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i3 Verticals, Inc.

IIIV Technology Software Infrastructure

i3 Verticals, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $213.2 million, up 11.5% from fiscal 2024.

Revenue
+2.25%
EPS
−66.0%
Free cash flow
+129.9%

Quarter to June 2026, against a year earlier

19.00 0.36 −1.86%
Market cap
$509.6M
P/E
47.5×
Fwd P/E
73.3×
Dividend yield
—
F-score
5/9
Altman Z
4.60
Beneish M
−2.19
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.96
Sold, $m 0.35
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — — — — —
Sell 1 — — 1 — — — — — — — —
Insider Ownership 12.26%

Capital & Financial Ratios $m

Size
Market Cap 509.59
Revenue ttm 218.16
Net income ttm 13.00
Free cash flow ttm 41.93
Net debt Q 111.63
Valuation
P/E 47.50 (above 35: high)
Forward P/E 73.30 (above 35: high)
Price / sales 1.69
Forward P/S Powerpack
Price / FCF 8.80
Price / book 0.92
Financial health
Current ratio Q 1.21
Debt / equity Q 0.29 (at or below 0.5: strong)
Interest coverage Q (0.49)
Growth
Revenue growth Q +2.25% (above 0%: growing)
Operating income growth Q +81.47% (above 0%: growing)
EPS, this year +2.14%
EPS, next year A +13.75%
Revenue, next year A +2.13%
EPS, past 5 yrs —
EPS, next 5 yrs A +9.41%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.3×, against a ten-year median of 3.0×; over the ten years it ranged from 0.5× in 2018 to 5.3× in 2021.
P/E against its own 10 years 64.27%
10-year low 10-year high
P/S against its own 10 years 31.67%
10-year low 10-year high
P/B against its own 10 years 3.00%
10-year low 10-year high
EV/Sales against its own 10 years 28.00%
10-year low 10-year high
EV/FCF against its own 10 years 3.39%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3 87 67 3
Receivables 51 51 58 49
Inventory — — — —
Other 22 6 0 0
86 153 138 63
2023 2024 2025 Q'26
Payables 6 5 6 4
ST’ Debt 5 26 — —
Other 17 5 0 0
93 165 71 53

Compound Annual Growth %

10y 5y 3y
Sales — 7.26% 4.32%
Cash Flow — (24.83%) (49.33%)
Earnings — 0.00% 0.00%
Book Value — 16.60% 18.94%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.24 Actual 0.25

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.26 0.27 Beat by 0.01
Q1 FY26 0.23 0.26 Beat by 0.03
Q2 FY26 0.30 0.32 Beat by 0.02
Q3 FY26 0.24 0.25 Beat by 0.01
Q4 FY26 0.27 — Reports 16 November 2026

EPS $

Dec Mar Jun Sep Year
’26 0.02 0.07 0.18 — —
’25 0.08 (0.01) 0.50 0.11 0.72
’24 0.04 0.08 (0.32) 4.65 4.73
’23 (0.01) 0.00 (0.22) 0.11 (0.07)
’22 (0.11) (0.33) (0.17) (0.15) (0.77)
’21 (0.13) 0.04 (0.15) (0.05) (0.22)
’20 (0.01) 0.05 (0.02) (0.06) (0.03)
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 53 58 53 — —
’25 52 54 52 55 213
’24 45 49 46 51 191
’23 86 94 57 59 190
’22 74 78 81 (45) 188
’21 45 49 63 67 224
’20 41 39 32 38 150
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 14 10 14 — —
’25 11 (27) 7 14 6
’24 14 11 8 15 48
’23 18 8 0 11 37
’22 22 9 5 8 44
’21 12 18 4 10 45
’20 7 1 1 14 24
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 12 7 11 — —
’25 10 (29) 5 12 (3)
’24 8 6 4 11 29
’23 14 4 (4) 5 19
’22 20 6 1 4 31
’21 10 16 0 8 35
’20 6 (1) (1) 12 16
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 200 263 324 376 150 224 188 190 191 213 218 +0.7% 218 229 244 +4.7%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT (2) 1 (5) 0 (4) (7) (39) (28) (22) 11 15 n/m
EBT margin, % (0.93) 0.41 (1.43) 0.10 (2.51) (3.22) (20.72) (14.93) (11.25) 5.11 6.94 +6.0 pt
Net income (2) 1 (5) 1 (1) (8) (23) (3) 175 27 13 n/m
Per share, $
Per share, $ Revenue 21.96 28.88 36.71 35.87 10.12 10.68 8.44 8.20 8.17 8.91 11.23 (9.5%)
Earnings (0.23) 0.10 0.08 (0.29) (0.03) (0.21) (0.77) (0.04) 4.84 0.75 0.40 n/m
Cash flow 1.10 0.92 2.05 2.54 1.60 2.12 1.97 1.61 2.07 0.24 2.70 (15.6%)
Capex (0.32) (0.41) (0.65) (0.64) (0.52) (0.47) (0.56) (0.80) (0.84) (0.36) (0.54) +1.5%
Free cash flow 0.78 0.51 1.41 1.90 1.08 1.65 1.41 0.80 1.23 (0.12) 2.16 n/m
Book value (1.05) 0.35 12.73 13.58 16.19 13.79 13.83 14.19 22.01 21.65 20.61 n/m
Shares, m 9 9 9 10 15 21 22 23 23 24 22 +11.3%
Valuation, ×
Valuation, × P/E 0.00 0.00 297.13 0.00 0.00 0.00 0.00 0.00 4.45 44.47 47.50 34.6
P/S 0.00 0.00 0.65 0.56 2.49 2.27 2.37 1.60 2.61 3.64 1.69 1.6
P/B 0.00 0.00 1.87 1.48 1.56 1.76 1.45 1.44 0.97 1.50 0.92 1.2
EV/Sales 0.00 0.00 0.76 0.94 3.03 3.16 3.91 2.91 4.11 3.51 2.32 2.2
EV/FCF 17.61 17.61 19.83 17.80 28.46 20.47 23.48 46.29 27.41 (199.97) 12.09 1.9
Cash, $m
Cash, $m Operating cash flow 10 8 18 27 24 45 44 37 48 6 52 (6.1%)
Capex (3) (4) (6) (7) (8) (10) (12) (19) (20) (9) (10) +13.0%
Free cash flow 7 5 12 20 16 35 31 19 29 (3) 42 n/m
Balance, $m
Balance, $m Working capital (5) (5) (10) (15) (1) (38) (27) (8) (11) 67 11 n/m
Net debt 80 110 36 138 75 200 288 389 (60) (67) 112 n/m
Shareholders’ equity (10) 3 112 142 240 290 308 328 515 518 400 n/m
Returns, %
Returns, % ROA (1.74) 0.75 (4.38) (1.16) (0.11) (0.84) (2.41) (0.10) 14.04 2.61 1.36 +4.4 pt
ROIC 3.53 4.20 5.21 1.42 1.54 0.00 (2.43) (0.38) 0.60 0.52 0.72 (3.0) pt
ROE 65.78 (28.35) (11.96) (2.39) (0.22) (1.68) (5.73) (0.26) 26.87 3.46 1.87 (62.3) pt
People
People Employees — 326 338 542 740 1,438 1,637 1,663 1,480 1,202 — +17.7%
Revenue/emp, $m 0.00 0.81 0.96 0.69 0.20 0.16 0.11 0.11 0.13 0.18 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

i3 Verticals, Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AEVA Aeva Technologies, Inc. $640.6M — (loss-making) — (loss-making) +86.34% (above 0%: growing) n/m −0.52% (below 0%: shrinking) 33.60% (586.49%) Compare
RXT Rackspace Technology, Inc. $606.6M — (loss-making) — (loss-making) +0.57% (above 0%: growing) n/m −289.52% (below 0%: shrinking) 17.13% (4.95%) Compare
CGNT Cognyte Software Ltd. $597.4M — (loss-making) 59.4× +12.02% (above 0%: growing) +200.00% (above 0%: growing) +83.55% (above 0%: growing) 72.90% 4.27% Compare
HQ Horizon Quantum Holdings Ltd. $566.7M — (loss-making) — — n/m −372.27% (below 0%: shrinking) 100.00% 0.00% Compare
IIIV i3 Verticals, Inc. $509.6M 47.5× 73.3× +2.25% (above 0%: growing) −66.04% (below 0%: shrinking) +129.93% (above 0%: growing) 100.00% (1.68%)
RZLV Rezolve AI PLC $508.6M — (loss-making) — — n/m −81,583.43% (below 0%: shrinking) — 0.00% Compare
BLZE Backblaze, Inc. $479.7M — (loss-making) — (loss-making) +25.54% (above 0%: growing) n/m +229.34% (above 0%: growing) 63.96% (3.02%) Compare
BRUN Boost Run Inc. $466.2M — — — — — — — Compare
ALLT Allot Ltd. $403.3M 38.9× 54.3× +15.33% (above 0%: growing) n/m +122.93% (above 0%: growing) 71.27% 3.96% Compare
Median of peers $537.6M — — +15.33% — −0.52% 67.62% 0.00%

All 183 Software Infrastructure stocks →

Pay and ownership Proxy statement filed 15 January 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 351.18k 351.18k 128.55
2024 350.25k 350.25k 105.91
2023 345.59k 345.59k 105.07
2022 334.11k 334.11k 99.55
2021 308.34k 308.34k 105.35

Ownership

Directors and executive officers, together 32.90% of the votes
Gregory Daily 23.50% of the votes
T. Rowe Price Investment Management, Inc. 10.20% of the votes
The Vanguard Group 6.00% of the votes
BlackRock, Inc. 5.70% of the votes
Geneva Capital Management LLC 5.40% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

i3 Verticals, Inc. (IIIV) Latest News

13 Aug

Impact 3 · · The Motley Fool transcript

10 Aug

Impact 3 · · MarketBeat

7 Aug

Impact 4 · transcript
Impact 4 · · Moby transcript
Impact 3 · · MarketBeat

6 Aug

Impact 3 ·

1 Jun

Impact 4 · · The Motley Fool transcript
Impact 4 · · The Motley Fool transcript

21 May

Impact 3 · · Simply Wall St.

15 May

Impact 3 · · Simply Wall St.

8 May

Impact 4 · · MarketBeat

7 May

Impact 3 · · Business Wire

23 Apr

Impact 3 · · Simply Wall St.

8 Mar

Impact 3 · · Simply Wall St.

20 Feb

Impact 3 · · Insider Monkey

14 Feb

Impact 3 · · Simply Wall St.

7 Feb

Impact 4 · · Simply Wall St.Simply Wall St.

6 Feb

Impact 4 · · GuruFocus.comGuruFocus.comGuruFocus.comGuruFocus.comStockStoryGuruFocus.comGuruFocus.comGuruFocus.com
Impact 4 · · MarketBeat transcript
Impact 4 · · Moby

5 Feb

Impact 4 · · Business Wire

24 Jan

Impact 4 · · Simply Wall St.

9 Jan

Impact 4 · · Simply Wall St.

22 Dec

Impact 4 · · Simply Wall St.

17 Dec

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8 Dec

Impact 3 · · Simply Wall St.

24 Nov

Impact 3 · · Simply Wall St.Simply Wall St.

20 Nov

Impact 4 · · GuruFocus.comGuruFocus.com

18 Nov

Impact 3 · · The Motley Fool

17 Nov

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stockrow.com/IIIV · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com