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MARKETS / NASDAQ / Technology / Software / 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

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

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
150M300M
2016201920222025
Compound annual growth
+4.3%
+7.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +7.3% a year over the five years to FY2025.

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%
201620202025
ROE
FY2025 · ROE 4.6%
10%20%30%-5%-10%-15%
201620202025
Three returns, three denominators.
Gross margin·
Operating margin1.8%
Net margin12.4%
EBITDAUSD 31.7M

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
20M40M
201620202025
Net buybacks $M Dividends $M
FY2025 · Dividends · · Net buybacks 37.3
15M30M
202320242025
Dividends paid·
Net buybacksUSD 37.3M
Share of profit208.7%
Consecutive raises·

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—not applicable◌not available in our data
IIIV, 10-year financial record
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 % — not applicable: no dividend——————————
ROE %4.636.8−0.4−8.1−2.5−0.4−5.1−17.6◌◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 1 failure · 6 divergences in 42 reconciliationsAUDITED

Reconciled in 4 of the 10 fiscal years we could check. 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. 18 checks were skipped: the balance sheet is not tagged before 2016. 11 checks were skipped: EPS is not tagged before 2018. Nine checks were skipped: revenue is not tagged before 2016.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency1 failure6 divergent
ActivityServices-Prepackaged Software
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsSeptember 30
Data on record since2016

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