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what it is
Ibotta helps shoppers get cash back, and it had over 830 clients at year-end.
how it gets paid
Last year Ibotta made $342M in revenue. Ibotta Performance Network was the main engine at $0.204B, or 60% of sales.
why growth slowed
Revenue fell 6.8% last year. Revenue was the number that mattered. A $254M quarter against a $342M annual base says the business can still move when shopper demand shows up.
what just happened
Ibotta's latest quarter put $254M in revenue on the board while gross margin held at 79.5%.
At a glance
n/a balance sheet
7.0x trailing p/e — the market's not buying it — or you found a deal
16.4% return on capital — nothing to write home about
$2.79 fy2024 eps est
$367M fy2024 rev est
What they do
Ibotta helps shoppers get cash back, and it had over 830 clients at year-end.
Over 830 clients were on the platform at year-end 2024. Success-based marketing means brands pay when a sale happens, not when someone just sees an ad. Your coupons are the product, and checkout is the exam.
How they make money
$342M
annual revenue · their business grew -6.8% last year
Ibotta Performance Network
$0.204B
Direct-to-consumer app
$0.078B
Browser extension
$0.030B
Retail partner integrations
$0.018B
Other platform services
$0.012B
The products that matter
brand-funded promotions network
Ibotta Performance Network (IPN)
$~240M · roughly 70% of revenue
this is the core engine. At roughly $240M, it carries most of the $342M revenue base and sits behind the company's claimed 70% market share in digital grocery promotions.
core engine
consumer cash-back app
Ibotta App
$~102M · roughly 30% of revenue
the app is the consumer-facing side of the loop. At roughly $102M, it matters less for revenue than IPN but still represents almost one-third of the business.
traffic source
unit economics
Gross Margin Profile
79.5% gross margin
79.5% gross margin means ibotta keeps nearly 80 cents of each revenue dollar after direct costs. That's software-like economics. The quiet part: margins this rich usually come with better growth than -6.8%.
debate driver
Key numbers
$342M
annual revenue
This is the size of the whole machine. You are looking at a small-cap business, not a niche side project.
79.5%
gross margin
This means Ibotta keeps about 80 cents of each sales dollar before overhead. That is the difference between a real platform and a coupon flyer.
7.0x
price/earnings
You are paying 7.0x annual profit. That is cheap only if the business keeps converting shoppers into sales.
830+
clients
More clients mean more places to sell offers. That helps the network feel less like one retailer's side deal.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $25M (4% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for IBTA right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Ibotta's latest quarter put $254M in revenue on the board while gross margin held at 79.5%.
Sales were up 205% vs. prior year. Profit per share came in at $0.15, and the margin stayed rich at 79.5%.
$254M
revenue
$0.15
eps
79.5%
gross margin
the number that mattered
Revenue was the number that mattered. A $254M quarter against a $342M annual base says the business can still move when shopper demand shows up.
source: company earnings report
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What could go wrong
the #1 risk is digital grocery promotions leadership that no longer converts into revenue growth.
high
share leadership, shrinking revenue
Revenue fell 6.8% to $342M despite a claimed 70% market share in digital grocery promotions. That's the core contradiction in the story.
another comparable decline would remove roughly another $23M–$25M of annual revenue from a business already priced for little trust.
med
buybacks replacing growth investment
The new $100M authorization equals about 17.5% of the current market cap. That's big enough to matter. It's also big enough to raise the obvious question: is repurchasing stock the best idea because the business is cheap, or because growth opportunities are thin.
if revenue stays weak, the buyback changes the share count story more than the business story.
low
thin external validation
Institutional ownership, price targets, and ranking data are all sparse in this snapshot. When third-party coverage is thin, you have fewer outside signals telling you whether the turnaround is real.
less coverage means more room for mispricing. It also means more room for you to be wrong in private.
A 6.8% decline on a $342M base erased about $25M of sales in a year. If that pace repeats, the low multiple stops looking conservative and starts looking accurate.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the metric
whether revenue gets back above $342M
The cleanest scoreboard is simple. A business with 79.5% gross margin and 70% niche share should not keep shrinking. Stabilization comes first. Everything else comes after.
capital allocation
how quickly the $100M buyback is used
A $100M authorization is large next to a $570M market cap. If management acts aggressively, per-share math improves fast. If it doesn't, the announcement was mostly theater.
momentum
weighted relative price strength of -9.02%
That translates to a Momentum Score of 25. In human-speak: the stock has not earned the market's trust back yet.
signal quality
whether coverage depth improves
Sparse ownership and target data make the story harder to triangulate. More coverage won't fix the business, but it will make the market debate less blurry.
Analyst rankings
coverage depth
thin
in human-speak, there isn't enough ranking data here to treat consensus as a real edge.
momentum score
25
That sits in the weak range. The stock needs better price action before momentum investors care.
estimate direction
rebound implied
The $367M revenue estimate sits above the last reported $342M. Analysts are leaning toward stabilization, not collapse.
source: institutional data
Institutional activity
institutional ownership data for IBTA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$22
current price
n/a
target midpoint · n/a from current
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