Latest Ratios: P/E Ratio 408.2x · EV/EBITDA 108.6x · ROE 1.0%. (2022–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Market Cap | $1.2B | $684M | $1.7B | — | — |
| Enterprise Value | $1.1B | $523M | $1.4B | — | — |
| P/E Ratio → | 408.17 | 189.42 | 25.42 | — | — |
| P/S Ratio | 3.64 | 2.00 | 4.76 | — | — |
| P/B Ratio | 5.13 | 2.38 | 3.82 | — | — |
| P/FCF | 16.60 | 9.12 | 16.54 | — | — |
| P/OCF | 13.06 | 7.18 | 15.08 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| EV / Revenue | — | 1.53 | 3.81 | — | — |
| EV / EBITDA | 108.62 | 52.44 | 38.85 | — | — |
| EV / EBIT | 654.69 | 53.12 | 57.10 | — | — |
| EV / FCF | — | 6.98 | 13.23 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Gross Margin | 78.1% | 78.1% | 86.4% | 85.1% | 76.6% |
| Operating Margin | 0.5% | 0.5% | 7.6% | 17.5% | -19.1% |
| Net Profit Margin | 1.0% | 1.0% | 18.7% | 11.9% | -26.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | 1.0% | 1.0% | 28.3% | 136.5% | — |
| ROA | 0.6% | 0.6% | 13.8% | 14.8% | -28.1% |
| ROIC | 1.1% | 1.1% | 30.4% | 219.7% | -358.2% |
| ROCE | 0.4% | 0.4% | 9.4% | 64.8% | -78.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 0.09 | 0.09 | — | 2.31 | — |
| Debt / EBITDA | 2.56 | 2.56 | — | 1.03 | — |
| Net Debt / Equity | — | -0.56 | -0.76 | 0.07 | — |
| Net Debt / EBITDA | -16.15 | -16.15 | -9.70 | 0.03 | — |
| Debt / FCF | — | -2.15 | -3.30 | 0.13 | — |
| Interest Coverage | — | — | — | 7.40 | -9.28 |
Net cash position: cash ($187M) exceeds total debt ($26M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 1.96 | 1.96 | 2.85 | 1.51 | 1.21 |
| Quick Ratio | 1.96 | 1.96 | 2.85 | 1.51 | 1.21 |
| Cash Ratio | 0.90 | 0.90 | 1.71 | 0.32 | 0.32 |
| Asset Turnover | — | 0.65 | 0.54 | 1.00 | 1.08 |
| Inventory Turnover | — | — | — | — | — |
| Days Sales Outstanding | — | 222.49 | 219.53 | 258.25 | 210.58 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | 0.2% | 0.5% | 3.9% | — | — |
| FCF Yield | 6.0% | 11.0% | 6.0% | — | — |
| Buyback Yield | 18.7% | 34.1% | 1.8% | — | — |
| Total Shareholder Yield | 18.7% | 34.1% | 1.8% | — | — |
| Shares Outstanding | — | $30M | $27M | $30M | $30M |
Includes 30+ ratios · 4 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying IBTA stock.
Ibotta, Inc.'s current P/E ratio is 408.2x. The historical average is 107.4x. This places it at the 100th percentile of its historical range.
Ibotta, Inc.'s current EV/EBITDA is 108.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 45.6x.
Ibotta, Inc.'s return on equity (ROE) is 1.0%. The historical average is 55.3%.
Based on historical data, Ibotta, Inc. is trading at a P/E of 408.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ibotta, Inc. has 78.1% gross margin and 0.5% operating margin.
Ibotta, Inc.'s Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Walmart concentration and EPS miss
Metrics are mathematically derived from official filings.
Margin Compression Signals Mix Shift
Gross margin fell from 87.7% in 2024Q3 to 78.4% in 2026Q2, a 930 bps decline, while operating margin swung to -2.1%, indicating a shift toward lower-margin IPN revenue and negative operating leverage.
The reported gross margin erosion suggests that the revenue mix is increasingly weighted toward the Ibotta Performance Network, which likely carries higher publisher payouts than the legacy DTC app. Operating margin deterioration from +21.0% in 2024Q3 to -2.1% in 2026Q2 implies that fixed SG&A and R&D costs are not scaling down with the revenue contraction, inverting operating leverage. Investors should monitor whether the recent sequential revenue uptick can restore margin expansion, as the current cost structure appears misaligned with the lower revenue base.
Return on Capital Decays Sharply
ROIC swung from 40.0% in 2024Q1 to -1.2% in 2026Q2, while ROE fell from 25.8% to -0.5%, per reported figures, indicating a collapse in capital efficiency as losses persist and equity is eroded by buybacks.
The dramatic decline in ROIC and ROE reflects both deteriorating profitability and a shrinking equity base, as cumulative net losses of $60.7M and $334.9M in buybacks reduced shareholders' equity from $457.3M to $241.6M. The positive returns in early 2024 were likely inflated by one-time gains, as evidenced by the 77.4% net margin in 2024Q4, masking the underlying operational strain. The current negative returns suggest that the company is not generating sufficient operating income to cover its capital base, a trend that warrants close monitoring if the IPN expansion does not translate into sustained profitability.
Working Capital Efficiency Deteriorates
DSO rose from 204 days in 2024Q3 to 198 days in 2026Q2, while DPO fell from 51 to 34 days, per balance sheet data, indicating slower collections and faster payments to suppliers, pressuring cash conversion.
The stable-to-slightly-improving DSO is offset by a significant reduction in DPO, which suggests that Ibotta is paying publishers and suppliers more quickly, potentially to maintain network relationships, but at the cost of working capital. The cash conversion cycle remains negative due to negative DIO, but the trend in DPO indicates a loss of supplier leverage. Asset turnover has also declined from 0.26 in 2024Q1 to 0.18 in 2026Q2, reflecting lower revenue relative to the asset base, which may indicate that the company is investing in infrastructure (PPE grew from $2.4M to $33.0M) without commensurate top-line growth.
Low Debt Masks Rising Obligations
Debt-to-equity remains low at 0.10 as of 2026Q2, but total debt of $25.1M is a new obligation, up from zero in 2024Q4, per balance sheet data, while interest coverage is unavailable, warranting scrutiny.
The company's leverage is minimal, but the introduction of debt suggests a shift in capital structure, possibly to fund buybacks or operational needs. The D/EBITDA ratio of 16.79 in 2026Q2 is elevated relative to the low absolute debt, reflecting the weak EBITDA base. While the balance sheet appears healthy with $148.2M in cash, the rapid depletion of cash (from $349.3M to $148.2M) and the new debt obligation indicate that the company may be approaching a liquidity inflection point if losses persist.
Liquidity Cushion Thins Rapidly
Current ratio fell from 2.85 in 2024Q4 to 1.71 in 2026Q2, while cash dropped from $349.3M to $148.2M, per balance sheet data, signaling a thinner buffer against operational shocks.
The declining current ratio and cash balance suggest that the company is consuming its liquidity buffer to fund buybacks and operating losses, despite positive free cash flow. The quick ratio equals the current ratio, indicating no inventory dependence, which is typical for a software model. However, the rapid cash burn, if it continues, could strain liquidity within a few quarters, especially if revenue growth does not accelerate. Investors should monitor whether the recent sequential revenue improvement translates into sustained cash generation.
Misapplied P/E Obscures True Value
The trailing P/E of 314.25 is misleading given the distorted net income in 2024Q4, which included a one-time tax benefit, per reported figures; EV/EBITDA of 79.91 better reflects the strained operating profitability.
The P/E ratio is commonly misapplied to Ibotta because the TTM net income is artificially inflated by a one-time gain, making the multiple appear extreme and uninformative. Instead, EV/EBITDA, which is based on operating earnings, provides a clearer picture of valuation relative to the company's core business, though it remains elevated at 79.91. Investors should also consider EV/Sales or P/FCF, as the company generates positive free cash flow despite accounting losses, making P/FCF of 12.78 a more meaningful metric for assessing value.