Ibotta (IBTA)
Market Price (5/12/2026): $33.0 | Market Cap: $796.8 MilSector: Information Technology | Industry: Application Software
Ibotta (IBTA)
Market Price (5/12/2026): $33.0Market Cap: $796.8 MilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -17% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% Attractive yieldFCF Yield is 8.7% Megatrend and thematic driversMegatrends include Digital Advertising, Fintech & Digital Payments, and E-commerce & Digital Retail. Themes include Ad-Tech Platforms, Show more. | Weak multi-year price returns2Y Excs Rtn is -111%, 3Y Excs Rtn is -150% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -8.9 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.6% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.9%, Rev Chg QQuarterly Revenue Change % is -2.5% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.2% Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 24.56 Key risksIBTA key risks include [1] a class-action lawsuit over IPO disclosures following the loss of its major Kroger contract, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -17% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Attractive yieldFCF Yield is 8.7% |
| Megatrend and thematic driversMegatrends include Digital Advertising, Fintech & Digital Payments, and E-commerce & Digital Retail. Themes include Ad-Tech Platforms, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -111%, 3Y Excs Rtn is -150% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -8.9 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.6% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.9%, Rev Chg QQuarterly Revenue Change % is -2.5% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.2% |
| Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 24.56 |
| Key risksIBTA key risks include [1] a class-action lawsuit over IPO disclosures following the loss of its major Kroger contract, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Ibotta (IBTA) stock has gained about 60% since 1/31/2026 because of the following key factors:
1. Strong Q1 2026 Financial Performance Exceeding Internal Guidance and Positive Future Outlook.
Ibotta's Q1 2026 results, released on May 6, 2026, demonstrated revenue of $82.5 million, surpassing the company's internal guidance midpoint of $80.0 million by 3%. Adjusted EBITDA reached $8.7 million, significantly exceeding the guidance midpoint of $7.0 million by 25%. The company also generated robust free cash flow of $23.3 million, marking a 56% increase year-over-year. Although revenue saw a 2% year-over-year decline, management projected a return to year-over-year growth by Q3 2026, contributing to positive investor sentiment.
2. Expansion of the Ibotta Performance Network (IPN) through Strategic Partnerships.
During the period, Ibotta significantly expanded its reach through new strategic partnerships. A multi-year exclusive partnership was announced with Uber, integrating Ibotta's digital promotions across Uber's grocery and retail ecosystem in the United States. Additionally, Giant Eagle agreed to join the Ibotta Performance Network as its exclusive provider of digital promotions across its supermarkets and digital platforms. These expansions fueled a 15% year-over-year increase in total redeemers to 19.7 million and a 15% rise in third-party publisher redemptions to 70.7 million.
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1. Strong Q1 2026 Financial Performance Exceeding Internal Guidance and Positive Future Outlook.
Ibotta's Q1 2026 results, released on May 6, 2026, demonstrated revenue of $82.5 million, surpassing the company's internal guidance midpoint of $80.0 million by 3%. Adjusted EBITDA reached $8.7 million, significantly exceeding the guidance midpoint of $7.0 million by 25%. The company also generated robust free cash flow of $23.3 million, marking a 56% increase year-over-year. Although revenue saw a 2% year-over-year decline, management projected a return to year-over-year growth by Q3 2026, contributing to positive investor sentiment.
2. Expansion of the Ibotta Performance Network (IPN) through Strategic Partnerships.
During the period, Ibotta significantly expanded its reach through new strategic partnerships. A multi-year exclusive partnership was announced with Uber, integrating Ibotta's digital promotions across Uber's grocery and retail ecosystem in the United States. Additionally, Giant Eagle agreed to join the Ibotta Performance Network as its exclusive provider of digital promotions across its supermarkets and digital platforms. These expansions fueled a 15% year-over-year increase in total redeemers to 19.7 million and a 15% rise in third-party publisher redemptions to 70.7 million.
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Stock Movement Drivers
Fundamental Drivers
The 60.4% change in IBTA stock from 1/31/2026 to 5/11/2026 was primarily driven by a 43.2% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.66 | 33.13 | 60.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 352 | 340 | -3.4% |
| P/S Multiple | 1.6 | 2.4 | 43.2% |
| Shares Outstanding (Mil) | 28 | 24 | 15.9% |
| Cumulative Contribution | 60.4% |
Market Drivers
1/31/2026 to 5/11/2026| Return | Correlation | |
|---|---|---|
| IBTA | 60.4% | |
| Market (SPY) | 3.6% | 9.1% |
| Sector (XLK) | 23.8% | 6.4% |
Fundamental Drivers
The 2.7% change in IBTA stock from 10/31/2025 to 5/11/2026 was primarily driven by a 18.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.26 | 33.13 | 2.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 368 | 340 | -7.4% |
| P/S Multiple | 2.5 | 2.4 | -5.9% |
| Shares Outstanding (Mil) | 28 | 24 | 18.0% |
| Cumulative Contribution | 2.7% |
Market Drivers
10/31/2025 to 5/11/2026| Return | Correlation | |
|---|---|---|
| IBTA | 2.7% | |
| Market (SPY) | 5.5% | 19.2% |
| Sector (XLK) | 18.6% | 16.2% |
Fundamental Drivers
The -32.1% change in IBTA stock from 4/30/2025 to 5/11/2026 was primarily driven by a -42.5% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.80 | 33.13 | -32.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 367 | 340 | -7.3% |
| P/S Multiple | 4.1 | 2.4 | -42.5% |
| Shares Outstanding (Mil) | 31 | 24 | 27.4% |
| Cumulative Contribution | -32.1% |
Market Drivers
4/30/2025 to 5/11/2026| Return | Correlation | |
|---|---|---|
| IBTA | -32.1% | |
| Market (SPY) | 30.4% | 20.2% |
| Sector (XLK) | 70.4% | 15.4% |
Fundamental Drivers
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Market Drivers
4/30/2023 to 5/11/2026| Return | Correlation | |
|---|---|---|
| IBTA | ||
| Market (SPY) | 78.7% | 25.3% |
| Sector (XLK) | 140.8% | 23.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IBTA Return | - | - | - | -37% | -65% | 56% | -66% |
| Peers Return | -38% | -63% | 61% | 31% | -26% | -16% | -70% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| IBTA Win Rate | - | - | - | 22% | 50% | 80% | |
| Peers Win Rate | 35% | 32% | 60% | 52% | 42% | 36% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| IBTA Max Drawdown | - | - | - | -59% | -68% | -15% | |
| Peers Max Drawdown | -55% | -72% | -29% | -33% | -49% | -37% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GRPN, CDLX, TTD, RAMP, DSP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/11/2026 (YTD)
How Low Can It Go
| Event | IBTA | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -36.8% | -7.8% |
| % Gain to Breakeven | 58.2% | 8.5% |
| Time to Breakeven | 61 days | 18 days |
In The Past
Ibotta's stock fell -36.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 58.2% gain to breakeven.
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Asset Allocation
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| Event | IBTA | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -36.8% | -7.8% |
| % Gain to Breakeven | 58.2% | 8.5% |
| Time to Breakeven | 61 days | 18 days |
In The Past
Ibotta's stock fell -36.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 58.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Ibotta (IBTA)
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.
AI Analysis | Feedback
Ibotta is like Rakuten, but specifically for item-level cash back on groceries and everyday products, often powering the loyalty programs of major retailers like Walmart.
Alternatively, think of Ibotta as a Google Ads for CPG brands, but instead of clicks, brands pay only when consumers redeem a digital coupon and purchase a specific product, with offers distributed across a network including Walmart's app.
AI Analysis | Feedback
Ibotta (IBTA) provides the following major services:
- Ibotta Performance Network (IPN): A platform enabling CPG brands to create and distribute success-based digital item-level promotions across a vast network of retailer loyalty programs and Ibotta's consumer-facing properties.
- AI-Powered Promotional Analytics & Data Insights: Provides CPG brands with AI-driven tools for personalized offer targeting, campaign management, performance tracking, and aggregated consumer purchase data licensing.
- Ibotta Direct-to-Consumer (D2C) Channels: Consumer-facing mobile app, website, and browser extension offering cash back rewards, which also function as an advertising platform for CPG brands and online retailers.
AI Analysis | Feedback
Ibotta (IBTA) sells primarily to other companies (B2B).
Its major customers are:
- CPG Brands: A vast number of individual Consumer Packaged Goods (CPG) brands serve as direct clients, making up over 850 different companies representing more than 2,400 distinct CPG brands as of December 31, 2023. These brands are the primary source of Ibotta's redemption revenue, paying for success-based digital promotions and also purchasing advertising products on Ibotta's platforms.
- Retailers: Several major retailers are strategic partners and customers, integrating Ibotta's offers into their loyalty programs, serving as publishers, and also purchasing advertising products and data licenses from Ibotta. Specific named retailer customers and partners include:
- Walmart Inc. (WMT)
- Dollar General Corporation (DG)
- Dollar Tree, Inc. (DLTR) (as the parent company of Family Dollar, a partner)
- Kroger (KR)
- Shell plc (SHEL)
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Bryan Leach, Founder & Chief Executive Officer
Bryan Leach founded Ibotta in 2012 and led the company to become publicly traded in 2024, marking the largest tech IPO in Colorado history. Before establishing Ibotta, he was a partner at Bartlit Beck LLP and served as a law clerk for former US Supreme Court Justice David Souter.
Matt Puckett, Chief Financial Officer
Matt Puckett joined Ibotta in 2025 to oversee financial strategy, operations, and investor relations. He previously served as the CFO of VF Corporation for 23 years, where he managed corporate finance, investor relations, financial planning, and mergers and acquisitions.
David Shapiro, Chief Legal Officer
David Shapiro joined Ibotta in 2024, where he is responsible for the company's legal strategy, risk management, and corporate governance. Prior to Ibotta, he was Executive Vice President and General Counsel at Vail Resorts for eight years, and before that, he spent seven years at DaVita Inc. as Chief Compliance Officer and General Counsel.
Marisa Daspit, Chief People Officer
Marisa Daspit has served as Ibotta's Chief People Officer since joining the company in 2018. Her background includes a decade of experience in designing and leading talent management programs within the healthcare industry.
Amir El Tabib, Chief Business Development Officer
Amir El Tabib joined Ibotta in 2016 and was instrumental in developing the company's retail partnerships and affiliate program, as well as building the Ibotta Performance Network. Before his time at Ibotta, he worked in investment banking and private equity.
AI Analysis | Feedback
The key risks to Ibotta’s business include a significant reliance on key strategic partnerships, particularly with Walmart, and a dependency on the marketing budgets of CPG brands and the subsequent redemption of offers by consumers. The company also faces inherent data privacy and security risks due to the large volume of consumer data it handles.
- Reliance on Key Strategic Partnerships, Especially Walmart: Ibotta's growth and profitability are significantly tied to its strategic relationships with major retailers, most notably Walmart. Ibotta is the exclusive provider of digital item-level rebate offer content for Walmart U.S., covering all product categories for online and offline shopping. The background explicitly states that "All CPG brands wishing to run digital item-level rebates on Walmart’s website can only do so through the IPN." This partnership has driven significant acceleration in Ibotta's revenue, scale, and profitability. A disruption or termination of this exclusive, multi-year relationship, or a decision by Walmart to develop its own competing in-house solution, would have a substantial negative impact on Ibotta's business.
- Dependency on CPG Brand Marketing Budgets and Offer Redemptions: Ibotta operates on a "success-based marketing" model, meaning it primarily generates revenue when a client's promotion results in a sale. Redemption revenue constituted 76% of total revenue in 2023. This makes Ibotta's financial performance heavily dependent on the willingness of CPG brands to allocate marketing budgets to digital promotions and the consistent redemption of these offers by consumers. Factors such as economic downturns, shifts in CPG marketing strategies, increased competition, or declining consumer engagement with offers could lead to reduced offer redemptions and a subsequent decrease in Ibotta's revenue.
- Data Privacy and Security Risks: Ibotta processes a substantial volume of item-level purchase data through its secure point-of-sale integrations with numerous retailers to build consumer profiles and deliver personalized offers. This extensive collection and use of sensitive consumer data expose the company to significant data privacy and cybersecurity risks. Any data breach, cybersecurity attack, or failure to comply with evolving data protection regulations could result in reputational damage, legal liabilities, regulatory fines, and a loss of trust from consumers and partner retailers.
AI Analysis | Feedback
nullAI Analysis | Feedback
```htmlIbotta operates in the following addressable markets:
- U.S. Grocery Sector: U.S. consumers spent approximately $1.2 trillion dollars in the grocery sector in 2023.
- U.S. CPG Marketing Spend: CPG brands spend approximately $200 billion on marketing annually in the United States.
AI Analysis | Feedback
Ibotta (IBTA) is expected to drive future revenue growth over the next 2-3 years through several key strategies centered on expanding its network, enhancing its performance marketing capabilities, and deepening client relationships.
- Expansion of the Ibotta Performance Network (IPN) through new publisher partnerships: Ibotta is actively growing its network by integrating with new third-party publishers, such as the launches with DoorDash in the second quarter of 2025 and Instacart in November 2024. This expansion, along with organic growth from existing publishers, is a primary driver of increased redeemers and broader reach for CPG brand offers. The company anticipates extending the IPN to other new verticals, including delivery services, banks, or other apps and websites that aim to provide consumers with access to popular item offers.
- Increased adoption and growth of LiveLift and advanced performance marketing capabilities: Ibotta is focusing on enhancing its core product and rolling out LiveLift, a next-generation capability designed to revolutionize promotions in the consumer packaged goods industry. LiveLift aims to set clearer campaign goals, improve incremental sales, and enhance profitability metrics for clients. The strong reception of LiveLift, with 80% of clients expected to expand or renew their campaigns, indicates its potential to drive increased client investment and improved campaign optimization, thereby boosting revenue.
- Enhancing the core product and offer content to drive redeemer growth and engagement: A crucial driver of revenue is the continued growth in the number of redeemers and their engagement with offers. Ibotta has seen a 19% year-over-year increase in total redeemers in Q4 2025. The company is committed to improving the quantity and quality of offer content on its network to both increase the overall number of redeemers and enhance redemptions per redeemer, making the platform more attractive to CPG brands seeking to influence purchase behavior.
- Deepening strategic relationships with existing major retailers and CPG brands: Ibotta plans to leverage its existing strong partnerships, such as the exclusive provider agreement with Walmart U.S. for digital item-level rebate content. The company also aims to encourage its over 850 direct clients, representing more than 2,400 CPG brands, to increase their spend. By providing proven return on investment through its success-based marketing model and integrating third-party sales lift measurement (e.g., with Circana and ABCS Insights), Ibotta facilitates increased client investment and long-term retention.
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Share Repurchases
- Ibotta authorized a share repurchase program of $300 million in August 2024.
- On March 11, 2026, the company's Board of Directors approved an additional $100 million increase to the share repurchase program, bringing the total authorization to $400 million.
- Ibotta repurchased 6.9 million shares for $233.8 million in 2025, at an average price of $34.04 per share.
Share Issuance
- Ibotta completed its Initial Public Offering (IPO) on April 18, 2024, listing on the NYSE under the symbol IBTA.
- In the IPO, Ibotta issued and sold 2,500,000 shares of Class A common stock at $88.00 per share, resulting in net proceeds of $198.0 million.
- The IPO, including shares sold by existing stockholders, raised a total of $577.3 million and valued Ibotta at $2.7 billion.
Inbound Investments
- As of December 31, 2023, Ibotta had booked fair market value investment of $237.1 million from investors including Clark Jermoluk Founders Fund, KDT Ibotta Holdings, and Walmart.
- Walmart holds at least a 5% stake in Ibotta.
Outbound Investments
- In 2021, Ibotta acquired OctoShop (originally InStok), a shopping browser extension company.
Capital Expenditures
- Ibotta invested $20.3 million in capital expenditures during fiscal year 2025, primarily to fund long-term assets and infrastructure.
- In the fourth quarter of 2025, capital expenditures totaled $7.5 million.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Ibotta Stock Pre-Market (+20%) : Q4 Revenue Beat & Stronger Q1 Guidance | 02/26/2026 | |
| Would You Still Hold Ibotta Stock If It Fell Another 30%? | 10/17/2025 | |
| IBTA Dip Buy Analysis | 07/10/2025 | |
| Ibotta (IBTA) Valuation Ratios Comparison | 05/15/2025 | |
| Ibotta (IBTA) Operating Cash Flow Comparison | 02/17/2025 | |
| Ibotta (IBTA) Net Income Comparison | 02/15/2025 | |
| Ibotta (IBTA) Operating Income Comparison | 02/15/2025 | |
| Ibotta (IBTA) Revenue Comparison | 02/13/2025 | |
| ARTICLES | ||
| Ibotta Stock Pre-Market (+20%) : Q4 Revenue Beat & Stronger Q1 Guidance | 02/26/2026 | |
| Stocks Trading At 52-Week Low | 11/25/2025 |
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| 04302026 | PLTR | Palantir Technologies | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 04102026 | ADSK | Autodesk | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 8.5% | 8.5% | 0.0% |
| 04102026 | BSY | Bentley Systems | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.2% | 4.2% | 0.0% |
| 04102026 | ENPH | Enphase Energy | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.7% | 5.7% | 0.0% |
| 04102026 | BL | BlackLine | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 3.2% | 3.2% | -3.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 19.20 |
| Mkt Cap | 0.7 |
| Rev LTM | 421 |
| Op Inc LTM | 10 |
| FCF LTM | 55 |
| FCF 3Y Avg | 49 |
| CFO LTM | 80 |
| CFO 3Y Avg | 67 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.8% |
| Rev Chg 3Y Avg | 10.5% |
| Rev Chg Q | 4.3% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | 146.1% |
| Op Inc Chg 3Y Avg | 143.0% |
| Op Mgn LTM | 2.5% |
| Op Mgn 3Y Avg | 2.3% |
| QoQ Delta Op Mgn LTM | 0.9% |
| CFO/Rev LTM | 18.4% |
| CFO/Rev 3Y Avg | 17.7% |
| FCF/Rev LTM | 15.2% |
| FCF/Rev 3Y Avg | 14.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.7 |
| P/S | 1.9 |
| P/Op Inc | 15.9 |
| P/EBIT | 7.2 |
| P/E | 10.5 |
| P/CFO | 8.5 |
| Total Yield | 1.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.8% |
| D/E | 0.1 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 9.3% |
| 3M Rtn | 12.8% |
| 6M Rtn | -7.2% |
| 12M Rtn | -31.9% |
| 3Y Rtn | -23.3% |
| 1M Excs Rtn | 0.6% |
| 3M Excs Rtn | 6.4% |
| 6M Excs Rtn | -15.5% |
| 12M Excs Rtn | -61.4% |
| 3Y Excs Rtn | -102.2% |
Price Behavior
Price Behavior
| Market Price | $33.13 | |
| Market Cap ($ Bil) | 0.9 | |
| First Trading Date | 04/18/2024 | |
| Distance from 52W High | -45.0% | |
| 50 Days | 200 Days | |
| DMA Price | $30.71 | $27.45 |
| DMA Trend | down | up |
| Distance from DMA | 7.9% | 20.7% |
| 3M | 1YR | |
| Volatility | 74.1% | 70.2% |
| Downside Capture | -0.39 | 0.65 |
| Upside Capture | 143.12 | 44.98 |
| Correlation (SPY) | 1.7% | 19.3% |
IBTA Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.08 | 0.08 | 0.48 | 1.12 | 1.13 | -0.03 |
| Up Beta | -0.75 | -0.60 | -0.03 | 0.37 | 1.25 | 0.52 |
| Down Beta | 1.28 | -0.48 | 0.64 | 2.31 | 1.82 | -0.30 |
| Up Capture | 133% | 156% | 201% | 109% | 38% | 27% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 15 | 27 | 36 | 62 | 129 | 254 |
| Down Capture | -121% | -68% | -62% | 109% | 117% | 105% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 7 | 16 | 28 | 62 | 121 | 253 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IBTA | |
|---|---|---|---|---|
| IBTA | -29.8% | 70.1% | -0.20 | - |
| Sector ETF (XLK) | 64.5% | 20.8% | 2.29 | 14.7% |
| Equity (SPY) | 28.1% | 12.5% | 1.78 | 19.4% |
| Gold (GLD) | 42.9% | 26.9% | 1.30 | 2.1% |
| Commodities (DBC) | 48.6% | 18.0% | 2.14 | -1.7% |
| Real Estate (VNQ) | 13.6% | 13.5% | 0.70 | 22.1% |
| Bitcoin (BTCUSD) | -22.4% | 41.7% | -0.50 | 17.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IBTA | |
|---|---|---|---|---|
| IBTA | -20.1% | 73.7% | -0.39 | - |
| Sector ETF (XLK) | 22.0% | 24.8% | 0.78 | 23.2% |
| Equity (SPY) | 12.9% | 17.1% | 0.59 | 25.2% |
| Gold (GLD) | 21.2% | 17.9% | 0.96 | 8.1% |
| Commodities (DBC) | 13.5% | 19.1% | 0.58 | 7.8% |
| Real Estate (VNQ) | 3.6% | 18.8% | 0.09 | 20.1% |
| Bitcoin (BTCUSD) | 8.5% | 56.0% | 0.36 | 18.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IBTA | |
|---|---|---|---|---|
| IBTA | -10.6% | 73.7% | -0.39 | - |
| Sector ETF (XLK) | 25.1% | 24.4% | 0.93 | 23.2% |
| Equity (SPY) | 15.0% | 17.9% | 0.72 | 25.2% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 8.1% |
| Commodities (DBC) | 9.5% | 17.7% | 0.45 | 7.8% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | 20.1% |
| Bitcoin (BTCUSD) | 68.1% | 66.9% | 1.07 | 18.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -0.6% | ||
| 2/25/2026 | 28.5% | 17.0% | 43.5% |
| 11/12/2025 | -23.7% | -25.6% | -35.8% |
| 8/13/2025 | -30.3% | -19.0% | -21.4% |
| 5/14/2025 | 20.2% | 5.5% | -16.9% |
| 2/26/2025 | -46.1% | -44.5% | -29.6% |
| 11/13/2024 | -12.5% | -15.3% | -1.7% |
| 8/13/2024 | -26.7% | -12.6% | -3.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 1 |
| # Negative | 7 | 6 | 7 |
| Median Positive | 24.4% | 11.2% | 43.5% |
| Median Negative | -23.7% | -22.3% | -21.4% |
| Max Positive | 28.5% | 17.0% | 43.5% |
| Max Negative | -46.1% | -44.5% | -35.8% |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 82.00 Mil | 84.00 Mil | 86.00 Mil | 5.0% | Raised | Guidance: 80.00 Mil for Q1 2026 | |
| Q2 2026 Adjusted EBITDA | 9.00 Mil | 10.50 Mil | 12.00 Mil | 50.0% | Raised | Guidance: 7.00 Mil for Q1 2026 | |
Prior: Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 78.00 Mil | 80.00 Mil | 82.00 Mil | -3.0% | Lowered | Guidance: 82.50 Mil for Q4 2025 | |
| Q1 2026 Adjusted EBITDA | 6.00 Mil | 7.00 Mil | 8.00 Mil | -33.3% | Lowered | Guidance: 10.50 Mil for Q4 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Daspit, Marisa | CHIEF PEOPLE OFFICER | Direct | Sell | 3092026 | 24.06 | 2,956 | 71,121 | 3,069,984 | Form |
| 2 | Riedy, Christopher J | Chief Revenue Officer | Direct | Buy | 1122026 | 0.00 | 276,041 | Form | ||
| 3 | Clark, Jermoluk Founders Fund I Llc | See footnote | Sell | 12182025 | 88.00 | 11,363 | 999,944 | 48,999,984 | Form | |
| 4 | Daspit, Marisa | CHIEF PEOPLE OFFICER | Direct | Sell | 12092025 | 23.54 | 10 | 235 | 1,129,520 | Form |
| 5 | Daspit, Marisa | CHIEF PEOPLE OFFICER | Direct | Sell | 9092025 | 26.94 | 2,956 | 79,635 | 1,404,436 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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