i3 Verticals

IIIV · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

IIIV · Last close · November 6, 2026

$19.07

i3 Verticals' revenue rose 11.5% to $213 million in fiscal 2025. Its operating margin was 1.8%, down from 2.3% a year earlier. Free cash flow was $4 million, down 91.7%. It paid out $38 million in dividends and buybacks, 1002% of free cash flow. The diluted share count rose 0.9%.

i3 Verticals, Inc. Latest fiscal year ended September 30, 2025 10-K filed November 21, 2025 · 0001728688-25-000122 Updated November 7, 2026

Revenue

$213M

11.5%

Operating margin

1.8%

0.5 pts

Net income

$18M

84.2%

Free cash flow

$4M

91.7%

Return on capital

0.4%

0.2 pts

Market cap

$372M

Nov 6 close

P/E

—

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What i3 Verticals does

i3 Verticals sells cloud-based software to state and local governments and related agencies. Its software covers courts and public safety, public administration, utilities, transportation and schools. It says it has thousands of software installations across all 50 states and Canada.

The company has reshaped itself through sales. In September 2024 it sold its merchant services business, which handled card payments for businesses, to Payroc for a cash price of approximately $439.5 million. In May 2025 it sold its healthcare revenue cycle management business. It still earns some revenue from volume and transaction-based fees for payment processing, but most of its revenue is from software and related services. Approximately 76% of its revenue from continuing operations is recurring.

It sells through teams focused on specific markets, with about 30 employees in sales and 30 more in sales support. It names Tyler Technologies, Constellation Software and Roper Technologies among its competitors, and it has grown by buying other companies.

Its biggest risks, as it describes them

A history of operating losses, with a need for much more revenue to turn a profit.
Cybersecurity incidents or failures of its own or third-party software that could disrupt its services.
Falling behind rapid technology change and competition from larger software companies.
Depending on payment networks, a sponsor bank and a processing agreement with Payroc for its payments business.
Chargeback liabilities and rising interchange and sponsorship fees it may not be able to pass on.

From i3 Verticals's annual report on Form 10-K, filed November 21, 2025, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2024 to 2025, earnings per share fell 84.8% a year and net income 84.2% a year, as new shares raised the share count by 1% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	4	4	3	86	67
Debt incl. finance leases	201	287	388	26	0
Net debt (negative means net cash)	197	284	385	−60	−67
Net debt to EBITDA	8.1x	—	20.4x	−2.0x	−2.1x
Debt to equity	1.0x	1.3x	1.6x	0.1x	0.0x
Interest coverage	−0.0x	−2.6x	−0.2x	0.1x	4.1x
Current ratio	0.6x	0.8x	0.9x	0.9x	1.9x
Quick ratio	0.6x	0.7x	0.9x	0.9x	1.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project i3 Verticals' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open i3 Verticals' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $961,500 of i3 Verticals shares on the open market, and 2 insiders sold $704,639.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
May 14, 2026	Gregory S DailyChief Executive Officer, Director, 10% owner	Bought	50,000	$19.23	$961,500	Form 4
Mar 6, 2026	Paul ChristiansChief Revenue Officer	Sold	6,122	$23.23	$142,214	Form 4
Dec 3, 2025	Paul ChristiansChief Revenue Officer	Sold	9,000	$23.27	$209,430	Form 4
Nov 26, 2025	Paul ChristiansChief Revenue Officer	Sold	3,292	$23.78	$78,284	Form 4
Nov 21, 2025	Frederick StanfordPresident	Sold	11,347	$24.21	$274,711	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	5 of 9	5 of 8	5 of 8
Rule of 40	18.4%	24.6%	13.2%
Altman Z''	0.48	2.90	5.84
Accruals ratio	−4.6%	8.0%	1.8%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Fail	Fail
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	—	—
Revenue rose relative to assets	Fail	Fail	Pass
F-score	5 of 9	5 of 8	5 of 8

Companies that report no gross profit are scored on the other eight.

Compare

Put i3 Verticals side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
i3 Verticals	FY25	11.5%	1.8%	1.8%	0.4%	−2.1x	5
OneSpan	FY25	0.0%	19.9%	20.8%	—	—	—	Compare
C3.ai	FY26	−35.7%	−199.2%	−76.8%	—	—	—	Compare
Cerence	FY25	−24.1%	−0.9%	18.6%	—	—	5	Compare
Mitek Systems	FY25	4.4%	9.3%	30.1%	18.3%	−10.4x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	200	263	324	376	150	224	188	190	191	213
Revenue growth	—	31.5%	23.2%	16.3%	−60.1%	49.3%	−16.2%	1.0%	0.8%	11.5%
Gross profit	46	57	83	107	123	195	283	333	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	4	8	12	6	8	−0	−23	−4	4	4
Net income	−2	1	−7	−3	−0	−4	−17	−1	113	18
Diluted EPS (US$)	—	—	0.08	−0.29	−0.03	−0.22	−0.77	−0.07	4.73	0.72
Diluted shares (millions)	—	—	27	10	27	32	22	33	34	34
Cash flow
Cash from operations	10	8	18	27	24	44	44	37	48	6
Capital expenditure	1	1	2	1	3	2	2	4	3	2
Free cash flow	9	8	16	26	21	43	41	33	45	4
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	38
Acquisitions	32	44	32	137	28	142	101	102	19	11
Stock-based compensation	0	0	2	6	10	21	26	28	26	18
Balance sheet at fiscal year end
Cash and short-term investments	4	1	1	1	16	4	4	3	86	67
Debt incl. finance leases	—	111	37	139	91	201	287	388	26	0
Total assets	100	140	175	349	404	652	770	884	731	638
Total liabilities	—	129	63	207	163	362	463	556	215	121
Shareholders' equity	—	—	39	80	156	205	218	237	380	390
Margins and ratios
Gross margin	22.8%	21.6%	25.7%	28.4%	82.2%	87.2%	150.6%	175.7%	—	—
Operating margin	2.0%	2.9%	3.8%	1.7%	5.2%	−0.0%	−12.3%	−2.3%	2.3%	1.8%
Net margin	−1.1%	0.3%	−2.1%	−0.8%	−0.3%	−2.0%	−9.1%	−0.4%	59.3%	8.4%
Free cash flow margin	4.6%	2.9%	4.9%	6.8%	13.9%	19.0%	22.1%	17.4%	23.8%	1.8%
Rule of 40 (growth + FCF margin)	—	34.5%	28.1%	23.2%	−46.2%	68.3%	5.9%	18.4%	24.6%	13.2%
Return on capital	—	—	—	3.0%	2.1%	−0.0%	−3.4%	−0.5%	0.6%	0.4%
Return on equity	—	—	—	−5.1%	−0.4%	−2.5%	−8.1%	−0.4%	36.8%	4.7%
Return on assets	—	0.8%	−4.4%	−1.2%	−0.1%	−0.8%	−2.4%	−0.1%	14.0%	2.6%
Net debt to EBITDA	—	6.2x	1.5x	6.0x	2.9x	8.1x	—	20.4x	−2.0x	−2.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: i3 Verticals' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with i3 Verticals.