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i3 Verticals, Inc.
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NASDAQ: IIIV Technology IT 🔎 Screen
$468M
Market Cap
166.1
P/E
146.65
PEG
1.0%
ROCE
1.9%
ROE
0.03
D/E
2.6%
OPM
-42.8%
% from 52W High
19
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for IIIV including FX impact
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About

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.

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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q3 2026 Q3 2026 2026-08-07
Q3 results missed expectations due to weakness in non-recurring revenue, especially in utilities and professional services, but recurring revenue and SaaS growth remained strong. FY 2026 guidance was lowered, with margin expansion and mid-single-digit growth expected in 2027.
Q2 2026 Q2 2026 2026-05-08
Q2 2026 saw 6% revenue growth and 12% ARR growth, with SaaS up 37% and adjusted EBITDA up 5%. Margin improvement is expected in the second half, while AI-driven product enhancements and acquisitions are fueling long-term growth, despite ongoing professional services headwinds.
Q1 2026 Q1 2026 2026-02-06
Q1 2026 saw 1% revenue growth, but recurring and SaaS revenues surged, aided by a major transportation software acquisition. The company remains debt-free, executed significant share buybacks, and expects double-digit recurring revenue growth for FY 2026.
Q4 2025 Q4 2025 2025-11-18
Revenue grew 7% in Q4 and 11% for the year, with recurring revenue and ARR outpacing total growth. FY 2026 guidance projects 8–10% recurring revenue growth, while non-recurring services will decline due to project timing. Strong cash position supports M&A and buybacks.
Q3 2025 Q3 2025 2025-08-08
Revenue grew 12% year-over-year in Q3 2025, with SaaS up 24% and adjusted EBITDA up 18%. The company is now a pure-play public sector software provider, investing in AI and justice tech, and reaffirmed FY 2025 guidance. Strong sales momentum continues across all sub-verticals.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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