Updated
The most significant concentration Ibotta discloses is Walmart, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Ibotta’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'If Walmart terminated or elected not to renew the Walmart Program Agreement with us, our business, financial condition, results of operations, and prospects could be materially adversely affected.'”
Ibotta's disclosed concentration risk is narrow but material: the company's relationship with Walmart is flagged as a moderate-share dependency, with the filing stating plainly that if Walmart terminated or elected not to renew the Walmart Program Agreement, the business, financial condition, results of operations, and prospects could be materially adversely affected. With only this single exposure disclosed, the read-through is straightforward — Ibotta's risk profile here is idiosyncratic rather than structural or macro-driven. There is no diversified customer base cushioning this relationship in the filing's own disclosure; the risk is tied to one counterparty's decision to continue or discontinue a specific program agreement. Because the exposure is characterized as a dependency rather than a structural feature of the business model, it is the kind of risk that could resolve cleanly in either direction — continuation of the Walmart relationship removes the overhang entirely, while a termination would be a discrete, identifiable shock rather than a slow-moving macro headwind. Investors should treat the durability of the Walmart Program Agreement as the single most important watch-item in Ibotta's concentration profile, given it is the only such exposure the company highlights in this filing.
For the engine’s reasoning on IBTA’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ADSK | Autodesk, Inc. | 1 | 1 | 1 | 3 |
| ADEA | Adeia Inc. | 1 | 0 | 0 | 1 |
| AGYS | Agilysys, Inc. | 0 | 2 | 0 | 2 |
| IBTA● | Ibotta, Inc. | 0 | 1 | 0 | 1 |
| ADBE | Adobe Inc. | 0 | 0 | 0 | 0 |
| ADP | Automatic Data Processing, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.