I3 Verticals Financials

IIIV

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE September

This page shows I3 Verticals (IIIV) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 43/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

I3 Verticals has an operating margin of 1.8%, meaning the company retains $2 of operating profit per $100 of revenue. This below-average margin results in a low score of 9/100, suggesting thin profitability after operating expenses. This is down from 2.3% the prior year.

Growth

I3 Verticals's revenue grew 11.5% year-over-year to $213.2M, a solid pace of expansion. This earns a growth score of 61/100.

Leverage

100

I3 Verticals carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

I3 Verticals's current ratio of 1.95 indicates adequate short-term liquidity, earning a score of 58/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

I3 Verticals's free cash flow margin of 1.8% results in a low score of 9/100. Capital expenditures of $1.9M absorb a large share of operating cash flow.

Returns

I3 Verticals generates a 4.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 18/100. This is down from 29.8% the prior year.

Altman Z-Score Grey Zone

1.89

I3 Verticals scores 1.89, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($479.0M) relative to total liabilities ($248.8M). This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Neutral

4/9

I3 Verticals passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.32x

For every $1 of reported earnings, I3 Verticals generates $0.32 in operating cash flow ($5.7M OCF vs $17.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

$213.2M

YoY+11.5%

5Y CAGR+7.3%

I3 Verticals generated $213.2M in revenue in fiscal year 2025. This represents an increase of 11.5% from the prior year.

EBITDA

$31.7M

YoY+5.9%

5Y CAGR+4.0%

I3 Verticals's EBITDA was $31.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 5.9% from the prior year.

Free Cash Flow

$3.8M

YoY-91.7%

5Y CAGR-29.0%

I3 Verticals generated $3.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 91.7% from the prior year.

Net Income

$17.9M

YoY-84.2%

I3 Verticals reported $17.9M in net income in fiscal year 2025. This represents a decrease of 84.2% from the prior year.

EPS (Diluted)

$0.72

YoY-84.8%

I3 Verticals earned $0.72 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 84.8% from the prior year.

Cash & Debt

$66.7M

YoY-22.9%

5Y CAGR+33.8%

I3 Verticals held $66.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

N/A

Operating Margin

1.8%

YoY-0.5pp

5Y CAGR-3.4pp

I3 Verticals's operating margin was 1.8% in fiscal year 2025, reflecting core business profitability. This is down 0.5 percentage points from the prior year.

Net Margin

8.4%

YoY-50.9pp

5Y CAGR+8.7pp

I3 Verticals's net profit margin was 8.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 50.9 percentage points from the prior year.

Return on Equity

4.6%

YoY-25.3pp

I3 Verticals's ROE was 4.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 25.3 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$37.6M

I3 Verticals spent $37.6M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$1.9M

YoY-34.5%

5Y CAGR-7.8%

I3 Verticals invested $1.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 34.5% from the prior year.

IIIV Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$213.2M+11.5%	$191.2M+0.8%	$189.7M+1.0%	$187.8M-16.2%	$224.1M+49.3%	$150.1M
Cost of Revenue	N/A	N/A	N/A	N/A	$0	$0
Gross Profit	N/A	N/A	N/A	N/A	$195.3M+58.4%	$123.4M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$114.7M+13.8%	$100.8M-4.9%	$106.0M-32.4%	$156.7M+16.2%	$134.9M+72.2%	$78.3M
Operating Income	$3.8M-13.3%	$4.4M+198.7%	-$4.4M+80.9%	-$23.1M-192741.7%	-$12K-100.2%	$7.8M
Interest Expense	N/A	N/A	-$25.1M-70.1%	-$14.8M-50.8%	-$9.8M-9.8%	-$8.9M
Income Tax	$5.3M+196.3%	-$5.5M-55.9%	-$3.5M-2407.2%	$152K-75.6%	$623K+122.3%	-$2.8M
Net Income	$17.9M-84.2%	$113.3M+14075.5%	-$811K+95.3%	-$17.1M-283.7%	-$4.5M-963.7%	-$419K
EPS (Diluted)	$0.72-84.8%	$4.73+6857.1%	$-0.07+90.9%	$-0.77-250.0%	$-0.22-633.3%	$-0.03

Metric	Q1'26	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$52.7M-4.1%	$54.9M+5.8%	$51.9M-4.1%	$54.1M+3.7%	$52.2M+1.7%	$51.3M+11.1%	$46.2M-4.8%	$48.5M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$27.0M	N/A	$33.0M+15.1%	$28.7M+8.3%	$26.5M	N/A	$26.0M-5.0%	$27.4M
Operating Income	$1.6M+9.0%	$1.5M+130.7%	-$4.8M-195.1%	$5.1M+146.5%	$2.1M-39.8%	$3.4M+360.4%	-$1.3M-166.2%	$2.0M
Interest Expense	$131	N/A	N/A	N/A	N/A	N/A	N/A	-$7.8M
Income Tax	$704K	N/A	-$22K-100.7%	$3.1M+646.7%	$409K	N/A	$5.2M+875.9%	-$669K
Net Income	$484K-84.3%	$3.1M-76.0%	$12.9M+8464.9%	-$154K-107.5%	$2.1M-98.3%	$117.9M+1662.8%	-$7.5M-501.8%	$1.9M
EPS (Diluted)	$0.02-50.0%	$0.04-92.0%	$0.50+1150.0%	$0.04-50.0%	$0.08-57.9%	$0.19+159.4%	$-0.32-500.0%	$0.08

IIIV Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$638.4M-12.6%	$730.7M-17.4%	$884.4M+14.8%	$770.3M+18.2%	$651.8M+61.5%	$403.5M
Current Assets	$137.6M-10.3%	$153.4M+79.3%	$85.5M+2.1%	$83.8M+44.2%	$58.1M+53.1%	$38.0M
Cash & Equivalents	$66.7M-22.9%	$86.5M+2686.6%	$3.1M-11.0%	$3.5M-4.1%	$3.6M-76.6%	$15.6M
Inventory	$2.5M+3.8%	$2.4M+18.9%	$2.0M-50.5%	$4.1M+85.6%	$2.2M+69.6%	$1.3M
Accounts Receivable	$58.5M+15.1%	$50.8M0.0%	$50.8M-4.8%	$53.3M+38.5%	$38.5M+119.5%	$17.5M
Goodwill	$248.5M+2.3%	$243.0M+5.5%	$230.3M+7.2%	$214.9M-26.5%	$292.2M+56.3%	$187.0M
Total Liabilities	$248.8M+15.6%	$215.3M-61.3%	$556.1M+20.2%	$462.6M+27.7%	$362.2M+46.1%	$247.9M
Current Liabilities	$70.7M-57.1%	$164.7M+76.3%	$93.5M-16.0%	$111.3M+15.3%	$96.5M+148.1%	$38.9M
Long-Term Debt	$0	$0-100.0%	$388.0M+35.2%	$287.0M+43.1%	$200.6M+121.0%	$90.8M
Total Equity	$389.6M+2.6%	$379.7M+60.4%	$236.7M+8.4%	$218.4M+6.7%	$204.8M+31.6%	$155.6M
Retained Earnings	$118.3M+17.8%	$100.4M+875.6%	-$12.9M+45.1%	-$23.6M-263.9%	-$6.5M-220.3%	-$2.0M

Metric	Q1'26	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$595.9M-6.7%	$638.4M+2.4%	$623.3M-3.6%	$646.4M-11.0%	$726.2M-0.6%	$730.7M-15.2%	$861.7M+37.7%	$625.8M
Current Assets	$100.4M-27.1%	$137.6M+16.9%	$117.8M+47.2%	$80.0M-47.7%	$153.1M-0.2%	$153.4M-50.2%	$308.0M+253.8%	$87.1M
Cash & Equivalents	$37.5M-43.7%	$66.7M+20.0%	$55.5M+616.8%	$7.7M-90.9%	$85.6M-1.1%	$86.5M+787.9%	$9.7M+210.4%	$3.1M
Inventory	$3.0M+20.1%	$2.5M+5.7%	$2.4M+7.2%	$2.2M-9.7%	$2.5M+1.4%	$2.4M+7.5%	$2.3M-43.3%	$4.0M
Accounts Receivable	$47.8M-18.2%	$58.5M+18.2%	$49.4M-12.8%	$56.7M+10.5%	$51.3M+1.1%	$50.8M+4.4%	$48.7M-26.9%	$66.5M
Goodwill	$248.5M0.0%	$248.5M+0.1%	$248.2M-11.6%	$280.7M0.0%	$280.7M+15.5%	$243.0M-9.7%	$269.2M0.0%	$269.2M
Total Liabilities	$237.4M-4.6%	$248.8M+3.7%	$240.0M+80.8%	$132.7M-38.3%	$215.1M-0.1%	$215.3M-58.3%	$515.8M-0.7%	$519.4M
Current Liabilities	$62.3M-11.9%	$70.7M+21.4%	$58.2M-14.0%	$67.7M-58.6%	$163.4M-0.8%	$164.7M+59.5%	$103.3M-4.4%	$108.0M
Long-Term Debt	N/A	$0	$0-100.0%	$12.0M	$0	$0-100.0%	$347.9M+1.3%	$343.4M
Total Equity	$358.5M-8.0%	$389.6M+1.6%	$383.3M-0.5%	$385.2M+2.7%	$375.0M-1.3%	$379.7M+52.1%	$249.7M+0.2%	$249.3M
Retained Earnings	$118.8M+0.4%	$118.3M+2.7%	$115.2M+12.6%	$102.3M-0.2%	$102.5M+2.0%	$100.4M+673.3%	-$17.5M-75.7%	-$10.0M

IIIV Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$5.7M-88.2%	$48.4M+30.2%	$37.2M-15.1%	$43.8M-1.7%	$44.5M+87.7%	$23.7M
Capital Expenditures	$1.9M-34.5%	$3.0M-29.5%	$4.2M+85.4%	$2.3M+17.0%	$1.9M-33.4%	$2.9M
Free Cash Flow	$3.8M-91.7%	$45.4M+37.9%	$33.0M-20.5%	$41.5M-2.6%	$42.6M+104.7%	$20.8M
Investing Cash Flow	$76.5M-80.7%	$396.1M+426.0%	-$121.5M-7.5%	-$113.0M+24.3%	-$149.3M-321.4%	-$35.4M
Financing Cash Flow	-$104.4M+71.6%	-$367.4M-603.3%	$73.0M-2.8%	$75.1M-26.4%	$102.1M+250.7%	$29.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$37.6M	$0	$0	N/A	N/A	N/A

Metric	Q1'26	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$14.1M+1.1%	$14.0M+90.0%	$7.4M+127.1%	-$27.1M-335.9%	$11.5M-24.1%	$15.1M+86.5%	$8.1M-24.4%	$10.7M
Capital Expenditures	$315K-25.9%	$425K-21.9%	$544K+8.6%	$501K+6.4%	$471K-11.1%	$530K-40.9%	$897K+7.0%	$838K
Free Cash Flow	$13.8M+1.9%	$13.5M+99.0%	$6.8M+124.6%	-$27.6M-350.6%	$11.0M-24.6%	$14.6M+102.3%	$7.2M-27.1%	$9.9M
Investing Cash Flow	-$1.8M+21.0%	-$2.3M-102.8%	$82.4M+3753.0%	-$2.3M-59.2%	-$1.4M-100.3%	$412.9M+9514.2%	-$4.4M+15.6%	-$5.2M
Financing Cash Flow	-$40.5M-30778.6%	-$131K+99.7%	-$44.3M+10.7%	-$49.6M-373.5%	-$10.5M+97.0%	-$352.1M-13289.0%	$2.7M+128.6%	-$9.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$37.9M	$0-100.0%	$26.1M+8376.0%	$308K-97.2%	$11.2M	$0	$0	$0

IIIV Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	87.2%+5.0pp	82.2%
Operating Margin	1.8%-0.5pp	2.3%+4.6pp	-2.3%+10.0pp	-12.3%-12.3pp	-0.0%-5.2pp	5.2%
Net Margin	8.4%-50.9pp	59.3%+59.7pp	-0.4%+8.7pp	-9.1%-7.1pp	-2.0%-1.7pp	-0.3%
Return on Equity	4.6%-25.3pp	29.8%	N/A	N/A	N/A	N/A
Return on Assets	2.8%-12.7pp	15.5%+15.6pp	-0.1%+2.1pp	-2.2%-1.5pp	-0.7%-0.6pp	-0.1%
Current Ratio	1.95+1.0	0.93+0.0	0.92+0.2	0.75+0.2	0.60-0.4	0.98
Debt-to-Equity	0.000.0	0.00-1.6	1.64+0.3	1.31+0.3	0.98+0.4	0.58
FCF Margin	1.8%-22.0pp	23.8%+6.4pp	17.4%-4.7pp	22.1%+3.1pp	19.0%+5.1pp	13.9%

Metric	Q1'26	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	3.0%+0.4pp	2.7%+12.0pp	-9.3%-18.6pp	9.3%+5.4pp	3.9%-2.7pp	6.7%+9.5pp	-2.8%-6.9pp	4.1%
Net Margin	0.9%-4.7pp	5.6%-19.2pp	24.8%+25.1pp	-0.3%-4.2pp	3.9%-225.8pp	229.7%+246.1pp	-16.3%-20.2pp	3.9%
Return on Equity	0.1%-0.7pp	0.8%-2.6pp	3.4%	N/A	0.5%-30.5pp	31.1%	N/A	0.8%
Return on Assets	0.1%-0.4pp	0.5%-1.6pp	2.1%+2.1pp	-0.0%-0.3pp	0.3%-15.9pp	16.1%+17.0pp	-0.9%-1.2pp	0.3%
Current Ratio	1.61-0.3	1.95-0.1	2.02+0.8	1.18+0.2	0.940.0	0.93-2.1	2.98+2.2	0.81
Debt-to-Equity	0.66+0.7	0.000.0	0.00-0.0	0.03+0.0	0.000.0	0.00-1.4	1.39+0.0	1.38
FCF Margin	26.2%+1.5pp	24.7%+11.5pp	13.1%+64.1pp	-51.0%-72.1pp	21.1%-7.4pp	28.5%+12.8pp	15.6%-4.8pp	20.4%

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Frequently Asked Questions

What is I3 Verticals's annual revenue?

I3 Verticals (IIIV) reported $213.2M in total revenue for fiscal year 2025. This represents a 11.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is I3 Verticals's revenue growing?

I3 Verticals (IIIV) revenue grew by 11.5% year-over-year, from $191.2M to $213.2M in fiscal year 2025.

Is I3 Verticals profitable?

Yes, I3 Verticals (IIIV) reported a net income of $17.9M in fiscal year 2025, with a net profit margin of 8.4%.

What is I3 Verticals's earnings per share (EPS)?

I3 Verticals (IIIV) reported diluted earnings per share of $0.72 for fiscal year 2025. This represents a -84.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is I3 Verticals's EBITDA?

I3 Verticals (IIIV) had EBITDA of $31.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does I3 Verticals have?

As of fiscal year 2025, I3 Verticals (IIIV) had $66.7M in cash and equivalents against $0 in long-term debt.

What is I3 Verticals's operating margin?

I3 Verticals (IIIV) had an operating margin of 1.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is I3 Verticals's net profit margin?

I3 Verticals (IIIV) had a net profit margin of 8.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is I3 Verticals's return on equity (ROE)?

I3 Verticals (IIIV) has a return on equity of 4.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is I3 Verticals's free cash flow?

I3 Verticals (IIIV) generated $3.8M in free cash flow during fiscal year 2025. This represents a -91.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is I3 Verticals's operating cash flow?

I3 Verticals (IIIV) generated $5.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are I3 Verticals's total assets?

I3 Verticals (IIIV) had $638.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are I3 Verticals's capital expenditures?

I3 Verticals (IIIV) invested $1.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does I3 Verticals buy back shares?

Yes, I3 Verticals (IIIV) spent $37.6M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is I3 Verticals's current ratio?

I3 Verticals (IIIV) had a current ratio of 1.95 as of fiscal year 2025, which is generally considered healthy.

What is I3 Verticals's debt-to-equity ratio?

I3 Verticals (IIIV) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is I3 Verticals's return on assets (ROA)?

I3 Verticals (IIIV) had a return on assets of 2.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is I3 Verticals's Altman Z-Score?

I3 Verticals (IIIV) has an Altman Z-Score of 1.89, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is I3 Verticals's Piotroski F-Score?

I3 Verticals (IIIV) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are I3 Verticals's earnings high quality?

I3 Verticals (IIIV) has an earnings quality ratio of 0.32x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is I3 Verticals?

I3 Verticals (IIIV) scores 43 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.