Latest Ratios: P/E Ratio 283.0x · EV/EBITDA 80.4x · 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 | $963M | $684M | $1.7B | — | — |
| Enterprise Value | $802M | $523M | $1.4B | — | — |
| P/E Ratio → | 283.00 | 189.42 | 25.42 | — | — |
| P/S Ratio | 2.81 | 2.00 | 4.76 | — | — |
| P/B Ratio | 3.55 | 2.38 | 3.82 | — | — |
| P/FCF | 12.85 | 9.12 | 16.54 | — | — |
| P/OCF | 10.11 | 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 | 80.42 | 52.44 | 38.85 | — | — |
| EV / EBIT | 484.73 | 316.06 | 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 | — | — | — | 8.13 | -7.59 |
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 | 0.4% | 0.5% | 3.9% | — | — |
| FCF Yield | 7.8% | 11.0% | 6.0% | — | — |
| Buyback Yield | 24.2% | 34.1% | 1.8% | — | — |
| Total Shareholder Yield | 24.2% | 34.1% | 1.8% | — | — |
| Shares Outstanding | — | $30M | $27M | $30M | $30M |
Retail partner concentration dependency
According to current market data, Ibotta trades at an EV/EBITDA multiple of 80.42, a valuation that appears disconnected from the company's recent negative revenue growth and suggests investors are pricing in a rapid recovery that remains unsupported by the current trajectory of the Ibotta Performance Network.
The elevated P/E of 283.00 implies that the market is assigning a significant growth premium to the company's proprietary data assets rather than its current earnings power. This valuation warrants caution, as the lack of a forward P/E suggests limited analyst consensus on when the business will return to sustainable, profitable growth.
Based on reported financial figures, Ibotta's ROIC has deteriorated from a peak of 66.1% in 2023Q4 to -6.9% in 2026Q1, indicating that the company is currently failing to generate positive returns on its invested capital as it navigates the transition to a network-based business model.
The sharp decline in ROIC suggests that the capital deployed toward infrastructure and network expansion is not yet yielding the expected operational leverage. Investors should monitor whether this trend reflects a structural shift in the business model's economics or merely a temporary digestion period following the recent IPO.
As reported in quarterly filings, Ibotta's asset turnover has remained stagnant at approximately 0.16 in 2026Q1, while days sales outstanding (DSO) of 214 days highlights significant friction in the cash conversion cycle compared to historical performance and broader software industry benchmarks.
The extended DSO suggests that the company may be facing challenges in collecting payments from CPG partners or retail intermediaries, which complicates cash flow forecasting. This inefficiency in working capital management appears to be a drag on the company's ability to self-fund its ongoing network expansion efforts.
Based on the latest balance sheet data, Ibotta maintains a current ratio of 1.80 as of 2026Q1, providing a sufficient liquidity cushion to navigate the current period of revenue contraction without immediate reliance on external financing or debt markets to sustain its core operations.
While the liquidity position is healthy, the reliance on cash reserves to fund share repurchases during a period of negative growth warrants further investigation by shareholders. The company's ability to maintain this ratio under stress will depend on its success in stabilizing the IPN segment and controlling operating expenses.
Investors frequently misapply traditional coupon-redemption metrics to Ibotta, failing to recognize that the company functions as a data infrastructure provider, which obscures the true value of its closed-loop attribution capabilities and the strategic importance of its direct API-level integrations with major retail partners.
Evaluating Ibotta solely through the lens of coupon volume ignores the high-margin potential of its data-driven advertising network. Analysts should instead focus on 'Redemption Velocity' and 'CPG Partner Count' as more accurate indicators of the platform's long-term competitive moat and potential for future margin expansion.
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Quick answers to the most common questions about buying IBTA stock.
Ibotta, Inc.'s current P/E ratio is 283.0x. The historical average is 107.4x. This places it at the 100th percentile of its historical range.
Ibotta, Inc.'s current EV/EBITDA is 80.4x. 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 283.0x. 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.