I3 Verticals Financials
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).
Cash conversion weakened sharply in FY2025, even as a now debt-free balance sheet kept i3 Verticals financially flexible.
FY2025’s$17.9M net income translated into only$5.7M of operating cash flow and$3.8M of free cash flow, a sharp break from FY2024 when cash flow comfortably exceeded profit. With accounts receivable rising to$58.5M from$50.8M while capex stayed low at$1.9M , the main drag was cash getting tied up in operations rather than heavy reinvestment.
The business still looks amortization-heavy: FY2025 EBITDA was
The capital structure has reset faster than the income statement: long-term debt moved from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of I3 Verticals's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
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 16/100, suggesting thin profitability after operating expenses. This is down from 2.3% the prior year.
I3 Verticals's revenue grew 11.5% year-over-year to $213.2M, a solid pace of expansion. This earns a growth score of 55/100.
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 98/100, indicating a strong balance sheet with room for future borrowing.
I3 Verticals's current ratio of 1.95 indicates adequate short-term liquidity, earning a score of 56/100. The company can meet its near-term obligations, though with limited headroom.
I3 Verticals converts 1.8% of revenue into free cash flow ($3.8M). This strong cash generation earns a score of 71/100.
I3 Verticals's ROE of 4.6% shows moderate profitability relative to equity, earning a score of 30/100. This is down from 29.8% the prior year.
I3 Verticals scores 1.74, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($414.5M) relative to total liabilities ($248.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
I3 Verticals passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
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
Earnings & Revenue
I3 Verticals generated $213.2M in revenue in fiscal year 2025. This represents an increase of 11.5% from the prior year.
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.
I3 Verticals reported $17.9M in net income in fiscal year 2025. This represents a decrease of 84.2% from the prior year.
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 & Balance Sheet
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.
I3 Verticals held $66.7M in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
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.
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.
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.
Capital Allocation
I3 Verticals spent $37.6M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
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 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $57.5M+9.2% | $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 |
| 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 | $29.1M+7.7% | $27.0M | N/A | $33.0M+25.6% | $26.3M-0.7% | $26.5M | N/A | $26.0M |
| Operating Income | $3.7M+132.6% | $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 |
| Interest Expense | $131K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $478K-32.1% | $704K | N/A | -$22K-100.8% | $2.9M+605.4% | $409K | N/A | $5.2M |
| Net Income | $1.5M+202.5% | $484K-84.3% | $3.1M-76.0% | $12.9M+8464.9% | -$154K-107.5% | $2.1M-98.3% | $117.9M+1662.8% | -$7.5M |
| EPS (Diluted) | $0.07+250.0% | $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 |
IIIV Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $636.4M+6.8% | $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 |
| Current Assets | $78.2M-22.1% | $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 |
| Cash & Equivalents | $7.1M-81.0% | $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 |
| Inventory | $2.6M-13.4% | $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 |
| Accounts Receivable | $55.3M+15.6% | $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 |
| Goodwill | $282.3M+13.6% | $248.5M0.0% | $248.5M+0.1% | $248.2M-11.6% | $280.7M0.0% | $280.7M+15.5% | $243.0M-9.7% | $269.2M |
| Total Liabilities | $198.2M-16.5% | $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 |
| Current Liabilities | $58.6M-5.9% | $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 |
| Long-Term Debt | $81.0M | N/A | $0 | $0-100.0% | $12.0M | $0 | $0-100.0% | $347.9M |
| Total Equity | $317.4M-11.5% | $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 |
| Retained Earnings | $120.2M+1.2% | $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 |
IIIV Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $10.0M-29.0% | $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 |
| Capital Expenditures | $407K+29.2% | $315K-25.9% | $425K-21.9% | $544K+8.6% | $501K+6.4% | $471K-11.1% | $530K-40.9% | $897K |
| Free Cash Flow | $9.6M-30.3% | $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 |
| Investing Cash Flow | -$62.8M-3329.4% | -$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 |
| Financing Cash Flow | $23.7M+158.7% | -$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 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $50.9M+34.0% | $37.9M | $0-100.0% | $26.1M+8376.0% | $308K-97.2% | $11.2M | $0 | $0 |
IIIV Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 6.5%+3.5pp | 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% |
| Net Margin | 2.5%+1.6pp | 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% |
| Return on Equity | 0.5%+0.3pp | 0.1%-0.7pp | 0.8%-2.6pp | 3.4%+3.4pp | -0.0%-0.6pp | 0.5%-30.5pp | 31.1%+34.1pp | -3.0% |
| Return on Assets | 0.2%+0.1pp | 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% |
| Current Ratio | 1.34-0.3 | 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 |
| Debt-to-Equity | 0.26-0.4 | 0.66+0.7 | 0.000.0 | 0.00-0.0 | 0.03+0.0 | 0.000.0 | 0.00-1.4 | 1.39 |
| FCF Margin | 16.7%-9.5pp | 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% |
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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 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.
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 1.74, placing it in the Distress Zone (elevated bankruptcy 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 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 54 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.