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i3 Verticals, Inc.

IIIV Clue Score48
United States Fiscal year ends September CIK 0001728688
$16.20 +1.41% Close, 12 Oct 2026
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Price $16.20 −32.75% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 21 Jun 2018. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue262.6Operating income7.6Net income0.9Fiscal year 2018Revenue323.5 +23.2%Operating income12.4Net income−6.9 −864.7%EPS, diluted0.08Fiscal year 2019Revenue376.3 +16.3%Operating income6.4Net income−3.0EPS, diluted−0.29Fiscal year 2020Revenue150.1 −60.1%Operating income7.8Net income−0.4EPS, diluted−0.03Fiscal year 2021Revenue224.1 +49.3%Operating income−0.0Net income−4.5EPS, diluted−0.22Fiscal year 2022Revenue187.8 −16.2%Operating income−23.1Net income−17.1EPS, diluted−0.77Fiscal year 2023Revenue189.7 +1.0%Operating income−4.4Net income−0.8EPS, diluted−0.07Fiscal year 2024Revenue191.2 +0.8%Operating income4.4Net income113.3EPS, diluted4.73Fiscal year 2025Revenue213.2 +11.5%Operating income3.8Net income17.9 −84.2%EPS, diluted0.72
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 262.6 323.5 376.3 150.1 224.1 187.8 189.7 191.2 213.2
Growth +23.2% +16.3% −60.1% +49.3% −16.2% +1.0% +0.8% +11.5%
Operating income 7.6 12.4 6.4 7.8 −0.0 −23.1 −4.4 4.4 3.8
Net income 0.9 −6.9 −3.0 −0.4 −4.5 −17.1 −0.8 113.3 17.9
Growth −864.7% −84.2%
EPS, diluted n/a 0.08 −0.29 −0.03 −0.22 −0.77 −0.07 4.73 0.72

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin21.6%Operating margin2.9%Net margin0.3%Free cash flow margin2.9%Fiscal year 2018Gross margin25.7%Operating margin3.8%Net margin−2.1%Free cash flow margin4.9%Fiscal year 2019Gross margin28.4%Operating margin1.7%Net margin−0.8%Free cash flow margin6.9%Fiscal year 2020Gross margin82.2%Operating margin5.2%Net margin−0.3%Free cash flow margin13.9%Fiscal year 2021Gross margin87.2%Operating margin−0.0%Net margin−2.0%Free cash flow margin19.0%Fiscal year 2022Gross margin150.6%Operating margin−12.3%Net margin−9.1%Free cash flow margin22.1%Fiscal year 2023Gross margin175.7%Operating margin−2.3%Net margin−0.4%Free cash flow margin17.4%Fiscal year 2024Operating margin2.3%Net margin59.3%Free cash flow margin23.8%Fiscal year 2025Operating margin1.8%Net margin8.4%Free cash flow margin1.8%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 21.6% 25.7% 28.4% 82.2% 87.2% 150.6% 175.7% n/a n/a
Operating margin 2.9% 3.8% 1.7% 5.2% −0.0% −12.3% −2.3% 2.3% 1.8%
Net margin 0.3% −2.1% −0.8% −0.3% −2.0% −9.1% −0.4% 59.3% 8.4%
Free cash flow margin 2.9% 4.9% 6.9% 13.9% 19.0% 22.1% 17.4% 23.8% 1.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow8.3Capital expenditure−0.6Free cash flow7.7Fiscal year 2018Operating cash flow18.1Capital expenditure−2.2Free cash flow15.9 +106.2%Fiscal year 2019Operating cash flow26.6Capital expenditure−0.8Free cash flow25.8 +62.6%Fiscal year 2020Operating cash flow23.7Capital expenditure−2.9Free cash flow20.8 −19.3%Fiscal year 2021Operating cash flow44.5Capital expenditure−1.9Free cash flow42.6 +104.7%Fiscal year 2022Operating cash flow43.8Capital expenditure−2.3Free cash flow41.5 −2.6%Fiscal year 2023Operating cash flow37.2Capital expenditure−4.2Free cash flow33.0 −20.5%Buybacks0.0Fiscal year 2024Operating cash flow48.4Capital expenditure−3.0Free cash flow45.4 +37.9%Buybacks0.0Fiscal year 2025Operating cash flow5.7Capital expenditure−1.9Free cash flow3.8 −91.7%Buybacks−37.6
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 8.3 18.1 26.6 23.7 44.5 43.8 37.2 48.4 5.7
Capital expenditure −0.6 −2.2 −0.8 −2.9 −1.9 −2.3 −4.2 −3.0 −1.9
Free cash flow 7.7 15.9 25.8 20.8 42.6 41.5 33.0 45.4 3.8
Growth +106.2% +62.6% −19.3% +104.7% −2.6% −20.5% +37.9% −91.7%
Buybacks n/a n/a n/a n/a n/a n/a 0.0 0.0 −37.6

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash1.0Total debt110.8Net cash (debt)−109.9Fiscal year 2018Cash0.6Total debt36.8Net cash (debt)−36.2Shareholders’ equity39.3Debt to equity0.94Fiscal year 2019Cash1.1Total debt139.3Net cash (debt)−138.2Shareholders’ equity80.1Debt to equity1.74Fiscal year 2020Cash15.6Total debt90.8Net cash (debt)−75.2Shareholders’ equity155.6Debt to equity0.58Fiscal year 2021Cash3.6Total debt200.6Net cash (debt)−197.0Shareholders’ equity204.8Debt to equity0.98Fiscal year 2022Cash3.5Total debt287.0Net cash (debt)−283.5Shareholders’ equity218.4Debt to equity1.31Fiscal year 2023Cash3.1Total debt388.0Net cash (debt)−384.9Shareholders’ equity236.7Debt to equity1.64Fiscal year 2024Cash86.5Total debt26.2Net cash (debt)60.3Shareholders’ equity379.7Debt to equity0.07Fiscal year 2025Cash66.7Total debt0.0Net cash (debt)66.7Shareholders’ equity389.6Debt to equity0.00
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.0 0.6 1.1 15.6 3.6 3.5 3.1 86.5 66.7
Total debt 110.8 36.8 139.3 90.8 200.6 287.0 388.0 26.2 0.0
Net cash (debt) −109.9 −36.2 −138.2 −75.2 −197.0 −283.5 −384.9 60.3 66.7
Shareholders’ equity n/a 39.3 80.1 155.6 204.8 218.4 236.7 379.7 389.6
Debt to equity n/a 0.94 1.74 0.58 0.98 1.31 1.64 0.07 0.00

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending September, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 30 Sep 2017 FY2018 30 Sep 2018 FY2019 30 Sep 2019 FY2020 30 Sep 2020 FY2021 30 Sep 2021 FY2022 30 Sep 2022 FY2023 30 Sep 2023 FY2024 30 Sep 2024 FY2025 30 Sep 2025
Margins
21.6% 25.7% 28.4% 82.2% 87.2% 150.6% 175.7% n/a n/a
2.9% 3.8% 1.7% 5.2% −0.0% −12.3% −2.3% 2.3% 1.8%
0.4% −1.4% 0.1% −2.5% −3.2% −20.7% −14.9% −11.2% 5.1%
0.3% −2.1% −0.8% −0.3% −2.0% −9.1% −0.4% 59.3% 8.4%
2.9% 4.9% 6.9% 13.9% 19.0% 22.1% 17.4% 23.8% 1.8%
Spending
10.4% 12.5% 16.7% 52.2% 60.2% 83.4% 55.9% 52.7% 53.8%
0.2% 0.7% 0.2% 1.9% 0.9% 1.2% 2.2% 1.5% 0.9%
16.4% n/a −45.9% n/a n/a n/a n/a n/a 48.4%
Returns
n/a −17.6% −3.8% −0.3% −2.2% −7.8% −0.3% 29.8% 4.6%
0.6% −3.9% −0.9% −0.1% −0.7% −2.2% −0.1% 15.5% 2.8%
Balance and payout
n/a 0.94 1.74 0.58 0.98 1.31 1.64 0.07 0.00
92.2% 35.9% 59.2% 40.5% 55.6% 60.1% 62.9% 29.5% 18.9%
n/a n/a n/a n/a n/a n/a 0.0% 0.0% 1,002.0%