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I3 Verticals, Inc. (IIIV) stock

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NASDAQ: IIIV Nasdaq Application Software Next results ~November 19, 2026

C Fundamentals grade

I3 Verticals, Inc. is a US-listed company in the application software industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$14

Valuation models combined (3)

Base case. Range ~$9.8–$17. Weighted average of 3 models (forward price-to-earnings vs peers, residual income, justified price-to-book), the forward price-to-earnings vs peers counting double.

Price vs value

Overvalued

The price is above our entire value range; our base value is 25% below it.

Price used: $18.14, November 3, 2026

I3 Verticals, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 2 selling1 purchase and 4 sales by directors and officers, last 12 monthsInsider trades
  • Funds55 adding, 86 cuttingOf 23 active managers that changed their stake, 14 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter I3 Verticals files

Where I3 Verticals stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $218m, up 4.1% on a year earlier, slower than the 6.4% growth a quarter earlier. Free-cash-flow margin rose to 22.9% from 2.3% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 3 of our 6 financial-health checks.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 19, 2026 (estimated)

I3 Verticals, Inc.'s trailing-twelve-month revenue grew 4.1% year on year, with a free-cash-flow margin of 22.9%.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 935.6% while net income fell 93.6%: a 1029pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 22.9% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.

Things to watch

  • Results due soon. Results are expected around 16 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $18.42 is 26% above our value per share of $14.
  • Share dilution. Diluted shares rose 4.6% in a year.
  • High earnings multiple. The shares trade at 65 times the last 12 months' earnings, so expectations are demanding.
  • Growth easing. The growth rate is 2.3 points lower than a quarter earlier.
  • Below peers: change in growth rate. Change in growth rate of -2.3pp ranks 141 of 184 application software companies we cover (median +0.2pp).

Latest results: FY2026 Q3

Filed August 7, 2026
Earnings per share
$0.25 against an average estimate of $0.25: missed by 1.0%
Revenue
$53m, up 2.2% on a year earlier
Share reaction
-22.1% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
revenue $216,000 to $221,000 (fiscal year ending September 30, 2026); adjusted EBITDA (non-GAAP) $57,000 to $60,000 (fiscal year ending September 30, 2026)
Next report
November 19, 2026; average EPS estimate $0.27

I3 Verticals' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.5%
  • 1 week+7.4%
  • 1 month+27.1%
  • This year-26.9%
  • 1 year-40.9%
  • 5 years-18.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$218M
Operating margin
2.7%
Net margin
3.9%
EPS (TTM, diluted)
$0.28

Growth

Revenue growth
+4.1%
Change in growth rate
−2.3 pts

Cash

Free cash flow (TTM)
$49.9M
FCF margin
22.9%
Stock pay % of revenue
8.3%

Earnings

Last results
August 6, 2026
Next results (est.)
November 16, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Results
  3. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

I3 Verticals, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$14
Price used
$18.11close November 3, 2026
Implied change
▼ 25%
Uncertainty
Medium

How we got here: the combined value of 3 valuation models built for a business like I3 Verticals, Inc. (see the models table below and how they are combined) , with a 8.51% cost of equity. The models span ~$9.8–~$17; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value I3 Verticals, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.79 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$17 ~$14–$28 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$11 ~$6.9–$18 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$9.8 ~$8.3–$12 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$14 ~$9.8–$17 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare I3 Verticals, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20182019202020212022202320242025Now
Share price$22.98$20.12$25.25$24.21$20.03$21.14$21.31$32.46$18.42
Market value$618m$211m$693m$768m$446m$703m$722m$1.1bn$553m
+ Net debt (− = net cash)$36m$138m$75m$197m$284m$385m−$60m−$67m$112m
Enterprise value$654m$349m$768m$965m$729m$1.1bn$662m$1.0bn$665m
Multiples
Price / sales 1.9x0.6x4.6x3.4x2.4x3.7x3.8x5.2x2.5x
Price / earnings ——————6.4x62.1x64.9x
Price / free cash flow 38.9x8.2x33.3x18.0x10.7x21.3x15.9xn/m11.1x
EV / EBITDA 27.0x15.2x29.5x39.5x—57.5x22.1x32.9x19.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

42 /100

Weak moat

How hard I3 Verticals's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 18 / 20

    Cash operating profit has been a median 13.5% of total assets over 6 years.

  • Pricing power 11 / 20

    Gross margin has been a median 56.2%, moving by 27.5 percentage points (standard deviation) across 5 years.

  • Durability 0 / 20

    Operating margin has been a median 2.3%; its worst year was -14.8%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 9 of 9 years, at a median 14.8% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (57 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 19, 2026, after the close. Analysts expect revenue of $54m and EPS of $0.27 (range $0.26 to $0.28) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.07 +2% $218m +2%
Next $1.22 +14% $229m +5%

How the EPS forecast has moved

In the last 30 days, 0 analysts raised I3 Verticals, Inc.'s forecast and 4 cut it.

Consensus EPS forecast I3 Verticals, Inc., last 90 days
$1.00 $1.10 $1.20 $1.30 60 days ago 30 days ago 7 days ago Now Current fiscal year, 60 days ago: $1.13 Current fiscal year, 30 days ago: $1.14 Current fiscal year, 7 days ago: $1.14 Current fiscal year, Now: $1.07 $1.07 Next fiscal year, 60 days ago: $1.27 Next fiscal year, 30 days ago: $1.27 Next fiscal year, 7 days ago: $1.27 Next fiscal year, Now: $1.22 $1.22

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
60 days ago $1.13$1.27
30 days ago $1.14$1.27
7 days ago $1.14$1.27
Now $1.07$1.22

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.25 $0.25 −1.0%
Mar 2026 $0.29 $0.32 +8.5%
Dec 2025 $0.24 $0.26 +8.3%
Sept 2025 $0.24 $0.27 +11.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Revenue fiscal year ending September 30, 2026 $216,000k to $221,000k Lowered
    “Revenue $ 221,000 - $ 229,000 $ 216,000 - $ 221,000” source
  • Adjusted diluted earnings per share (non-GAAP) fiscal year ending September 30, 2026 $1.08 to $1.12 Non-GAAP Lowered
    “Adjusted diluted earnings per share (1) (non-GAAP) $ 1.09 - $ 1.15 $ 1.08 - $ 1.12” source
  • Adjusted EBITDA (non-GAAP) fiscal year ending September 30, 2026 $57,000k to $60,000k Non-GAAP Lowered
    “Adjusted EBITDA (non-GAAP) $ 61,000 - $ 65,000 $ 57,000 - $ 60,000” source
  • Effective tax rate assumption (non-GAAP) fiscal year ending September 30, 2026 about 25% Non-GAAP
    “Assumes an effective tax rate of 25.0% (non-GAAP), based on the estimated long-term effective tax rate, considering blended federal and state tax rates.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

4 analysts, Oct 2026
Buy375%
Hold125%
Sell00%

Monthly trend

  1. Oct 2026314
  2. Sep 202644

Counts of recommendations published by analysts covering I3 Verticals, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
48.3%
of tradable shares
Days to cover
5.14
at average volume
Short interest, 1 month
−15%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.9%
of shares
Employees
1,202
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −40.1%

$30.75 on October 31, 2025 to $18.42

ThenNowEffect
Revenue (last 12 months) $210m $218m +4.1%
Net margin 63.3% 3.9% −93.8%
P/E multiple 6.7x 64.9x +872.6%
Share count 29m 30m −4.1%

Biggest factor: net margin.

Last 3 years −9.9%

$20.44 on November 3, 2023 to $18.42

ThenNowEffect
Revenue (last 12 months) $123m $218m +77.0%
P/S multiple 4.3x 2.5x −40.7%
Share count 26m 30m −14.2%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
IIIV−31%+7%−13%+9%+9%−27%
Industry peers (median)−7%−50%+19%+2%−21%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
IIIV33%58%42%50%67%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
IIIV−50%−37%−39%−20%−31%−50%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since June 21, 2018: 62% from February 7, 2020 to September 30, 2026. Getting back needed a 162% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$13.82 – $30.68
From 52-week high
−40.0%
vs 50-day average
+15.6%
vs 200-day average
−7.3%
Volatility (1 year)
45%
Beta vs S&P 500
0.25

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±6.7%
After a week
5 up, 7 down
typical move ±10.3%
After a month
4 up, 8 down
typical move ±11.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −22.1% +0.5% −25.9% −26.0%
May 7, 2026 −3.9% +0.5% −15.0% −10.1%
February 5, 2026 +1.2% +0.6% +1.5% +13.6%
November 17, 2025 −10.0% −1.8% −17.2% −11.0%
August 7, 2025 +11.6% +0.7% +12.4% +8.9%
May 8, 2025 −3.4% +0.6% −0.6% −6.7%
February 6, 2025 +10.7% −0.6% +12.9% −5.6%
November 19, 2024 −1.2% +0.4% −2.5% −3.9%
August 8, 2024 −5.2% +2.8% −10.2% −10.1%
May 10, 2024 −9.9% +0.1% −11.8% −11.6%
February 8, 2024 +0.3% +0.6% +12.8% +22.2%
November 15, 2023 −0.8% +0.3% +0.6% +1.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

I3 Verticals, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) I3 Verticals, Inc.
$190M $200M $210M $220M $230M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $226.7M Revenue (TTM), FY24 Q1: $220.2M Revenue (TTM), FY24 Q2: $209.6M Revenue (TTM), FY24 Q3: $198.5M Revenue (TTM), FY24 Q4: $191.2M Revenue (TTM), FY25 Q1: $198.2M Revenue (TTM), FY25 Q2: $203.9M Revenue (TTM), FY25 Q3: $209.6M Revenue (TTM), FY25 Q4: $213.2M Revenue (TTM), FY26 Q1: $213.6M Revenue (TTM), FY26 Q2: $217M Revenue (TTM), FY26 Q3: $218.2M $218.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $226.7M
FY24 Q1 $220.2M
FY24 Q2 $209.6M
FY24 Q3 $198.5M
FY24 Q4 $191.2M
FY25 Q1 $198.2M
FY25 Q2 $203.9M
FY25 Q3 $209.6M
FY25 Q4 $213.2M
FY26 Q1 $213.6M
FY26 Q2 $217M
FY26 Q3 $218.2M
Revenue growth, TTM YoY I3 Verticals, Inc.
-20% 0% 20% 40% 60% 80% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 20.8% Revenue growth, TTM YoY, FY24 Q1: 33.1% Revenue growth, TTM YoY, FY24 Q2: 43.0% Revenue growth, TTM YoY, FY24 Q3: 61.0% Revenue growth, TTM YoY, FY24 Q4: -15.7% Revenue growth, TTM YoY, FY25 Q1: -10.0% Revenue growth, TTM YoY, FY25 Q2: -2.7% Revenue growth, TTM YoY, FY25 Q3: 5.6% Revenue growth, TTM YoY, FY25 Q4: 11.5% Revenue growth, TTM YoY, FY26 Q1: 7.8% Revenue growth, TTM YoY, FY26 Q2: 6.4% Revenue growth, TTM YoY, FY26 Q3: 4.1% 4.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 20.8%
FY24 Q1 33.1%
FY24 Q2 43.0%
FY24 Q3 61.0%
FY24 Q4 -15.7%
FY25 Q1 -10.0%
FY25 Q2 -2.7%
FY25 Q3 5.6%
FY25 Q4 11.5%
FY26 Q1 7.8%
FY26 Q2 6.4%
FY26 Q3 4.1%
Operating margin (TTM) I3 Verticals, Inc.
-2% 0% 2% 4% 6% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -1.6% Operating margin (TTM), FY24 Q1: -1.2% Operating margin (TTM), FY24 Q2: -0.5% Operating margin (TTM), FY24 Q3: 1.1% Operating margin (TTM), FY24 Q4: 2.3% Operating margin (TTM), FY25 Q1: 3.1% Operating margin (TTM), FY25 Q2: 4.5% Operating margin (TTM), FY25 Q3: 2.7% Operating margin (TTM), FY25 Q4: 1.8% Operating margin (TTM), FY26 Q1: 1.6% Operating margin (TTM), FY26 Q2: 0.9% Operating margin (TTM), FY26 Q3: 2.7% 2.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -1.6%
FY24 Q1 -1.2%
FY24 Q2 -0.5%
FY24 Q3 1.1%
FY24 Q4 2.3%
FY25 Q1 3.1%
FY25 Q2 4.5%
FY25 Q3 2.7%
FY25 Q4 1.8%
FY26 Q1 1.6%
FY26 Q2 0.9%
FY26 Q3 2.7%
FCF margin (TTM) I3 Verticals, Inc.
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 14.5% FCF margin (TTM), FY24 Q1: 13.6% FCF margin (TTM), FY24 Q2: 15.8% FCF margin (TTM), FY24 Q3: 20.4% FCF margin (TTM), FY24 Q4: 23.8% FCF margin (TTM), FY25 Q1: 21.6% FCF margin (TTM), FY25 Q2: 2.6% FCF margin (TTM), FY25 Q3: 2.3% FCF margin (TTM), FY25 Q4: 1.8% FCF margin (TTM), FY26 Q1: 3.1% FCF margin (TTM), FY26 Q2: 20.2% FCF margin (TTM), FY26 Q3: 22.9% 22.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 14.5%
FY24 Q1 13.6%
FY24 Q2 15.8%
FY24 Q3 20.4%
FY24 Q4 23.8%
FY25 Q1 21.6%
FY25 Q2 2.6%
FY25 Q3 2.3%
FY25 Q4 1.8%
FY26 Q1 3.1%
FY26 Q2 20.2%
FY26 Q3 22.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 200 263 324 376 150 224 188 190 191 213 218
Gross profit 46 57 83 107 123 195 283 333 — — —
EBITDA 14 18 24 23 26 24 −4 19 30 32 35
Operating income 4 8 12 6 8 −0 −23 −4 4 4 6
Net income −2 1 −7 −3 −0 −4 −17 −1 113 18 9
Diluted EPS — — $0.08 −$0.29 −$0.03 −$0.22 −$0.77 −$0.07 $4.73 $0.72 $0.28
Growth (year on year)
Revenue — +31.5% +23.2% +16.3% −60.1% +49.3% −16.2% +1.0% +0.8% +11.5% +4.1%
EBITDA — +27.6% +36.8% −5.1% +13.2% −6.1% −115.6% — +58.2% +5.9% +4.8%
Operating income — — +62.6% −48.3% — −100.2% — — — −13.3% +3.9%
Net income — — — — — — — — — −84.2% −93.6%
Diluted EPS — — — — — — — — — −84.8% —
Margins
Gross margin 22.8% 21.6% 25.7% 28.4% 82.2% 87.2% — — — — —
EBITDA margin 6.9% 6.7% 7.5% 6.1% 17.3% 10.9% −2.0% 10.0% 15.6% 14.9% 16.0%
Operating margin 2.0% 2.9% 3.8% 1.7% 5.2% −0.0% −12.3% −2.3% 2.3% 1.8% 2.7%
Net margin −1.0% 0.3% −2.1% −0.8% −0.3% −2.0% −9.1% −0.4% 59.3% 8.4% 3.9%
Free-cash-flow margin 4.6% 2.9% 4.9% 6.9% 13.9% 19.0% 22.1% 17.4% 23.8% 1.8% 22.9%
Cash flow
Cash from operations 10 8 18 27 24 45 44 37 48 6 52
Capital spending 1 1 2 1 3 2 2 4 3 2 2
Free cash flow 9 8 16 26 21 43 41 33 45 4 50
Stock-based pay 0 0 2 6 10 21 26 28 26 18 18
Free cash flow after stock pay 9 8 14 20 10 22 15 5 19 −15 32
Balance sheet
Cash 4 1 1 1 16 4 3 3 87 67 3
Total debt 0 111 37 139 91 201 287 388 26 0 114
Net debt (negative = net cash) −4 110 36 138 75 197 284 385 −60 −67 112
Diluted shares — — 27m 10m 27m 32m 22m 33m 34m 34m 30m
Returned to shareholders
Buybacks — — — — — — — 0 0 38 137
Total returned — — — — — — — 0 0 38 137

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $627m
Short-term assets $63mLonger-term assets $564m
What it owes, and who funded it · $507m
Short-term liabilities $53mLonger-term liabilities $174mShareholders' equity $281m
  • Short-term assets cover short-term liabilities $63m of assets due within a year against $53m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $63m short-term assets against $174m of longer-dated liabilities.
  • More cash than debt $3m of cash against $114m of debt.
  • Debt below 40% of shareholders' equity Debt is 41% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 124% to 41% over five years.
  • A year's operating cash flow covers at least 20% of debt $52m of operating cash flow against $114m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From I3 Verticals, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$137M
Returned to shareholders
274%
of free cash flow
Buybacks, last 3 fiscal years
$37.6M
Total shareholder yield
38.0%
dividends 0.0% + buybacks 38.0% of market value
Sales & admin spending
52.2%
of revenue
Days sales outstanding
81 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated IIIV AI SOUN GCL MITK VTEX Median
Revenue, last 12 months $218m $232m $203m $239m $198m $241m $482m
Revenue growth, last 12 months 4.1% −37.5% 54.6% 68.2% 11.1% 6.1% 12.0%
Revenue growth, 3-year average 21.0% −5.3% 77.8% — 4.3% — 11.1%
Revenue growth, latest quarter 2.2% −25.5% 45.0% — 18.2% — 11.9%
Gross margin 88.9% 29.1% 42.3% 10.3% 86.7% 77.5% 69.2%
Operating margin 2.7% −203.1% −68.5% −5.6% 17.8% 7.5% 1.1%
Operating margin, 3-year average 2.2% −133.9% −130.4% — 7.9% — −0.8%
Net margin 3.9% −192.1% −67.5% −10.5% 11.4% 8.3% 2.1%
Cash from operations / revenue 24.0% −66.5% −56.4% −4.4% 27.1% 13.9% 18.2%
Free-cash-flow margin 22.9% −67.0% −57.0% −4.9% 24.6% 13.4% 15.0%
Free-cash-flow margin, 3-year average 15.2% −37.5% −92.6% — 21.1% — 16.2%
Stock pay / revenue 8.3% 111.1% 38.7% 0.0% 8.2% 7.2% 9.3%
Change in share count 4.6% 10.4% 8.9% 15.0% 4.1% −3.8% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 4.1% 12.0% 136 of 184
Change in growth rate Growth -2.3pp +0.2pp 141 of 184
Operating margin Profitability 2.7% 1.1% 85 of 181
Net margin Profitability 3.9% 2.1% 85 of 185
Free-cash-flow margin Cash generation 22.9% 15.2% 66 of 180
Stock pay as % of revenue Cash generation 8.3% 9.3% 81 of 177
Long-term debt as % of assets Balance sheet 18.2% 16.9% 57 of 98
Days sales outstanding Balance sheet 81 days 57 days 119 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Products and services
Line of business Revenue Share YoY
Licenses and services $149M 69.9% ▲ 13.0%
Proprietary Payments Revenue $54.1M 25.4% ▲ 8.0%
Other Revenue $10.1M 4.7% ▲ 8.8%

From I3 Verticals, Inc.'s 10-K filed November 21, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$471M
Institutions reporting
132
Shares held vs prior quarter
▼ 10.0%
Positions opened / closed
16 / 27

Top buyers and sellers, Q2 2026: 55 institutions bought and 86 sold ; the biggest buyer was First Eagle Investment Management, LLC (+1.1M shares) and the biggest seller William Blair Investment Management, LLC (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $38.5M 1.8M 8.2% ▲ 1.5%
First Eagle Investment Management, LLC $30.9M 1.4M 6.6% ▲ 278.4%
Geneva Capital Management LLC $25.4M 1.2M 5.4% ▼ 23.5%
Altravue Capital, LLC $23.9M 1.1M 5.1% ▼ 4.3%
Crosslink Capital Inc $23.9M 1.1M 5.1% ▲ 15.7%
Punch & Associates Investment Management, Inc. $23.5M 1.1M 5.0% ▲ 6.5%
North Reef Capital Management LP $23M 1.1M 4.9% ▲ 4.9%
Heartland Advisors Inc $20.6M 965K 4.4% ▲ 59.0%
Forager Capital Management, LLC $18.5M 865K 3.9% ▲ 49.2%
Jennison Associates LLC $18.3M 857K 3.9% ▼ 1.5%
Vanguard Capital Management LLC $17.4M 815K 3.7% ▼ 15.4%
State Street Corp $15.4M 719K 3.3% ▲ 3.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not I3 Verticals, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $961,500 1 trade by 1 insider, last 12 months Insider sales History → $704,639 4 trades by 2 insiders · 0% under pre-set plans
Net ▲ $256,861 net buying
Insider Date Trade Shares Price Value
Daily Gregory S Chief Executive Officer May 14, 2026 Buy 50,000 $19.23 $961,500
Christians Paul Chief Revenue Officer March 6, 2026 Sell 6,122 $23.23 $142,214
Christians Paul Chief Revenue Officer December 3, 2025 Sell 9,000 $23.27 $209,430
Christians Paul Chief Revenue Officer November 26, 2025 Sell 3,292 $23.78 $78,284
Stanford Frederick President November 21, 2025 Sell 11,347 $24.21 $274,711

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 16, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 5, 2026
  • November 17, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on I3 Verticals, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

I3 Verticals, Inc. in brief

What does I3 Verticals, Inc. do?
I3 Verticals, Inc. is a US-listed company in the application software industry. Its financial year ends in September.
What is I3 Verticals, Inc.'s stock ticker?
I3 Verticals, Inc. trades under the ticker IIIV on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is I3 Verticals, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, I3 Verticals, Inc. reported revenue of $218M, 4.1% higher than a year earlier, according to its SEC filings.
What is I3 Verticals, Inc.'s free cash flow?
I3 Verticals, Inc.'s free-cash-flow margin is 22.9% of revenue over the trailing twelve months, ranking 66 of the 180 application software companies we cover.
Who are I3 Verticals, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., First Eagle Investment Management, LLC and Geneva Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is I3 Verticals, Inc.'s market cap?
On November 2, 2026, I3 Verticals, Inc.'s market capitalisation was about $553M, with a price-to-earnings ratio of 64.9 and net debt of $112M. Market figures come from third-party market data and may be delayed.
How much debt does I3 Verticals, Inc. have?
I3 Verticals, Inc.'s debt-to-equity ratio is 40.7%, from its latest balance sheet (123.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are I3 Verticals, Inc.'s competitors?
In our Application Software peer group, the companies closest to I3 Verticals, Inc. are C3.ai, Inc., Soundhound AI, Inc., GCL Global Holdings Ltd, Mitek Systems Inc and Vtex. The side-by-side comparison below sets their revenue, margins and growth against I3 Verticals, Inc.'s.
Are insiders buying or selling I3 Verticals, Inc. stock?
Over the last 12 months, I3 Verticals, Inc.'s directors and officers reported 1 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is I3 Verticals, Inc.'s next earnings date?
Around November 19, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — I3 Verticals, Inc. announces its own schedule.