Ibotta, Inc. (IBTA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-94.1%

$2.90

vs $49.18 price

Levered DCF

$193.82

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.4

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022
P/E	174.85×	22.84×	81.94×	-57.04×
P/B	2.24×	3.43×	111.8×	-89.74×
P/S	1.88×	4.28×	9.76×	14.82×
EV / EBITDA	26.62×	37.47×	54.24×	-73.67×
Gross margin	78.1%	86.4%	85.1%	76.6%
Operating margin	0.5%	7.6%	17.5%	-19.1%
Net margin	1.0%	18.7%	11.9%	-26.0%
Current ratio	1.96×	2.85×	1.51×	1.21×
Debt / equity	0.09×	0×	2.31×	-1.75×
Interest coverage	0×	0×	8.13×	-7.59×
Dividend yield	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022
Return on equity	1.2%	15.0%	136.5%	157.7%
Return on invested capital	0.2%	5.9%	39.8%	-78.8%
Return on assets	0.7%	10.1%	11.9%	-28.1%
Free cash flow yield	11.6%	6.7%	0.5%	-2.1%
Earnings yield	0.6%	4.4%	1.2%	-1.8%
Enterprise value	$483.7M	$1.2B	$3.1B	$3.2B
Net debt / EBITDA	-8.87×	-10.72×	0.03×	-1.01×
Cash conversion cycle (days)	170	167	190	167