“Research and development Year ended December 31, Change 2025 2024 $ % (in thousands, except percentages) Research and development $ 61,082 $ 63,271 $ (2,189) (3) % Research and development decreased $2.2 million, or 3%, during the year ended December 31, 2025…”10-K · Feb 26, 2026 ↗
Ibotta, Inc.
IBTA
Market read
Ibotta, Inc.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 18 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.
- IBTA's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if IBTA's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 18 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.
No thresholded supportive filing evidence is available yet.
No thresholded adverse filing evidence is available yet.
- IBTA's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- Operating cash flow covered net income at 26.65x in the latest annual period.
- Latest annual revenue changed -6.8% year over year.
- Operating margin changed -7.8 percentage points in the latest annual period.
- Net margin changed -17.7 percentage points in the latest annual period.
- Diluted shares increased 12.1% in the latest annual period.
- Product pipeline and R&D has repeated adverse evidence across 4 filings.
- EV/sales is 38% above the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 11, 2026
41.17Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“The increase in personnel-related costs was primarily driven by increases in sales bonus, average salary, and stock-based compensation, partially offset by a $0.6 million decrease related to restructuring charges incurred in the prior year.”10-Q · May 6, 2026 ↗
“5%, during the year ended December 31, 2025, compared to the year ended December 31, 2024, due to a $3.1 million decrease in interest expense resulting from the extinguishment of the convertible notes upon IPO in 2024, partially offset by a $1.8 million decre…”10-K · Feb 26, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.6× · EV/sales 3.1×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for IBTA. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for IBTA. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind IBTA
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
Filing peers
No filing peers are available for this name yet.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 6 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
IBTA is currently a Follower in the organic co-movement group Digital Services & Software. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for IBTA; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.