i3 Verticals, Inc. (IIIV) vs Repay Holdings Corporation (RPAY)

i3 Verticals, Inc. and Repay Holdings Corporation are both Software Infrastructure companies. i3 Verticals, Inc. is the larger, with a market value of $437.0M against $369.5M — 1.2× the size. Repay Holdings Corporation has negative trailing earnings, so its P/E is not meaningful; i3 Verticals, Inc. trades at 41.7×. i3 Verticals, Inc. grew revenue faster over the last twelve months: 14.7% against 8.84%. i3 Verticals, Inc. has the higher net margin (3.90% vs −49.6%) and the higher return on invested capital (0.72% vs −8.46%). Across the 19 metrics below, i3 Verticals, Inc. leads on 15 and Repay Holdings Corporation on 4.

Valuation

Metric IIIV RPAY Software Infrastructure median
P/E 41.70 n/m 28.38
P/S 1.48 0.99 2.98
P/B 0.81 0.71 2.93
Price to free cash flow 7.72 10.71 16.28
EV/EBITDA 12.91 n/m 13.92
EV/Sales 2.12 2.87 2.90
Earnings yield 2.40% (50.75%) 0.14%
Free cash flow yield 12.95% 9.34% 1.24%

Profitability

Metric IIIV RPAY Software Infrastructure median
Gross margin 100.00% 73.49% 61.00%
Operating margin 2.72% (44.24%) 0.00%
Net margin 3.90% (49.57%) 0.00%
Free cash flow margin 19.22% 9.25% 1.67%
Return on equity 1.87% (30.21%) 0.60%
Return on assets 1.36% (11.08%) 0.00%
Return on invested capital 0.72% (8.46%) 0.00%

Growth

Metric IIIV RPAY Software Infrastructure median
Revenue growth (TTM) 14.65% 8.84% 13.41%
EPS growth (last fiscal year) (84.91%) (2,627.27%) 27.10%
Revenue growth, 5-year CAGR 7.26% 14.81% 15.57%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric IIIV RPAY Software Infrastructure median
Debt to equity 0.29 1.61 0.05
Current ratio 1.21 1.45 1.55
Net debt to EBITDA (1.93) (1.88) 0.08

Dividend

Metric IIIV RPAY Software Infrastructure median
Dividend yield — — 1.20%
Payout ratio — — 0.29

Size

Metric IIIV RPAY Software Infrastructure median
Market cap 436.95m 369.50m 752.37m

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