IIIV
i3 Verticals, Inc.
Technology • CIK: 0001728688
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Market Cap
$603.10M
P/E (TTM)
37.6x
Rev Growth (TTM)
+7.8%
Net Margin (TTM)
7.6%
FCF Yield (TTM)
1.1%
FCF Margin (TTM)
3.1%
Cash Flow Health
Free Cash Flow7/8 positive
TTM$7M
Q1 '26
$14M+2%
Q4 '25
$14M+99%
FCF Margin
TTM3.1%
Q1 '2626.2%+6%
Sector: 10.0%Below Avg
OCF Margin3.9%
OCF/NI0.51x
CapEx Coverage4.7x
FCF Yield1.1%
FCF Growth (2Y)-44%
Cash Conversion Cycle
77 days
DSO: 92+DIO: 13−DPO: 28
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM10.7%
Div Yield0.0%
+Buyback (TTM)10.7%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$6.5M
Stock Repurchases (TTM)$64.4M
Capital Return / FCF984.4%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
0.2%
Stable
-0.0% YoY+1.3%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
0.5%
8Q: 1.5%
Asset Turnover
0.33x
8Q: 0.30x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 0.2% ≈ 0.2% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
29.43x
8Q:26.78x
+1424.3%
Invested Cap Turn
0.47x
8Q:0.46x
+18.5%
CapEx Intensity
0.4%
8Q:0.4%
CapEx/Depreciation
0.06x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $213.6M | $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 |
Operating Income | $3.3M | $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 |
Net Income | $16.3M | $484.0K↓84.3% | $3.1M↓76.0% | $12.9M↑8464.9% | $-154.0K↓107.5% | $2.1M↓98.3% | $117.9M↑1662.8% | $-7.5M↓501.8% | $1.9M |
Operating Cash Flow | $8.3M | $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 |
Free Cash Flow | $6.5M | $13.8M↑1.9% | $13.5M↑99.3% | $6.8M↑124.6% | $-27.6M↓350.6% | $11.0M↓20.3% | $13.8M↑101.8% | $6.9M↓20.1% | $8.6M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
37.6x
Volatile
8Q: 150.8x+48558%
High PEG ratio (4.8x) suggests expensive for growth
Valuation Lenses
Earnings
37.6x
vs – sector
Cash Flow
85.7x
EV/FCF vs –
Growth-Adj
4.8xPEG
Expensive for growth
Quality-Adj
161.3P/E per %ROIC
ROIC: 0.2%
Shareholder Returns
Dividend
–
Buyback
10.7%
Total Yield
10.7%
Market Cap$603.10M
EV$559.98M
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
45/100
Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Below Avg
4.3%
8Q:–
Return on Invested Capital (ROIC)Top 25%
0.2%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 0.5%
Asset Turnover: 0.33x
Earnings Quality
Cash Conversion
0.51x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin67.9%
Capital Efficiency
Invested Capital Turnover0.47x
Working Capital
Cash Conversion Cycle77 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
48/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
7.8%
OpInc Growth YoY
-21.6%
EPS Growth YoY
-86.6%
FCF 3Y CAGR
-43.6%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 51.3%
⚠Sustainability Index: 3.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
67.9%
Operating
1.6%
Below Avg in sector
Net
7.6%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-4.6 pts
FCF: 3.1% | Net: 7.6%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $39.17M
Interest Coverage
–
+Net cash position: $39.17M
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis