Ibotta, Inc. — Earnings Quality Grade C
IBTA · Technology
Some red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 222 days, change +3 days YoY
AR growth -5.5% vs revenue growth -6.8%
Revenue -6.8%, CFFO -17.8%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 236.3% is >2x revenue growth -6.8%
SG&A/Gross Profit = 76.4%, exceeds 70%
Gross margin swung -7.1pp (86.4% → 79.2%)
Cash Flow Quality
CFFO far exceeds NI (ratio 26.7x). Non-cash charges depressing profits
FCF $0.1B, FCF/NI = 17.05
Accruals ratio = -17.4%. Low accruals
Cash $0.2B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 8% of equity. Manageable
Debt/EBITDA = 3.4x. Healthy
Other assets grew 35.6% vs revenue -6.8%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 49% YoY
Manipulation Score
M-Score = -2.99 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25