Forensic Analysis · Professional & Commercial Services · as of Sep 25, 2026
Ibotta, Inc. (IBTA)
A forensic read on Ibotta, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
5.8
Distress distance
Clean
Earnings quality
4
Forensic signals
-89.7
P / E (ttm)
1.2%
ROE
$955M
Market cap
0.00%
Dividend yield
-6.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Ibotta, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 5.8, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-0.4%
FY2025
Return on invested capital.Return on invested capital is -0.4% in the latest fiscal year, against 20.1% in FY2024. After-tax operating profit was $25M in FY2024 and ($546,650) in FY2025, with operating income at 7.6% of revenue in FY2024 and -0.2% in FY2025. The capital base behind it barely moved across FY2024–FY2025 ($125M to $132M, +5%), so there has been little new capital for that return to be earned on.
+12.1%/yr
FY2024–FY2025
Share-count dilution.Diluted share count changed +12% over the last 1 year to FY2025 (+12.1%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~12.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~11%.
382% of FCF
FY2025
Shareholder returns.Returned $233M to shareholders (buybacks + dividends) in FY2025 — 382% of free cash flow. That is $172M (282%) more than free cash flow covered, and more than operating cash flow as well. It came out of the balance sheet's own liquid holdings, not new debt: cash fell $163M over FY2025, with total debt flat. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $44M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 455%.
13% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 13% of revenue and 72% of free cash flow in FY2025 — about $1.47 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 12.1% a year, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$342.4M
Revenue Growth YoY-6.8%
Net Margin1.0%
Free Cash Flow$61.0M
Return on Equity1.2%
Debt / Equity0.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Ibotta, Inc.'s actual 10-K/10-Q/8-K filings?