i3 Verticals (IIIV) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

i3 Verticals

NasdaqGS•Technology•Software - Infrastructure

$14.76-0.89(-0.06%)Market open

Market Cap

$286.64M

P/E

33.6x

P/S

1.4x

P/B

0.7x

i3 Verticals, Inc. provides enterprise software and services solutions to public sector entities in the United States and Canada. The company offers digital solutions for dynamic processes to plan, coordinate, evaluate, record, and provide up to date information within court systems; E-Filing and revenue cycle management solutions for courts; solutions for computer aided dispatch, records management, evidence management, jail management, mobile solutions, and livescan; and software solutions for vehicle title and registration, driver's license and permit management, and motor carrier compliance for departments of transportation. It also provides digital customer engagement platform, comprising web, mobile, chat, and voice options; billing and back-office management software solutions and services; solutions for school lunch programs, including meal account management, point of sale, menu planning, nutritional analysis, food inventory and free, and reduced meal applications, as well as school event solutions, such as ticketing and concessions. In addition, the company offers government fund accounting software; digital land records solutions, including AI indexing of information; computer assisted mass appraisal solutions; licensing and permitting solutions that include automation every step of the application, renewal, and payment process; and tax and revenue collection management solutions. i3 Verticals, Inc. was founded in 2012 and is based in Nashville, Tennessee.

How this company scores

AverageMetricSide Score: 58.5/100

Strongest: Cash & Earnings Quality (24/25); weakest: Profitability (4/25).

Profitability4/25

Growth14.5/25

Balance Sheet & Red Flags16/25

Cash & Earnings Quality24/25

Strengths

Growing revenueRising free cash flowLow leverageCash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 33.6x5y range 4.9x – 934.7x

Currently near its 9-quarter median.

P/S · 1.4x5y range 1.3x – 4.1x

Currently near its 19-quarter median.

P/B · 0.7x5y range 0.7x – 2.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 84.3% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Price & Volume

Market Cap $286.64M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $199.76M
Q. Revenue: $53.07M
TTM EBITDA: $35.36M
TTM Op. Income: $6.39M
Q. Op. Income: $-892,000
TTM Net Income: $8.52M
Q. Net Income: $3.48M
EPS: $0.18
Shares Out.: $19.42M

$199.76M in TTM revenue grew 21.8% YoY, reaching $53.07M last quarter. TTM EBITDA of $35.36M and TTM operating income of $6.39M show growth is flowing through to the bottom line. TTM net income of $8.52M means revenue is converting into profit. Over the past year, TTM revenue is up 22% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 12.2%
Op. Margin: -1.7%
Net Margin: 6.6%

Op. margin of -1.7% is up 7.6% YoY — cost efficiency is improving. Net margin at 6.6% Over the past year, operating margin is up 82% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 33.6x
P/S Ratio: 1.4x
P/B Ratio: 0.7x

At 33.6x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 1.4x and P/B of 0.7x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 567% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $626.98M
Cash: $2.65M
Long-Term Debt: $114.28M
Book Value: $400.33M
D/E Ratio: 0.3
Debt/EBITDA: 17.7

With $626.98M in assets and $114.28M in long-term debt, D/E is 0.3and book value is $400.33M — a conservative capital structure with a cushion to weather downturns. Across the last 3 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $14.26M
TTM Free Cash Flow: $49.93M
FCF Margin: 25.0%
FCF / Net Income: 5.9

TTM FCF of $49.93M on $14.26M in operating cash flow. The FCF / Net Income ratio of 5.9x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.