Ibotta (IBTA)


Market Price (11/3/2026): $54.83 | Market Cap: $1.1 BilSector: Information Technology | Industry: Application Software

Ibotta (IBTA)


Market Price (11/3/2026): $54.83
Market Cap: $1.1 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%

Attractive yield
FCF Yield is 5.0%

Megatrend and thematic drivers
Megatrends include Digital Advertising, Fintech & Digital Payments, and E-commerce & Digital Retail. Themes include Ad-Tech Platforms, Show more.

Trading close to highs
Dist 52W High is 0.0%

Weak multi-year price returns
2Y Excs Rtn is -64%, 3Y Excs Rtn is -134%

Meaningful short interest
Short 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 12%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -12 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.5%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.6%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 60%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.1%

Key risks
IBTA key risks include [1] a class-action lawsuit over IPO disclosures following the loss of its major Kroger contract, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%
2 Attractive yield
FCF Yield is 5.0%
3 Megatrend and thematic drivers
Megatrends include Digital Advertising, Fintech & Digital Payments, and E-commerce & Digital Retail. Themes include Ad-Tech Platforms, Show more.
4 Trading close to highs
Dist 52W High is 0.0%
5 Weak multi-year price returns
2Y Excs Rtn is -64%, 3Y Excs Rtn is -134%
6 Meaningful short interest
Short 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 12%
7 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -12 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.5%
8 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.6%
9 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14%
10 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 60%
11 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.1%
12 Key risks
IBTA key risks include [1] a class-action lawsuit over IPO disclosures following the loss of its major Kroger contract, Show more.

IBTA in ETFs

Weight = IBTA's share of each fund

VTI0.00%
IWM0.02%
NUSC0.04%
IWO0.02%
VTWO0.01%
SCHA0.01%
IWN0.01%
IWV0.00%
+3 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/2/2026

Ibotta (IBTA) stock has gained about 110% since 7/31/2026 because of the following key factors:

1. Strong Performance in Fiscal Q2 2026 Exceeding Guidance.

Ibotta's stock experienced an initial surge following its fiscal Q2 2026 earnings report on August 3, 2026, which substantially exceeded management's guidance. The company reported revenue of $88.9 million, a 3% year-over-year increase, signaling a return to top-line growth one quarter ahead of schedule. Redemption revenue notably grew by 10% year-over-year to $80.2 million, marking its fastest growth since fiscal Q3 2024, driven by an increase in advertiser offer supply. Adjusted EBITDA reached $16.5 million, representing an 18.6% margin. This strong performance led to a +51.91% increase in the stock price the day after the announcement.

2. Exceptional Fiscal Q3 2026 Results with Significant Earnings Beat.

The positive trend was further propelled by Ibotta's fiscal Q3 2026 earnings, reported on November 2, 2026 (for the quarter ended September 30, 2026, as Ibotta's fiscal year ends December 31st), where the company significantly surpassed analyst expectations. Ibotta reported earnings per share (EPS) of $0.62, considerably higher than the consensus estimate of $0.13. Total revenue increased by 17% year-over-year to $97.8 million, exceeding the upper end of guidance for both revenue and adjusted EBITDA. Adjusted EBITDA rose 43% year-over-year to $23.8 million, achieving a 24.3% margin. This marked the fourth consecutive quarter of surpassing top and bottom-line guidance, leading to a 12.5% jump in the stock price on the day of the report.

Show more
Updated on 11/2/2026

Ibotta (IBTA) stock has gained about 110% since 7/31/2026 because of the following key factors:

1. Strong Performance in Fiscal Q2 2026 Exceeding Guidance.

Ibotta's stock experienced an initial surge following its fiscal Q2 2026 earnings report on August 3, 2026, which substantially exceeded management's guidance. The company reported revenue of $88.9 million, a 3% year-over-year increase, signaling a return to top-line growth one quarter ahead of schedule. Redemption revenue notably grew by 10% year-over-year to $80.2 million, marking its fastest growth since fiscal Q3 2024, driven by an increase in advertiser offer supply. Adjusted EBITDA reached $16.5 million, representing an 18.6% margin. This strong performance led to a +51.91% increase in the stock price the day after the announcement.

2. Exceptional Fiscal Q3 2026 Results with Significant Earnings Beat.

The positive trend was further propelled by Ibotta's fiscal Q3 2026 earnings, reported on November 2, 2026 (for the quarter ended September 30, 2026, as Ibotta's fiscal year ends December 31st), where the company significantly surpassed analyst expectations. Ibotta reported earnings per share (EPS) of $0.62, considerably higher than the consensus estimate of $0.13. Total revenue increased by 17% year-over-year to $97.8 million, exceeding the upper end of guidance for both revenue and adjusted EBITDA. Adjusted EBITDA rose 43% year-over-year to $23.8 million, achieving a 24.3% margin. This marked the fourth consecutive quarter of surpassing top and bottom-line guidance, leading to a 12.5% jump in the stock price on the day of the report.

3. Accelerated Growth and Expansion of the Ibotta Performance Network (IPN).

A core driver of Ibotta's stock appreciation was the accelerated growth and expanding reach of its Ibotta Performance Network (IPN), demonstrating increased offer supply and consumer engagement. In fiscal Q2 2026, the IPN saw its redeemer base grow 21% year-over-year to 20.9 million. This momentum continued into fiscal Q3 2026, with the redeemer base expanding 30% year-over-year to an all-time high of 23.6 million. Third-party publisher redemption revenue surged 43% year-over-year to $70.7 million in fiscal Q3 2026, significantly contributing to overall growth and demonstrating successful expansion with new partners like Giant Eagle and 7-Eleven.

4. Upgrades and Raised Price Targets from Key Analysts.

The strong financial and operational performance translated into increased confidence from the analyst community, resulting in multiple upgrades and raised price targets. Following the fiscal Q3 2026 results, Goldman Sachs upgraded Ibotta's rating from "Sell" to "Neutral" and increased its price target from $35 to $58, citing improved platform execution. Other firms, including Wells Fargo, Evercore ISI, and Needham, also raised their price targets to $49, $58, and $65 respectively, reflecting an optimistic outlook on Ibotta's fundamentals, third-party engagement, and consistent performance above guidance.

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Stock Movement Drivers

Fundamental Drivers

The 108.6% change in IBTA stock from 7/31/2026 to 11/2/2026 was primarily driven by a 99.5% change in the company's P/S Multiple.
(LTM values as of)731202611022026Change
Stock Price ($)24.0050.07108.6%
Change Contribution By: 
Total Revenues ($ Mil)3403430.8%
P/S Multiple1.73.499.5%
Shares Outstanding (Mil)24233.7%
Cumulative Contribution108.6%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/2/2026
ReturnCorrelation
IBTA108.6% 
Market (SPY)0.7%36.2%
Sector (XLK)-0.6%32.1%

Fundamental Drivers

The 42.2% change in IBTA stock from 4/30/2026 to 11/2/2026 was primarily driven by a 25.9% change in the company's P/S Multiple.
(LTM values as of)430202611022026Change
Stock Price ($)35.2050.0742.2%
Change Contribution By: 
Total Revenues ($ Mil)3423430.2%
P/S Multiple2.73.425.9%
Shares Outstanding (Mil)262312.7%
Cumulative Contribution42.2%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/2/2026
ReturnCorrelation
IBTA42.2% 
Market (SPY)4.9%19.3%
Sector (XLK)9.4%10.4%

Fundamental Drivers

The 55.2% change in IBTA stock from 10/31/2025 to 11/2/2026 was primarily driven by a 35.9% change in the company's P/S Multiple.
(LTM values as of)1031202511022026Change
Stock Price ($)32.2650.0755.2%
Change Contribution By: 
Total Revenues ($ Mil)368343-6.6%
P/S Multiple2.53.435.9%
Shares Outstanding (Mil)282322.3%
Cumulative Contribution55.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/2/2026
ReturnCorrelation
IBTA55.2% 
Market (SPY)11.2%18.8%
Sector (XLK)16.3%13.6%

Fundamental Drivers

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Market Drivers

10/31/2023 to 11/2/2026
ReturnCorrelation
IBTA  
Market (SPY)86.0%23.5%
Sector (XLK)116.2%20.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
IBTA Return----37%-65%120%-52%
Peers Return-38%-63%61%31%-26%-25%-74%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
IBTA Win Rate---22%50%64% 
Peers Win Rate35%32%60%52%42%39% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
IBTA Max Drawdown-----72%-35% 
Peers Max Drawdown-58%-74%-45%-47%-62%-52% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[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 11/2/2026 (YTD)

How Low Can It Go

EventIBTAS&P 500
2024 Yen Carry Trade Unwind
  % Loss-36.8%-7.8%
  % Gain to Breakeven58.2%8.5%
  Time to Breakeven61 days18 days

Compare to GRPN, CDLX, TTD, RAMP, DSP

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.

EventIBTAS&P 500
2024 Yen Carry Trade Unwind
  % Loss-36.8%-7.8%
  % Gain to Breakeven58.2%8.5%
  Time to Breakeven61 days18 days

Compare to GRPN, CDLX, TTD, RAMP, DSP

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 (IBTA) operates the Ibotta Performance Network (IPN), a technology platform designed to connect consumer packaged goods (CPG) brands with over 200 million consumers through digital, item-level promotions. The company pioneers a success-based marketing model, earning revenue only when a promotion directly results in a sale, not merely from views or clicks. At its core, Ibotta utilizes an AI-enabled offer engine that leverages extensive item-level purchase data from integrations with 85 different retailers. This data allows for personalized savings experiences, matching the right offers to individual consumers at optimal times to help CPG brands achieve specific marketing goals like driving sales, encouraging brand switching, or incentivizing stocking up.

Ibotta’s network reaches consumers primarily through two channels: major retailer loyalty programs and its own widely used Ibotta direct-to-consumer (D2C) app and website. The company forms strategic, white-label partnerships with leading retailers such as Walmart and Dollar General, where Ibotta's offers power their loyalty programs (e.g., Walmart Cash), often on an exclusive basis like its multi-year deal with Walmart U.S. Simultaneously, the Ibotta D2C app serves millions of savings-conscious consumers directly. Ibotta’s primary customers are CPG brands who pay for these promotional services, while retailers benefit from a trusted partner providing a large universe of offers and plug-and-play capabilities. The company generates most of its revenue from redemption fees but also earns from ad products on its D2C properties and data licensing.

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)

AI Analysis | Feedback

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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.

  1. 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.
  2. 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.
  3. 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

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AI Analysis | Feedback

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Ibotta 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.
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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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.

AI Analysis | Feedback

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.

Peer Outperformance in Application Software

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Share of Application Software constituents that IBTA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
91%
of 151 industry peers · 55.2% return
3Y
—
insufficient peer history
5Y
—
insufficient peer history
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Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is IBTA's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Electronic Manufacturing Services 10 18.4%110.0%198.4% FLEX 551% · TTMI 451% · JBL 333%
Technology Distributors 9 43.9%68.0%73.2% AVT 146% · SNX 117% · CNXN 94%
Semiconductor Materials & Equipment 28 37.3%61.0%45.7% AXTI 464% · LRCX 317% · KLAC 313%
Electronic Components 26 -0.6%66.1%34.6% CLS 2294% · BELFA 1195% · APH 329%
Communications Equipment 36 2.5%73.5%32.6% AAOI 695% · LITE 689% · ANET 434%
Semiconductors 55 0.0%44.4%7.7% MU 1107% · NVDA 669% · AVGO 555%
Electronic Equipment & Instruments 27 -4.1%24.7%3.5% PI 139% · OSIS 114% · MIR 70%
Internet Services & Infrastructure 6 1.5%45.7%-10.1% GDDY 73% · VRSN 39% · DOCN -3%
Technology Hardware, Storage & Peripherals 21 -3.4%85.5%-12.0% WDC 727% · SMCI 721% · DELL 693%
IT Consulting & Other Services 30 -24.8%-3.5%-25.0% APLD 269% · IBM 152% · ADEA 142%
Application Software ← 125 -15.8%-9.8%-54.8% PLTR 588% · FROG 159% · AGYS 148%
Systems Software 70 -12.3%22.2%-56.2% CRWD 261% · ZETA 243% · CVLT 145%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

IBTAGRPNCDLXTTDRAMPDSPMedian
NameIbotta Groupon Cardlyti.Trade De.LiveRamp Viant Te. 
Mkt Price57.9915.652.1012.48-12.9712.97
Mkt Cap1.40.60.05.8-0.30.6
Rev LTM3434971792,990-388388
Op Inc LTM-128-28586-98
FCF LTM5930-11849-4848
FCF 3Y Avg7241-19692-3741
CFO LTM934411,082-6767
CFO 3Y Avg9256-3853-5456

Growth & Margins

IBTAGRPNCDLXTTDRAMPDSPMedian
NameIbotta Groupon Cardlyti.Trade De.LiveRamp Viant Te. 
Rev Chg LTM-6.6%2.0%-29.8%11.6%-22.0%2.0%
Rev Chg 3Y Avg--2.8%-14.4%20.1%-24.4%8.6%
Rev Chg Q3.3%-0.8%-36.5%3.0%-33.9%3.0%
QoQ Delta Rev Chg LTM0.8%-0.2%-10.6%0.7%-7.3%0.7%
Op Inc Chg LTM-137.3%175.9%45.9%23.4%-78.9%45.9%
Op Inc Chg 3Y Avg-71.9%34.5%62.1%-105.9%67.0%
Op Mgn LTM-3.5%1.5%-15.3%19.6%-2.3%1.5%
Op Mgn 3Y Avg4.7%2.2%-18.1%17.1%-0.2%2.2%
QoQ Delta Op Mgn LTM-0.9%0.0%0.3%-0.7%--1.2%-0.7%
CFO/Rev LTM27.2%8.9%0.3%36.2%-17.3%17.3%
CFO/Rev 3Y Avg25.9%11.4%-1.0%32.0%-17.2%17.2%
FCF/Rev LTM17.1%6.0%-6.1%28.4%-12.3%12.3%
FCF/Rev 3Y Avg20.1%8.3%-7.4%26.1%-11.5%11.5%

Valuation

IBTAGRPNCDLXTTDRAMPDSPMedian
NameIbotta Groupon Cardlyti.Trade De.LiveRamp Viant Te. 
Mkt Cap1.40.60.05.8-0.30.6
P/S3.91.20.12.0-0.71.2
P/Op Inc-112.679.1-0.410.0-28.010.0
P/EBIT-112.6-7.3-0.19.8-28.0-0.1
P/E-122.5-4.9-0.114.4-29.4-0.1
P/CFO14.513.822.85.4-3.813.8
Total Yield-0.9%-20.7%-837.1%6.9%-3.5%-0.9%
Dividend Yield0.0%0.0%0.0%0.0%-0.0%0.0%
FCF Yield 3Y Avg6.5%4.2%-32.0%4.4%-19.8%4.4%
D/E0.00.515.70.1-0.10.1
Net D/E-0.10.113.4-0.2--0.7-0.1

Returns

IBTAGRPNCDLXTTDRAMPDSPMedian
NameIbotta Groupon Cardlyti.Trade De.LiveRamp Viant Te. 
1M Rtn39.4%-19.0%-17.0%4.4%-6.0%4.4%
3M Rtn135.9%-43.4%-48.4%-31.8%-5.9%-31.8%
6M Rtn62.5%0.9%-76.1%-48.2%-12.6%0.9%
12M Rtn79.8%-22.3%-89.2%-75.2%-46.1%-22.3%
3Y Rtn-43.8%8.0%-98.5%-84.2%-137.5%-43.8%
1M Excs Rtn42.1%-16.6%-14.6%6.8%-8.4%6.8%
3M Excs Rtn58.2%-40.5%-45.2%-33.0%-4.1%-33.0%
6M Excs Rtn57.0%-3.8%-80.9%-52.9%-7.8%-3.8%
12M Excs Rtn67.9%-30.8%-99.6%-85.0%-41.1%-30.8%
3Y Excs Rtn-139.1%-43.2%-181.5%-163.0%-68.4%-139.1%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Redemption revenue297309244139
Ad & other revenue45587672
Total342367320211


Price Behavior

Price Behavior
Market Price$50.07 
Market Cap ($ Bil)1.2 
First Trading Date04/18/2024 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$42.48$32.99
DMA Trendupup
Distance from DMA17.9%51.8%
 3M1YR
Volatility45.6%82.1%
Downside Capture-4.2151.33
Upside Capture194.0698.22
Correlation (S&P 500)13.3%19.3%
IBTA Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.640.183.811.461.220.22
Up Beta-4.75-2.3812.144.722.080.53
Down Beta1.410.690.271.311.780.26
Up Capture267%140%529%80%89%39%
Bmk +ve Days12182862130427
Stock +ve Days12233764126318
Down Capture-93%-97%2%3%58%106%
Bmk -ve Days10253664121325
Stock -ve Days10202762124316

[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
IBTA55.8%82.1%0.85-
Sector ETF (XLK)16.5%27.2%0.5313.6%
Equity (SPY)11.6%12.8%0.5718.8%
Gold (GLD)-2.3%28.6%-0.092.2%
Commodities (DBC)43.1%20.9%1.60-14.8%
Real Estate (VNQ)11.0%13.7%0.5017.8%
Bitcoin (BTCUSD)-28.8%43.6%-0.668.0%

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-13.2%77.6%-0.01-
Sector ETF (XLK)17.9%26.1%0.6120.1%
Equity (SPY)12.0%17.1%0.5223.5%
Gold (GLD)16.5%19.0%0.696.6%
Commodities (DBC)8.4%19.6%0.31-2.9%
Real Estate (VNQ)1.1%18.9%-0.0519.1%
Bitcoin (BTCUSD)4.1%51.6%0.2614.5%

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-6.9%77.6%-0.01-
Sector ETF (XLK)23.3%25.2%0.8420.1%
Equity (SPY)15.2%17.9%0.7223.5%
Gold (GLD)11.6%16.5%0.576.6%
Commodities (DBC)7.8%18.1%0.34-2.9%
Real Estate (VNQ)5.4%20.7%0.2219.1%
Bitcoin (BTCUSD)61.7%66.3%1.0114.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity2.8 Mil
Short Interest: % Change Since 9302026-13.7%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest9.4 days
Basic Shares Quantity23.3 Mil
Short % of Basic Shares11.9%

Earnings Returns History

Updated 11/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/3/202651.9%47.2%51.6%
5/6/2026-0.6%-12.7%-11.2%
2/25/2026-0.2%24.8%41.9%
11/12/20255.3%-19.4%-31.2%
8/13/2025-30.3%-19.0%-21.4%
5/14/202520.2%5.5%-16.9%
2/26/2025-2.0%-47.8%-32.0%
11/13/2024-2.1%-16.3%-3.9%
...
SUMMARY STATS   
# Positive332
# Negative778
Median Positive20.2%24.8%46.8%
Median Negative-2.1%-19.0%-19.2%
Max Positive51.9%47.2%51.6%
Max Negative-30.3%-47.8%-32.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/3/202651.9%47.2%51.6%
5/6/2026-0.6%-12.7%-11.2%
2/25/2026-0.2%24.8%41.9%
11/12/20255.3%-19.4%-31.2%
8/13/2025-30.3%-19.0%-21.4%
5/14/202520.2%5.5%-16.9%
2/26/2025-2.0%-47.8%-32.0%
11/13/2024-2.1%-16.3%-3.9%
8/13/2024-26.7%-12.6%-3.5%
5/30/2024-7.3%-25.8%-31.6%
SUMMARY STATS   
# Positive332
# Negative778
Median Positive20.2%24.8%46.8%
Median Negative-2.1%-19.0%-19.2%
Max Positive51.9%47.2%51.6%
Max Negative-30.3%-47.8%-32.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/06/202610-Q
12/31/202502/26/202610-K
09/30/202511/13/202510-Q
06/30/202508/13/202510-Q
03/31/202505/15/202510-Q
12/31/202402/27/202510-K
09/30/202411/14/202410-Q
06/30/202408/14/202410-Q
03/31/202405/31/202410-Q
12/31/202304/18/2024424B4
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/06/202610-Q
12/31/202502/26/202610-K
09/30/202511/13/202510-Q
06/30/202508/13/202510-Q
03/31/202505/15/202510-Q
12/31/202402/27/202510-K
09/30/202411/14/202410-Q
06/30/202408/14/202410-Q
03/31/202405/31/202410-Q
12/31/202304/18/2024424B4

Recent Forward Guidance

Updated 11/2/2026

Latest: Q3 2026 Earnings Reported 11/2/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 RevenueReported94.00 Mil96.00 Mil98.00 Mil9.1% Higher NewGuidance: 88.00 Mil for Q3 2026
Q4 2026 Revenue GrowthReported 8.0%    
Q4 2026 Adjusted EBITDAReported15.00 Mil16.00 Mil17.00 Mil23.1% Higher NewGuidance: 13.00 Mil for Q3 2026
Q4 2026 Adjusted EBITDA MarginReported 16.7%    


Prior: Q2 2026 Earnings Reported 8/3/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 RevenueReported86.00 Mil88.00 Mil90.00 Mil4.8% Higher NewGuidance: 84.00 Mil for Q2 2026
Q3 2026 Adjusted EBITDAReported12.00 Mil13.00 Mil14.00 Mil23.8% Higher NewGuidance: 10.50 Mil for Q2 2026

Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 RevenueReported82.00 Mil84.00 Mil86.00 Mil5.0% Higher NewGuidance: 80.00 Mil for Q1 2026
Q2 2026 Adjusted EBITDAReported9.00 Mil10.50 Mil12.00 Mil50.0% Higher NewGuidance: 7.00 Mil for Q1 2026

Q4 2025 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 RevenueReported78.00 Mil80.00 Mil82.00 Mil-3.0% Lower NewGuidance: 82.50 Mil for Q4 2025
Q1 2026 Adjusted EBITDAReported6.00 Mil7.00 Mil8.00 Mil-33.3% Lower NewGuidance: 10.50 Mil for Q4 2025

Insider Activity

Updated 11/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Daspit, MarisaCHIEF PEOPLE OFFICERDirectSell1102202650.081025,1085,822,634Form
2Daspit, MarisaCHIEF PEOPLE OFFICERDirectSell1102202650.001447,2005,818,434Form
3Daspit, MarisaCHIEF PEOPLE OFFICERDirectSell1023202650.1549925,0275,843,192Form
4Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERDirectSell1023202649.973,695184,65421,550,395Form
5Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERSee footnoteSell1023202649.963,484174,05611,309,800Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Daspit, MarisaCHIEF PEOPLE OFFICERDirectSell1102202650.081025,1085,822,634Form
2Daspit, MarisaCHIEF PEOPLE OFFICERDirectSell1102202650.001447,2005,818,434Form
3Daspit, MarisaCHIEF PEOPLE OFFICERDirectSell1023202650.1549925,0275,843,192Form
4Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERDirectSell1023202649.973,695184,65421,550,395Form
5Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERSee footnoteSell1023202649.963,484174,05611,309,800Form
6Leach, BryanCEO AND PRESIDENTDirectSell1023202649.4236,7531,816,23740,714,290Form
7Leach, BryanCEO AND PRESIDENTSee footnoteSell1023202649.4213,146  Form
8Daspit, MarisaCHIEF PEOPLE OFFICERDirectSell1023202650.0024712,3505,850,200Form
9Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERDirectSell1023202649.928,764437,50221,711,780Form
10Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERSee footnoteSell1023202649.919,075452,96411,473,444Form
11Leach, BryanCEO AND PRESIDENTDirectSell1021202647.8723,3271,116,59239,436,881Form
12Leach, BryanCEO AND PRESIDENTSee footnoteSell1021202647.878,344  Form
13Leach, BryanCEO AND PRESIDENTDirectSell1021202647.2923,1231,093,56938,964,500Form
14Leach, BryanCEO AND PRESIDENTSee footnoteSell1021202647.298,270  Form
15Leach, BryanCEO AND PRESIDENTDirectSell1007202641.575,030209,07634,245,481Form
16Leach, BryanCEO AND PRESIDENTDirectSell1007202641.3610,112418,22834,075,599Form
17Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERDirectSell1005202639.795,940236,37817,656,391Form
18Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERSee footnoteSell1005202639.795,940236,3789,508,532Form
19Leach, BryanCEO AND PRESIDENTDirectSell923202641.311,72471,22334,036,674Form
20Leach, BryanCEO AND PRESIDENTDirectSell923202641.3413,418554,75934,063,072Form
21Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERDirectSell914202640.0420,100804,85617,860,281Form
22Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERSee footnoteSell914202640.0420,100804,8688,088,719Form
23Leach, BryanCEO AND PRESIDENTDirectSell910202637.745,103192,56331,089,585Form
24Leach, BryanCEO AND PRESIDENTDirectSell910202637.7034,0001,281,90931,255,550Form
25Daspit, MarisaCHIEF PEOPLE OFFICERDirectSell903202637.462,956110,7254,391,968Form
26Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERDirectSell903202636.965,940219,56817,230,208Form
27Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERSee footnoteSell903202636.985,940219,6339,664,647Form
28Daspit, MarisaCHIEF PEOPLE OFFICERDirectSell903202637.011,71263,3544,448,352Form
29Leach, BryanCEO AND PRESIDENTDirectSell819202636.6087732,09931,713,661Form
30Leach, BryanCEO AND PRESIDENTDirectSell819202635.8528,9071,036,38931,065,629Form
31Leach, BryanCEO AND PRESIDENTSee footnoteSell819202636.235,832  Form
32Lehrman, Thomas DDirectSell817202637.3715,926595,1831,424,612Form
33Lehrman, Thomas DSee footnoteSell817202637.2814,347534,824614,710Form
34Lehrman, Thomas DDirectSell813202636.194,692169,8041,955,936Form
35Lehrman, Thomas DSee footnoteSell813202636.088,154294,207797,937Form
36Lehrman, Thomas DDirectSell813202635.7310,000357,3222,098,838Form
37Lehrman, Thomas DSee footnoteSell813202636.2219,561708,534916,845Form
38Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERDirectSell811202639.912007,98119,304,602Form
39Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERSee footnoteSell811202639.9060023,9418,203,783Form
40Leach, BryanCEO AND PRESIDENTDirectSell805202636.1457,1322,064,89331,316,897Form
41Leach, BryanCEO AND PRESIDENTSee footnoteSell805202636.1422,756  Form
42Leach, BryanCEO AND PRESIDENTDirectSell805202624.4315,142369,96621,170,885Form
43Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERDirectSell805202624.475,940145,36211,843,409Form
44Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERSee footnoteSell805202624.465,940145,2676,542,443Form
45Leach, BryanCEO AND PRESIDENTDirectSell722202631.831,05033,42027,578,626Form
46Leach, BryanCEO AND PRESIDENTDirectSell722202631.8214,092448,43527,573,236Form
47Leach, BryanCEO AND PRESIDENTDirectSell708202633.099,326308,57228,669,608Form
48Leach, BryanCEO AND PRESIDENTSee footnoteSell708202635.0776  Form
49Clark, Jermoluk Founders Fund I LlcDirectSell708202630.15500,00015,075,000100,740,436Form
50Leach, BryanCEO AND PRESIDENTDirectSell706202635.326,061214,07030,603,601Form
51Leach, BryanCEO AND PRESIDENTSee footnoteSell706202635.322,188  Form
52Leach, BryanCEO AND PRESIDENTDirectSell706202635.1615,834556,76330,467,744Form
53Leach, BryanCEO AND PRESIDENTSee footnoteSell706202635.164,148  Form
54Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERDirectSell706202635.145,940208,71917,214,164Form
55Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERSee footnoteSell706202635.145,940208,7199,608,876Form
56Leach, BryanCEO AND PRESIDENTDirectSell624202630.313,955119,89426,267,116Form
57Leach, BryanCEO AND PRESIDENTDirectSell624202630.5611,187341,89626,481,397Form
58Leach, BryanCEO AND PRESIDENTDirectSell610202631.964,748151,73329,288,262Form
59Leach, BryanCEO AND PRESIDENTDirectSell610202632.1210,406334,25529,438,760Form
60Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERDirectSell608202632.985,940195,88716,351,740Form
61Swanson, Luke RoyCHIEF TECHNOLOGY OFFICERSee footnoteSell608202632.985,940195,8869,213,981Form
62Lehrman, Thomas DSee footnoteSell519202632.1119,788635,3201,058,899Form
63Lehrman, Thomas DDirectSell519202630.7926,000800,6091,932,238Form
64Lehrman, Thomas DSee footnoteSell519202630.7830,119927,0181,254,039Form
65Lehrman, Thomas DDirectSell515202632.3712,663409,8722,872,630Form
66Lehrman, Thomas DSee footnoteSell515202632.3719,720638,2561,701,023Form
67Lehrman, Thomas DDirectSell513202633.614,862163,3973,408,177Form
68Lehrman, Thomas DSee footnoteSell513202632.9110,992361,7021,983,867Form
69Lehrman, Thomas DDirectSell513202633.5210,000335,1713,562,030Form
70Daspit, MarisaCHIEF PEOPLE OFFICERDirectSell309202624.062,95671,1213,069,984Form
71Riedy, Christopher JChief Revenue OfficerDirectBuy11220260.00276,041  Form
72Clark, Jermoluk Founders Fund I LlcSee footnoteSell1218202588.0011,363999,94448,999,984Form
73Daspit, MarisaCHIEF PEOPLE OFFICERDirectSell1209202523.54102351,129,520Form

Investor Activity (13F)

Updated Nov 3, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Koch, Inc.$131.5 Mil14.3%8Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Koch, Inc.$131.5 Mil14.3%8Hold13F
Core Cache Last Updated: 11/2/2026