i3 Verticals, Inc. (IIIV) 10-Year Financial Performance & Capital Metrics

IIIV • • Industrial / General

TechnologyInfrastructure SoftwarePayment Processing & Digital CommerceEnterprise Payment Processors

Abouti3 Verticals, Inc. provides integrated payment and software solutions to small- and medium-sized businesses and organizations in education, non-profit, public sector, and healthcare markets in the United States. It operates in two segments, Merchant Services, and Proprietary Software and Payments. The company offers payment processing services that enables clients to accept electronic payments, facilitating the exchange of funds and transaction data between clients, financial institutions, and payment networks. The company also licenses software; and provides ongoing support, and other point of sale-related solutions. It offers its solutions to clients through direct sales force; distribution partners, including independent software vendors, value-added resellers, and independent sales organizations; and referral partners, such as financial institutions, trade associations, chambers of commerce, and card issuers. The company was founded in 2012 and is headquartered in Nashville, Tennessee.Show more

Revenue $213M -7.3%
EBITDA $32M +3.8%
Net Income $18M -84.2%
EPS (Diluted) 0.70 +121.8%
Gross Margin 55.67% -39.4%
EBITDA Margin 14.97% +11.9%
Operating Margin 1.88% -36.9%
Net Margin 8.38% -83.0%
ROE 3.46% -87.1%
ROIC 0.65% -24.3%
Debt/Equity 0.01 -86.8%
Interest Coverage 1.74 +644.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Share count reduced 26.0% through buybacks
✓Trading at only 1.2x book value

✗Weaknesses

✗Low quality earnings: Net income not backed by cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y7.26%

3Y4.32%

TTM4.34%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM631976.19%

EPS CAGR

10Y-

5Y-

3Y-

TTM1157.36%

ROCE

10Y Avg2.79%

5Y Avg0.21%

3Y Avg1.62%

Latest0.71%

Peer Comparison

Enterprise Payment Processors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TOSTToast, Inc.	17.39B	33.76	1048.45	28.33%	4.66%	13.56%	1.76%	0.02
DLODLocal Limited	2.42B	14.59	37.41	14.7%	17.8%	33.87%		0.11
IIIVi3 Verticals, Inc.	615.36M	25.67	36.67	-7.29%	55.87%	25.96%	0.93%	0.01
ACIWACI Worldwide, Inc.	4.48B	43.49	22.77	9.76%	15.07%	17.64%	7.66%	0.67
FOURShift4 Payments, Inc.	4.45B	65.91	21.75	29.86%	5.02%	8.73%	6.97%	2.83
WEXWEX Inc.	5.51B	160.57	21.41	3.15%	10.81%	25.38%	6.07%	2.99
EVTCEVERTEC, Inc.	1.93B	30.12	17.41	21.7%	16.17%	20.63%	8.91%	1.86
XYZBlock, Inc.	35.55B	64.92	14.27	10.06%	13.08%	13.95%	4.37%	0.37

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	199.64M	262.57M	323.51M	376.31M	150.13M	224.12M	187.75M	370.24M	229.92M	213.16M
Revenue Growth %	-	0.32%	0.23%	0.16%	-0.6%	0.49%	-0.16%	0.97%	-0.38%	-0.07%
Cost of Goods Sold+	162.93M	217.91M	254.86M	287.1M	47.23M	57.71M	12.83M	80.55M	18.57M	94.49M
COGS % of Revenue	0.82%	0.83%	0.79%	0.76%	0.31%	0.26%	0.07%	0.22%	0.08%	0.44%
Gross Profit+	36.71M	44.66M	68.65M	89.2M	102.9M	166.42M	174.92M	289.69M	211.35M	118.67M
Gross Margin %	0.18%	0.17%	0.21%	0.24%	0.69%	0.74%	0.93%	0.78%	0.92%	0.56%
Gross Profit Growth %	-	0.22%	0.54%	0.3%	0.15%	0.62%	0.05%	0.66%	-0.27%	-0.44%
Operating Expenses+	30.29M	37.28M	52.42M	82.81M	95.13M	166.43M	198.06M	266.98M	204.5M	114.66M
OpEx % of Revenue	0.15%	0.14%	0.16%	0.22%	0.63%	0.74%	1.05%	0.72%	0.89%	0.54%
Selling, General & Admin	20.39M	27.19M	39.32M	62.86M	78.32M	132.99M	154.56M	217.68M	173.23M	114.66M
SG&A % of Revenue	0.1%	0.1%	0.12%	0.17%	0.52%	0.59%	0.82%	0.59%	0.75%	0.54%
Research & Development	1.22M	1.54M	1.7M	2.98M	3.98M	6.28M	7.85M	12.54M	13.54M	0
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.03%	0.03%	0.04%	0.03%	0.06%	-
Other Operating Expenses	59K	218K	-3.87M	16.98M	12.83M	27.17M	35.64M	36.76M	17.72M	0
Operating Income+	3.96M	7.6M	12.36M	6.39M	7.77M	-12K	-23.14M	22.71M	6.85M	4.01M
Operating Margin %	0.02%	0.03%	0.04%	0.02%	0.05%	-0%	-0.12%	0.06%	0.03%	0.02%
Operating Income Growth %	-	0.92%	0.63%	-0.48%	0.22%	-1%	-1927.42%	1.98%	-0.7%	-0.41%
EBITDA+	13.86M	17.68M	24.2M	22.95M	25.99M	18.13M	-1.57M	59.17M	30.75M	31.91M
EBITDA Margin %	0.07%	0.07%	0.07%	0.06%	0.17%	0.08%	-0.01%	0.16%	0.13%	0.15%
EBITDA Growth %	-	0.28%	0.37%	-0.05%	0.13%	-0.3%	-1.09%	38.66%	-0.48%	0.04%
D&A (Non-Cash Add-back)	9.9M	10.09M	11.84M	16.56M	18.22M	18.14M	21.57M	36.46M	23.9M	27.9M
EBIT	4.05M	8.02M	3.87M	6.39M	5.15M	9.02M	1.02M	21.27M	9.32M	13.18M
Net Interest Income+	-5.9M	-6.94M	-8.5M	-6M	-8.93M	-9.8M	-14.78M	-25.13M	-29.26M	-2.3M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	5.9M	6.94M	8.5M	6M	8.93M	9.8M	14.78M	25.13M	29.26M	2.3M
Other Income/Expense	-5.81M	-6.52M	-16.98M	-6M	-11.55M	-7.2M	-15.77M	-47.6M	-25.87M	6.87M
Pretax Income+	-1.85M	1.08M	-4.62M	386K	-3.77M	-7.22M	-38.91M	-24.89M	-19.01M	10.88M
Pretax Margin %	-0.01%	0%	-0.01%	0%	-0.03%	-0.03%	-0.21%	-0.07%	-0.08%	0.05%
Income Tax+	243K	177K	337K	-177K	-2.79M	623K	152K	-1.2M	-5.67M	5.27M
Effective Tax Rate %	1.13%	0.84%	1.49%	1.46%	0.11%	0.62%	0.44%	0.03%	-5.96%	1.64%
Net Income+	-2.09M	902K	-6.9M	563K	-419K	-4.46M	-17.1M	-811K	113.34M	17.87M
Net Margin %	-0.01%	0%	-0.02%	0%	-0%	-0.02%	-0.09%	-0%	0.49%	0.08%
Net Income Growth %	-	1.43%	-8.65%	1.08%	-1.74%	-9.64%	-2.84%	0.95%	140.75%	-0.84%
Net Income (Continuing)	-2.09M	902K	-4.96M	563K	-979K	-7.84M	-39.06M	-23.68M	-13.35M	5.62M
Discontinued Operations	0	0	0	0	0	0	15.84M	21.03M	188.48M	20.89M
Minority Interest	0	0	72.9M	62.37M	84.59M	84.83M	89.31M	91.55M	135.62M	128.14M
EPS (Diluted)+	-0.27	0.12	-0.74	0.05	-0.03	-0.22	-0.77	-0.07	-3.21	0.70
EPS Growth %	-	1.44%	-7.17%	1.07%	-1.53%	-6.8%	-2.5%	0.91%	-44.86%	1.22%
EPS (Basic)	-0.27	0.12	-0.78	0.05	-0.03	-0.37	-0.77	0.08	-3.94	0.75
Diluted Shares Outstanding	7.8M	7.8M	9.36M	10.49M	14.83M	31.71M	22.25M	33.25M	33.88M	25.07M
Basic Shares Outstanding	7.8M	7.8M	8.81M	10.49M	14.83M	20.99M	22.25M	23.14M	23.42M	23.91M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	15.6M	15.7M	16.57M	20.57M	37.98M	58.12M	83.81M	85.54M	153.39M	137.63M
Cash & Short-Term Investments	3.78M	955K	572K	1.12M	15.57M	3.64M	3.49M	3.1M	86.54M	66.67M
Cash Only	3.78M	955K	572K	1.12M	15.57M	3.64M	3.49M	3.1M	86.54M	66.67M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	6.17M	8.41M	12.5M	15.34M	17.54M	38.5M	58.26M	50.79M	56.18M	58.47M
Days Sales Outstanding	11.27	11.69	14.1	14.87	42.64	62.7	113.27	50.07	89.19	100.12
Inventory	1.21M	1.14M	930K	1.29M	1.31M	2.22M	4.12M	2.04M	2.42M	0
Days Inventory Outstanding	2.7	1.91	1.33	1.65	10.12	14.04	117.2	9.23	47.62	-
Other Current Assets	4.45M	5.2M	863K	0	1.94M	8.04M	11.46M	25.82M	2.97M	12.49M
Total Non-Current Assets+	84.69M	124.29M	158.58M	328.73M	365.55M	593.68M	686.5M	798.87M	577.28M	500.79M
Property, Plant & Equipment	1.6M	1.42M	2.96M	5.03M	5.34M	20.38M	23.35M	21.87M	17.63M	11.76M
Fixed Asset Turnover	125.01x	184.91x	109.37x	74.87x	28.12x	11.00x	8.04x	16.93x	13.04x	18.13x
Goodwill	35.06M	58.52M	83.95M	168.28M	187M	292.24M	353.64M	267.98M	280.68M	248.47M
Intangible Assets	47.26M	63.04M	69.39M	122.87M	126.22M	213.08M	248.26M	221.21M	221.41M	184.11M
Long-Term Investments	413K	1.01M	665K	2.08M	6.23M	14.22M	12.73M	4.21M	0	250K
Other Non-Current Assets	778K	1.31M	2.27M	2.33M	4M	3.77M	5.06M	231.08M	9.12M	7.14M
Total Assets+	100.28M	139.99M	175.14M	349.3M	403.53M	651.8M	770.31M	884.42M	730.67M	638.41M
Asset Turnover	1.99x	1.88x	1.85x	1.08x	0.37x	0.34x	0.24x	0.42x	0.31x	0.33x
Asset Growth %	-	0.4%	0.25%	0.99%	0.16%	0.62%	0.18%	0.15%	-0.17%	-0.13%
Total Current Liabilities+	20.3M	20.22M	26.44M	35.23M	38.9M	96.51M	111.26M	93.46M	164.73M	70.69M
Accounts Payable	1.98M	1.6M	4.11M	3.44M	3.85M	7.87M	9.34M	6.37M	5.37M	6.25M
Days Payables Outstanding	4.44	2.68	5.89	4.37	29.71	49.75	265.69	28.86	105.53	24.14
Short-Term Debt	5M	4M	5M	0	0	3.2M	4.57M	3.66M	26.22M	1.83M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	9.86M	10.6M	9.59M	6.75M	9.99M	47.9M	56.52M	39.79M	37.85M	24.94M
Current Ratio	0.77x	0.78x	0.63x	0.58x	0.98x	0.60x	0.75x	0.92x	0.93x	1.95x
Quick Ratio	0.71x	0.72x	0.59x	0.55x	0.94x	0.58x	0.72x	0.89x	0.92x	1.95x
Cash Conversion Cycle	9.53	10.92	9.54	12.15	23.04	26.99	-35.22	30.45	31.27	-
Total Non-Current Liabilities+	89.49M	116.62M	36.5M	171.63M	124.46M	265.7M	351.37M	462.66M	50.59M	50M
Long-Term Debt	78.54M	106.84M	31.78M	139.3M	90.76M	200.6M	287.02M	388M	0	0
Capital Lease Obligations	0	0	0	0	0	11.96M	13.99M	8.97M	6.32M	2.96M
Deferred Tax Liabilities	0	0	1.1M	516K	2.21M	3.28M	7.9M	18.61M	11.4M	0
Other Non-Current Liabilities	10.95M	9.79M	4.73M	32.33M	31.49M	49.69M	42.34M	46.88M	32.87M	47.03M
Total Liabilities	109.79M	136.84M	62.94M	206.86M	163.36M	362.21M	462.62M	556.12M	215.32M	120.69M
Total Debt+	83.54M	110.84M	36.78M	139.3M	90.76M	215.77M	305.58M	400.63M	36.05M	4.79M
Net Debt	79.76M	109.88M	36.2M	138.18M	75.19M	212.13M	302.09M	397.52M	-50.5M	-61.88M
Debt / Equity	-	35.23x	0.33x	0.98x	0.38x	0.75x	0.99x	1.22x	0.07x	0.01x
Debt / EBITDA	6.03x	6.27x	1.52x	6.07x	3.49x	11.90x	-	6.77x	1.17x	0.15x
Net Debt / EBITDA	5.75x	6.21x	1.50x	6.02x	2.89x	11.70x	-	6.72x	-1.64x	-1.94x
Interest Coverage	0.67x	1.10x	1.45x	1.06x	0.87x	-0.00x	-1.57x	0.90x	0.23x	1.74x
Total Equity+	-9.51M	3.15M	112.2M	142.44M	240.17M	289.59M	307.69M	328.3M	515.36M	517.72M
Equity Growth %	-	1.33%	34.66%	0.27%	0.69%	0.21%	0.06%	0.07%	0.57%	0%
Book Value per Share	-1.22	0.40	11.99	13.58	16.19	9.13	13.83	9.87	15.21	20.65
Total Shareholders' Equity	-9.51M	3.15M	39.3M	80.07M	155.58M	204.76M	218.38M	236.75M	379.74M	389.58M
Common Stock	20.73M	36.16M	3K	2K	3K	3K	3K	3K	3K	3K
Retained Earnings	-30.24M	-33.02M	736K	-2.31M	-2.02M	-6.48M	-23.58M	-12.94M	100.4M	118.27M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-891K	-1.35M	-1.29M	0	0	0	0	0	0	0
Minority Interest	0	0	72.9M	62.37M	84.59M	84.83M	89.31M	91.55M	135.62M	128.14M

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	10.01M	7.73M	18.08M	26.6M	23.72M	46.77M	45.85M	34.5M	48.41M	5.69M
Operating CF Margin %	0.05%	0.03%	0.06%	0.07%	0.16%	0.21%	0.24%	0.09%	0.21%	0.03%
Operating CF Growth %	-	-0.23%	1.34%	0.47%	-0.11%	0.97%	-0.02%	-0.25%	0.4%	-0.88%
Net Income	-2.09M	902K	-4.96M	563K	-979K	-7.84M	-23.22M	-2.65M	175.13M	17.87M
Depreciation & Amortization	9.9M	10.09M	11.84M	16.56M	18.22M	24.42M	29.42M	28.14M	37.45M	29.84M
Stock-Based Compensation	0	0	1.57M	6.12M	10.45M	20.86M	26.23M	27.88M	26.34M	18.34M
Deferred Taxes	-3K	56K	-682K	-586K	-3.21M	-287K	2.59M	-5.93M	434K	4.97M
Other Non-Cash Items	2.23M	-2M	11.35M	2.74M	269K	10.61M	17.5M	9.9M	-208.1M	-65.34M
Working Capital Changes	-56K	-1.16M	-1.03M	1.19M	-1.03M	-991K	-6.68M	-22.84M	17.16M	0
Change in Receivables	-1.18M	-2.43M	-2.32M	2.43M	-1.03M	-10.94M	-15.77M	-7.66M	9.58M	-7.41M
Change in Inventory	69K	1.87M	237K	-2.06M	-860K	914K	0	0	0	0
Change in Payables	509K	-384K	1.17M	-1.77M	239K	3.88M	1.54M	1.67M	-3.24M	1M
Cash from Investing+	-35.15M	-47.9M	-38.05M	-143.73M	-35.43M	-156.31M	-113.05M	-121.52M	396.15M	76.46M
Capital Expenditures	-2.88M	-2.1M	-4.49M	-3.11M	-5.95M	-8.2M	-12.45M	-4.2M	0	0
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.04%	0.04%	0.07%	0.01%	0.01%	-
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.02M	-1.46M	-3.42M	-2.3M	-3.04M	0	-430K	-13.42M	415.25M	87.46M
Cash from Financing+	28.92M	37.35M	19.24M	119.09M	29.11M	102.1M	73.03M	75.65M	-367.36M	0
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	3.22M	9.75M	-973K	-4.19M	49.98M	-1.56M	-25.28M	-7.35M	-6.8M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	7.13M	5.63M	13.59M	23.49M	17.77M	38.57M	33.4M	18.13M	45.45M	5.69M
FCF Margin %	0.04%	0.02%	0.04%	0.06%	0.12%	0.17%	0.18%	0.05%	0.2%	0.03%
FCF Growth %	-	-0.21%	1.41%	0.73%	-0.24%	1.17%	-0.13%	-0.46%	1.51%	-0.87%
FCF per Share	0.91	0.72	1.45	2.24	1.20	1.22	1.50	0.55	1.34	0.23
FCF Conversion (FCF/Net Income)	-4.78x	8.57x	-2.62x	47.24x	-56.61x	-10.49x	-2.68x	-42.54x	0.43x	0.32x
Interest Paid	5.39M	6.29M	7.88M	4.91M	5.25M	4.43M	8.98M	21.48M	29.49M	0
Taxes Paid	21K	837K	483K	1.42M	792K	287K	1.08M	3.24M	7.33M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	28.67%	-11.96%	0.44%	-0.22%	-1.68%	-5.73%	-0.26%	26.87%	3.46%
Return on Invested Capital (ROIC)	4.23%	6.22%	7.09%	2.23%	1.96%	-0%	-3.12%	2.55%	0.86%	0.65%
Gross Margin	18.39%	17.01%	21.22%	23.7%	68.54%	74.25%	93.16%	78.24%	91.92%	55.67%
Net Margin	-1.05%	0.34%	-2.13%	0.15%	-0.28%	-1.99%	-9.11%	-0.22%	49.3%	8.38%
Debt / Equity	-	35.23x	0.33x	0.98x	0.38x	0.75x	0.99x	1.22x	0.07x	0.01x
Interest Coverage	0.67x	1.10x	1.45x	1.06x	0.87x	-0.00x	-1.57x	0.90x	0.23x	1.74x
FCF Conversion	-4.78x	8.57x	-2.62x	47.24x	-56.61x	-10.49x	-2.68x	-42.54x	0.43x	0.32x
Revenue Growth	-	31.52%	23.21%	16.32%	-60.1%	49.28%	-16.23%	97.2%	-37.9%	-7.29%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024	2025
License and Service	-	-	-	-	-	-	169.06M	149.04M
License and Service Growth	-	-	-	-	-	-	-	-11.84%
Other Revenue	-	-	-	-	-	-	10.52M	10.06M
Other Revenue Growth	-	-	-	-	-	-	-	-4.45%
Software And Services	-	-	-	-	40.95M	232.97M	-	-
Software And Services Growth	-	-	-	-	-	468.89%	-	-
Merchant Services	-	336.8M	100.95M	92.33M	103.51M	137.34M	-	-
Merchant Services Growth	-	-	-70.03%	-8.54%	12.11%	32.69%	-	-
Corporate and Other	-3K	-	-1.77M	-2.1M	-8K	-29K	-	-
Corporate and Other Growth	-	-	-	-18.50%	99.62%	-262.50%	-	-
Proprietary Owned Software	20.58M	39.51M	50.95M	29.45M	-	-	-	-
Proprietary Owned Software Growth	-	91.95%	28.97%	-42.20%	-	-	-	-
MerchantServicesMember	302.93M	-	-	-	-	-	-	-
MerchantServicesMember Growth	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

i3 Verticals, Inc. (IIIV) has a price-to-earnings (P/E) ratio of 36.7x. This suggests investors expect higher future growth.

Growth & Financials

i3 Verticals, Inc. (IIIV) reported $237.5M in revenue for fiscal year 2025. This represents a 19% increase from $199.6M in 2016.

i3 Verticals, Inc. (IIIV) saw revenue decline by 7.3% over the past year.

Yes, i3 Verticals, Inc. (IIIV) is profitable, generating $132.7M in net income for fiscal year 2025 (8.4% net margin).

Dividend & Returns

i3 Verticals, Inc. (IIIV) has a return on equity (ROE) of 3.5%. This is below average, suggesting room for improvement.

i3 Verticals, Inc. (IIIV) generated $3.6M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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i3 Verticals, Inc. (IIIV) 10-Year Financial Performance & Capital Metrics

IIIV • • Industrial / General

TechnologyInfrastructure SoftwarePayment Processing & Digital CommerceEnterprise Payment Processors

Revenue $213M -7.3%
EBITDA $32M +3.8%
Net Income $18M -84.2%
EPS (Diluted) 0.70 +121.8%
Gross Margin 55.67% -39.4%
EBITDA Margin 14.97% +11.9%
Operating Margin 1.88% -36.9%
Net Margin 8.38% -83.0%
ROE 3.46% -87.1%
ROIC 0.65% -24.3%
Debt/Equity 0.01 -86.8%
Interest Coverage 1.74 +644.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Share count reduced 26.0% through buybacks
✓Trading at only 1.2x book value

✗Weaknesses

✗Low quality earnings: Net income not backed by cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y7.26%

3Y4.32%

TTM4.34%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM631976.19%

EPS CAGR

10Y-

5Y-

3Y-

TTM1157.36%

ROCE

10Y Avg2.79%

5Y Avg0.21%

3Y Avg1.62%

Latest0.71%

Peer Comparison

Enterprise Payment Processors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TOSTToast, Inc.	17.39B	33.76	1048.45	28.33%	4.66%	13.56%	1.76%	0.02
DLODLocal Limited	2.42B	14.59	37.41	14.7%	17.8%	33.87%		0.11
IIIVi3 Verticals, Inc.	615.36M	25.67	36.67	-7.29%	55.87%	25.96%	0.93%	0.01
ACIWACI Worldwide, Inc.	4.48B	43.49	22.77	9.76%	15.07%	17.64%	7.66%	0.67
FOURShift4 Payments, Inc.	4.45B	65.91	21.75	29.86%	5.02%	8.73%	6.97%	2.83
WEXWEX Inc.	5.51B	160.57	21.41	3.15%	10.81%	25.38%	6.07%	2.99
EVTCEVERTEC, Inc.	1.93B	30.12	17.41	21.7%	16.17%	20.63%	8.91%	1.86
XYZBlock, Inc.	35.55B	64.92	14.27	10.06%	13.08%	13.95%	4.37%	0.37

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	199.64M	262.57M	323.51M	376.31M	150.13M	224.12M	187.75M	370.24M	229.92M	213.16M
Revenue Growth %	-	0.32%	0.23%	0.16%	-0.6%	0.49%	-0.16%	0.97%	-0.38%	-0.07%
Cost of Goods Sold+	162.93M	217.91M	254.86M	287.1M	47.23M	57.71M	12.83M	80.55M	18.57M	94.49M
COGS % of Revenue	0.82%	0.83%	0.79%	0.76%	0.31%	0.26%	0.07%	0.22%	0.08%	0.44%
Gross Profit+	36.71M	44.66M	68.65M	89.2M	102.9M	166.42M	174.92M	289.69M	211.35M	118.67M
Gross Margin %	0.18%	0.17%	0.21%	0.24%	0.69%	0.74%	0.93%	0.78%	0.92%	0.56%
Gross Profit Growth %	-	0.22%	0.54%	0.3%	0.15%	0.62%	0.05%	0.66%	-0.27%	-0.44%
Operating Expenses+	30.29M	37.28M	52.42M	82.81M	95.13M	166.43M	198.06M	266.98M	204.5M	114.66M
OpEx % of Revenue	0.15%	0.14%	0.16%	0.22%	0.63%	0.74%	1.05%	0.72%	0.89%	0.54%
Selling, General & Admin	20.39M	27.19M	39.32M	62.86M	78.32M	132.99M	154.56M	217.68M	173.23M	114.66M
SG&A % of Revenue	0.1%	0.1%	0.12%	0.17%	0.52%	0.59%	0.82%	0.59%	0.75%	0.54%
Research & Development	1.22M	1.54M	1.7M	2.98M	3.98M	6.28M	7.85M	12.54M	13.54M	0
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.03%	0.03%	0.04%	0.03%	0.06%	-
Other Operating Expenses	59K	218K	-3.87M	16.98M	12.83M	27.17M	35.64M	36.76M	17.72M	0
Operating Income+	3.96M	7.6M	12.36M	6.39M	7.77M	-12K	-23.14M	22.71M	6.85M	4.01M
Operating Margin %	0.02%	0.03%	0.04%	0.02%	0.05%	-0%	-0.12%	0.06%	0.03%	0.02%
Operating Income Growth %	-	0.92%	0.63%	-0.48%	0.22%	-1%	-1927.42%	1.98%	-0.7%	-0.41%
EBITDA+	13.86M	17.68M	24.2M	22.95M	25.99M	18.13M	-1.57M	59.17M	30.75M	31.91M
EBITDA Margin %	0.07%	0.07%	0.07%	0.06%	0.17%	0.08%	-0.01%	0.16%	0.13%	0.15%
EBITDA Growth %	-	0.28%	0.37%	-0.05%	0.13%	-0.3%	-1.09%	38.66%	-0.48%	0.04%
D&A (Non-Cash Add-back)	9.9M	10.09M	11.84M	16.56M	18.22M	18.14M	21.57M	36.46M	23.9M	27.9M
EBIT	4.05M	8.02M	3.87M	6.39M	5.15M	9.02M	1.02M	21.27M	9.32M	13.18M
Net Interest Income+	-5.9M	-6.94M	-8.5M	-6M	-8.93M	-9.8M	-14.78M	-25.13M	-29.26M	-2.3M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	5.9M	6.94M	8.5M	6M	8.93M	9.8M	14.78M	25.13M	29.26M	2.3M
Other Income/Expense	-5.81M	-6.52M	-16.98M	-6M	-11.55M	-7.2M	-15.77M	-47.6M	-25.87M	6.87M
Pretax Income+	-1.85M	1.08M	-4.62M	386K	-3.77M	-7.22M	-38.91M	-24.89M	-19.01M	10.88M
Pretax Margin %	-0.01%	0%	-0.01%	0%	-0.03%	-0.03%	-0.21%	-0.07%	-0.08%	0.05%
Income Tax+	243K	177K	337K	-177K	-2.79M	623K	152K	-1.2M	-5.67M	5.27M
Effective Tax Rate %	1.13%	0.84%	1.49%	1.46%	0.11%	0.62%	0.44%	0.03%	-5.96%	1.64%
Net Income+	-2.09M	902K	-6.9M	563K	-419K	-4.46M	-17.1M	-811K	113.34M	17.87M
Net Margin %	-0.01%	0%	-0.02%	0%	-0%	-0.02%	-0.09%	-0%	0.49%	0.08%
Net Income Growth %	-	1.43%	-8.65%	1.08%	-1.74%	-9.64%	-2.84%	0.95%	140.75%	-0.84%
Net Income (Continuing)	-2.09M	902K	-4.96M	563K	-979K	-7.84M	-39.06M	-23.68M	-13.35M	5.62M
Discontinued Operations	0	0	0	0	0	0	15.84M	21.03M	188.48M	20.89M
Minority Interest	0	0	72.9M	62.37M	84.59M	84.83M	89.31M	91.55M	135.62M	128.14M
EPS (Diluted)+	-0.27	0.12	-0.74	0.05	-0.03	-0.22	-0.77	-0.07	-3.21	0.70
EPS Growth %	-	1.44%	-7.17%	1.07%	-1.53%	-6.8%	-2.5%	0.91%	-44.86%	1.22%
EPS (Basic)	-0.27	0.12	-0.78	0.05	-0.03	-0.37	-0.77	0.08	-3.94	0.75
Diluted Shares Outstanding	7.8M	7.8M	9.36M	10.49M	14.83M	31.71M	22.25M	33.25M	33.88M	25.07M
Basic Shares Outstanding	7.8M	7.8M	8.81M	10.49M	14.83M	20.99M	22.25M	23.14M	23.42M	23.91M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	15.6M	15.7M	16.57M	20.57M	37.98M	58.12M	83.81M	85.54M	153.39M	137.63M
Cash & Short-Term Investments	3.78M	955K	572K	1.12M	15.57M	3.64M	3.49M	3.1M	86.54M	66.67M
Cash Only	3.78M	955K	572K	1.12M	15.57M	3.64M	3.49M	3.1M	86.54M	66.67M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	6.17M	8.41M	12.5M	15.34M	17.54M	38.5M	58.26M	50.79M	56.18M	58.47M
Days Sales Outstanding	11.27	11.69	14.1	14.87	42.64	62.7	113.27	50.07	89.19	100.12
Inventory	1.21M	1.14M	930K	1.29M	1.31M	2.22M	4.12M	2.04M	2.42M	0
Days Inventory Outstanding	2.7	1.91	1.33	1.65	10.12	14.04	117.2	9.23	47.62	-
Other Current Assets	4.45M	5.2M	863K	0	1.94M	8.04M	11.46M	25.82M	2.97M	12.49M
Total Non-Current Assets+	84.69M	124.29M	158.58M	328.73M	365.55M	593.68M	686.5M	798.87M	577.28M	500.79M
Property, Plant & Equipment	1.6M	1.42M	2.96M	5.03M	5.34M	20.38M	23.35M	21.87M	17.63M	11.76M
Fixed Asset Turnover	125.01x	184.91x	109.37x	74.87x	28.12x	11.00x	8.04x	16.93x	13.04x	18.13x
Goodwill	35.06M	58.52M	83.95M	168.28M	187M	292.24M	353.64M	267.98M	280.68M	248.47M
Intangible Assets	47.26M	63.04M	69.39M	122.87M	126.22M	213.08M	248.26M	221.21M	221.41M	184.11M
Long-Term Investments	413K	1.01M	665K	2.08M	6.23M	14.22M	12.73M	4.21M	0	250K
Other Non-Current Assets	778K	1.31M	2.27M	2.33M	4M	3.77M	5.06M	231.08M	9.12M	7.14M
Total Assets+	100.28M	139.99M	175.14M	349.3M	403.53M	651.8M	770.31M	884.42M	730.67M	638.41M
Asset Turnover	1.99x	1.88x	1.85x	1.08x	0.37x	0.34x	0.24x	0.42x	0.31x	0.33x
Asset Growth %	-	0.4%	0.25%	0.99%	0.16%	0.62%	0.18%	0.15%	-0.17%	-0.13%
Total Current Liabilities+	20.3M	20.22M	26.44M	35.23M	38.9M	96.51M	111.26M	93.46M	164.73M	70.69M
Accounts Payable	1.98M	1.6M	4.11M	3.44M	3.85M	7.87M	9.34M	6.37M	5.37M	6.25M
Days Payables Outstanding	4.44	2.68	5.89	4.37	29.71	49.75	265.69	28.86	105.53	24.14
Short-Term Debt	5M	4M	5M	0	0	3.2M	4.57M	3.66M	26.22M	1.83M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	9.86M	10.6M	9.59M	6.75M	9.99M	47.9M	56.52M	39.79M	37.85M	24.94M
Current Ratio	0.77x	0.78x	0.63x	0.58x	0.98x	0.60x	0.75x	0.92x	0.93x	1.95x
Quick Ratio	0.71x	0.72x	0.59x	0.55x	0.94x	0.58x	0.72x	0.89x	0.92x	1.95x
Cash Conversion Cycle	9.53	10.92	9.54	12.15	23.04	26.99	-35.22	30.45	31.27	-
Total Non-Current Liabilities+	89.49M	116.62M	36.5M	171.63M	124.46M	265.7M	351.37M	462.66M	50.59M	50M
Long-Term Debt	78.54M	106.84M	31.78M	139.3M	90.76M	200.6M	287.02M	388M	0	0
Capital Lease Obligations	0	0	0	0	0	11.96M	13.99M	8.97M	6.32M	2.96M
Deferred Tax Liabilities	0	0	1.1M	516K	2.21M	3.28M	7.9M	18.61M	11.4M	0
Other Non-Current Liabilities	10.95M	9.79M	4.73M	32.33M	31.49M	49.69M	42.34M	46.88M	32.87M	47.03M
Total Liabilities	109.79M	136.84M	62.94M	206.86M	163.36M	362.21M	462.62M	556.12M	215.32M	120.69M
Total Debt+	83.54M	110.84M	36.78M	139.3M	90.76M	215.77M	305.58M	400.63M	36.05M	4.79M
Net Debt	79.76M	109.88M	36.2M	138.18M	75.19M	212.13M	302.09M	397.52M	-50.5M	-61.88M
Debt / Equity	-	35.23x	0.33x	0.98x	0.38x	0.75x	0.99x	1.22x	0.07x	0.01x
Debt / EBITDA	6.03x	6.27x	1.52x	6.07x	3.49x	11.90x	-	6.77x	1.17x	0.15x
Net Debt / EBITDA	5.75x	6.21x	1.50x	6.02x	2.89x	11.70x	-	6.72x	-1.64x	-1.94x
Interest Coverage	0.67x	1.10x	1.45x	1.06x	0.87x	-0.00x	-1.57x	0.90x	0.23x	1.74x
Total Equity+	-9.51M	3.15M	112.2M	142.44M	240.17M	289.59M	307.69M	328.3M	515.36M	517.72M
Equity Growth %	-	1.33%	34.66%	0.27%	0.69%	0.21%	0.06%	0.07%	0.57%	0%
Book Value per Share	-1.22	0.40	11.99	13.58	16.19	9.13	13.83	9.87	15.21	20.65
Total Shareholders' Equity	-9.51M	3.15M	39.3M	80.07M	155.58M	204.76M	218.38M	236.75M	379.74M	389.58M
Common Stock	20.73M	36.16M	3K	2K	3K	3K	3K	3K	3K	3K
Retained Earnings	-30.24M	-33.02M	736K	-2.31M	-2.02M	-6.48M	-23.58M	-12.94M	100.4M	118.27M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-891K	-1.35M	-1.29M	0	0	0	0	0	0	0
Minority Interest	0	0	72.9M	62.37M	84.59M	84.83M	89.31M	91.55M	135.62M	128.14M

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	10.01M	7.73M	18.08M	26.6M	23.72M	46.77M	45.85M	34.5M	48.41M	5.69M
Operating CF Margin %	0.05%	0.03%	0.06%	0.07%	0.16%	0.21%	0.24%	0.09%	0.21%	0.03%
Operating CF Growth %	-	-0.23%	1.34%	0.47%	-0.11%	0.97%	-0.02%	-0.25%	0.4%	-0.88%
Net Income	-2.09M	902K	-4.96M	563K	-979K	-7.84M	-23.22M	-2.65M	175.13M	17.87M
Depreciation & Amortization	9.9M	10.09M	11.84M	16.56M	18.22M	24.42M	29.42M	28.14M	37.45M	29.84M
Stock-Based Compensation	0	0	1.57M	6.12M	10.45M	20.86M	26.23M	27.88M	26.34M	18.34M
Deferred Taxes	-3K	56K	-682K	-586K	-3.21M	-287K	2.59M	-5.93M	434K	4.97M
Other Non-Cash Items	2.23M	-2M	11.35M	2.74M	269K	10.61M	17.5M	9.9M	-208.1M	-65.34M
Working Capital Changes	-56K	-1.16M	-1.03M	1.19M	-1.03M	-991K	-6.68M	-22.84M	17.16M	0
Change in Receivables	-1.18M	-2.43M	-2.32M	2.43M	-1.03M	-10.94M	-15.77M	-7.66M	9.58M	-7.41M
Change in Inventory	69K	1.87M	237K	-2.06M	-860K	914K	0	0	0	0
Change in Payables	509K	-384K	1.17M	-1.77M	239K	3.88M	1.54M	1.67M	-3.24M	1M
Cash from Investing+	-35.15M	-47.9M	-38.05M	-143.73M	-35.43M	-156.31M	-113.05M	-121.52M	396.15M	76.46M
Capital Expenditures	-2.88M	-2.1M	-4.49M	-3.11M	-5.95M	-8.2M	-12.45M	-4.2M	0	0
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.04%	0.04%	0.07%	0.01%	0.01%	-
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.02M	-1.46M	-3.42M	-2.3M	-3.04M	0	-430K	-13.42M	415.25M	87.46M
Cash from Financing+	28.92M	37.35M	19.24M	119.09M	29.11M	102.1M	73.03M	75.65M	-367.36M	0
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	3.22M	9.75M	-973K	-4.19M	49.98M	-1.56M	-25.28M	-7.35M	-6.8M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	7.13M	5.63M	13.59M	23.49M	17.77M	38.57M	33.4M	18.13M	45.45M	5.69M
FCF Margin %	0.04%	0.02%	0.04%	0.06%	0.12%	0.17%	0.18%	0.05%	0.2%	0.03%
FCF Growth %	-	-0.21%	1.41%	0.73%	-0.24%	1.17%	-0.13%	-0.46%	1.51%	-0.87%
FCF per Share	0.91	0.72	1.45	2.24	1.20	1.22	1.50	0.55	1.34	0.23
FCF Conversion (FCF/Net Income)	-4.78x	8.57x	-2.62x	47.24x	-56.61x	-10.49x	-2.68x	-42.54x	0.43x	0.32x
Interest Paid	5.39M	6.29M	7.88M	4.91M	5.25M	4.43M	8.98M	21.48M	29.49M	0
Taxes Paid	21K	837K	483K	1.42M	792K	287K	1.08M	3.24M	7.33M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	28.67%	-11.96%	0.44%	-0.22%	-1.68%	-5.73%	-0.26%	26.87%	3.46%
Return on Invested Capital (ROIC)	4.23%	6.22%	7.09%	2.23%	1.96%	-0%	-3.12%	2.55%	0.86%	0.65%
Gross Margin	18.39%	17.01%	21.22%	23.7%	68.54%	74.25%	93.16%	78.24%	91.92%	55.67%
Net Margin	-1.05%	0.34%	-2.13%	0.15%	-0.28%	-1.99%	-9.11%	-0.22%	49.3%	8.38%
Debt / Equity	-	35.23x	0.33x	0.98x	0.38x	0.75x	0.99x	1.22x	0.07x	0.01x
Interest Coverage	0.67x	1.10x	1.45x	1.06x	0.87x	-0.00x	-1.57x	0.90x	0.23x	1.74x
FCF Conversion	-4.78x	8.57x	-2.62x	47.24x	-56.61x	-10.49x	-2.68x	-42.54x	0.43x	0.32x
Revenue Growth	-	31.52%	23.21%	16.32%	-60.1%	49.28%	-16.23%	97.2%	-37.9%	-7.29%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024	2025
License and Service	-	-	-	-	-	-	169.06M	149.04M
License and Service Growth	-	-	-	-	-	-	-	-11.84%
Other Revenue	-	-	-	-	-	-	10.52M	10.06M
Other Revenue Growth	-	-	-	-	-	-	-	-4.45%
Software And Services	-	-	-	-	40.95M	232.97M	-	-
Software And Services Growth	-	-	-	-	-	468.89%	-	-
Merchant Services	-	336.8M	100.95M	92.33M	103.51M	137.34M	-	-
Merchant Services Growth	-	-	-70.03%	-8.54%	12.11%	32.69%	-	-
Corporate and Other	-3K	-	-1.77M	-2.1M	-8K	-29K	-	-
Corporate and Other Growth	-	-	-	-18.50%	99.62%	-262.50%	-	-
Proprietary Owned Software	20.58M	39.51M	50.95M	29.45M	-	-	-	-
Proprietary Owned Software Growth	-	91.95%	28.97%	-42.20%	-	-	-	-
MerchantServicesMember	302.93M	-	-	-	-	-	-	-
MerchantServicesMember Growth	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

i3 Verticals, Inc. (IIIV) has a price-to-earnings (P/E) ratio of 36.7x. This suggests investors expect higher future growth.

Growth & Financials

i3 Verticals, Inc. (IIIV) reported $237.5M in revenue for fiscal year 2025. This represents a 19% increase from $199.6M in 2016.

i3 Verticals, Inc. (IIIV) saw revenue decline by 7.3% over the past year.

Yes, i3 Verticals, Inc. (IIIV) is profitable, generating $132.7M in net income for fiscal year 2025 (8.4% net margin).

Dividend & Returns

i3 Verticals, Inc. (IIIV) has a return on equity (ROE) of 3.5%. This is below average, suggesting room for improvement.

i3 Verticals, Inc. (IIIV) generated $3.6M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.