Ibotta, Inc. (IBTA) 10-Year Financial Performance & Capital Metrics

IBTA • • Industrial / General

TechnologyApplication SoftwareMarketing & Customer EngagementDigital Advertising

AboutIbotta, 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.Show more

Revenue $367M +14.8%
EBITDA $36M -42.5%
Net Income $69M +80.3%
EPS (Diluted) 2.56 +103.2%
Gross Margin 86.35% +1.5%
EBITDA Margin 9.8% -49.9%
Operating Margin 7.6% -56.5%
Net Margin 18.72% +57.2%
ROE 28.33% -79.2%
ROIC 29.37% -83.8%
Debt/Equity 0.00 -99.9%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 82.4%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 28.8% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 11.2% through buybacks

✗Weaknesses

✗Weak momentum: RS Rating 9 (bottom 9%)
✗Thin 5Y average net margin of 1.5%
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-

TTM-4.42%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM619.95%

EPS CAGR

10Y-

5Y-

3Y-

TTM1915.42%

ROCE

10Y Avg-1.53%

5Y Avg-1.53%

3Y Avg-1.53%

Latest9.37%

Peer Comparison

Digital Advertising

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SEMRSemrush Holdings, Inc.	1.54B	11.88	214.83	22.47%	-1.05%	-1.51%	2.8%	0.05
APPAppLovin Corporation	186.71B	606.99	133.99	43.44%	51.28%	192.05%	1.12%	3.26
DSPViant Technology Inc.	199.15M	11.94	99.50	29.74%	1.85%	2.32%	24.74%	0.09
VTEXVtex	327.46M	3.37	54.01	12.5%	7.03%	6.81%	7.69%	0.01
TTDThe Trade Desk, Inc.	15.95B	36.23	46.45	25.63%	15.72%	16.86%	3.96%	0.11
PUBMPubMatic, Inc.	299.11M	7.84	34.09	9.08%	-2.51%	-2.96%	11.67%	0.16
DVDoubleVerify Holdings, Inc.	1.7B	10.56	33	14.72%	6.1%	4.16%	7.79%	0.08
MTCHMatch Group, Inc.	7.46B	31.60	15.64	3.41%	16.2%		11.83%

Profit & Loss

	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	210.7M	320.04M	367.25M
Revenue Growth %	-	0.52%	0.15%
Cost of Goods Sold+	49.22M	47.65M	50.12M
COGS % of Revenue	0.23%	0.15%	0.14%
Gross Profit+	161.48M	272.38M	317.13M
Gross Margin %	0.77%	0.85%	0.86%
Gross Profit Growth %	-	0.69%	0.16%
Operating Expenses+	201.79M	216.38M	289.21M
OpEx % of Revenue	0.96%	0.68%	0.79%
Selling, General & Admin	159.23M	166.39M	221.95M
SG&A % of Revenue	0.76%	0.52%	0.6%
Research & Development	42.56M	50M	63.27M
R&D % of Revenue	0.2%	0.16%	0.17%
Other Operating Expenses	0	0	3.98M
Operating Income+	-40.31M	56M	27.93M
Operating Margin %	-0.19%	0.17%	0.08%
Operating Income Growth %	-	2.39%	-0.5%
EBITDA+	-33.99M	62.66M	36.01M
EBITDA Margin %	-0.16%	0.2%	0.1%
EBITDA Growth %	-	2.84%	-0.43%
D&A (Non-Cash Add-back)	6.32M	6.66M	8.08M
EBIT	-40.31M	56M	24.5M
Net Interest Income+	-5.31M	-6.88M	9.41M
Interest Income	0	0	9.41M
Interest Expense	5.31M	6.88M	0
Other Income/Expense	-14.29M	-11.95M	-3.43M
Pretax Income+	-54.6M	44.05M	24.5M
Pretax Margin %	-0.26%	0.14%	0.07%
Income Tax+	262K	5.93M	-44.25M
Effective Tax Rate %	1%	0.87%	2.81%
Net Income+	-54.86M	38.12M	68.74M
Net Margin %	-0.26%	0.12%	0.19%
Net Income Growth %	-	1.69%	0.8%
Net Income (Continuing)	-54.86M	38.12M	68.74M
Discontinued Operations	0	0	0
Minority Interest	0	0	0
EPS (Diluted)+	-1.81	1.26	2.56
EPS Growth %	-	1.7%	1.03%
EPS (Basic)	-1.81	1.26	2.85
Diluted Shares Outstanding	30.24M	30.24M	26.86M
Basic Shares Outstanding	30.24M	30.24M	24.12M
Dividend Payout Ratio	-	-	-

Balance Sheet

	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	174.46M	298.34M	581.74M
Cash & Short-Term Investments	45.5M	62.59M	349.28M
Cash Only	17.82M	62.59M	349.28M
Short-Term Investments	27.68M	0	0
Accounts Receivable	121.56M	226.44M	220.88M
Days Sales Outstanding	210.58	258.25	219.53
Inventory	0	0	0
Days Inventory Outstanding	-	-	-
Other Current Assets	7.4M	922K	1.24M
Total Non-Current Assets+	20.62M	21.45M	96.69M
Property, Plant & Equipment	5.56M	3.37M	1.95M
Fixed Asset Turnover	37.91x	94.91x	188.24x
Goodwill	0	0	0
Intangible Assets	8.75M	12.84M	16.2M
Long-Term Investments	4.53M	4.53M	4.53M
Other Non-Current Assets	263K	699K	74M
Total Assets+	195.08M	319.79M	678.43M
Asset Turnover	1.08x	1.00x	0.54x
Asset Growth %	-	0.64%	1.12%
Total Current Liabilities+	143.9M	198.15M	204.16M
Accounts Payable	5.86M	8.94M	7.16M
Days Payables Outstanding	43.45	68.45	52.14
Short-Term Debt	1.62M	0	0
Deferred Revenue (Current)	1000K	0	0
Other Current Liabilities	119.16M	162.88M	177.49M
Current Ratio	1.21x	1.51x	2.85x
Quick Ratio	1.21x	1.51x	2.85x
Cash Conversion Cycle	-	-	-
Total Non-Current Liabilities+	85.98M	93.71M	16.98M
Long-Term Debt	61.05M	64.45M	0
Capital Lease Obligations	3.3M	1.55M	0
Deferred Tax Liabilities	0	0	0
Other Non-Current Liabilities	21.62M	27.72M	16.98M
Total Liabilities	229.87M	291.86M	221.15M
Total Debt+	65.98M	67.75M	1.55M
Net Debt	48.16M	5.16M	-347.73M
Debt / Equity	-	2.43x	0.00x
Debt / EBITDA	-	1.08x	0.04x
Net Debt / EBITDA	-	0.08x	-9.66x
Interest Coverage	-7.59x	8.13x	-
Total Equity+	-34.79M	27.93M	457.28M
Equity Growth %	-	1.8%	15.37%
Book Value per Share	-1.15	0.92	17.02
Total Shareholders' Equity	-34.79M	27.93M	457.28M
Common Stock	0	0	0
Retained Earnings	-247.31M	-209.19M	-140.45M
Treasury Stock	0	0	-31.32M
Accumulated OCI	-126K	0	0
Minority Interest	0	0	0

Cash Flow

	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-56.5M	22.72M	115.92M
Operating CF Margin %	-0.27%	0.07%	0.32%
Operating CF Growth %	-	1.4%	4.1%
Net Income	-54.86M	38.12M	68.74M
Depreciation & Amortization	6.32M	6.66M	8.08M
Stock-Based Compensation	6.5M	6.99M	46.92M
Deferred Taxes	0	0	0
Other Non-Cash Items	12.32M	22.55M	44.94M
Working Capital Changes	-26.78M	-51.6M	-52.76M
Change in Receivables	-34.51M	-105.71M	4.4M
Change in Inventory	0	0	0
Change in Payables	-4.53M	1.82M	-911K
Cash from Investing+	-35.68M	19.67M	-10.2M
Capital Expenditures	-8.26M	-548K	-871K
CapEx % of Revenue	0.04%	0%	0%
Acquisitions	-	-	-
Investments	-	-	-
Other Investing	0	-7.68M	-9.33M
Cash from Financing+	74.05M	2.38M	181.38M
Debt Issued (Net)	-	-	-
Equity Issued (Net)	-	-	-
Dividends Paid	0	0	0
Share Repurchases	-	-	-
Other Financing	-75.41M	-12K	6.01M
Net Change in Cash	-	-	-
Free Cash Flow+	-64.76M	14.49M	105.72M
FCF Margin %	-0.31%	0.05%	0.29%
FCF Growth %	-	1.22%	6.3%
FCF per Share	-2.14	0.48	3.94
FCF Conversion (FCF/Net Income)	1.03x	0.60x	1.69x
Interest Paid	3.52M	5.49M	2.58M
Taxes Paid	71K	4.11M	13.21M

Key Ratios

Metric	2022	2023	2024
Return on Equity (ROE)	-	136.48%	28.33%
Return on Invested Capital (ROIC)	-226.24%	180.84%	29.37%
Gross Margin	76.64%	85.11%	86.35%
Net Margin	-26.04%	11.91%	18.72%
Debt / Equity	-	2.43x	0.00x
Interest Coverage	-7.59x	8.13x	-
FCF Conversion	1.03x	0.60x	1.69x
Revenue Growth	-	51.89%	14.75%

Revenue by Segment

	2024
Breakage	14.85M
Breakage Growth	-

Frequently Asked Questions

Valuation & Price

Ibotta, Inc. (IBTA) has a price-to-earnings (P/E) ratio of 9.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Ibotta, Inc. (IBTA) reported $352.2M in revenue for fiscal year 2024. This represents a 67% increase from $210.7M in 2022.

Ibotta, Inc. (IBTA) grew revenue by 14.8% over the past year. This is steady growth.

Yes, Ibotta, Inc. (IBTA) is profitable, generating $80.8M in net income for fiscal year 2024 (18.7% net margin).

Dividend & Returns

Ibotta, Inc. (IBTA) has a return on equity (ROE) of 28.3%. This is excellent, indicating efficient use of shareholder capital.

Ibotta, Inc. (IBTA) generated $70.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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