IBTA

Company Overview — What Does Ibotta, Inc. Do?

Ibotta’s mission is to Make Every Purchase Rewarding. Our technology allows CPG brands to deliver digital promotions to over 200 million consumers through a single, convenient network called the Ibotta Performance Network (IPN). We are pioneers in success-based marketing: we only get paid when our client’s promotion results in a sale, not when a consumer merely views or clicks on the promotion. We have built the largest digital item-level promotions network in the United States by forming strategic relationships with major retailers such as Walmart Inc. (Walmart) and Dollar General Corporation (Dollar General), which use our digital offers to power their loyalty programs on a white-label basis. Through the IPN, our clients can also reach millions more consumers on our widely used rewards app digital properties, which include the Ibotta-branded cash back mobile app, website, and browser extension (collectively, Ibotta D2C). We work directly with over 850 different clients, representing over 2,400 different CPG brands to source exclusive offers as of December 31, 2023. Most of our offers cover products in non-discretionary categories, such as grocery, but we also work with general merchandise manufacturers in categories such as toys, clothing, beauty, electronics, pet, home goods, and sporting goods. Over time, our clients have generally ramped up their spend with us, and they rarely drop off our network. In fact, of our top 100 clients, 96% were retained from 2022 to 2023. Our technology platform uses an Artificial Intelligence (AI)-enabled offer engine that is designed to match and distribute the right offer to the right consumer at the right time. This is possible because we receive a large volume of item-level purchase data through our secure point of sale (POS) integrations with 85 different retailers as of December 31, 2023. Using this data, we form a profile of each consumer based on what they have bought in the past and how they have responded to various price promotions. From there, we build recommenders that are driven by machine learning and designed to create personalized savings experiences for each consumer. The more data we accumulate, the smarter our recommenders become. Whatever our clients’ specific objectives may be – such as encouraging brand switching, shortening purchase cycles, incentivizing consumers to stock up, or promoting around key seasonal events – our platform helps them design a promotional campaign to accomplish their goals. Ibotta’s technology tracks which offers are selected by consumers, matches offers to the products that have been purchased, logs redemptions, handles the flow of funds, and takes care of all downstream billing and logistics. We perform the function of “air traffic control,” meaning our network enables offers to be matched, distributed, and redeemed across multiple large third-party publishers in a coordinated fashion. This minimizes the risks that offer budgets are exceeded and that consumers redeem the same offer several times for a single purchase (i.e., offer stacking). Our client tools allow CPG brands to set up campaigns, monitor redemption and budget levels, and analyze overall campaign performance – all in a single, convenient interface. We deliver success-based digital promotions at-scale because we manage a growing, open network of third-party publishers that host our offers. Retailers are among our most important publishers because their apps and websites are frequently visited by consumers with high purchase intent. A retailer may ingest digital offers from Ibotta’s Application Programming Interface (API) and present them to its consumers as part of its own branded loyalty program. We call these partners “retailer publishers.” We believe retailer publishers choose to work with Ibotta because we are a trusted partner that can provide a large universe of exclusive offers coupled with a set of plug and play capabilities that would be difficult for them to create and scale on their own. For example, Ibotta and Walmart entered into a multi-year strategic relationship that makes Ibotta the exclusive provider of digital item-level rebate offer content for Walmart U.S., across all product categories, for online and offline shopping. Consumers redeem our offers on Walmart properties without ever creating an Ibotta account. Instead, they can select manufacturer offers from the Walmart website or app, buy the featured items in-store or online, and instantly earn Walmart Cash which can be applied to future purchases in a Walmart store or on Walmart.com. All CPG brands wishing to run digital item-level rebates on Walmart’s website can only do so through the IPN. Ibotta also partners with several other leading retailer publishers. For example, Ibotta partners with Family Dollar, a subsidiary of Dollar Tree, Inc. We also work indirectly to publish offers on certain retailer properties, including Kroger (powering Kroger Cash) and Shell (powering Shell Fuel Rewards). In addition to providing digital offers for retailers, Ibotta also makes the same offers available on its own digital properties, which include Ibotta D2C. Since 2012, over 50 million Americans have registered for our free app. Ibotta D2C reaches a highly engaged audience of savings-conscious consumers who want a single digital starting point where they can find cash back offers across a variety of retailers. Many of these consumers decide where to shop based on the availability of deals in different retailers. Once the IPN launched, Ibotta D2C became a publisher on the IPN, meaning it is now one of many nodes through which our digital offers are delivered to the end consumer. In the future, we believe the IPN may be extended to other publishers across a variety of new verticals. For example, new publishers could include delivery services, banks, or other apps and websites that want to give their consumers access to offers on popular everyday items without having to source those offers from thousands of different CPG brands or secure item-level data from multiple integrated retailers where the offers can be redeemed. We believe Ibotta is well positioned to capitalize on a large and growing market opportunity. U.S. consumers spent approximately $1.2 trillion dollars in the grocery sector in 2023. CPG brands compete fiercely to influence consumer spending habits, spending approximately $200 billion on marketing annually in the United States. In fact, no other industry spends more on marketing, as a percentage of overall budgets, than CPG. Most of our revenue is redemption revenue which is generated from redemptions of offers across the IPN. A significant portion of that redemption revenue arises from offer redemptions on third-party publishers. We also generate revenue by selling ad products on our Ibotta D2C properties. Specifically, we allow CPG brands and retailers to enhance awareness of their offers by buying display ads, in-app videos, or email marketing campaigns. We also charge partners a licensing fee to leverage our aggregated data in ways that help them better understand their target consumers and improve their promotional activities. Finally, on Ibotta’s D2C properties, we also allow thousands of online retailers to advertise and present consumers with their own sitewide cash back offers. These clients benefit from the incremental sales generated by Ibotta’s savings-conscious audience. Our revenue growth significantly accelerated with the addition of new publishers to the IPN. Most recently, the rollout of our offers on the digital property of Walmart has attracted larger audiences, and in turn, resulted in greater spend by CPG brands and a greater number of redeemed offers. These developments have increased our scale, growth and profitability. • Total revenue grew from $210.7 million in 2022 to $320.0 million in 2023, an increase of 52%; • Redemption revenue grew from $138.7 million (or 66% of total revenue) in 2022 to $243.9 million (or 76% of total revenue) in 2023, an increase of 76%; • Gross profit grew from $164.5 million in 2022 to $276.0 million in 2023, an increase of 68%; • Net income (loss) improved from $(54.9) million in 2022 to $38.1 million in 2023; • Net income (loss) as a percent of revenue improved from (26)% in 2022 to 12% in 2023; and • Adjusted EBITDA margin improved from (13)% in 2022 to 26% in 2023. We were incorporated in 2011 as Zing Enterprises, Inc., a Delaware corporation. In 2012, we changed our name to Ibotta, Inc. Our principal executive office is located at 1801 California Street, Suite 400, Denver, Colorado. Ibotta, Inc. (IBTA) is classified as a small-cap stock in the Industrials sector, specifically within the Business Services industry. The company is led by CEO Bryan Leach, headquartered in DENVER, Colorado. With a market capitalization of $753M, IBTA is one of the notable companies in the Industrials sector.

Ibotta, Inc. (IBTA) Stock Rating — Reduce (April 2026)

As of April 2026, Ibotta, Inc. receives a Reduce rating with a composite score of 35.2/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.IBTA ranks #2,589 out of 4,446 stocks in our coverage universe. Within the Industrials sector, Ibotta, Inc. ranks #417 of 752 stocks, placing it in the lower half of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

IBTA Stock Price and 52-Week Range

Ibotta, Inc. (IBTA) currently trades at $31.89. The stock gained $0.28 (0.9%) in the most recent trading session. The 52-week high for IBTA is $62.74, which means the stock is currently trading -49.2% from its annual peak. The 52-week low is $19.10, putting the stock 67.0% above its annual trough. Recent trading volume was 163K shares, suggesting relatively thin trading activity.

Is IBTA Overvalued or Undervalued? — Valuation Analysis

Ibotta, Inc. (IBTA) carries a value factor score of 38/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The trailing price-to-earnings ratio is 35.78x, compared to the Industrials sector average of 28.33x — a premium of 26%. The price-to-book ratio stands at 2.71x, versus the sector average of 2.23x. The price-to-sales ratio is 2.21x, compared to 0.50x for the average Industrials stock. On an enterprise value basis, IBTA trades at 32.55x EV/EBITDA, versus 5.70x for the sector.

At current multiples, Ibotta, Inc. trades at a premium to most Industrials peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

Ibotta, Inc. Profitability — ROE, Margins, and Quality Score

Ibotta, Inc. (IBTA) earns a quality factor score of 40/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 7.6%, compared to the Industrials sector average of 8.9%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 4.2% versus the sector average of 3.3%.

On a margin basis, Ibotta, Inc. reports gross margins of 81.5%, compared to 35.8% for the sector. The operating margin is 5.5% (sector: 6.2%). Net profit margin stands at 5.7%, versus 3.9% for the average Industrials stock. Revenue growth is running at -5.3% on a trailing basis, compared to 6.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

IBTA Debt, Balance Sheet, and Financial Health

Ibotta, Inc. has a debt-to-equity ratio of 0.0%, compared to the Industrials sector average of 70.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 1.96x, suggesting adequate working capital coverage. Total debt on the balance sheet is $0. Cash and equivalents stand at $223M.

IBTA has a beta of 0.88, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for Ibotta, Inc. is 40/100, reflecting average volatility within the normal range for its sector.

Ibotta, Inc. Revenue and Earnings History — Quarterly Trend

In TTM 2026, Ibotta, Inc. reported revenue of $352M and earnings per share (EPS) of $0.13. Net income for the quarter was $22M. Gross margin was 81.5%. Operating income came in at $22M.

In FY 2025, Ibotta, Inc. reported revenue of $342M and earnings per share (EPS) of $0.13. Net income for the quarter was $4M. Gross margin was 79.3%. Revenue grew -6.8% year-over-year compared to FY 2024. Operating income came in at $-841,000.

In Q3 2025, Ibotta, Inc. reported revenue of $83M and earnings per share (EPS) of $0.05. Net income for the quarter was $2M. Gross margin was 79.4%. Revenue grew -15.6% year-over-year compared to Q3 2024. Operating income came in at $2M.

In Q2 2025, Ibotta, Inc. reported revenue of $86M and earnings per share (EPS) of $0.09. Net income for the quarter was $2M. Gross margin was 79.2%. Revenue grew -2.2% year-over-year compared to Q2 2024. Operating income came in at $1M.

Over the past 8 quarters, Ibotta, Inc. has demonstrated a growth trajectory, with revenue expanding from $88M to $352M. Investors analyzing IBTA stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

IBTA Dividend Yield and Income Analysis

Ibotta, Inc. (IBTA) does not currently pay a dividend. This is common among smaller companies in the Business Services industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.

IBTA Momentum and Technical Analysis Profile

Ibotta, Inc. (IBTA) has a momentum factor score of 38/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 35/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 6/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.

IBTA vs Competitors — Industrials Sector Ranking and Peer Comparison

Within the Industrials sector, Ibotta, Inc. (IBTA) ranks #417 out of 752 stocks based on the Blank Capital composite score. This places IBTA in the lower half of all Industrials stocks in our coverage universe. Key competitors and sector peers include South Bow Corp (SOBO) with a score of 56.5/100, TSAKOS ENERGY NAVIGATION LTD (TEN) with a score of 61.4/100, Great Lakes Dredge & Dock CORP (GLDD) with a score of 56.7/100, Tri Pointe Homes, Inc. (TPH) with a score of 57.3/100, and Clear Channel Outdoor Holdings, Inc. (CCO) with a score of 52.2/100.

Comparing IBTA against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full IBTA vs S&P 500 (SPY) comparison to assess how Ibotta, Inc. stacks up against the broader market across all factor dimensions.

IBTA Next Earnings Date

No upcoming earnings date has been announced for Ibotta, Inc. (IBTA) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy IBTA? — Investment Thesis Summary

The quantitative profile for Ibotta, Inc. suggests caution. The value score of 38/100 indicates premium valuation. Momentum is weak at 38/100, a headwind for near-term performance.

In summary, Ibotta, Inc. (IBTA) earns a Reduce rating with a composite score of 35.2/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on IBTA stock.

Related Resources for IBTA Investors

Explore more research and tools: IBTA vs S&P 500 comparison, top Industrials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare IBTA head-to-head with peers: IBTA vs SOBO, IBTA vs TEN, IBTA vs GLDD.