Forensic Analysis · General / Diversified · as of Jun 27, 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.
B · Sound & dependable
Forensic grade
Safe
Financial health
2.9
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-2.4%
ROE
$790M
Market cap
Ibotta, Inc. earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is 2.9, 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%Return on invested capital.Return on invested capital is -0% and slipping from 82% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+82.4%/yrShare-count dilution.Diluted share count changed +247% over the last 3 years to FY2025 (+82.4%/yr). The count is GROWING — existing holders are being diluted. That's ~82.4% 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 FY2022 has been diluted ~247%.
13% of revStock-based comp load.Stock-based compensation ran 13% of revenue and 59% of free cash flow in FY2025 — about $1.47 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
311% of FCFShareholder returns.Returned $233M to shareholders (buybacks + dividends) in FY2025 — 311% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely.
Key fundamentals
Net Margin1.0%
Debt / Equity0.00x
Free Cash Flow$75.0M
Latest Revenue$342.4M
Return on Equity1.2%
Revenue Growth YoY-6.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Ibotta, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about IBTA's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown