Ibotta, Inc. Class A (IBTA) AI Stock Analysis

• Market Cap: $639.68M
• Dividend Yield: N/A
• Average Volume (3M): 362.70K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.18
• Revenue Growth: -4.42%
• EPS Growth: 603.17%
• Country: US
• Employees: 886
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -0.04
• Shares Outstanding: 21,212,755
• 10 Day Avg. Volume: 301,212
• 30 Day Avg. Volume: 362,700
• PEG Ratio: -1.89
• Price to Book (P/B): 2.24
• Price to Sales (P/S): 1.88
• P/FCF Ratio: 8.60
• Enterprise Value/Market Cap: 0.98
• Enterprise Value/Revenue: 1.82
• Enterprise Value/Gross Profit: 2.30
• Enterprise Value/Ebitda: 37.23
• 1Y Price Target: $31.00
• Price Target Upside: 18.01% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 3
• EPS Forecast (FY): -0.42
• Revenue Forecast (FY): $325.53M

• Rating: 56 Neutral
• Price Target: $27.00 ▲(2.78% Upside)
• Action: Reiterated Date: 03/12/26
• Date: Action: Reiterated 03/12/26

The score is primarily held up by improved financial footing and strong recent cash generation, but is weighed down by the recent slowdown in revenue/profitability, weak longer-term price trend versus key moving averages, and a very high P/E. Earnings-call guidance reinforces near-term top-line and margin pressure despite a credible longer-term recovery narrative and supportive buyback activity.

Positive Factors

Strong free cash flow

Consistent positive operating and free cash flow in 2024–2025 provides durable internal funding for product development, buybacks, and working capital. Reliable FCF reduces refinancing risk, supports capital returns, and gives management flexibility to invest through the medium term.

Improved balance sheet

Material improvement in leverage and capitalization, combined with a strong cash position and low/no debt, enhances financial flexibility. A cleaner balance sheet supports share repurchases, cushions cyclical downturns, and lowers funding risk while management executes strategic initiatives.

Network and product momentum

Sustained redeemer growth and rising publisher revenue (DoorDash, Instacart) plus accelerating LiveLift adoption point to scalable distribution and product-market fit. Expanded retailer/publisher integrations create durable network effects and multiple monetization channels over time.

Negative Factors

Uneven revenue growth

The swing from multi-year growth to a 2025 revenue decline highlights execution and demand risk. Persistent top-line volatility complicates forecasting, weakens advertiser confidence, and raises the burden on management to re-establish consistent growth to sustain reinvestment and returns.

Margin compression and profitability volatility

Sharp margin erosion to near-breakeven reduces retained earnings and constrains long-term reinvestment. Profitability sensitivity to rising publisher and technology costs increases the chance margins remain compressed absent revenue recovery or sustained cost discipline.

Revenue mix and ad/DTC weakness

Steep declines in DTC and ad revenue and falling redemptions per redeemer indicate exposure to variable ad demand and user monetization. A weaker revenue mix makes top-line recovery more contingent on third-party partner economics and broader ad market health.

Ibotta, Inc. Class A Business Overview & Revenue Model

Company Description

Ibotta, Inc. operates as a technology company that offers Ibotta Performance Network (IPN) that allows consumer packaged goods brands to deliver digital promotions to consumers. It offers promotional services to publishers, retailers, and advertisers through the IPN. The company was formerly known as Zing Enterprises, Inc. and changed its name to Ibotta, Inc. in 2012. The company was incorporated in 2011 and is based in Denver, Colorado.

How the Company Makes Money

Ibotta primarily makes money by providing performance marketing services to consumer brands and retailers, earning revenue when its technology drives measurable consumer actions tied to offers and promotions. A core revenue stream is fees paid by brands (and, in some cases, retailers) for running promotional offers and campaigns distributed through Ibotta’s channels and partner network; these arrangements are typically structured around performance (e.g., payments associated with validated redemptions or other agreed outcomes) rather than purely impression-based advertising. Ibotta’s platform matches offers to eligible purchases and uses transaction verification (such as receipt capture and/or integrations that use retailer transaction data) to confirm that a qualifying purchase occurred; once verified, the consumer receives cash-back or rewards, and Ibotta records the associated revenue from the campaign based on the agreed commercial terms. The company also generates revenue through its distribution relationships with third-party publishers and retailers (often referred to as a network or partner ecosystem), where Ibotta powers offer content and redemption/verification capabilities within partner experiences and shares economics based on contracted terms. Significant factors influencing earnings include the volume of funded offers from brands, consumer engagement and redemption activity, the breadth and effectiveness of retailer and publisher integrations that enable transaction verification at scale, and the ability to expand relationships with brands and partners to increase campaign spend and coverage.

Ibotta, Inc. Class A Financial Statement Overview

Summary

Cash flow is a key strength (solid, growing free cash flow in 2024–2025) and the balance sheet is much healthier recently (strong cash position, low/no debt). However, the latest period showed weaker fundamentals with a revenue dip and sharp profitability compression to near breakeven operating results, which tempers the overall financial score.

Income Statement

Revenue growth has been uneven: strong expansion in 2023 and 2024 was followed by a modest revenue decline in 2025. Profitability also cooled materially—net margin fell from a strong level in 2024 to a mid-single-digit level in 2025, and operating profit moved from clearly positive in 2023–2024 to roughly breakeven/slightly negative in 2025. A key strength is consistently high gross margin across years, suggesting solid underlying unit economics, but the recent compression in operating and net profitability raises questions on cost discipline and sustainability of earnings.

Balance Sheet

Leverage and capitalization improved meaningfully versus earlier periods: after a highly leveraged/weak equity position in 2022–2023, the company reported substantial equity in 2024–2025 with low debt relative to equity in 2025 (and no debt in 2024). Total assets have also grown versus 2022–2023 levels, supporting a stronger financial base. The main watch-out is the volatility in equity and returns over time (including negative equity in 2022 and very high return on equity in 2023 that appears driven by a small equity base), which points to historical balance sheet instability even though the latest year looks healthier.

Cash Flow

Cash generation is a clear strength: operating cash flow and free cash flow were solid and positive in both 2024 and 2025, and free cash flow grew in each of the last two years. Cash conversion also appears generally healthy, with free cash flow tracking net income reasonably well in 2024–2025. The primary weakness is the sharp swing from negative operating and free cash flow in 2022 to strong inflows afterward, highlighting potential cyclicality or sensitivity to working-capital and operating conditions.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022
Income Statement
Total Revenue	342.39M	367.25M	320.04M	210.70M
Gross Profit	271.33M	317.13M	272.38M	161.48M
EBITDA	9.97M	32.58M	62.66M	-33.99M
Net Income	3.58M	68.74M	38.12M	-54.86M
Balance Sheet
Total Assets	525.91M	678.43M	319.79M	195.08M
Cash, Cash Equivalents and Short-Term Investments	186.61M	349.28M	62.59M	45.50M
Total Debt	25.50M	0.00	64.45M	61.05M
Total Liabilities	238.26M	221.15M	291.86M	229.87M
Stockholders Equity	287.65M	457.28M	27.93M	-34.79M
Cash Flow
Free Cash Flow	74.98M	105.72M	14.49M	-64.76M
Operating Cash Flow	95.27M	115.92M	22.72M	-56.50M
Investing Cash Flow	-34.30M	-10.20M	19.67M	-35.68M
Financing Cash Flow	-224.05M	181.38M	2.38M	74.05M

Ibotta, Inc. Class A Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 26.27
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IBTA, the sentiment is Positive. The current price of 26.27 is above the 20-day moving average (MA) of 23.48, above the 50-day MA of 22.45, and below the 200-day MA of 28.77, indicating a neutral trend. The MACD of 0.77 indicates Negative momentum. The RSI at 63.74 is Neutral, neither overbought nor oversold. The STOCH value of 76.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IBTA.

Ibotta, Inc. Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DSP	75 Outperform	$746.30M	8.21	19.72%	―	22.97%	49.49%
OPFI	70 Outperform	$701.51M	0.51	73.23%	―	9.63%	-112.71%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SPT	59 Neutral	$336.97M	-15.25	-22.88%	―	13.09%	32.34%
BMBL	57 Neutral	$426.15M	-0.53	-106.91%	―	-7.43%	61.36%
IBTA	56 Neutral	$639.68M	―	1.04%	―	-4.42%	603.17%
SMRT	54 Neutral	$309.48M	-6.33	-25.34%	―	-24.30%	-181.62%

Ibotta, Inc. Class A Corporate Events

Ibotta Expands Share Repurchase Authorization to $400 Million

Ibotta, Inc. Class A launched a share repurchase program in August 2024 authorizing the buyback of up to $300 million of its Class A common stock, and on March 11, 2026, the board increased this authorization by an additional $100 million. The open-ended program, which may be executed via open market or privately negotiated transactions and can be altered or suspended at any time, gives the company added flexibility in managing its capital structure and signals a willingness to return capital to shareholders depending on market conditions and alternative investment opportunities.

The most recent analyst rating on (IBTA) stock is a Hold with a $26.00 price target. To see the full list of analyst forecasts on Ibotta, Inc. Class A stock, see the IBTA Stock Forecast page.