i3 Verticals IIIV

Software - Infrastructure, Technology

$17.37

−0.40%

Market cap: $457.2M
PE: 54.3×; 2y median 200×
Forward PE: n/m; not a meaningful number
Price to sales: 2.1×
EV/EBIT: 116×
Revenue, 12 months: $218.2M; −0% on a year ago
Net margin: 3.9%
Free cash flow yield: 10.9%

i3 Verticals trades at 54.3× trailing earnings, cheaper than 84% of the last ten years. Revenue was $218.2M over the last twelve months, down 0% on a year earlier with a 4% net margin.

Charts

Financials

Income statement for IIIV, by quarter
Income statement	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26
	$96.4M+13%	$55.1M−36%	$58M−38%	$46.2M−19%	$60.9M−37%	$52.2M−5%	$54.1M−7%	$51.9M+12%	$54.9M−10%	$52.7M+1%	$57.5M+6%	$53.1M+2%
Cost of revenue	n/a	n/a	n/a	n/a	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	n/a	n/a	n/a	n/a
SG&A	$56.1M+10%	$27.2M−47%	$27.4M−52%	$26M−42%	$44.8M−20%	$26.5M−3%	$26.3M−4%	$33M+27%	$28.9M−36%	$27M+2%	$29.1M+11%	$28.9M−13%
	$1.3M−83%	$276K	$2M+532%	−$1.3M−71%	$3.4M+172%	$2.1M+644%	$5.1M+156%	−$4.8M+267%	$1.5M−57%	$1.6M−22%	$3.7M−26%	−$892K−82%
Interest expense	$6.7M+50%	$6.7M+22%	$7.7M+24%	$7.9M+18%	$7M+4%	$680K−90%	$446K−94%	$806K−90%	$367K−95%	$381K−44%	$1.1M+156%	$1.8M+126%
Pre-tax income	$350K−80%	−$5.3M	−$3M+294%	−$9.2M−18%	−$2.3M	$3.2M	$5.2M	−$1M−89%	$3.5M	$1.8M−44%	$2.7M−49%	$7.2M
	−$3.3M	−$1.1M	−$669K+19%	$5.2M	−$8.6M+162%	$409K	$2.9M	−$22K	$2M	$704K+72%	$478K−83%	$1.3M
Net income	$4.5M	$1.1M	$1.9M+5117%	−$7.5M+46%	$117.9M+2493%	$2.1M+87%	−$154K	$12.9M	$3.1M−97%	$484K−77%	$1.5M	$3.5M−73%
	$0.14	−$0.12+1100%	−$0.07	−$0.50+127%	$0.20+43%	$0.08	$0.04	−$0.03−94%	$0.04−80%	$0.02−75%	$0.07+75%	$0.19
	33.3M−22%	33.8M+47%	23.7M−31%	23.4M+1%	44.8M+34%	34.1M+1%	23.8M+1%	33.9M+45%	n/a	25.1M−26%	30.6M+28%	19.5M−42%

Gross profit: 14 periods, Q3 FY17 to Q4 FY20: not printed by the filing, worked out from its own lines.

EPS, diluted: 5 periods, Q4 FY18 to Q4 FY23: quarter's net income to common over its shares, to the cent.

Diluted shares: Q4 FY18 and Q4 FY23: the earlier year to date counted no dilution: the quarter's basic count plus the later year to date's dilution. 3 periods, Q4 FY19 to Q4 FY21: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days. Q4 FY22: a loss quarter: its basic count, share-days: the 12-month average over 365 days less the 9-month over 273, the two on one basis (x1.437). Q4 FY24: share-days: the 12-month average over 366 days less the 9-month over 274, the two on one basis (x1.437). Q2 FY25: a loss quarter: its basic count, printed 3 months.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Peers

Companies in Software - Infrastructure nearest i3 Verticals' size, closest first.

Company	Market cap	PE	Its 10y median PE	P/S	Revenue growth	Net margin
IIIVi3 Verticals	$457.2M	54.3×	200×	2.1×	−0%	3.9%
CCSIConsensus Cloud Solutions	$686.6M	7.6×	6.0×	1.9×	+1%	26.7%
GDYNGrid Dynamics	$701.7M	433×	111×	1.7×	+9%	0.7%
MKTWMarketwise	$297M	21.6×	7.4×	0.9×	−11%	0.7%
OSPNOneSpan	$744M	11.4×	50.0×	3.0×	+2%	27.8%
RBBNRibbon Communications	$250.4M	17.5×	18.7×	0.3×	−8%	2.0%
MKLYMcKinley Acquisition	$250M	30.2×	35.0×	n/m	n/m	n/m
RPDRapid7	$1B	48.1×	51.5×	1.2×	+0%	2.4%
RDVTRed Violet	$1.3B	71.5×	71.6×	13.1×	+20%	16.5%
EGANEGAIN	$148.7M	17.8×	51.1×	1.6×	+3%	9.7%
XZOExzeo	$1.5B	17.1×	16.7×	6.9×	+22%	39.1%
Peer median	$694.2M	19.7×	42.5×	1.7×	+2%	9.7%