i3 Verticals, Inc.
IIIV Technology Software Infrastructure
In the quarter to June 2026, revenue grew 2.25%, EPS fell 66.0% and free cash flow grew 129.9%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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i3 Verticals, Inc. (IIIV) Altman Z-score
i3 Verticals, Inc.'s Altman Z-score for fiscal 2025 is 4.60, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.60 | 2.75 |
| FY2024 | 1.85 | 1.15 |
| FY2023 | 0.69 | 0.06 |
| FY2022 | 0.64 | (0.46) |
| FY2021 | 1.10 | (0.70) |
| FY2020 | 1.80 | 0.11 |
| FY2019 | 1.69 | (2.26) |
| FY2018 | 3.95 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.10 | — | 0.13 | |
| Retained earnings / total assets | 0.19 | — | 0.26 | |
| EBIT / total assets | 0.01 | — | 0.02 | |
| Market value of equity / total liabilities | 6.43 | — | 3.86 | |
| Sales / total assets | 0.33 | — | 0.33 | |
| Altman Z-score | Safe zone | 4.60 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.84 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| IIIV i3 Verticals, Inc. | 4.6× |
| ALLT Allot Ltd. compare | 3.5× |
| CINT CI&T Inc. compare | 3.1× |
| OWLS OBOOK Holdings Inc. compare | 2.2× |
| LSAK Lesaka Technologies, Inc. compare | 2.2× |
| KPLT Katapult Holdings, Inc. compare | 0.8× |
| RPAY Repay Holdings Corporation compare | −0.9× |
| NUAI New Era Energy & Digital, Inc. compare | −6.7× |
| QIWI QIWI PLC compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets