28.3% | 29.9% | 30.9% | 26.4% |
| Margem Operacional | -0.7% | -5.2% | 1.8% | 4.8% | 3.8% | 4.2% | 7.7% | 7.8% | 8.3% | 8.5% |
| Margem EBITDA | 3.4% | -1.9% | 7.5% | 10.7% | 8.6% | 7.9% | 11.5% | 12.0% | 11.6% | 12.9% |
| Margem Líquida | -2.7% | -4.6% | -1.2% | 1.9% | 3.0% | 4.4% | 6.0% | 6.6% | 6.6% | 7.2% |
| Margem FCF | -1.0% | -3.4% | -1.1% | 11.7% | -1.1% | 2.9% | 4.4% | 5.3% | 4.9% | 4.8% |
| Taxa Efetiva de Imposto | -3.4% | 0.5% | -399.9% | 23.0% | 13.6% | -10.7% | 21.7% | 17.9% | 19.7% | -14.7% |
Dados por Ação (10 anos)
| Ano | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF por Ação | $-0.19 | $-0.65 | $-0.23 | $2.68 | $-0.26 | $0.75 | $1.21 | $1.48 | $1.74 | $2.11 |
| Dividendo por Ação | $0.06 | $0.01 | $0.09 | $0.00 | $0.22 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $17.7M | $17.7M | $17.7M | $17.7M | $17.6M | $18.2M | $18.2M | $17.7M | $14.7M | $13.4M |
O que olhar em empresas de Technology
- Crescimento de receita 3a (≥15%/ano) — Valida tração sustentada, não um ano pontual.
- Margem bruta (Depende do sub-setor) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Receita (≥20%) — Caixa real gerada. Muitas tech maquilham lucros não-GAAP.
- ROIC (≥15%) — Eficiência do capital reinvestido — a primeira métrica de Buffett.
- SBC / Receita (<10% saudável) — Stock-based compensation. Diluição silenciosa: >20% destrói valor.
- Dívida Líquida / EBITDA (≤2x (1,5x SaaS)) — Resistência em recessões e subidas de juros.
Rentabilidade
| Retorno sobre patrimônio | 31.81% |
| Retorno sobre capital investido | 21.07% |
| Retorno sobre ativos | 15.87% |
| Margem bruta | 28.29% |
| Margem operacional | 9.16% |
| Margem líquida | 7.53% |
Saúde financeira
| Dívida / Patrimônio | 0.38 |
| Liquidez corrente | 1.95 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 4.87 |
Índices Chave (10 anos)
| Ano | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/L | -30.20 | -17.11 | -59.23 | 35.00 | 122.00 | 14.30 | 12.20 | 8.40 | 11.59 | 8.80 |
| P/VP | 9.48 | 9.75 | 31.58 | 16.87 | 4.27 | 2.71 | 2.58 | 1.70 | 3.18 | 2.39 |
| P/V | 0.82 | 0.80 | 0.74 | 0.67 | 0.78 | 0.62 | 0.74 | 0.56 | 0.77 | 0.63 |
| Margem Bruta | 17.3% | 26.1% | 30.9% | 31.8% | 24.4% | 24.1% | 28.3% | 29.9% | 30.9% | 26.4% |
| Margem Operacional | -0.7% | -5.2% | 1.8% | 4.8% | 3.8% | 4.2% | 7.7% | 7.8% | 8.3% | 8.5% |
| Margem Líquida | -2.7% | -4.6% | -1.2% | 1.9% | 3.0% | 4.4% | 6.0% | 6.6% | 6.6% | 7.2% |