IIIVNasdaqServices-Prepackaged SoftwareFiscal year ends September 30
i3 Verticals, Inc.
Financials through Q3 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$16.92+0.24 (+1.44%)
Close on Oct 19, 2026
- Market cap
- $330.68M
- P/E (TTM)
- 43.4
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
–
Operating margin
1.8%−3.4 pts over 5 years
Net margin
8.4%+8.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +11.5% | +4.3% | +7.3% | – | |
| Operating income | -13.3% | – | -13.4% | – | |
| Net income | -84.2% | – | – | – | |
| EPS, diluted | -84.8% | – | – | – | |
| Free cash flow | -91.7% | -55.1% | -29.0% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -0.4% | 4.6% | |
| Return on assets | – | -0.1% | 2.6% | |
| Current ratio | – | 0.98 | 1.95 | |
| Debt to equity | – | 0.58 | 0.00 | |
| Net debt to EBITDA | – | 2.89× | -2.10× | |
| Inventory turnover | – | 20.6× | – | |
| Capex to revenue | 0.4% | 1.9% | 0.9% | |
| Diluted shares | – | 27M | 34M |
Where the cash went
Fiscal 2021 to 2025, five years combined
i3 Verticals generated $179.57M from operations and spent $50.92M on capital expenditure, dividends and share buybacks. 26% of that went back into the business.
Generated
$179.57M
Used
$50.92M
Capital expenditure$13.32M26%Dividends$00%Share buybacks$37.60M74%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin8.4%
×Asset turnover0.31×
×Equity multiplier1.78×
=Return on equity, FY20254.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 8.4% | 0.31× | 1.78× | 4.6% |
| FY2024 | 59.3% | 0.24× | 2.62× | 36.8% |
| FY2023 | -0.4% | 0.23× | 3.64× | -0.4% |
| FY2022 | -9.1% | 0.26× | 3.36× | -8.1% |
| FY2021 | -2.0% | 0.42× | 2.93× | -2.5% |
| FY2020 | -0.3% | 0.40× | 3.19× | -0.4% |
| FY2019 | -0.8% | 1.44× | 4.39× | -5.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$17.87M
- Cash generatingOperating cash flow above zero$5.69M
- Return on assets improvedROA up on the prior year12.8% → 2.4%
- Earnings backed by cashOperating cash flow above net income$5.69M vs $17.87M
- Less leverageLong-term debt to assets fell0.0% → 0.0%
- Better liquidityCurrent ratio rose0.93 → 1.95
- No dilutionShare count did not rise34M → 34M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.22 → 0.29