Does IBOTTA, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores IBOTTA, INC. (IBTA) 75.5 out of 100 — a Narrow moat. The four filters behind that score (each 0–100): pricing power 97, returns on capital 88, balance-sheet safety 55, capital discipline 44.

How has IBTA's Moat Score changed over time?

The record logs 1 reading since Jul 18, 2026; the latest reads 75.5 out of 100 (narrow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

IBOTTA, INC.

IBTA · Technology · FY2025 filings · Narrow moat ·

On the watchlist

Narrow moat

The four filters

Pricing power97

Median gross margin 82.8% over 4y, very stable.

Returns on capital88

Median ROIC 25.9%, above the 9% hurdle in 67% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): $23.9M
Est. intrinsic value / share: —
Recent price: $31.55
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

5 years of fundamentals

The business, in plain English

IBOTTA, INC. booked $342.4M of revenue in FY2025 in the Technology sector and kept 79.2% of it as gross profit — a high-margin business by that measure. After every other cost, 1.0% of each revenue dollar reached the bottom line.

It earned −0.5% on invested capital in FY2025, with a median of 25.9% across 3 filed years. The Returns on Capital filter above scores it 88/100.

The balance sheet carried $0 of total debt in FY2025 against $3.6M of owner earnings — roughly 0.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 55/100.

Put together: Pricing Power is the strongest of the four filters (97/100) and Capital Discipline the weakest (44/100), which is how IBTA lands at 76/100 — a Narrow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$342.4M FY2025

Gross marginRevenue kept after cost of goods79.2% FY2025

Return on invested capitalOperating profit on the capital employed−0.5% FY2025

Owner earningsCash an owner could take out$3.6M FY2025

Gaps in a line mean that item isn’t in IBTA’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale75.5 / 100

Score history begins Jul 18, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — IBTA has read Narrow moat for every logged capture since Jul 18, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Track record

How IBOTTA, INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

As-of Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored IBTA on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the 1 year IBTA rated Wide-moat (2025), the median forward total return that followed — measured only after each year’s filings were public — was:

1 year None of the 1 year it rated Wide has a fully elapsed 1-year window with a benchmark to compare against yet.
3 years None of the 1 year it rated Wide has a fully elapsed 3-year window with a benchmark to compare against yet.
5 years None of the 1 year it rated Wide has a fully elapsed 5-year window with a benchmark to compare against yet.

These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.

Technology context

#64 of 579 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#62ETSY ETSY, INC76.1 out of 100, Narrow moatNarrow moat
#63APH AMPHENOL CORP /DE/75.7 out of 100, Narrow moatNarrow moat
#65WFCF WHERE FOOD COMES FROM, INC.74.8 out of 100, Narrow moatNarrow moat
#66ACN Accenture plc74.8 out of 100, Narrow moatNarrow moat

Compare IBTA with its nearest peers →All Technology companies on the Index →

Common questions about IBTA

Does IBOTTA, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores IBOTTA, INC. (IBTA) 75.5 out of 100 — a Narrow moat. The four filters behind that score (each 0–100): pricing power 97, returns on capital 88, balance-sheet safety 55, capital discipline 44.
How has IBTA's Moat Score changed over time?: The record logs 1 reading since Jul 18, 2026; the latest reads 75.5 out of 100 (narrow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell IBTA. See the disclaimer.