A Business at a Glance
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i3 Verticals, Inc.
IIIV
$501M
Mkt Cap
$20.19
+2.12%
i3 Verticals, Inc. (IIIV) has a current P/E ratio of 29.5, compared to its historical median P/E of 32.0. The stock is currently considered Fair based on its historical valuation range.
i3 Verticals, Inc. (IIIV) has a 5-year average return on invested capital (ROIC) of 0.2%. This is below average and may indicate limited pricing power.
i3 Verticals, Inc. (IIIV) has a market capitalization of $507M. It is classified as a small-cap stock.
i3 Verticals, Inc. (IIIV) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 12.70%.
Based on historical P/E analysis, i3 Verticals, Inc. (IIIV) appears fair. The current P/E of 29.5 is 8% below its historical median of 32.0. The estimated fair value CAGR (P/E method) is 163.4%.
i3 Verticals, Inc. (IIIV) operates in the Services-Business Services, Nec industry, within the Industrials sector.
i3 Verticals, Inc. (IIIV) reported annual revenue of $213 million in its most recent fiscal year, based on SEC EDGAR filings.
Our Company i3 Verticals provides mission-critical enterprise software solutions to public sector entities. These comprehensive cloud-native solutions address a broad range of government functions, including courts and public safety, public administration, utilities, transportation and schools. The Company’s mission is to enable state and local governments and related agencies to perform their functions and serve their constituents as effectively and efficiently as possible. With thousands of software installations across all 50 states and Canada, i3 Verticals is a leader in the public sector vertical. Sale of Merchant Services Business On September 20, 2024, i3 Verticals, LLC, and i3 Holdings Sub, Inc.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 46M | 213M | 191M | 190M | 188M | 224M |
| Net Income | 16M | 18M | 113M | -811K | -17M | -4.5M |
| EPS | $0.48 | $0.72 | $4.73 | $-0.07 | $-0.77 | $-0.22 |
| Free Cash Flow | 6.5M | 3.8M | 45M | 33M | 41M | 43M |
| ROIC | 4.5% | 4.6% | - | -0.1% | -3.8% | - |
| Gross Margin | - | 69.1% | 68.3% | 66.5% | - | 72.2% |
| Debt/Equity | 0.00 | 0.01 | 0.09 | 2.89 | 1.40 | 1.05 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 2.7M | 3.8M | - | -4.4M | -23M | - |
| Operating Margin | 5.9% | 1.8% | - | -2.3% | -12.3% | - |
| ROE | 4.5% | 4.6% | 36.8% | -0.4% | -8.1% | -2.5% |
| Shares Outstanding | 25M | 25M | 24M | 12M | 22M | 20M |
| Metric | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| Revenue | 200M | 263M | 324M | 376M | 150M | 224M | 188M | 190M | 191M | 213M | 46M |
| Gross Margin | 22.8% | 21.6% | 25.7% | 28.4% | 67.7% | 72.2% | N/A | 66.5% | 68.3% | 69.1% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 20M | 27M | 41M | 63M | 78M | 135M | 157M | 106M | 101M | 115M | 113M |
| EBIT | 4.0M | 7.6M | 12M | 6.4M | 7.8M | N/A | -23M | -4.4M | N/A | 3.8M | 2.7M |
| Op. Margin | 2.0% | 2.9% | 3.8% | 1.7% | 5.2% | N/A | -12.3% | -2.3% | N/A | 1.8% | 5.9% |
| Net Income | -2.1M | 902K | -6.9M | -3.0M | -419K | -4.5M | -17M | -811K | 113M | 18M | 16M |
| Net Margin | -1.0% | 0.3% | -2.1% | -0.8% | -0.3% | -2.0% | -9.1% | -0.4% | 59.3% | 8.4% | 35.5% |
| Non-Recurring | -4K | -44K | -5K | -8K | -1K | 0 | 0 | 0 | 206M | 26M | 26M |
| Returns on Capital | |||||||||||
| ROIC | 4.0% | 12.8% | 9.0% | 2.7% | 2.8% | N/A | -3.8% | -0.1% | N/A | 4.6% | 4.5% |
| ROE | 15.4% | -28.3% | -32.5% | -5.1% | -0.4% | -2.5% | -8.1% | -0.4% | 36.8% | 4.6% | 4.5% |
| ROA | -2.1% | 0.8% | -4.4% | -1.2% | -0.1% | -0.8% | -2.4% | -0.1% | 14.0% | 2.6% | 2.7% |
| Cash Flow | |||||||||||
| Op. Cash Flow | 10M | 8.3M | 18M | 27M | 24M | 45M | 44M | 37M | 48M | 5.7M | 8.3M |
| Free Cash Flow | 9.1M | 7.7M | 16M | 26M | 21M | 43M | 41M | 33M | 45M | 3.8M | 6.5M |
| Owner Earnings | 107K | -1.8M | 4.7M | 3.9M | -4.9M | -745K | -1.8M | -14M | -3.5M | -41M | -38M |
| CapEx | 862K | 636K | 2.2M | 807K | 2.9M | 1.9M | 2.3M | 4.2M | 3.0M | 1.9M | 1.8M |
| Maint. CapEx | 9.9M | 10M | 12M | 17M | 18M | 24M | 19M | 23M | 26M | 28M | 27M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 9.9M | 10M | 12M | 17M | 18M | 24M | 19M | 23M | 26M | 28M | 27M |
| CapEx/OCF | N/A | N/A | 12.3% | 3.0% | 12.3% | 4.4% | 4.9% | 11.3% | 6.1% | 34.1% | 21.4% |
| Capital Allocation | |||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38M | 64M |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.6% | 12.7% |
| Stock-Based Comp | 0 | 0 | 1.6M | 6.1M | 10M | 21M | 26M | 28M | 26M | 18M | 20M |
| Debt Repayment | 876K | 254K | 266K | 168K | 17M | 0 | 0 | 694K | 88M | 256K | 256K |
| Balance Sheet | |||||||||||
| Net Debt | -4.2M | 110M | 124M | 238M | 75M | 212M | 302M | 682M | -53M | -62M | -38M |
| Cash & Equiv. | 4.2M | 955K | 572K | 1.1M | 16M | 3.6M | 3.5M | 3.1M | 87M | 67M | 38M |
| Long-Term Debt | 0 | 107M | 32M | 139M | 91M | 201M | 287M | 388M | 0 | 0 | N/A |
| Debt/Equity | 0.00 | 35.23 | 3.16 | 2.99 | 0.58 | 1.05 | 1.40 | 2.89 | 0.09 | 0.01 | 0.00 |
| Interest Coverage | 0.7 | 1.1 | 1.5 | 1.1 | 0.9 | N/A | -1.6 | -0.2 | N/A | 4.1 | 4.1 |
| Equity | -9.5M | 3.1M | 39M | 80M | 156M | 205M | 218M | 237M | 380M | 390M | 359M |
| Total Assets | 100M | 140M | 175M | 349M | 404M | 652M | 770M | 884M | 731M | 638M | 596M |
| Total Liabilities | 110M | 129M | 63M | 207M | 163M | 362M | 463M | 556M | 215M | 121M | 113M |
| Intangibles | N/A | 59M | 66M | 107M | 109M | 172M | 196M | 163M | 141M | 136M | 133M |
| Retained Earnings | N/A | -33M | 736K | -2.3M | -2.0M | -6.5M | -24M | -13M | 100M | 118M | 119M |
| Working Capital | N/A | -4.5M | -9.9M | -15M | -920K | -38M | -27M | -7.9M | -11M | 67M | 38M |
| Current Assets | N/A | 16M | 17M | 21M | 38M | 58M | 84M | 86M | 153M | 138M | 100M |
| Current Liabilities | 557K | 20M | 26M | 35M | 39M | 97M | 111M | 93M | 165M | 71M | 62M |
| Per Share Data | |||||||||||
| EPS | N/A | N/A | -0.26 | -0.29 | -0.03 | -0.22 | -0.77 | -0.07 | 4.73 | 0.72 | 0.48 |
| Owner EPS | N/A | N/A | 0.17 | 0.37 | -0.35 | -0.04 | -0.08 | -1.21 | -0.15 | -1.63 | -1.53 |
| Book Value | N/A | N/A | 1.46 | 7.63 | 11.14 | 10.11 | 9.83 | 20.43 | 15.85 | 15.69 | 14.29 |
| Cash Flow/Share | N/A | N/A | 0.67 | 2.53 | 1.70 | 2.20 | 1.97 | 3.21 | 2.02 | 0.23 | 1.73 |
| Dividends/Share | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | N/A | 26.9M | 10.5M | 14.0M | 20.3M | 22.2M | 11.6M | 24.0M | 24.8M | 25.1M |
| Valuation | |||||||||||
| P/E Ratio | N/A | N/A | 287.2 | N/A | N/A | N/A | N/A | N/A | 6.0 | 58.0 | 42.1 |
| P/FCF | N/A | N/A | 38.9 | 8.0 | 16.9 | 11.6 | 11.3 | 7.6 | 11.1 | 211.8 | 77.5 |
| EV/EBIT | N/A | N/A | 53.9 | 54.0 | 54.9 | N/A | N/A | N/A | 4.7 | 256.6 | 174.6 |
| Price/Book | N/A | N/A | 16.0 | 2.6 | 2.3 | 2.4 | 2.1 | 3.0 | 1.8 | 2.7 | 1.4 |
| Price/Sales | N/A | N/A | 1.5 | 0.7 | 2.4 | 2.7 | 1.7 | 3.5 | 3.6 | 3.9 | 11.0 |
| FCF Yield | N/A | N/A | 2.5% | 12.5% | 5.9% | 8.6% | 8.8% | 4.6% | 6.6% | 0.4% | 1.3% |
| Market Cap | 0 | N/A | 630M | 207M | 352M | 494M | 469M | 722M | 684M | 1.0B | 507M |
| Avg. Price | 0.00 | N/A | 17.66 | 23.38 | 25.97 | 29.77 | 24.15 | 23.80 | 21.09 | 26.02 | 20.19 |
| Year-End Price | 0.00 | N/A | 22.98 | 19.71 | 25.19 | 24.40 | 21.12 | 21.52 | 21.13 | 32.02 | 20.19 |
i3 Verticals, Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
i3 Verticals, Inc. trades at 29.5x trailing earnings, compared to its 15-year median P/E of 32.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 68.2x vs a median of 11.3x. The company's 5-year average ROIC is 0.2% with a gross margin of 69.0%. Total shareholder yield (buybacks) is 12.7%. At current prices, the estimated annualized return to fair value is -13.0%.
i3 Verticals, Inc. (IIIV) has a net profit margin of 8.4%. This is a modest margin.
i3 Verticals, Inc. (IIIV) generated $4 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
i3 Verticals, Inc. (IIIV) has a debt-to-equity ratio of 0.01. This indicates a conservatively financed balance sheet.
i3 Verticals, Inc. (IIIV) reported earnings per share (EPS) of $0.72 in its most recent fiscal year.
i3 Verticals, Inc. (IIIV) has a return on equity (ROE) of 4.6%. This indicates moderate shareholder returns.
i3 Verticals, Inc. (IIIV) has a 5-year average gross margin of 69.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 10 years of financial data for i3 Verticals, Inc. (IIIV), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
i3 Verticals, Inc. (IIIV) has a book value per share of $15.69, based on its most recent annual SEC filing.