i3 Verticals (IIIV) Financials

$20.02 0.00 (0.00%)

Closing price 05/22/2026 04:00 PM Eastern

Extended Trading

$20.02 0.00 (0.00%)

As of 05/22/2026 04:10 PM Eastern

Annual Income Statements for i3 Verticals

This table shows i3 Verticals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-2.09	0.90	-6.90	-3.05	-0.42	-4.46	-17	-0.81	113	18
Consolidated Net Income / (Loss)	-2.09	0.90	-4.96	0.56	-0.98	-7.84	-23	-2.65	175	27
Net Income / (Loss) Continuing Operations	-2.09	0.90	-4.96	0.56	-0.98	-7.84	-39	-25	-16	5.62
Total Pre-Tax Income	-1.85	1.08	-4.62	0.39	-3.77	-7.22	-39	-28	-22	11
Total Operating Income	3.96	7.60	12	6.39	7.77	-0.01	-23	-4.41	4.36	3.78
Total Gross Profit	59	73	109	133	150	224	188	190	191	213
Total Revenue	200	263	324	376	150	224	188	190	191	213
Operating Revenue	200	263	324	376	150	224	188	190	191	213
Total Cost of Revenue	141	189	215	243	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	55	66	97	127	142	224	211	194	187	209
Selling, General & Admin Expense	20	27	41	63	78	135	157	106	101	115
Depreciation Expense	9.90	10	12	17	18	24	19	23	26	28
Other Operating Expenses / (Income)	22	29	40	44	47	58	35	65	61	67
Total Other Income / (Expense), net	-5.81	-6.52	-17	-6.00	-12	-7.20	-16	-24	-26	7.11
Interest & Investment Income	-	-	-	-	-	-	-15	-25	-29	-2.30
Other Income / (Expense), net	0.09	0.42	-8.49	0.00	-2.62	2.60	-0.99	1.22	3.40	9.41
Income Tax Expense	0.24	0.18	0.34	-0.18	-2.80	0.62	0.15	-3.51	-5.47	5.27
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	16	22	191	21
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	1.94	3.61	-0.56	-3.38	-6.12	-1.84	62	8.63
Weighted Average Basic Shares Outstanding	-	0.00	8.81M	10.49M	14.83M	20.99M	44.50M	23.14M	23.42M	23.91M
Weighted Average Diluted Shares Outstanding	-	0.00	26.87M	10.49M	27.43M	31.71M	55.35M	79.52M	33.88M	34.19M
Weighted Average Basic & Diluted Shares Outstanding	-	-	-86.20M	10.50M	30.82M	32.27M	33.12M	33.37M	33.54M	32.35M

This table shows i3 Verticals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-5.16	4.55	1.10	1.88	-7.55	118	2.06	-0.15	13	3.09	0.48
Consolidated Net Income / (Loss)	-6.08	3.45	1.54	3.35	-8.30	179	3.11	0.77	18	4.20	0.95
Net Income / (Loss) Continuing Operations	-11	-13	-4.22	-2.30	-14	-4.38	2.79	1.10	-1.00	2.20	1.09
Total Pre-Tax Income	-11	-16	-5.31	-2.97	-9.22	-16	3.20	4.15	-1.02	3.91	1.79
Total Operating Income	-4.58	-10	1.49	2.49	-1.31	-10	2.05	3.96	-4.81	1.93	1.61
Total Gross Profit	57	-10	35	58	46	-13	52	63	52	58	53
Total Revenue	57	-10	55	58	46	-13	52	63	52	37	53
Operating Revenue	57	-10	55	58	46	-13	52	63	52	37	53
Total Cost of Revenue	0.00	-	20	0.00	0.00	-	0.00	0.00	0.00	-21	0.00
Total Operating Expenses	62	-0.17	34	55	47	-2.22	50	59	57	56	51
Selling, General & Admin Expense	45	24	27	27	26	24	26	29	33	24	27
Depreciation Expense	6.67	2.08	7.05	7.19	6.16	2.02	6.86	7.84	6.99	5.39	6.87
Other Operating Expenses / (Income)	10	-23	-0.24	21	15	-28	17	23	17	26	17
Total Other Income / (Expense), net	-6.63	-5.79	-6.79	-5.46	-7.91	-5.66	1.15	0.19	3.80	1.98	0.18
Interest & Investment Income	-6.73	-	-6.69	-7.71	-7.91	-	-0.68	-0.45	-0.81	-0.37	-0.38
Other Income / (Expense), net	0.09	0.93	-0.11	2.26	0.00	1.25	1.83	0.63	4.60	2.35	0.56
Income Tax Expense	-0.29	-3.32	-1.09	-0.67	5.19	-12	0.41	3.05	-0.02	1.71	0.70
Net Income / (Loss) Discontinued Operations	4.84	-	5.75	5.65	6.11	-	0.32	-0.33	19	2.00	-0.14
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.92	-1.10	0.44	1.47	-0.75	61	1.05	0.92	5.54	1.11	0.46
Weighted Average Basic Shares Outstanding	23.18M	46.28M	23.27M	46.66M	23.42M	46.84M	23.55M	23.83M	24.35M	23.91M	23.68M
Weighted Average Diluted Shares Outstanding	57.03M	57.11M	33.83M	70.77M	23.42M	57.30M	34.06M	47.97M	33.94M	34.19M	25.09M
Weighted Average Basic & Diluted Shares Outstanding	33.34M	33.37M	33.37M	33.47M	33.79M	33.54M	33.07M	33.22M	32.27M	32.35M	30.48M

This table details how cash moves in and out of i3 Verticals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Change in Cash & Equivalents	3.78	-2.22	-0.73	1.96	17	-2.67	5.83	-11	77	-22
Net Cash From Operating Activities	10	8.33	18	27	24	45	44	37	48	5.69
Net Cash From Continuing Operating Activities	10	8.33	18	27	24	45	44	37	48	5.69
Net Income / (Loss) Continuing Operations	-2.09	0.90	-4.96	0.56	-0.98	-7.84	-23	-2.65	175	27
Consolidated Net Income / (Loss)	-2.09	0.90	-4.96	0.56	-0.98	-7.84	-23	-2.65	175	27
Depreciation Expense	9.90	10	12	17	18	24	29	36	37	30
Amortization Expense	0.44	0.45	1.07	0.72	3.70	5.45	5.80	1.51	1.18	0.96
Non-Cash Adjustments To Reconcile Net Income	-0.64	-2.39	7.98	4.17	8.43	21	17	8.85	-184	-7.60
Changes in Operating Assets and Liabilities, net	2.40	-0.72	2.15	4.58	-5.65	1.16	14	-7.00	19	-44
Net Cash From Investing Activities	-35	-48	-38	-144	-35	-149	-113	-122	396	76
Net Cash From Continuing Investing Activities	-35	-48	-38	-144	-35	-149	-113	-122	396	76
Purchase of Property, Plant & Equipment	-2.88	-2.10	-4.49	-3.11	-5.95	-8.10	-12	-16	-15	-10
Acquisitions	-32	-46	-34	-141	-29	-144	-101	-104	-24	-11
Purchase of Investments	-	-	-	-	-	-	-0.44	-1.25	-0.09	0.00
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.00	0.00	0.62	1.50
Divestitures	-	-	-	-	-	-	0.00	0.00	435	96
Other Investing Activities, net	-	-	-	-	0.00	-0.10	0.60	0.30	0.00	0.00
Net Cash From Financing Activities	29	37	19	119	29	102	75	73	-367	-104
Net Cash From Continuing Financing Activities	29	37	19	119	29	102	75	73	-367	-104
Repayment of Debt	-37	-29	-117	-87	-336	-198	-255	-282	-748	-59
Repurchase of Common Equity	-0.07	-0.06	-4.64	-90	-11	-0.25	0.00	0.00	-0.55	-38
Payment of Dividends	-0.06	-1.46	0.00	-2.06	-0.00	-	0.00	0.00	-1.09	-35
Issuance of Debt	62	57	52	188	310	303	336	365	388	58
Other Financing Activities, net	-4.78	-0.97	-0.71	-1.96	-32	-2.04	-23	-9.81	-5.68	-31
Cash Interest Paid	5.39	6.29	7.88	4.91	5.25	4.43	8.99	21	29	0.93
Cash Income Taxes Paid	0.02	0.84	0.48	1.42	0.79	0.29	1.08	3.24	7.33	35

This table details how cash moves in and out of i3 Verticals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-2.13	-7.80	-1.32	-3.79	6.40	76	-0.39	-79	46	12	-28
Net Cash From Operating Activities	0.49	11	14	12	8.12	15	11	-27	7.35	14	14
Net Cash From Continuing Operating Activities	0.49	11	14	12	8.12	15	11	-27	7.35	14	14
Net Income / (Loss) Continuing Operations	-6.08	3.45	1.54	3.35	-8.30	179	3.11	0.77	18	4.20	0.95
Consolidated Net Income / (Loss)	-6.08	3.45	1.54	3.35	-8.30	179	3.11	0.77	18	4.20	0.95
Depreciation Expense	9.16	9.61	9.74	10	10	7.58	7.68	7.84	7.26	7.05	6.87
Amortization Expense	0.58	0.20	0.41	0.26	0.22	0.28	0.28	0.25	0.22	0.22	0.22
Non-Cash Adjustments To Reconcile Net Income	-5.32	2.77	5.28	4.12	3.03	-195	4.30	4.87	-20	3.52	6.24
Changes in Operating Assets and Liabilities, net	2.15	-5.23	-2.56	-5.70	3.11	24	-3.88	-41	1.73	-1.02	-0.15
Net Cash From Investing Activities	-4.29	-6.11	-7.17	-5.20	-4.39	413	-1.42	-2.26	82	-2.32	-1.83
Net Cash From Continuing Investing Activities	-4.29	-6.11	-7.17	-5.20	-4.39	413	-1.42	-2.26	82	-2.32	-1.83
Purchase of Property, Plant & Equipment	-4.32	-4.35	-3.80	-3.84	-4.01	-3.30	-2.88	-2.30	-2.64	-2.32	-2.28
Sale of Property, Plant & Equipment	-	-	0.62	-	-	-	1.46	0.04	-	-	0.45
Net Cash From Financing Activities	1.67	-12	-8.55	-11	2.67	-352	-10	-50	-44	-0.13	-40
Net Cash From Continuing Financing Activities	1.67	-12	-8.55	-11	2.67	-352	-10	-50	-44	-0.13	-40
Repayment of Debt	-43	-59	-72	-149	-85	-442	-1.74	-22	-34	-0.36	-0.61
Repurchase of Common Equity	-	-	-0.12	-0.43	-	-	-11	-0.31	-26	-	-38
Payment of Dividends	-	-	-0.16	-0.03	-0.93	0.03	0.00	-9.95	-25	-0.50	-0.02
Issuance of Debt	45	55	65	143	90	91	1.74	34	22	0.35	0.61
Other Financing Activities, net	-0.23	-7.60	-1.56	-4.05	-0.68	-0.75	0.72	-51	19	0.37	-2.49
Cash Interest Paid	4.22	6.99	6.19	7.92	7.67	7.72	0.06	0.38	0.32	0.17	0.17
Cash Income Taxes Paid	0.51	1.31	0.39	4.99	1.61	0.35	0.05	34	0.96	-0.25	0.87

This table presents i3 Verticals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Total Assets	140	175	349	404	652	770	884	731	638
Total Current Assets	16	17	21	38	58	84	86	153	138
Cash & Equivalents	0.96	0.57	1.12	16	3.64	3.49	3.11	87	67
Accounts Receivable	8.41	13	15	18	39	53	51	51	58
Prepaid Expenses	1.14	2.63	4.12	4.87	11	19	9.51	9.97	12
Other Current Assets	5.20	0.86	-	0.00	4.77	7.54	4.87	0.63	0.41
Plant, Property, & Equipment, net	1.42	2.96	5.03	5.34	5.90	5.67	10	8.29	7.18
Total Noncurrent Assets	123	156	324	360	588	681	789	569	494
Goodwill	59	84	168	187	292	354	268	243	248
Intangible Assets	63	69	123	126	213	248	221	195	184
Noncurrent Deferred & Refundable Income Taxes	-	1.15	28	37	50	43	53	48	49
Other Noncurrent Operating Assets	1.31	1.12	4.41	10	32	35	28	15	12
Total Liabilities & Shareholders' Equity	140	175	349	404	652	770	884	731	638
Total Liabilities	129	63	207	163	362	463	556	215	121
Total Current Liabilities	20	26	35	39	97	111	93	165	71
Accounts Payable	1.60	4.11	3.44	3.85	7.87	9.34	6.37	4.89	6.25
Accrued Expenses	6.71	12	22	24	51	58	34	88	25
Current Deferred Revenue	2.72	4.93	10	11	30	32	33	38	38
Other Current Liabilities	5.20	0.86	-	0.00	7.97	12	8.53	2.94	2.24
Total Noncurrent Liabilities	145	37	172	124	266	351	463	51	50
Capital Lease Obligations	-	-	-	-	-	14	8.97	4.89	2.96
Noncurrent Deferred & Payable Income Tax Liabilities	-	0.79	23	28	39	41	40	29	32
Other Noncurrent Operating Liabilities	38	3.94	9.12	6.14	26	9.54	23	15	15
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-33	112	142	240	290	308	328	515	518
Total Preferred & Common Equity	-33	39	80	156	205	218	237	380	390
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-33	39	80	156	205	218	237	380	390
Common Stock	-	39	82	158	211	242	250	279	271
Retained Earnings	-33	0.74	-2.31	-2.02	-6.48	-24	-13	100	118
Noncontrolling Interest	-	73	62	85	85	89	92	136	128

This table presents i3 Verticals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2022	12/31/2022	3/31/2023	6/30/2023	12/31/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025	6/30/2025	12/31/2025
Total Assets	780	869	883	876	877	866	862	726	646	623	596
Total Current Assets	73	91	90	97	90	87	308	153	80	118	100
Cash & Equivalents	9.05	3.61	3.98	5.04	4.16	3.14	9.75	86	7.75	56	38
Accounts Receivable	44	53	57	61	68	67	49	51	57	49	48
Prepaid Expenses	14	23	22	20	14	16	11	15	15	13	14
Other Current Assets	6.37	12	7.19	11	3.52	1.59	1.36	1.21	0.07	0.02	1.40
Plant, Property, & Equipment, net	5.42	12	12	12	11	11	8.93	7.58	7.56	7.34	6.32
Total Noncurrent Assets	702	766	781	767	776	767	545	566	559	498	489
Goodwill	354	399	409	409	411	411	269	281	281	248	248
Intangible Assets	252	292	295	290	287	282	211	217	212	189	180
Noncurrent Deferred & Refundable Income Taxes	52	44	45	43	52	52	50	48	50	49	48
Other Noncurrent Operating Assets	44	32	32	25	25	23	15	20	17	12	13
Total Liabilities & Shareholders' Equity	780	869	883	876	877	866	862	726	646	623	596
Total Liabilities	490	566	571	563	540	519	516	215	133	112	113
Total Current Liabilities	106	113	109	97	181	108	103	163	68	58	62
Accounts Payable	8.08	8.41	7.92	8.30	9.71	12	5.96	7.40	4.32	4.50	4.11
Accrued Expenses	64	51	55	47	33	27	23	83	23	22	21
Current Deferred Revenue	23	37	34	27	39	37	29	42	37	30	34
Other Current Liabilities	11	17	12	15	7.81	6.01	4.83	4.55	3.41	2.04	3.21
Total Noncurrent Liabilities	384	453	463	466	359	411	413	52	65	54	50
Capital Lease Obligations	15	13	12	11	9.42	9.36	6.95	5.42	4.72	3.37	2.79
Noncurrent Deferred & Payable Income Tax Liabilities	40	41	41	41	40	40	40	29	34	35	32
Other Noncurrent Operating Liabilities	22	21	24	24	22	18	17	17	15	15	15
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	290	303	312	313	337	346	346	511	514	511	483
Total Preferred & Common Equity	206	216	222	222	243	249	250	375	385	383	359
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	206	216	222	222	243	249	250	375	385	383	359
Common Stock	226	228	234	240	255	259	267	273	283	268	240
Retained Earnings	-20	-12	-12	-17	-12	-9.97	-18	102	102	115	119
Noncontrolling Interest	84	88	90	91	94	97	96	136	128	128	125

This table displays calculated financial ratios and metrics derived from i3 Verticals' official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	31.52%	23.21%	16.32%	-60.10%	49.28%	-16.23%	20.76%	1.41%	11.47%
EBITDA Growth	0.00%	28.92%	-9.53%	41.05%	14.35%	19.87%	-65.83%	221.37%	37.16%	-5.15%
EBIT Growth	0.00%	97.90%	-51.67%	64.95%	-19.37%	-49.86%	-1,034.26%	90.28%	537.06%	70.10%
NOPAT Growth	0.00%	129.02%	36.19%	7.71%	-41.62%	-100.15%	-192,741.67%	84.58%	292.04%	-36.05%
Net Income Growth	0.00%	143.10%	-650.00%	111.35%	-273.89%	-700.72%	-196.17%	88.58%	6,703.70%	-84.87%
EPS Growth	0.00%	0.00%	0.00%	-462.50%	89.66%	-633.33%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	0.00%	-16.74%	117.05%	47.11%	-10.82%	87.74%	-1.74%	-15.06%	30.24%	-88.24%
Free Cash Flow Firm Growth	0.00%	0.00%	29.49%	-122.79%	76.16%	-484.38%	21.23%	175.97%	-57.34%	-153.73%
Invested Capital Growth	0.00%	0.00%	75.45%	89.09%	12.38%	54.29%	24.39%	-17.34%	-7.78%	15.66%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	6.97%	-31.89%	14.81%	-37.37%	-29.68%	-38.79%	-13.83%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-0.15%	-7.21%	13.74%	-55.60%	-29.41%	-34.21%	-3.83%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-20.28%	-38.99%	362.08%	-167.07%	-117.73%	-69.59%	-8.11%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	8.81%	-7.95%	-102.15%	-156.10%	-125.63%	199.16%	-83.99%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-83.43%	-191.50%	0.96%	-11.87%	74.77%	500,271.43%	-86.80%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	40.00%	15.38%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	6.03%	34.89%	16.35%	-6.58%	-5.57%	2.18%	16.93%	-17.08%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-193.52%	13.24%	-11.82%	208.28%	-79.16%	-225.50%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	1.48%	7.85%	-0.73%	0.14%	-29.42%	-6.64%	-1.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.38%	27.98%	33.68%	35.46%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	7.21%	7.07%	5.19%	6.29%	18.03%	14.48%	5.91%	15.72%	21.25%	20.63%
Operating Margin	1.99%	2.89%	3.82%	1.70%	5.18%	-0.01%	-12.33%	-1.57%	2.98%	1.77%
EBIT Margin	2.03%	3.05%	1.20%	1.70%	3.43%	1.15%	-12.85%	-1.03%	4.46%	6.18%
Profit (Net Income) Margin	-1.05%	0.34%	-1.53%	0.15%	-0.65%	-3.50%	-12.37%	-1.17%	76.17%	12.43%
Tax Burden Percent	113.14%	83.60%	107.29%	145.85%	25.94%	108.63%	59.67%	9.65%	-921.06%	243.50%
Interest Burden Percent	-45.68%	13.46%	-119.36%	6.04%	-73.25%	-279.37%	161.23%	1,171.56%	-185.52%	82.56%
Effective Tax Rate	0.00%	16.40%	0.00%	-45.85%	0.00%	0.00%	0.00%	0.00%	0.00%	48.38%
Return on Invested Capital (ROIC)	0.00%	15.02%	7.43%	4.34%	1.83%	0.00%	-2.97%	-0.45%	1.00%	0.46%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	5.10%	-11.21%	-5.70%	-4.19%	-5.76%	-5.81%	-0.52%	289.77%	-25.87%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-22.15%	-18.84%	-3.90%	-2.34%	-2.96%	-4.81%	-0.38%	40.52%	4.67%
Return on Equity (ROE)	0.00%	-7.13%	-11.42%	0.44%	-0.51%	-2.96%	-7.77%	-0.83%	41.52%	5.13%
Cash Return on Invested Capital (CROIC)	0.00%	-184.98%	-47.35%	-57.29%	-9.83%	-42.70%	-24.70%	18.53%	9.09%	-14.06%
Operating Return on Assets (OROA)	0.00%	5.73%	2.46%	2.44%	1.37%	0.49%	-3.39%	-0.28%	1.27%	1.93%
Return on Assets (ROA)	0.00%	0.64%	-3.15%	0.21%	-0.26%	-1.49%	-3.27%	-0.32%	21.69%	3.87%
Return on Common Equity (ROCE)	0.00%	-9.31%	-0.83%	0.21%	-0.32%	-2.01%	-5.51%	-0.60%	30.34%	3.82%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-2.73%	-12.62%	0.70%	-0.63%	-3.83%	-10.63%	-1.12%	46.12%	0.00%
Net Operating Profit after Tax (NOPAT)	2.77	6.35	8.65	9.32	5.44	-0.01	-16	-2.50	4.80	1.95
NOPAT Margin	1.39%	2.42%	2.67%	2.48%	3.62%	0.00%	-8.63%	-1.10%	2.09%	0.91%
Net Nonoperating Expense Percent (NNEP)	0.00%	9.92%	18.64%	10.04%	6.02%	5.75%	2.84%	0.07%	-288.77%	26.33%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	0.37%
Cost of Revenue to Revenue	70.62%	72.02%	66.32%	64.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	10.21%	10.36%	12.55%	16.70%	52.17%	60.18%	83.44%	78.39%	76.72%	53.79%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	27.39%	25.08%	29.86%	33.76%	94.82%	100.01%	112.33%	101.57%	97.02%	98.23%
Earnings before Interest and Taxes (EBIT)	4.05	8.02	3.87	6.39	5.15	2.58	-24	-2.35	10	13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	14	19	17	24	27	32	11	36	49	44
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	15.38	6.87	4.46	3.81	2.97	2.98	1.90	2.69
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.43	0.33	1.87	1.46	4.62	3.48	3.45	3.11	3.13	4.91
Price to Earnings (P/E)	0.00	95.84	0.00	0.00	0.00	0.00	0.00	0.00	6.35	58.60
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	1.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	15.74%	1.71%
Enterprise Value to Invested Capital (EV/IC)	0.00	2.41	4.81	2.68	2.71	2.18	1.71	2.38	1.74	2.45
Enterprise Value to Revenue (EV/Rev)	0.00	0.78	2.21	2.00	5.69	4.74	5.51	5.25	3.49	5.22
Enterprise Value to EBITDA (EV/EBITDA)	0.00	11.00	42.50	31.71	31.54	32.71	93.39	33.41	16.40	25.28
Enterprise Value to EBIT (EV/EBIT)	0.00	25.46	184.16	117.49	165.72	410.98	0.00	0.00	78.22	84.33
Enterprise Value to NOPAT (EV/NOPAT)	0.00	32.12	82.45	80.56	156.92	0.00	0.00	0.00	167.09	570.26
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	24.50	39.46	28.23	36.00	23.84	23.66	32.02	16.56	195.25
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.62	18.34	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	-4.38	0.33	0.98	0.38	0.69	0.98	1.21	0.06	0.01
Long-Term Debt to Equity	0.00	-4.22	0.28	0.98	0.38	0.69	0.98	1.21	0.01	0.01
Financial Leverage	0.00	-4.34	1.68	0.68	0.56	0.51	0.83	0.74	0.14	-0.18
Leverage Ratio	0.00	-5.53	3.63	2.06	1.97	1.99	2.38	2.60	1.91	1.33
Compound Leverage Factor	0.00	-0.75	-4.33	0.12	-1.44	-5.57	3.84	30.48	-3.55	1.09
Debt to Total Capital	0.00%	129.57%	24.69%	49.44%	27.43%	40.92%	49.45%	54.73%	5.94%	0.57%
Short-Term Debt to Total Capital	0.00%	4.68%	3.36%	0.00%	0.00%	0.00%	0.00%	0.00%	4.79%	0.00%
Long-Term Debt to Total Capital	0.00%	124.89%	21.33%	49.44%	27.43%	40.92%	49.45%	54.73%	1.15%	0.57%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	9.03%	48.93%	22.14%	25.56%	17.31%	14.67%	12.62%	24.75%	24.61%
Common Equity to Total Capital	0.00%	-38.60%	26.38%	28.42%	47.01%	41.77%	35.88%	32.64%	69.31%	74.82%
Debt to EBITDA	0.00	5.97	2.19	5.88	3.35	6.18	27.15	11.14	0.67	0.07
Net Debt to EBITDA	0.00	5.92	2.16	5.84	2.78	6.07	26.84	11.05	-1.11	-1.45
Long-Term Debt to EBITDA	0.00	5.76	1.89	5.88	3.35	6.18	27.15	11.14	0.13	0.07
Debt to NOPAT	0.00	17.45	4.25	14.95	16.68	-23,881.55	-18.58	-158.90	6.78	1.52
Net Debt to NOPAT	0.00	17.30	4.18	14.83	13.82	-23,448.10	-18.37	-157.65	-11.26	-32.68
Long-Term Debt to NOPAT	0.00	16.82	3.67	14.95	16.68	-23,881.55	-18.58	-158.90	1.32	1.52
Altman Z-Score	0.00	2.10	7.62	2.67	2.95	1.56	0.90	0.98	2.54	5.99
Noncontrolling Interest Sharing Ratio	0.00%	-30.53%	92.77%	53.12%	38.41%	31.98%	29.16%	28.44%	26.93%	25.53%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.78	0.63	0.58	0.98	0.60	0.75	0.92	0.93	1.95
Quick Ratio	0.00	0.46	0.49	0.47	0.85	0.44	0.51	0.58	0.87	1.77
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-78	-55	-123	-29	-171	-135	102	44	-60
Operating Cash Flow to CapEx	347.76%	397.42%	403.03%	856.31%	398.39%	549.99%	351.90%	226.99%	337.53%	65.95%
Free Cash Flow to Firm to Interest Expense	0.00	-11.28	-6.49	-20.47	-3.28	-17.47	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	1.70	1.20	2.13	4.43	2.66	4.54	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	1.21	0.90	1.60	3.91	1.99	3.72	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	1.88	2.05	1.44	0.40	0.42	0.26	0.27	0.28	0.31
Accounts Receivable Turnover	0.00	31.21	30.94	27.04	9.13	8.00	4.09	4.36	4.31	3.90
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	184.91	147.79	94.27	28.97	39.88	32.45	28.83	24.54	27.56
Accounts Payable Turnover	0.00	118.20	75.09	64.32	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	11.69	11.80	13.50	39.96	45.63	89.27	83.81	84.75	93.53
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	3.09	4.86	5.67	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	8.61	6.94	7.82	39.96	45.63	89.27	83.81	84.75	93.53
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	85	148	281	315	487	605	500	461	454
Invested Capital Turnover	0.00	6.21	2.78	1.75	0.50	0.56	0.34	0.41	0.48	0.50
Increase / (Decrease) in Invested Capital	0.00	85	64	132	35	171	119	-105	-39	61
Enterprise Value (EV)	0.00	204	713	751	854	1,062	1,035	1,190	802	1,112
Market Capitalization	86	86	604	550	694	780	649	705	720	1,047
Book Value per Share	$0.00	($4.97)	$1.49	$2.93	$5.66	$6.36	$6.74	$7.10	$11.24	$12.07
Tangible Book Value per Share	$0.00	($23.24)	($4.34)	($7.72)	($5.74)	($9.33)	($11.84)	($7.57)	($3.62)	($1.33)
Total Capital	0.00	86	149	282	331	490	609	725	548	521
Total Debt	0.00	111	37	139	91	201	301	397	33	2.96
Total Long-Term Debt	0.00	107	32	139	91	201	301	397	6.32	2.96
Net Debt	0.00	110	36	138	75	197	298	394	-54	-64
Capital Expenditures (CapEx)	2.88	2.10	4.49	3.11	5.95	8.10	12	16	14	8.63
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-1.47	-5.45	-16	-16	-42	-31	-11	-72	0.26
Debt-free Net Working Capital (DFNWC)	0.00	-0.52	-4.88	-15	-0.92	-38	-27	-7.92	15	67
Net Working Capital (NWC)	0.00	-4.52	-9.88	-15	-0.92	-38	-27	-7.92	-11	67
Net Nonoperating Expense (NNE)	4.87	5.45	14	8.76	6.42	7.83	7.02	0.15	-170	-25
Net Nonoperating Obligations (NNO)	0.00	110	36	138	75	197	298	172	-54	-64
Total Depreciation and Amortization (D&A)	10	11	13	17	22	30	35	38	39	31
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-0.56%	-1.68%	-4.19%	-10.98%	-18.75%	-16.48%	-4.86%	-31.17%	0.12%
Debt-free Net Working Capital to Revenue	0.00%	-0.20%	-1.51%	-3.90%	-0.61%	-17.13%	-14.62%	-3.49%	6.47%	31.40%
Net Working Capital to Revenue	0.00%	-1.72%	-3.05%	-3.90%	-0.61%	-17.13%	-14.62%	-3.49%	-4.93%	31.40%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.08	($0.29)	($0.03)	($0.21)	($0.77)	($0.04)	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	8.81M	10.49M	14.83M	20.99M	22.25M	23.14M	46.84M	23.91M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.08	($0.29)	($0.03)	($0.22)	($0.77)	($0.07)	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	26.87M	10.49M	27.43M	31.71M	22.25M	33.25M	57.30M	34.19M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	($0.29)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	26.32M	27.40M	30.82M	32.27M	33.12M	33.37M	33.54M	32.35M
Normalized Net Operating Profit after Tax (NOPAT)	4.49	6.17	11	6.85	4.45	4.99	-16	-2.50	4.80	1.95
Normalized NOPAT Margin	2.25%	2.35%	3.51%	1.82%	2.97%	2.23%	-8.63%	-1.10%	2.09%	0.91%
Pre Tax Income Margin	-0.93%	0.41%	-1.43%	0.10%	-2.51%	-3.22%	-20.72%	-12.12%	-8.27%	5.11%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.69	1.16	0.46	1.06	0.58	0.26	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.47	0.92	1.02	1.55	0.61	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.20	0.85	-0.07	0.55	-0.09	-0.56	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-0.02	0.61	0.49	1.04	-0.06	-0.83	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-2.68%	162.31%	0.00%	365.90%	-0.31%	0.00%	0.00%	0.00%	0.62%	133.19%
Augmented Payout Ratio	-5.92%	169.40%	-93.43%	16,356.48%	-1,111.95%	-3.23%	0.00%	0.00%	0.94%	275.07%

This table displays calculated financial ratios and metrics derived from i3 Verticals' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-28.92%	76.73%	-36.01%	0.71%	-2.14%	-21.14%	12.06%	8.78%	12.38%	13.99%	0.86%
EBITDA Growth	-15.69%	108.71%	-23.52%	48.44%	82.82%	-382.94%	8.31%	-15.85%	-18.96%	6.90%	-21.89%
EBIT Growth	-64.23%	35.41%	-77.19%	114.51%	85.08%	1.71%	228.37%	-3.12%	83.82%	45.46%	-44.06%
NOPAT Growth	-67.59%	23.77%	-41.95%	110.71%	85.38%	-1.52%	124.33%	-39.88%	-267.40%	-8.64%	-45.50%
Net Income Growth	-29.65%	178.21%	808.88%	1,843.75%	-36.53%	5,076.69%	102.34%	-77.03%	322.04%	-97.65%	-69.53%
EPS Growth	-29.41%	0.00%	0.00%	0.00%	-45.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	-89.50%	36.38%	-20.76%	57.00%	1,570.58%	40.21%	-20.20%	-352.49%	-9.46%	-7.75%	22.86%
Free Cash Flow Firm Growth	7.42%	176.31%	76.50%	92.42%	299.05%	-67.66%	1,003.86%	1,423.35%	-85.08%	-155.44%	-96.39%
Invested Capital Growth	17.27%	-17.34%	4.41%	2.39%	-30.27%	-7.78%	-36.58%	-27.61%	-7.13%	15.66%	-1.89%
Revenue Q/Q Growth	-39.00%	-118.23%	627.39%	2.77%	-40.73%	-122.57%	587.83%	2.22%	-17.69%	-29.66%	44.28%
EBITDA Q/Q Growth	-64.55%	-91.08%	2,358.64%	18.47%	-56.34%	-113.81%	1,041.15%	1.57%	-42.70%	58.81%	-19.85%
EBIT Q/Q Growth	-182.38%	-108.36%	114.75%	38.61%	-105.73%	-1,272.94%	149.27%	1.55%	-104.61%	2,116.51%	-49.24%
NOPAT Q/Q Growth	-184.07%	-124.47%	114.45%	5.27%	-105.83%	-1,459.04%	131.94%	-55.14%	-422.04%	132.15%	-9.92%
Net Income Q/Q Growth	-3,065.63%	156.75%	-55.47%	117.97%	-347.85%	2,251.65%	-98.26%	-75.26%	2,295.97%	-77.20%	-77.46%
EPS Q/Q Growth	0.00%	0.00%	0.00%	100.00%	-500.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-93.69%	2,122.22%	33.38%	-7.30%	-32.88%	86.51%	-24.09%	-335.95%	127.10%	90.04%	1.10%
Free Cash Flow Firm Q/Q Growth	7.82%	190.88%	-130.11%	61.26%	2,519.17%	-85.24%	741.68%	-24.69%	-84.09%	-289.44%	115.89%
Invested Capital Q/Q Growth	0.52%	-29.42%	44.11%	0.14%	-31.55%	-6.64%	-0.90%	14.30%	-12.19%	-1.07%	-1.19%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	0.00%	64.44%	100.00%	100.00%	0.00%	65.91%	100.00%	100.00%	157.61%	100.00%
EBITDA Margin	9.18%	0.00%	20.94%	23.28%	17.15%	0.00%	20.24%	20.12%	14.00%	31.62%	17.56%
Operating Margin	-7.99%	0.00%	2.70%	9.96%	-1.19%	0.00%	4.38%	6.29%	-9.27%	5.28%	3.05%
EBIT Margin	-7.83%	0.00%	2.50%	12.35%	-1.19%	0.00%	7.33%	7.29%	-0.41%	11.71%	4.12%
Profit (Net Income) Margin	-10.61%	0.00%	2.79%	3.54%	-14.81%	0.00%	5.04%	1.22%	35.50%	11.51%	1.80%
Tax Burden Percent	54.22%	-21.48%	-28.93%	85.23%	96.77%	-1,110.00%	80.83%	18.53%	-1,809.92%	107.50%	52.93%
Interest Burden Percent	249.94%	171.85%	-385.27%	33.64%	1,281.76%	175.12%	84.97%	90.29%	480.19%	91.42%	82.44%
Effective Tax Rate	0.00%	0.00%	0.00%	14.77%	0.00%	0.00%	13.60%	73.61%	0.00%	43.78%	39.35%
Return on Invested Capital (ROIC)	-2.75%	0.00%	0.52%	4.49%	-0.52%	0.00%	1.52%	0.64%	-3.37%	1.49%	0.87%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.56%	0.00%	0.65%	3.27%	-3.40%	0.00%	1.99%	0.50%	41.99%	-1.85%	0.94%
Return on Net Nonoperating Assets (RNNOA)	-4.18%	0.00%	0.79%	3.82%	-2.81%	0.00%	0.77%	0.22%	4.71%	0.33%	-0.08%
Return on Equity (ROE)	-6.93%	0.00%	1.31%	8.31%	-3.33%	0.00%	2.29%	0.87%	1.34%	1.83%	0.79%
Cash Return on Invested Capital (CROIC)	-14.41%	18.53%	-5.10%	2.29%	34.87%	9.09%	45.73%	33.10%	9.95%	-14.06%	2.21%
Operating Return on Assets (OROA)	-3.05%	0.00%	0.56%	5.32%	-0.52%	0.00%	2.16%	2.33%	-0.14%	3.65%	1.33%
Return on Assets (ROA)	-4.13%	0.00%	0.63%	1.53%	-6.40%	0.00%	1.49%	0.39%	11.83%	3.58%	0.58%
Return on Common Equity (ROCE)	-4.92%	0.00%	0.94%	5.95%	-2.39%	0.00%	1.67%	0.64%	0.99%	1.36%	0.58%
Return on Equity Simple (ROE_SIMPLE)	-4.73%	0.00%	-0.53%	0.90%	0.01%	0.00%	47.12%	45.21%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.20	-7.19	1.04	8.03	-0.47	-7.30	2.33	1.05	-3.37	1.08	0.98
NOPAT Margin	-5.60%	0.00%	1.89%	8.49%	-0.84%	0.00%	3.78%	1.66%	-6.49%	2.97%	1.85%
Net Nonoperating Expense Percent (NNEP)	0.81%	-4.53%	-0.13%	1.22%	2.88%	-315.07%	-0.47%	0.14%	-45.36%	3.34%	-0.07%
Return On Investment Capital (ROIC_SIMPLE)	-	-	0.14%	-	-	-	0.43%	0.20%	-0.65%	0.21%	0.20%
Cost of Revenue to Revenue	0.00%	0.00%	35.56%	0.00%	0.00%	0.00%	34.09%	0.00%	0.00%	-57.61%	0.00%
SG&A Expenses to Revenue	78.67%	0.00%	49.36%	57.29%	80.36%	0.00%	46.85%	45.49%	63.62%	65.89%	51.24%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	107.99%	0.00%	61.74%	90.04%	101.19%	0.00%	61.53%	93.71%	109.27%	152.33%	96.95%
Earnings before Interest and Taxes (EBIT)	-4.49	-9.35	1.38	12	-0.67	-9.19	4.53	4.60	-0.21	4.28	2.17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5.26	0.47	12	22	9.61	-1.33	12	13	7.27	12	9.25
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.42	2.98	2.91	3.06	2.96	1.90	2.06	2.12	2.38	2.69	2.27
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.36	3.11	3.61	2.03	1.97	3.13	3.27	3.38	3.69	4.91	3.82
Price to Earnings (P/E)	0.00	0.00	1,339.30	322.46	0.00	6.35	6.76	7.27	6.88	58.60	50.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.07%	0.31%	0.00%	15.74%	14.79%	13.76%	14.54%	1.71%	2.00%
Enterprise Value to Invested Capital (EV/IC)	1.76	2.38	1.64	1.71	2.44	1.74	1.87	1.82	2.15	2.45	2.02
Enterprise Value to Revenue (EV/Rev)	3.87	5.25	6.05	3.28	3.21	3.49	3.61	3.95	4.00	5.22	4.24
Enterprise Value to EBITDA (EV/EBITDA)	24.71	33.41	36.91	17.68	16.24	16.40	17.16	20.10	21.61	25.28	21.87
Enterprise Value to EBIT (EV/EBIT)	94.28	0.00	0.00	41.37	35.80	78.22	63.83	71.97	68.90	84.33	78.88
Enterprise Value to NOPAT (EV/NOPAT)	127.96	0.00	0.00	37.24	0.00	167.09	151.39	142.68	81.17	570.26	657.48
Enterprise Value to Operating Cash Flow (EV/OCF)	34.29	32.02	35.45	36.62	29.15	16.56	18.79	124.87	143.94	195.25	108.76
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	11.62	0.00	75.73	5.75	18.34	3.17	4.63	20.85	0.00	90.55
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.28	1.21	1.15	1.10	1.10	0.06	0.06	0.03	0.01	0.01	0.01
Long-Term Debt to Equity	1.28	1.21	0.88	1.02	1.03	0.01	0.01	0.03	0.01	0.01	0.01
Financial Leverage	1.18	0.74	1.20	1.17	0.83	0.14	0.39	0.45	0.11	-0.18	-0.09
Leverage Ratio	2.74	2.60	2.73	2.66	2.64	1.91	1.89	1.76	1.73	1.33	1.33
Compound Leverage Factor	6.86	4.47	-10.50	0.89	33.80	3.35	1.61	1.59	8.32	1.21	1.10
Debt to Total Capital	56.16%	54.73%	53.50%	52.27%	52.42%	5.94%	5.83%	3.15%	0.65%	0.57%	0.57%
Short-Term Debt to Total Capital	0.00%	0.00%	12.52%	3.62%	3.61%	4.79%	4.83%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	56.16%	54.73%	40.98%	48.65%	48.81%	1.15%	1.00%	3.15%	0.65%	0.57%	0.57%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	12.68%	12.62%	13.02%	13.35%	13.24%	24.75%	25.08%	24.23%	24.85%	24.61%	25.68%
Common Equity to Total Capital	31.16%	32.64%	33.47%	34.38%	34.34%	69.31%	69.09%	72.62%	74.50%	74.82%	73.75%
Debt to EBITDA	7.94	11.14	12.09	5.42	5.13	0.67	0.64	0.35	0.07	0.07	0.07
Net Debt to EBITDA	7.84	11.05	11.96	5.37	5.00	-1.11	-1.08	0.19	-1.14	-1.45	-0.84
Long-Term Debt to EBITDA	7.94	11.14	9.26	5.04	4.78	0.13	0.11	0.35	0.07	0.07	0.07
Debt to NOPAT	41.13	-158.90	-69.96	11.41	-78.75	6.78	5.60	2.50	0.28	1.52	2.03
Net Debt to NOPAT	40.61	-157.65	-69.21	11.32	-76.74	-11.26	-9.54	1.34	-4.28	-32.68	-25.23
Long-Term Debt to NOPAT	41.13	-158.90	-53.59	10.62	-73.34	1.32	0.96	2.50	0.28	1.52	2.03
Altman Z-Score	1.13	0.95	0.87	1.32	1.55	2.45	2.68	4.33	5.65	5.95	5.07
Noncontrolling Interest Sharing Ratio	28.97%	0.00%	28.45%	28.35%	28.35%	0.00%	27.18%	26.21%	26.15%	25.53%	26.24%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.00	0.92	0.50	0.81	2.98	0.93	0.94	1.18	2.02	1.95	1.61
Quick Ratio	0.68	0.58	0.40	0.65	0.57	0.87	0.84	0.95	1.80	1.77	1.37
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-108	98	-29	-8.85	214	32	266	200	32	-60	9.59
Operating Cash Flow to CapEx	11.25%	248.22%	452.85%	314.70%	202.27%	458.46%	810.65%	-1,201.68%	278.34%	602.67%	770.91%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-1.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	1.56	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	1.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.39	0.27	0.22	0.43	0.43	0.28	0.30	0.32	0.33	0.31	0.32
Accounts Receivable Turnover	6.17	4.36	3.24	6.10	6.87	4.31	3.96	3.92	5.04	3.90	4.31
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	36.76	28.83	17.04	32.48	35.69	24.54	25.27	26.04	30.41	27.56	30.73
Accounts Payable Turnover	0.00	0.00	2.16	0.00	0.00	0.00	0.17	0.18	0.28	0.00	0.00
Days Sales Outstanding (DSO)	59.11	83.81	112.70	59.80	53.17	84.75	92.24	93.08	72.37	93.53	84.71
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	168.96	0.00	0.00	0.00	2,147.95	2,047.79	1,311.89	0.00	0.00
Cash Conversion Cycle (CCC)	59.11	83.81	-56.27	59.80	53.17	84.75	-2,055.71	-1,954.71	-1,239.52	93.53	84.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	709	500	721	722	494	461	457	523	459	454	449
Invested Capital Turnover	0.49	0.41	0.28	0.53	0.62	0.48	0.40	0.39	0.52	0.50	0.47
Increase / (Decrease) in Invested Capital	104	-105	30	17	-215	-39	-264	-199	-35	61	-8.62
Enterprise Value (EV)	1,247	1,190	1,184	1,237	1,207	802	855	953	988	1,112	905
Market Capitalization	761	705	706	764	739	720	773	816	913	1,047	815
Book Value per Share	$6.68	$7.10	$10.43	$7.47	$7.46	$11.24	$11.18	$11.65	$11.54	$12.07	$11.08
Tangible Book Value per Share	($14.32)	($7.57)	($19.58)	($13.30)	($6.88)	($3.62)	($3.65)	($3.24)	($1.61)	($1.33)	($2.16)
Total Capital	714	725	725	725	727	548	543	530	514	521	486
Total Debt	401	397	388	379	381	33	32	17	3.37	2.96	2.79
Total Long-Term Debt	401	397	297	353	355	6.32	5.42	17	3.37	2.96	2.79
Net Debt	396	394	384	376	371	-54	-54	8.97	-52	-64	-35
Capital Expenditures (CapEx)	4.32	4.35	3.18	3.84	4.01	3.30	1.42	2.26	2.64	2.32	1.83
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5.35	-11	-3.80	2.14	221	-72	-70	4.56	4.02	0.26	0.61
Debt-free Net Working Capital (DFNWC)	-0.31	-7.92	0.36	5.28	231	15	16	12	60	67	38
Net Working Capital (NWC)	-0.31	-7.92	-90	-21	205	-11	-10	12	60	67	38
Net Nonoperating Expense (NNE)	2.87	-11	-0.50	4.68	7.83	-186	-0.78	0.28	-22	-3.12	0.03
Net Nonoperating Obligations (NNO)	396	172	384	376	148	-54	-54	8.97	-52	-64	-35
Total Depreciation and Amortization (D&A)	9.74	9.81	10	10	10	7.86	7.96	8.09	7.48	7.27	7.08
Debt-free, Cash-free Net Working Capital to Revenue	-1.66%	-4.86%	-1.94%	0.57%	58.89%	-31.17%	-29.45%	1.89%	1.63%	0.12%	0.28%
Debt-free Net Working Capital to Revenue	-0.10%	-3.49%	0.18%	1.40%	61.49%	6.47%	6.72%	5.09%	24.08%	31.40%	17.85%
Net Working Capital to Revenue	-0.10%	-3.49%	-46.19%	-5.56%	54.51%	-4.93%	-4.37%	5.09%	24.08%	31.40%	17.85%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.22)	$0.00	$0.05	$0.08	($0.32)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	23.18M	46.28M	23.27M	23.33M	23.42M	46.84M	23.55M	23.83M	24.35M	23.91M	23.68M
Adjusted Diluted Earnings per Share	($0.22)	$0.00	$0.04	$0.08	($0.32)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	23.18M	57.11M	33.83M	23.72M	57.13M	57.30M	34.06M	47.97M	33.94M	34.19M	25.09M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	33.34M	33.37M	33.37M	33.47M	33.79M	33.54M	33.07M	33.22M	32.27M	32.35M	30.48M
Normalized Net Operating Profit after Tax (NOPAT)	-3.20	-7.19	1.04	7.78	-0.47	-7.30	2.33	2.77	-3.37	1.08	0.98
Normalized NOPAT Margin	-5.60%	0.00%	1.89%	8.23%	-0.84%	0.00%	3.78%	4.40%	-6.49%	2.97%	1.85%
Pre Tax Income Margin	-19.58%	0.00%	-9.64%	4.15%	-15.30%	0.00%	6.23%	6.58%	-1.96%	10.70%	3.40%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	1.51	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	1.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	1.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.54	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	-12.06%	0.00%	0.00%	0.62%	0.53%	6.34%	17.31%	133.19%	145.11%
Augmented Payout Ratio	0.00%	0.00%	-21.32%	24.48%	1,577.14%	0.94%	7.11%	12.94%	36.04%	275.07%	409.47%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, data-driven snapshot of i3 Verticals, Inc. (IIIV) using the quarterly statements provided for the last four years. The focus is on identifying trends in cash flow, profitability, and balance-sheet strength to help retail investors gauge the company’s trajectory.

Profitability improving in recent quarters: Net income attributable to common shareholders was positive in several recent quarters (Q3 2025: $12.88M; Q4 2025: $3.09M; Q1 2026: $0.48M).
Available free cash flow in multiple quarters: Free cash flow was roughly in the low-teens millions in some recent quarters (e.g., around $12M+ in Q1 2026 and Q4 2025), indicating cash generation after capital expenditures.
Positive operating cash flow in key periods: Operating cash flow from continuing operations was positive in several quarters (Q1 2026 around $14.1M; Q4 2025 around $14.0M; Q3 2025 around $7.4M), signaling core business cash generation.
Healthy balance sheet with strong equity base: Total equity sits in the hundreds of millions (around $480M–$483M in recent quarters), and total assets approach around $600M, suggesting a solid capital base relative to liabilities.
Acquisition-driven growth reflected in intangibles: Goodwill and intangible assets have grown meaningfully (Goodwill around $248M; Intangible Assets around $179M–$213M in various periods), indicating ongoing expansion activity.

Revenue volatility across quarters: Operating revenue and gross profit show quarter-to-quarter fluctuations, which may reflect client mix, seasonality, or pricing dynamics inherent in a services-oriented business.
Capital allocation via buybacks notable: There are sizable financing outflows in several periods due to share repurchases, which can pressure near-term cash but may reflect capital-return strategy.

financing cash outflows weighing on cash position: Financing activities have shown substantial negative cash flows in multiple quarters (for example, significant share repurchases and debt-related moves in several periods), contributing to notable net cash outflows from financing.
Cash burn from financing in several quarters: Recurrent large negative net cash from financing activities suggests ongoing cash use for capital returns and debt activity, which can offset positive operating cash flow in certain periods.
Investing cash outflows tied to growth investments: Cash used for investing (acquisitions, purchases of PPE, and other investments) appears in several quarters, reflecting ongoing expansion that may dampen near-term liquidity metrics.

05/25/26 10:52 AM ETAI Generated. May Contain Errors.

i3 Verticals Financials - Frequently Asked Questions

According to the most recent income statement we have on file, i3 Verticals' fiscal year ends in September. Their fiscal year 2025 ended on September 30, 2025.

i3 Verticals' net income appears to be on an upward trend, with a most recent value of $26.50 million in 2025, falling from -$2.09 million in 2016. The previous period was $175.13 million in 2024. Find out what analysts predict for i3 Verticals in the coming months.

i3 Verticals' total operating income in 2025 was $3.78 million, based on the following breakdown:

Total Gross Profit: $213.16 million
Total Operating Expenses: $209.38 million

Over the last 9 years, i3 Verticals' total revenue changed from $199.64 million in 2016 to $213.16 million in 2025, a change of 6.8%.

i3 Verticals' total liabilities were at $120.69 million at the end of 2025, a 43.9% decrease from 2024, and a 6.5% decrease since 2017.

In the past 8 years, i3 Verticals' cash and equivalents has ranged from $572 thousand in 2018 to $86.53 million in 2024, and is currently $66.67 million as of their latest financial filing in 2025.

Over the last 9 years, i3 Verticals' book value per share changed from 0.00 in 2016 to 12.07 in 2025, a change of 1,207.4%.

Related Companies

Financial statements for NASDAQ:IIIV last updated on 2/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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i3 Verticals (IIIV) Financials

Financials Breakdown Chart

Key Financial Trends

i3 Verticals Financials - Frequently Asked Questions

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i3 Verticals (IIIV) Financials

Annual Income Statements for i3 Verticals

Quarterly Income Statements for i3 Verticals

Annual Cash Flow Statements for i3 Verticals

Quarterly Cash Flow Statements for i3 Verticals

Annual Balance Sheets for i3 Verticals

Quarterly Balance Sheets for i3 Verticals

Annual Metrics And Ratios for i3 Verticals

Quarterly Metrics And Ratios for i3 Verticals

Financials Breakdown Chart

Key Financial Trends

i3 Verticals Financials - Frequently Asked Questions

When does i3 Verticals' financial year end?

How has i3 Verticals' net income changed over the last 9 years?

What is i3 Verticals' operating income?

How has i3 Verticals' revenue changed over the last 9 years?

How much debt does i3 Verticals have?

How much cash does i3 Verticals have?

How has i3 Verticals' book value per share changed over the last 9 years?

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