IBTA Technology

Ibotta, Inc.

$60.35+20.53%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Technology
Industry: Software - Application
Country: United States
Market cap: 1.4B USD
Enterprise value: 965.6M USD
Full-time employees: 800

Overall health

Strength: lower risk than most peers: less debt relative to equitylower risk: less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #1,258 of 1,612 technology companies (bottom 23%)

See how it ranks against its peers

Worth knowing

Returning more cash than it generates. Paid out $264M vs $212M of free cash flow over the 3 fiscal years to 2025.
Ibotta returned $264M to shareholders over three years, 125% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Earnings slid into a loss. Loss per share this year after a profit last year.
Ibotta made a loss per share in its latest year after a profit the year before.
Stock-based pay is a large cost. Stock pay was 13% of revenue in 2025.
Ibotta paid employees $44M in stock in 2025, 13% of its $342M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Investment surge. Capital spending 5.9% of revenue, up from 0.4% in 2022.
Ibotta is spending 5.9% of revenue on facilities and equipment, up from 0.4% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

StockQuotient Score

35/ 100▼ 1 since Oct 27 close

Oct 5 37 → Nov 4 35 (-2)

Valuation

Is the price right?

25/100

Weak▼ 4 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 29 → 25

Share price +23.5%-2
Peer companies moved-2

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-0.8%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield-0.2%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield5.3%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.93Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield17.2%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

31/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a profit to a loss33% base weight · Z-score -1.83Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth17.6%

Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Dec 2025Reported value33% base weight · Z-score 1.61Sector median: 0.0483 · MAD: 0.0793

Revenue growth-6.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.49Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

17/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROIC
▼ ROA
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-3.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.38Sector median: 0.0631 · MAD: 0.0710

Return on assets-2.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.44Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-10.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.97Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin78.2%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-4.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

BetaUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.8710 · MAD: 0.3700

Current ratio1.71×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.17Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.00×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 1.08Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Ibotta

Is Ibotta getting weaker?: Its latest SEC filing (Aug 4, 2026) showed no major changes. Its overall score is 35/100, down 1 since Oct 28, 2026.
How is Ibotta valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 25/100 against 1,711 technology peers. Free cash flow yield 5.3% vs a peer median of 2.7% (stronger than 68% of peers).Free cash flow yield 5.3% vs peers 2.7% (stronger than 68% of peers). Earnings yield -0.8% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -0.8% vs peers 2.2% (weaker than 100% of peers).
Is Ibotta growing?: More slowly than most of its peers. Growth scores 31/100 against 1,711 technology peers. 3-year revenue growth 17.6% vs a peer median of 4.8% (stronger than 83% of peers).3-year revenue growth 17.6% vs peers 4.8% (stronger than 83% of peers). Revenue growth -6.6% vs a peer median of 8.5% (weaker than 85% of peers).Revenue growth -6.6% vs peers 8.5% (weaker than 85% of peers).
How profitable is Ibotta?: Less profitable than most of its peers. Profitability scores 17/100 against 1,711 technology peers. Return on invested capital -10.1% vs a peer median of 6.8% (weaker than 87% of peers).Return on invested capital -10.1% vs peers 6.8% (weaker than 87% of peers).
How risky is Ibotta?: Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.00× vs a peer median of 0.25× (stronger than 95% of peers).Debt / equity 0.00× vs peers 0.25× (stronger than 95% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 4, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: Ibotta is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	340.3M USD	343.2M USD	+0.8%
Net income (12 months)	−7.3M USD	−11.0M USD	+51.0%
Operating margin	-2.6%	-3.5%	−0.9 pts
Free cash flow (12 months)	84.3M USD	74.5M USD	−11.7%
Cash	164.6M USD	148.2M USD	−10.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Application · 81 companies

Valuations in Software - Application are near the bottom of their range since 2016.

6% of months since 2016 were valued lower than now.
8% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −16% and earnings +31% (medians): earnings grew faster than prices.
Median price-to-sales is +85% vs the whole market, against a usual +235%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	78.1%	86.3%	86.4%	79.2%	▼ 7.1 pts
Operating margin	-19.1%	17.5%	7.6%	-0.2%	▼ 7.8 pts
Net margin	-26.0%	11.9%	18.7%	1.0%	▼ 18 pts
Return on assets (ROA)	—	11.9%	10.1%	0.7%	▼ 9.5 pts
Return on equity (ROE)	—	136.5%	15.0%	1.2%	▼ 14 pts
Free cash flow margin	-27.2%	6.9%	31.3%	21.9%	▼ 9.4 pts
Current ratio	—	1.51×	2.85×	1.96×	▼ 31%
Debt to equity	—	2.31×	0.00×	0.00×	—
Interest coverage	-6.50×	6.36×	7.76×	-1.68×	▼ 122%

IBTA price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: less debt relative to equitylower risk: less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #1,258 of 1,612 technology companies (bottom 23%)

See how it ranks against its peers

Worth knowing

Returning more cash than it generates. Paid out $264M vs $212M of free cash flow over the 3 fiscal years to 2025.

Ibotta returned $264M to shareholders over three years, 125% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

Earnings slid into a loss. Loss per share this year after a profit last year.

Ibotta made a loss per share in its latest year after a profit the year before.

Stock-based pay is a large cost. Stock pay was 13% of revenue in 2025.

Ibotta paid employees $44M in stock in 2025, 13% of its $342M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Investment surge. Capital spending 5.9% of revenue, up from 0.4% in 2022.

Ibotta is spending 5.9% of revenue on facilities and equipment, up from 0.4% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Questions investors ask about Ibotta

Is Ibotta getting weaker?

Its latest SEC filing (Aug 4, 2026) showed no major changes. Its overall score is 35/100, down 1 since Oct 28, 2026.

How is Ibotta valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 25/100 against 1,711 technology peers. Free cash flow yield 5.3% vs a peer median of 2.7% (stronger than 68% of peers).Free cash flow yield 5.3% vs peers 2.7% (stronger than 68% of peers). Earnings yield -0.8% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -0.8% vs peers 2.2% (weaker than 100% of peers).

Is Ibotta growing?

More slowly than most of its peers. Growth scores 31/100 against 1,711 technology peers. 3-year revenue growth 17.6% vs a peer median of 4.8% (stronger than 83% of peers).3-year revenue growth 17.6% vs peers 4.8% (stronger than 83% of peers). Revenue growth -6.6% vs a peer median of 8.5% (weaker than 85% of peers).Revenue growth -6.6% vs peers 8.5% (weaker than 85% of peers).

How profitable is Ibotta?

Less profitable than most of its peers. Profitability scores 17/100 against 1,711 technology peers. Return on invested capital -10.1% vs a peer median of 6.8% (weaker than 87% of peers).Return on invested capital -10.1% vs peers 6.8% (weaker than 87% of peers).

How risky is Ibotta?

Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.00× vs a peer median of 0.25× (stronger than 95% of peers).Debt / equity 0.00× vs peers 0.25× (stronger than 95% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

340.3M USD

343.2M USD

+0.8%

Net income (12 months)

−7.3M USD

−11.0M USD

+51.0%

Operating margin

-2.6%

-3.5%

−0.9 pts

Free cash flow (12 months)

84.3M USD

74.5M USD

−11.7%

Cash

164.6M USD

148.2M USD

−10.0%

Key ratios

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

78.1%

86.3%

86.4%

79.2%

▼ 7.1 pts

Operating margin

-19.1%

17.5%

7.6%

-0.2%

▼ 7.8 pts

Net margin

-26.0%

11.9%

18.7%

1.0%

▼ 18 pts

Return on assets (ROA)

—

11.9%

10.1%

0.7%

▼ 9.5 pts

Return on equity (ROE)

—

136.5%

15.0%

1.2%

▼ 14 pts

Free cash flow margin

-27.2%

6.9%

31.3%

21.9%

▼ 9.4 pts

Current ratio

—

1.51×

2.85×

1.96×

▼ 31%

Debt to equity

—

2.31×

0.00×

—

Interest coverage

-6.50×

6.36×

7.76×

-1.68×

▼ 122%