IBTA Class A Ibotta, Inc. Class A Common Stock
NYSE · Media · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 4, 2026IBTA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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About Ibotta, Inc. Class A Common Stock Company overview from Wikipedia
Ibotta, Inc. is an American mobile technology company headquartered in Denver, Colorado. Founded in 2011, the company offers cash back rewards on various purchases through its Ibotta Performance Network and direct to consumer app. Ibotta partners with CPG (consumer packaged goods) brands and network publishers to provide these rewards. As of 2024, the company operates solely in the United States. The company's rewards-as-a-service offering, the Ibotta Performance Network, went live in 2022.
In August 2019, Ibotta received a $1 billion valuation after its Series D funding, and in 2023, the company surpassed $1.5 billion cash rewards paid to over 50 million consumers since the company's founding. Ibotta became a publicly traded company in April 2024 with a listing on the New York Stock Exchange. As of September 2025, Ibotta is trading at approximately $27.13 per share, marking a 69% decline from its initial public offering price of $88 per share on April 18, 2024.
History
Founding through early 2019
Ibotta was founded by current CEO Bryan Leach. The company was incorporated in 2011 and the app launched to both the App Store and Google Play stores in 2012. Early investors included entrepreneur and computer scientist Jim Clark and Tom “TJ” Jermoluk, Chairman of @Home Network.
In 2015, Ibotta expanded beyond item level grocery, adding the ability to get cash back on in-store retail purchases. In 2016, in-app mobile commerce began, allowing users to navigate from the Ibotta app to its partners' apps to earn cash back on purchases.
In 2016 with a Series C investment, Ibotta had raised over $73 million in funding. In March of that year, Ibotta partnered with Anheuser-Busch to offer cash back for adults who purchased its products. In May, the company partnered with LiveRamp so that companies could use their CRM data to create segmented, personalized campaigns. At the time, the company had around 200 full- and part-time employees and moved from offices in Lower Downtown Denver (LoDo) to a 40,000-square-foot office in the central Denver business district. A year later, the company had to expand to a second floor as it added almost another 100 employees.
In 2017, Ibotta added cash back for Uber to its app as well as cash back rewards for online and mobile purchases.
In 2018, Ibotta was listed on the Inc. 5,000 list as one of the fastest growing private companies in the U.S. A year later, in January 2019, the Ibotta app had been downloaded more than 30 million times with users receiving a reported $500 million in cash back rewards. That year, Ibotta was the largest mobile company in Colorado with six million monthly active users.
August 2019 to present
In August 2019, Ibotta was valued at $1 billion, following a Series D round of funding. The round was led by Koch Disruptive Technologies, a subsidiary of Koch Industries.
2019 was also the year the company introduced Pay with Ibotta, which allowed users to complete purchases at key retailers on the Ibotta app and earn instant cash back in the process. With that new service, users were able to enter their purchase total and use a QR code to checkout and receive immediate cash back.
In 2020, the company partnered with Trees for the Future to plant up to 1 million trees as part of an Earth Month campaign to raise awareness about the waste of unused paper coupons. In response to the COVID-19 pandemic, Ibotta partnered with CPG brands in their “Here to Help” campaign and together committed over $10 million in cash back to American consumers. The company added the ability to earn cash back from online grocery pick-up and delivery orders.
Later that year, Ibotta started its free Thanksgiving program, providing users with 100% cash back on select groceries needed for a Thanksgiving meal. By 2022, the company had provided approximately 10 million Thanksgiving meals.
In 2021, Ibotta acquired the company OctoShop (originally InStok), a shopping browser extension company. The OctoShop app enables users to compare prices across stores and set restock and price-drop alerts.
In April 2022, the Ibotta Performance Network (IPN) was launched. The IPN allows brands to deliver digital offers to consumers through third party publishers. Retailers including Walmart, Dollar General and Family Dollar, food delivery services including Instacart, and convenience stores including Shell are all part of the Ibotta Performance Network. This pay-per-sales or success-based performance network reaches over 200 million consumers.
On April 18, 2024, Ibotta had its initial public offering (IPO), trading on the New York Stock Exchange (NYSE) under the ticker symbol IBTA. It was the largest technology IPO in Colorado history.
In October 2025, Ibotta announced a partnership with technology and analytics company Circana, integrating Circana's Household Lift measurement into Ibotta campaigns to give CPG brands an increased understanding of the impact of their promotional campaigns. On November 3, 2025, Ibotta launched LiveLift, a tool for companies to measure the return on investment of digital promotions, in order to optimize performance marketing goals.
Athletic partnerships
Ibotta became the official jersey patch partner of the New Orleans Pelicans, a professional men's basketball team in the National Basketball Association (NBA), for the 2020–2021 and 2023–2024 seasons.
Ibotta became the official jersey patch partner of the 2023 NBA champion Denver Nuggets basketball team beginning in the 2023–2024 season.
In March 2023, F1 driver Logan Sargeant, the first U.S. racer to compete in F1 since 2015, partnered with Ibotta. The Ibotta logo was displayed on Sargeant's racing helmet throughout his F1 career.
In June 2023, UConn Huskies women's basketball player Paige Bueckers entered into a "name, image, and likeness" (NIL) promotional agreement with Ibotta. According to a press release by Ibotta, the company has agreements with The Brandr Group, which finds NIL opportunities for women college athletes, and the Pearpop social media marketing platform to promote Ibotta.
Legal issues
In April 2025, shareholders filed a class action lawsuit—Fortune v. Ibotta, Inc., in the U.S. District Court for the District of Colorado (Case No. 25-cv-01213)—alleging that the registration statement in connection with Ibotta’s April 2024 initial public offering omitted material information. The complaint claims that, although Ibotta disclosed detailed terms for its contract with Walmart Inc., it failed to warn investors that its agreement with The Kroger Co., its second-largest client, was terminable at will and thus could be canceled without warning, creating a misleading impression of stability.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | IBTA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -90.5 | · | · | · | |
| P/S (TTM) | 4.0 | · | 2.2 | Overvalued | |
| P/B (MRQ) | 5.7 | · | 2.0 | Overvalued | |
| Price / FCF (TTM) | 18.6 | · | · | · | |
| Price / Cash Flow (TTM) | 14.9 | · | 8.2 | Fair value | |
| Price / Tangible Book | 4.8 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | IBTA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 78.2% | · | 75.3% | In line | |
| Operating Margin (TTM) | -3.5% | · | 1.5% | Weak | |
| EBITDA Margin (TTM) | -0.59% | · | 7.1% | Weak | |
| Pretax Margin (TTM) | -1.3% | · | -0.60% | In line | |
| Net Profit Margin (TTM) | -3.2% | · | -1.2% | Weak | |
| ROA (TTM) | -2.0% | · | -0.13% | Top tier | |
| ROE (TTM) | -3.7% | · | -0.67% | Top tier | |
| ROIC | -0.11% | · | 0.48% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | IBTA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 1.7 | · | 1.7 | In line | |
| Quick Ratio | 1.9 | · | 1.2 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | IBTA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | -6.8%5Y avg ≈20.0% | ≈20.0% | · | · | |
| Revenue CAGR 3Y | 17.6% | · | · | · | |
| EPS YoY | -95.3% | · | · | · | |
| Net Income YoY | -94.8% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | IBTA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.6 | · | 0.6 | In line | |
| Receivables Turnover | 1.6 | · | 4.0 | Weak | |
| Revenue / Employee | ≈$428.0K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 17, 2026 | $-0.05 | $-0.21 | 75.7% |
| March 31, 2026 | $-0.43 | $-0.30 | -41.9% | |
| Dec. 31, 2025 | $-0.04 | $-0.01 | -292.2% | |
| Sept. 30, 2025 | $0.05 | $0.00 | — | |
| June 30, 2025 | $0.08 | $0.20 | -59.3% | |
| March 31, 2025 | $0.06 | $0.01 | 311.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $342M | $367M | $320M | $211M | |
| Cost of Revenue | $71M | $50M | $44M | $46M | |
| Gross Profit | $271M | $317M | $276M | $165M | |
| R&D Expense | $61M | $63M | $50M | $43M | |
| SG&A Expense | $88M | $83M | $52M | $49M | |
| Operating Expenses | $272M | $289M | $220M | $205M | |
| Operating Income | $-841.0K | $28M | $56M | $-40M | |
| Other Non-op | $-93.0K | $-3M | $-5M | $-9M | |
| Pretax Income | $10M | $24M | $44M | $-55M | |
| Income Tax | $6M | $-44M | $6M | $262.0K | |
| Net Income | $4M | $69M | $38M | $-55M | |
| EPS (Basic) | $0.13 | $2.85 | $4.26 | $-6.33 | |
| EPS (Diluted) | $0.12 | $2.56 | $1.42 | $-6.33 | |
| Shares (Basic) | 28,366,770 | 24,124,833 | 8,948,537 | 8,672,426 | |
| Shares (Diluted) | 30,100,579 | 26,860,931 | 26,921,567 | 8,672,426 | |
| EBITDA | $7M | $36M | · | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $187M | $349M | $63M | · | |
| Receivables | $209M | $221M | $226M | · | |
| Prepaid Expense | $13M | $11M | $9M | · | |
| Current Assets | $408M | $582M | $298M | · | |
| PP&E (Net) | $23M | $2M | $3M | · | |
| PP&E (Gross) | $26M | $12M | $11M | · | |
| Accum. Depreciation | $3M | $10M | $9M | · | |
| Other Non-current Assets | $1M | $794.0K | $2M | · | |
| Total Assets | $526M | $678M | $320M | · | |
| Accounts Payable | $11M | $7M | $9M | · | |
| Accrued Liabilities | $20M | $18M | $25M | · | |
| Current Liabilities | $208M | $204M | $198M | · | |
| Capital Leases | $26M | $0 | $2M | · | |
| Other Non-current Liabilities | · | $17M | $4M | · | |
| Total Liabilities | $238M | $221M | $292M | · | |
| Long-term Debt | $0 | $0 | $64M | · | |
| Total Debt | · | $0 | · | · | |
| Common Stock | · | $0 | $0 | · | |
| Paid-in Capital | $692M | $629M | $237M | · | |
| Retained Earnings | $-137M | $-140M | $-209M | · | |
| Treasury Stock | $268M | $31M | $0 | · | |
| Stockholders' Equity | $288M | $457M | $28M | $-35M | |
| Liabilities + Equity | $526M | $678M | $320M | · | |
| Shares Outstanding | 32,567,080 | 31,470,095 | 9,207,337 | 8,793,880 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| D&A | $8M | $8M | $7M | $6M | |
| Stock-based Comp | $44M | $47M | $7M | $6M | |
| Deferred Tax | $3M | $-54M | $0 | $0 | |
| Other Non-cash | $36M | $46M | · | · | |
| Operating Cash Flow | $95M | $116M | $23M | $-56M | |
| CapEx | $20M | $871.0K | $548.0K | $785.0K | |
| Investing Cash Flow | $-34M | $-10M | $20M | $-36M | |
| Stock Issued | · | $3M | $0 | $0 | |
| Stock Repurchased | $233M | $31M | $0 | $25.0K | |
| Net Stock Activity | $-233M | $-29M | · | · | |
| Financing Cash Flow | $-224M | $181M | $2M | $74M | |
| Net Change in Cash | $-163M | $287M | $45M | $-18M | |
| Taxes Paid | $5M | $13M | $4M | · | |
| Free Cash Flow | $75M | $115M | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Gross Margin | 79.2% | 86.4% | · | · | |
| Operating Margin | -0.25% | 7.6% | · | · | |
| Net Margin | 1.0% | 18.7% | · | · | |
| Pretax Margin | 2.9% | 6.7% | · | · | |
| EBITDA Margin | 2.2% | 9.8% | · | · | |
| ROA | 0.59% | 13.8% | · | · | |
| ROE | 1.1% | 16.5% | · | · | |
| ROIC | -0.11% | 17.1% | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | 2.0 | 2.8 | · | · | |
| Quick Ratio | 1.9 | 2.8 | · | · | |
| Debt / Equity | · | 0.0 | · | · | |
| LT Debt / Equity | · | 0.0 | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.7 | · | · | |
| Receivables Turnover | 1.6 | 1.6 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Book Value / Share | $8.83 | · | · | · | |
| Revenue / Share | $11.37 | $13.67 | · | · | |
| Cash Flow / Share | $3.17 | $4.32 | · | · | |
| Cash / Share | $5.73 | · | · | · | |
| EPS (TTM) | $0.12 | $2.56 | · | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | -6.8% | 14.8% | 51.9% | · | |
| Revenue CAGR 3Y | 17.6% | · | · | · | |
| EPS YoY | -95.3% | 80.3% | · | · | |
| Net Income YoY | -94.8% | 80.3% | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $342M | $367M | · | · | |
| Net Income TTM | $4M | $69M | · | · | |
| Market Cap | $740M | $0 | · | · | |
| Enterprise Value | · | $-349M | · | · | |
| P/E | 189.4 | 25.4 | · | · | |
| P/S | 2.2 | 0.0 | · | · | |
| P/B | 2.6 | · | · | · | |
| P / Tangible Book | 2.6 | 0.0 | · | · | |
| P / Cash Flow | 7.8 | 0.0 | · | · | |
| P / FCF | 9.9 | 0.0 | · | · | |
| EV / EBITDA | · | -9.7 | · | · | |
| EV / FCF | · | -3.0 | · | · | |
| EV / Revenue | · | -1.0 | · | · | |
| Earnings Yield | 0.53% | 3.9% | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $89M | $82M | $89M | $83M | $86M | $85M | $98M | $99M | $88M | $82M | $100M | $85M | $77M | $58M | |
| Cost of Revenue | $19M | $19M | $19M | $17M | $18M | $17M | $15M | $12M | $12M | $11M | $12M | $11M | $10M | $11M | |
| Gross Profit | $70M | $63M | $70M | $66M | $68M | $67M | $83M | $86M | $76M | $72M | $87M | $75M | $68M | $46M | |
| R&D Expense | $15M | $15M | $14M | $14M | $15M | $18M | $16M | $16M | $18M | $14M | $14M | $12M | $12M | $12M | |
| SG&A Expense | $22M | $24M | $22M | $22M | $22M | $21M | $20M | $21M | $29M | $13M | $13M | $12M | $13M | $13M | |
| Operating Expenses | $72M | $74M | $71M | $64M | $67M | $70M | $70M | $66M | $97M | $56M | $61M | $64M | $48M | $47M | |
| Operating Income | $-2M | $-11M | $-2M | $2M | $1M | $-3M | $13M | $21M | $-22M | $16M | $26M | $11M | $20M | $-942.0K | |
| Other Non-op | $-11.0K | $-31.0K | $-64.0K | $376.0K | $-6.0K | $-399.0K | $-25.0K | $-16.0K | $-1M | $-2M | $-2M | $-2M | $-238.0K | $-2M | |
| Pretax Income | $-532.0K | $-9M | $244.0K | $5M | $4M | $483.0K | $17M | $25M | $-30M | $12M | $22M | $8M | $18M | $-4M | |
| Income Tax | $697.0K | $969.0K | $1M | $4M | $1M | $-72.0K | $-59M | $8M | $4M | $3M | $4M | $-610.0K | $3M | $166.0K | |
| Net Income | $-1M | $-10M | $-1M | $2M | $2M | $555.0K | $76M | $17M | $-34M | $9M | $19M | $8M | $15M | $-4M | |
| EPS (Basic) | $-0.05 | $-0.43 | $-0.03 | $0.05 | $0.09 | $0.02 | $2.61 | $0.56 | $-1.32 | $1.00 | $2.08 | $0.94 | $1.73 | $-0.49 | |
| EPS (Diluted) | $-0.05 | $-0.43 | $-0.03 | $0.05 | $0.08 | $0.02 | $3.04 | $0.51 | $-1.32 | $0.33 | $1.02 | $0.31 | $0.58 | $-0.49 | |
| Shares (Basic) | 23,280,652 | 24,145,066 | · | 27,995,708 | 28,479,977 | 30,779,430 | · | 30,663,263 | 25,659,465 | 9,310,928 | · | 8,960,311 | 8,882,350 | 8,819,693 | |
| Shares (Diluted) | 23,280,652 | 24,145,066 | · | 29,376,837 | 30,433,519 | 33,218,817 | · | 33,567,489 | 25,659,465 | 28,356,797 | · | 26,830,524 | 26,563,550 | 8,819,693 | |
| EBITDA | $-2M | $-8M | · | $2M | $1M | $-638.0K | · | $21M | $-22M | $18M | · | · | · | · |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $148M | $165M | $187M | $223M | $251M | $297M | $349M | $341M | $318M | $79M | · | · | · | · | |
| Receivables | $203M | $183M | $209M | $213M | $209M | $206M | $221M | $228M | $209M | $206M | · | · | · | · | |
| Prepaid Expense | $14M | $13M | $13M | $19M | $23M | $24M | $11M | $7M | $7M | $14M | · | · | · | · | |
| Current Assets | $366M | $361M | $408M | $455M | $483M | $528M | $582M | $576M | $534M | $300M | · | · | · | · | |
| PP&E (Net) | $23M | $23M | $23M | $20M | $9M | $4M | $2M | $2M | $2M | $2M | · | · | · | · | |
| PP&E (Gross) | · | · | $26M | · | · | · | $12M | · | · | · | · | · | · | · | |
| Accum. Depreciation | $4M | $4M | $3M | $10M | $10M | $10M | $10M | $10M | $9M | $9M | · | · | · | · | |
| Other Non-current Assets | $810.0K | $961.0K | $1M | $962.0K | $738.0K | $792.0K | $794.0K | $183.0K | $652.0K | $1M | · | · | · | · | |
| Total Assets | $485M | $480M | $526M | $569M | $601M | $639M | $678M | $598M | $556M | $322M | · | · | · | · | |
| Accounts Payable | $7M | $7M | $11M | $15M | $11M | $11M | $7M | $8M | $5M | $8M | · | · | · | · | |
| Accrued Liabilities | $19M | $20M | $20M | $17M | $18M | $15M | $18M | $18M | $17M | $15M | · | · | · | · | |
| Current Liabilities | $213M | $201M | $208M | $207M | $204M | $197M | $204M | $211M | $190M | $182M | · | · | · | · | |
| Capital Leases | $25M | $25M | $26M | $25M | $25M | $25M | $0 | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | $9M | $6M | $4M | · | · | · | · | |
| Total Liabilities | $244M | $231M | $238M | $240M | $247M | $238M | $221M | $220M | $196M | $278M | · | · | · | · | |
| Long-term Debt | · | · | $0 | · | · | · | $0 | $0 | $0 | $65M | · | · | · | · | |
| Total Debt | · | · | · | · | · | · | · | $0 | $0 | $65M | · | · | · | · | |
| Common Stock | · | · | · | · | · | · | · | $0 | $0 | $0 | · | · | · | · | |
| Paid-in Capital | $726M | $709M | $692M | $678M | $664M | $646M | $629M | $610M | $594M | $244M | · | · | · | · | |
| Retained Earnings | $-148M | $-147M | $-137M | $-136M | $-137M | $-140M | $-140M | $-217M | $-234M | $-200M | · | · | · | · | |
| Treasury Stock | $336M | $313M | $268M | $212M | $173M | $105M | $31M | $16M | · | · | · | · | · | · | |
| Stockholders' Equity | $242M | $249M | $288M | $330M | $354M | $401M | $457M | $378M | $360M | $44M | $28M | · | · | · | |
| Liabilities + Equity | $485M | $480M | $526M | $569M | $601M | $639M | $678M | $598M | $556M | $322M | · | · | · | · | |
| Shares Outstanding | 33,306,135 | 32,841,984 | 32,567,080 | 32,354,468 | 32,185,198 | 31,810,844 | 31,470,095 | 0 | 0 | 9,417,665 | 9,207,337 | · | · | · |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $3M | $3M | $2M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $915.0K | $2M | $2M | $2M | |
| Stock-based Comp | $13M | $15M | $11M | $10M | $11M | $12M | $11M | $11M | $23M | $2M | $2M | $2M | $2M | $2M | |
| Deferred Tax | $844.0K | $583.0K | · | · | $-1M | $0 | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | $23M | · | · | · | $6M | · | · | · | $6M | · | · | · | · | |
| Operating Cash Flow | $13M | $30M | $28M | $22M | $26M | $20M | $22M | $40M | $35M | $19M | $24M | $-2M | $-2M | $3M | |
| CapEx | $890.0K | $3M | $8M | $7M | $4M | $2M | $216.0K | $302.0K | $201.0K | $152.0K | $176.0K | $170.0K | $191.0K | $11.0K | |
| Investing Cash Flow | $-5M | $-7M | $-11M | $-11M | $-7M | $-5M | $-3M | $-3M | $-2M | $-2M | $-2M | $-2M | $15M | $9M | |
| Stock Repurchased | $26M | $45M | $55M | $38M | $70M | $70M | $16M | $16M | $0 | $0 | $0 | · | · | · | |
| Net Stock Activity | · | $-45M | · | · | · | $-70M | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-24M | $-45M | $-53M | $-38M | $-66M | $-67M | $-11M | $-13M | $206M | $9.0K | $1M | $479.0K | $411.0K | $260.0K | |
| Net Change in Cash | $-16M | $-22M | $-37M | $-27M | $-47M | $-52M | $8M | $23M | $238M | $17M | $23M | $-4M | $13M | $12M | |
| Free Cash Flow | · | $27M | · | · | · | $18M | · | · | · | $19M | · | · | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.4% | 76.4% | · | 79.4% | 79.2% | 79.8% | · | 87.7% | 86.0% | 87.2% | · | · | · | · | |
| Operating Margin | -2.1% | -13.1% | · | 2.8% | 1.4% | -3.3% | · | 21.0% | -24.6% | 19.3% | · | · | · | · | |
| Net Margin | -1.4% | -12.5% | · | 1.8% | 2.9% | 0.66% | · | 17.5% | -38.6% | 11.3% | · | · | · | · | |
| Pretax Margin | -0.60% | -11.3% | · | 6.3% | 4.5% | 0.57% | · | 25.5% | -34.2% | 15.1% | · | · | · | · | |
| EBITDA Margin | -2.1% | -9.7% | · | 2.8% | 1.4% | -0.75% | · | 21.0% | -24.6% | 21.6% | · | · | · | · | |
| ROA | -0.23% | -1.8% | · | 0.26% | 0.43% | 0.12% | · | 5.8% | -12.2% | 5.8% | · | · | · | · | |
| ROE | -0.41% | -3.2% | · | 0.43% | 0.70% | 0.25% | · | 9.1% | -18.9% | 42.2% | · | · | · | · | |
| ROIC | -1.8% | -4.8% | · | 0.21% | 0.23% | -0.80% | · | 3.8% | -6.8% | 10.9% | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.7 | 1.8 | · | 2.2 | 2.4 | 2.7 | · | 2.7 | 2.8 | 1.7 | · | · | · | · | |
| Quick Ratio | 1.6 | 1.7 | · | 2.1 | 2.3 | 2.6 | · | 2.7 | 2.8 | 1.6 | · | · | · | · | |
| Debt / Equity | · | · | · | · | · | · | · | 0.0 | 0.0 | 1.5 | · | · | · | · | |
| LT Debt / Equity | · | · | · | · | · | · | · | 0.0 | 0.0 | 1.5 | · | · | · | · |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.1 | · | 0.1 | 0.1 | 0.2 | · | 0.3 | 0.3 | 0.5 | · | · | · | · | |
| Receivables Turnover | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.9 | 0.8 | 0.8 | · | · | · | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $7.25 | $7.58 | · | $10.19 | $11.00 | $12.61 | · | · | · | $4.68 | · | · | · | · | |
| Revenue / Share | $3.82 | $3.42 | · | $2.83 | $2.83 | $2.55 | · | $2.94 | $3.43 | $2.90 | · | · | · | · | |
| Cash Flow / Share | · | $1.26 | · | · | · | $0.60 | · | · | · | $0.68 | · | · | · | · | |
| Cash / Share | $4.45 | $5.01 | · | $6.90 | $7.78 | $9.34 | · | · | · | $8.44 | · | · | · | · | |
| EPS (TTM) | $-0.46 | $-0.33 | · | $3.19 | $3.65 | $2.25 | · | $0.54 | $0.34 | $2.24 | · | · | · | · |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $343M | $340M | · | $352M | $368M | $370M | · | $369M | $355M | $345M | · | · | · | · | |
| Net Income TTM | $-11M | $-7M | · | $81M | $96M | $60M | · | $11M | $2M | $52M | · | · | · | · | |
| Market Cap | $1.14B | $984M | · | $901M | $1.18B | $1.34B | · | $0 | $0 | · | · | · | · | · | |
| Enterprise Value | · | · | · | · | · | · | · | $-341M | $-318M | · | · | · | · | · | |
| P/E | -74.3 | -90.8 | · | 8.7 | 10.0 | 18.8 | · | 114.1 | 221.1 | · | · | · | · | · | |
| P/S | 3.3 | 2.9 | · | 2.6 | 3.2 | 3.6 | · | 0.0 | 0.0 | · | · | · | · | · | |
| P/B | 4.7 | 4.0 | · | 2.7 | 3.3 | 3.3 | · | · | · | · | · | · | · | · | |
| P / Tangible Book | 4.7 | 4.0 | · | 2.7 | 3.3 | 3.3 | · | 0.0 | 0.0 | · | · | · | · | · | |
| P / Cash Flow | · | 32.4 | · | · | · | 67.6 | · | · | · | · | · | · | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | -0.9 | -0.9 | · | · | · | · | · | |
| Earnings Yield | -1.4% | -1.1% | · | 11.5% | 10.0% | 5.3% | · | 0.88% | 0.45% | · | · | · | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Revenue | $342M | $367M | $320M | $211M |
| Gross Margin % | 79.2% | 86.4% | · | · |
| Operating Margin % | -0.25% | 7.6% | · | · |
| Net Income | $4M | $69M | $38M | $-55M |
| Diluted EPS | $0.12 | $2.56 | $1.42 | $-6.33 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Debt / Equity | · | 0.0 | · | · |
| Current Ratio | 2.0 | 2.8 | · | · |
| Quick Ratio | 1.9 | 2.8 | · | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Free Cash Flow | $75M | $115M | · | · |
Institutional owners (13F) 154 filers · $504.6M total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 28 (-8 vs prior Q) | 11 (-8 vs prior Q) | 40 (0 vs prior Q) | 46 (+8 vs prior Q) | -229K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Koch, Inc. | $149,932,647 | 4,389,129 | 29.71% | Shares |
| D. E. Shaw & Co., Inc. | $57,749,051 | 1,690,546 | 11.44% | Shares |
| HSBC HOLDINGS PLC | $35,700,218 | 1,016,521 | 7.08% | Shares |
| BlackRock, Inc. | $32,013,725 | 937,170 | 6.34% | Shares |
| VANGUARD GROUP INC | $26,480,337 | 1,164,995 | 5.25% | Shares |
| CITIGROUP INC | $22,032,244 | 644,972 | 4.37% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $18,065,209 | 528,841 | 3.58% | Shares |
| NOTABLE CAPITAL MANAGEMENT, L.L.C. | $11,479,195 | 336,042 | 2.27% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $11,378,901 | 333,106 | 2.26% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $9,487,183 | 277,664 | 1.88% | Shares |
| STATE STREET CORP | $9,308,156 | 272,487 | 1.84% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $7,620,515 | 223,083 | 1.51% | Shares |
| BANK OF AMERICA CORP /DE/ | $6,869,165 | 201,088 | 1.36% | Shares |
| DEUTSCHE BANK AG\ | $5,940,663 | 173,907 | 1.18% | Shares |
| UBS Group AG | $5,755,857 | 168,497 | 1.14% | Shares |
| MORGAN STANLEY | $5,619,252 | 164,498 | 1.11% | Shares |
| Nuveen, LLC | $5,551,308 | 162,509 | 1.10% | Shares |
| AMERICAN CENTURY COMPANIES INC | $5,135,853 | 150,347 | 1.02% | Shares |
| MILLENNIUM MANAGEMENT LLC | $4,115,324 | 120,472 | 0.82% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $3,848,466 | 112,660 | 0.76% | Shares |
| GOLDMAN SACHS GROUP INC | $3,610,780 | 105,702 | 0.72% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,539,864 | 103,626 | 0.70% | Shares |
| BARCLAYS PLC | $3,462,458 | 101,360 | 0.69% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $3,231,536 | 94,600 | 0.64% | Shares |
| NORTHERN TRUST CORP | $3,188,256 | 93,333 | 0.63% | Shares |
| XTX Topco Ltd | $3,018,036 | 88,350 | 0.60% | Shares |
| Point72 Asset Management, L.P. | $3,016,772 | 88,313 | 0.60% | Shares |
| CITADEL ADVISORS LLC | $3,016,362 | 88,301 | 0.60% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $2,945,855 | 86,237 | 0.58% | Shares |
| JPMORGAN CHASE & CO | $2,914,862 | 84,759 | 0.58% | Shares |
| JANE STREET GROUP, LLC | $2,895,538 | 84,764 | 0.57% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,739,564 | 80,198 | 0.54% | Shares |
| SAYBROOK CAPITAL /NC | $2,058,413 | 60,258 | 0.41% | Shares |
| Bank of New York Mellon Corp | $2,031,768 | 59,478 | 0.40% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,578,192 | 46,200 | 0.31% | Call option |
| UNITED CAPITAL FINANCIAL ADVISORS, LLC | $1,527,157 | 44,706 | 0.30% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $1,425,667 | 41,735 | 0.28% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,401,209 | 41,019 | 0.28% | Shares |
| Invesco Ltd. | $1,021,008 | 29,889 | 0.20% | Shares |
| Mariner, LLC | $897,854 | 26,283 | 0.18% | Shares |
| Quantinno Capital Management LP | $894,582 | 26,188 | 0.18% | Shares |
| ForthRight Wealth Management, LLC | $860,149 | 25,180 | 0.17% | Shares |
| Susquehanna Portfolio Strategies, LLC | $846,143 | 24,770 | 0.17% | Shares |
| Voleon Capital Management LP | $826,843 | 24,205 | 0.16% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $791,778 | 26,419 | 0.16% | Shares |
| ExodusPoint Capital Management, LP | $786,056 | 23,011 | 0.16% | Shares |
| OCCUDO QUANTITATIVE STRATEGIES LP | $782,093 | 22,895 | 0.15% | Shares |
| Swiss National Bank | $676,368 | 19,800 | 0.13% | Shares |
| FRANKLIN RESOURCES INC | $646,650 | 18,930 | 0.13% | Shares |
| WOLVERINE TRADING, LLC | $633,704 | 22,600 | 0.13% | Call option |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| KDT Ibotta Holdings, LLC, Koch, Inc. | April 2, 2026 | 20.70% | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 18 insiders · 11 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Bryan Leach | CEO AND PRESIDENT | Sept. 22, 2026 M | 823,886 | 0 | 51 | $-9,372,266 |
| Matthew H Puckett | Chief Financial Officer | Sept. 1, 2026 F | 303,479 | 0 | 0 | $0 |
| Sunit S Patel | CHIEF FINANCIAL OFFICER | March 1, 2025 F | 555,275 | 0 | 0 | $0 |
| Luke Roy Swanson | CHIEF TECHNOLOGY OFFICER | Sept. 10, 2026 S | 449,632 | 0 | 23 | $-3,841,673 |
| Marisa Daspit | CHIEF PEOPLE OFFICER | Sept. 2, 2026 S | 117,251 | 0 | 6 | $-245,444 |
| Christopher J Riedy | Chief Revenue Officer | Sept. 1, 2026 F | 363,387 | 0 | 0 | $0 |
| Amir El Tabib | Chief Business Dev. Officer | Sept. 1, 2026 F | 200,807 | 0 | 0 | $0 |
| Jared Chomko | SR VICE PRESIDENT - ACCOUNTING | Sept. 1, 2026 F | 34,093 | 0 | 0 | $0 |
| David T Shapiro | CHIEF LEGAL OFFICER | Sept. 1, 2026 F | 221,604 | 0 | 0 | $0 |
| Richard I. Donahue | CHIEF MARKETING OFFICER | Sept. 1, 2025 F | 199,971 | 0 | 0 | $0 |
| Christopher J. Jensen | CHIEF REVENUE OFFICER | June 5, 2024 M | 107,662 | 0 | 0 | $0 |
| Tony Weisman | Director | Sept. 22, 2026 A | 10,339 | 0 | 0 | $0 |
| Thomas D Lehrman | Director | Aug. 13, 2026 S | 25,570 | 0 | 28 | $-6,931,641 |
| Amanda Baldwin | Director | May 19, 2026 A | 14,562 | 0 | 0 | $0 |
| Stephen Bailey | Director | May 19, 2026 A | 14,562 | 0 | 0 | $0 |
| Amit Doshi | Director | May 19, 2026 A | 54,936 | 0 | 0 | $0 |
| Valarie L Sheppard | Director | May 19, 2026 A | 35,631 | 0 | 0 | $0 |
| Larry W Sonsini | Director | May 19, 2026 A | 104,814 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 22 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| EBIT · Harbor ETF Trust | 0.04% | 222 NS | July 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.02% | 15,467 SH | Oct. 2, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.02% | 1,512 SH | Oct. 2, 2026 | Daily |
| VOX · VANGUARD WORLD FUND | 0.02% | 35,488 SH | Aug. 19, 2026 | Daily |
| PKW · Invesco Exchange-Traded Fund Trust | 0.02% | 7,584 SH | Oct. 2, 2026 | Daily |
| IWO · iShares Trust | 0.02% | 63,762 SH | Sept. 11, 2026 | Daily |
| NUSC · Nushares ETF Trust | 0.02% | 9,380 NS | July 31, 2026 | N-PORT |
| FCOM · FIDELITY COVINGTON TRUST | 0.01% | 10,434 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.01% | 258,481 SH | Sept. 11, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 57,167 SH | Aug. 19, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 2,726 SH | Aug. 19, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.01% | 7,265 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 4,761 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.00% | 704 SH | Sept. 11, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.00% | 297 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 4,501 SH | Sept. 10, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 20,177 SH | Sept. 11, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.00% | 2,771 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 133,151 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 382,945 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 980 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 28,219 SH | Sept. 11, 2026 | Daily |
IBTA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
7 analysts · 2026-10-04Mean target $36.14 -13.1%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| IBTA | $740M | 189.4 | -6.8% | 1.0% | 1.1% | 79.2% |
| DV | $1.85B | 38.1 | 13.9% | 6.8% | 4.6% | · |
| STGW | · | -1.4 | 2.4% | 1.0% | 5.3% | · |
| CCO | · | 55.2 | 6.6% | · | · | · |
| PUBM | · | -28.6 | -2.9% | -5.1% | -5.7% | 63.6% |
| MNTN | $0 | -91.8 | 28.6% | -2.2% | -2.4% | 77.2% |
| BOC | · | -30.9 | 5.6% | · | · | · |
| ADV | $287M | -1.7 | -0.66% | -6.4% | -36.8% | · |
| OMC | $25.28B | -299.1 | 10.1% | -0.32% | -0.67% | · |
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