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MARKETS / NASDAQ / IIIV
NASDAQ · SERVICES-PREPACKAGED SOFTWARE · MID CAP

i3 Verticals, Inc. IIIV

10 fiscal years on record · USD · FY2025 reported · SEC filings only
$213.2M
▲ 11.5% YoY
$17.9M
▼ 84.2% YoY
$3.8M
▼ 91.7% YoY
In brief

What this company does

i3 Verticals provides enterprise software solutions to public sector entities, addressing government functions including courts and public safety, public administration, utilities, transportation and schools. Approximately 76% of the company's revenue from continuing operations is considered recurring. As of November 20, 2025, the company had approximately 1,202 employees in 49 states and two countries. The company serves customers at both the state and local level, with a geographic reach covering most of the United States and some of Canada. The company operates as a single operating and reportable segment. It primarily serves five public sector markets: JusticeTech, Utilities, Public Administration, Education and Transportation.

Written from the business description in i3 Verticals, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 21 November 2025. Every sentence was checked against that document before publication.

Growth
USD 213.2M
Revenue, FY2025 · full 10-year series below
Revenue $M Net income $M
FY2025 · Revenue 213.2 · Net income 17.9
200M2016201720182019202020212022202320242025
Compound annual growth
+4.3%
+7.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +7.3% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
12 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 1.8% · Net 12.4%
50%-5%-10%2016201720182019202020212022202320242025
ROE
FY2025 · ROE 4.6%
10%20%30%-5%-10%-15%2016201720182019202020212022202320242025

Each USD of equity produced 5 cents of profit this year.

Cash & shareholders
USD 37.3M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 3.8
20M40M2016201720182019202020212022202320242025
Net buybacks $M Dividends $M
FY2025 · Dividends — · Net buybacks 37.3
20M202320242025

USD 37.3M in buybacks — 209% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 638.4M
EquityUSD 389.6M
CashUSD 66.7M
Gross debtUSD 0.00
Net debtUSD -66.7M
Current ratio1.95×

The company holds more cash than debt.

The 10-year record
10 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 2025202420232022202120202019201820172016
Revenue $B0.20.20.20.20.20.20.40.30.30.2
Operating income $B0.00.0−0.0−0.0−0.00.00.00.00.00.0
EBITDA $B0.00.00.0−0.00.00.00.00.00.00.0
Income tax $B0.0−0.0−0.00.00.0−0.0−0.00.00.00.0
Net income $B0.00.1−0.0−0.0−0.0−0.0−0.0−0.00.0−0.0
Free cash flow $B0.00.00.00.00.00.00.00.00.00.0
EPS, diluted $0.724.73−0.07−0.77−0.22−0.03−0.290.08··
Dividend / sh $··········
Payout %··········
ROE %4.636.8−0.4−8.1−2.5−0.4−5.1−17.6··

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 1 failures · 6 divergences in 42 reconciliationsAUDITED

Reconciled in 4 of 19 fiscal years. 6 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. 53 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente1 failures6 divergent
ActivityServices-Prepackaged Software
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsSeptember 30
Data on record since2016

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