Ibotta
IBTA on NYSE. Ibotta sells digital coupons to brands and sends them to shoppers. Market value $779m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Media & telecom stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.75 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 26 of 100. Our list needs 70 on quality and 60 on price.
$40.96 a share, 114% above its 1-year low
Over the past year the price has ranged from $19.10 to $43.43.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||
| Revenue | $367m | $342m |
| Operating margin | ||
| Operating margin | 7.6% | -0.2% |
| Debt to equity | ||
| Debt to equity | 0.00 | 0.00 |
| Shares outstanding | ||
| Shares outstanding | 0.00bn | 0.03bn |
Health checks
- Free cash flow positive2 of 2 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.00× equity
- Revenue growth, five yearsUnknown
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $89 million last quarter, up 3% on a year ago.
- A loss of $1 million, after a profit of $2 million a year ago.
- It loses 3 cents on each $1 of sales, after keeping 9 cents a year earlier.
- Spare cash over the past 12 months: $59 million, down from $90 million.
- 24% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $99m |
| December 2024 | $98m |
| March 2025 | $85m |
| June 2025 | $86m |
| September 2025 | $83m |
| December 2025 | $89m |
| March 2026 | $82m |
| June 2026 | $89m |
| Quarter to | Amount |
|---|---|
| September 2024 | $17m |
| December 2024 | $76m |
| March 2025 | $555,000 |
| June 2025 | $2m |
| September 2025 | $2m |
| December 2025 | -$1m |
| March 2026 | -$10m |
| June 2026 | -$1m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 146 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Hotchkis & WileyHotchkis & Wiley team | $4m | <0.1% | Cut |
Largest holders overall
- Koch$150m
- D. E. Shaw$58m
- HSBC Holdings$36m
- BlackRock$32mCut
- Citigroup$22m
- Vanguard Capital Management$18m
- Notable Capital Management, L.L.C.$11mCut
- BNP Paribas Financial Markets$11m
- Geode Capital Management$9mCut
- State Street$9mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Koch, Inc.Passive investorat least 20.7%(filed with 1 related holder)Since 26 February 2026
What they said
The response set forth in Item 3 hereof is incorporated by reference in its entirety. The Reporting Persons acquired the Public Shares for investment purposes. The Public Shares were not acquired and are not held for the purpose of or with the effect of changing or influencing…
Read the filing - Clark Jermoluk Founders Fund I LLCPassive investorat least 15.2%(filed with 1 related holder)Since 30 September 2024
- D. E. Shaw & Co., L.L.C.Passive investorat least 7.2%+1.5 pts(filed with 1 related holder)Since 31 December 2025
- Barclays PLCPassive investorn/aSince 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 31 December 2025
- D. E. Shaw Valence Portfolios, L.L.C.Passive investorSold down below 5%Since 30 June 2025
- Amova Asset Management Americas, Inc.Passive investorSold down below 5%Since 31 December 2025
- Sumitomo Mitsui Trust Group, Inc.Passive investorSold down below 5%Since 31 December 2025
- Southpoint Master Fund, LPPassive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
Koch, Inc. Passive investor | at least 20.7% (filed with 1 related holder) | 26 February 2026 | What they saidThe response set forth in Item 3 hereof is incorporated by reference in its entirety. The Reporting Persons acquired the Public Shares for investment purposes. The Public Shares were not acquired and are not held for the purpose of or with the effect of changing or influencing… Read the filing |
Clark Jermoluk Founders Fund I LLC Passive investor | at least 15.2% (filed with 1 related holder) | 30 September 2024 | |
D. E. Shaw & Co., L.L.C. Passive investor | at least 7.2%+1.5 pts (filed with 1 related holder) | 31 December 2025 | |
Barclays PLC Passive investor | n/a | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 31 December 2025 | |
D. E. Shaw Valence Portfolios, L.L.C. Passive investor | Sold down below 5% | 30 June 2025 | |
Amova Asset Management Americas, Inc. Passive investor | Sold down below 5% | 31 December 2025 | |
Sumitomo Mitsui Trust Group, Inc. Passive investor | Sold down below 5% | 31 December 2025 | |
Southpoint Master Fund, LP Passive investor | Sold down below 5% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $0 of shares on the open market. 4 sold $19m, $12m of it under preset trading plans.
- Swanson Luke RoyCHIEF TECHNOLOGY OFFICERSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 11,880
- Price
- $39.79
- Value
- $472,756
- Leach BryanCEO AND PRESIDENT, DirectorSoldunder a preset trading plan
- Date
- 22 September 2026
- Shares
- 1,724
- Price
- $41.31
- Value
- $71,223
- Leach BryanCEO AND PRESIDENT, DirectorSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 13,418
- Price
- $41.34
- Value
- $554,759
- Swanson Luke RoyCHIEF TECHNOLOGY OFFICERSoldunder a preset trading plan
- Date
- 10 September 2026
- Shares
- 16,500
- Price
- $40.07
- Value
- $661,216
- Leach BryanCEO AND PRESIDENT, DirectorSoldunder a preset trading plan
- Date
- 9 September 2026
- Shares
- 5,103
- Price
- $37.74
- Value
- $192,563
- Leach BryanCEO AND PRESIDENT, DirectorSoldunder a preset trading plan
- Date
- 8 September 2026
- Shares
- 34,000
- Price
- $37.70
- Value
- $1m
- Daspit MarisaCHIEF PEOPLE OFFICERSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 2,956
- Price
- $37.46
- Value
- $110,725
- Swanson Luke RoyCHIEF TECHNOLOGY OFFICERSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 11,880
- Price
- $36.97
- Value
- $439,200
- Daspit MarisaCHIEF PEOPLE OFFICERSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 1,712
- Price
- $37.01
- Value
- $63,354
- Leach BryanCEO AND PRESIDENT, DirectorSoldunder a preset trading plan
- Date
- 18 August 2026
- Shares
- 877
- Price
- $36.60
- Value
- $32,099
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | Swanson Luke Roy CHIEF TECHNOLOGY OFFICER | Sold under a preset trading plan | 11,880 | $39.79 | $472,756 |
| 22 September 2026 | Leach Bryan CEO AND PRESIDENT, Director | Sold under a preset trading plan | 1,724 | $41.31 | $71,223 |
| 21 September 2026 | Leach Bryan CEO AND PRESIDENT, Director | Sold under a preset trading plan | 13,418 | $41.34 | $554,759 |
| 10 September 2026 | Swanson Luke Roy CHIEF TECHNOLOGY OFFICER | Sold under a preset trading plan | 16,500 | $40.07 | $661,216 |
| 9 September 2026 | Leach Bryan CEO AND PRESIDENT, Director | Sold under a preset trading plan | 5,103 | $37.74 | $192,563 |
| 8 September 2026 | Leach Bryan CEO AND PRESIDENT, Director | Sold under a preset trading plan | 34,000 | $37.70 | $1m |
| 2 September 2026 | Daspit Marisa CHIEF PEOPLE OFFICER | Sold under a preset trading plan | 2,956 | $37.46 | $110,725 |
| 1 September 2026 | Swanson Luke Roy CHIEF TECHNOLOGY OFFICER | Sold under a preset trading plan | 11,880 | $36.97 | $439,200 |
| 1 September 2026 | Daspit Marisa CHIEF PEOPLE OFFICER | Sold under a preset trading plan | 1,712 | $37.01 | $63,354 |
| 18 August 2026 | Leach Bryan CEO AND PRESIDENT, Director | Sold under a preset trading plan | 877 | $36.60 | $32,099 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.