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i3 Verticals (IIIV) Financials

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$28.98 +0.39 (+1.36%)
As of 07/3/2025 02:47 PM Eastern
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Annual Income Statements for i3 Verticals

Annual Income Statements for i3 Verticals

This table shows i3 Verticals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024
Net Income / (Loss) Attributable to Common Shareholders		 -2.09 0.90 -6.90 -3.05 -0.42 -4.46 -17 -0.81 113
Consolidated Net Income / (Loss)		 -2.09 0.90 -4.96 0.56 -0.98 -7.84 -23 -2.65 175
Net Income / (Loss) Continuing Operations		 -2.09 0.90 -4.96 0.56 -0.98 -7.84 -39 -24 -13
Total Pre-Tax Income 		-1.85 1.08 -4.62 0.39 -3.77 -7.22 -39 -27 -19
Total Operating Income		 3.96 7.60 12 6.39 7.77 -0.01 -23 -3.57 6.85
Total Gross Profit		 59 73 109 133 150 224 188 227 230
Total Revenue		 200 263 324 376 150 224 188 227 230
Operating Revenue		 200 263 324 376 150 224 188 227 230
Total Cost of Revenue		 141 189 215 243 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 55 66 97 127 142 224 211 230 223
Selling, General & Admin Expense		 20 27 41 63 78 135 157 178 176
Depreciation Expense		 9.90 10 12 17 18 24 19 26 29
Other Operating Expenses / (Income)		 22 29 40 44 47 58 35 26 18
Total Other Income / (Expense), net		 -5.81 -6.52 -17 -6.00 -12 -7.20 -16 -24 -26
Interest & Investment Income		 - - - - - - -15 -25 -29
Other Income / (Expense), net		 0.09 0.42 -8.49 0.00 -2.62 2.60 -0.99 1.22 3.40
Income Tax Expense		 0.24 0.18 0.34 -0.18 -2.80 0.62 0.15 -3.79 -5.67
Net Income / (Loss) Discontinued Operations		 - - - - - - 16 21 188
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 0.00 1.94 3.61 -0.56 -3.38 -6.12 -1.84 62
Weighted Average Basic Shares Outstanding		 - 0.00 8.81M 10.49M 14.83M 20.99M 44.50M 46.28M 46.84M
Weighted Average Diluted Shares Outstanding		 - 0.00 26.87M 10.49M 27.43M 31.71M 55.35M 57.11M 57.30M
Weighted Average Basic & Diluted Shares Outstanding		 - - -86.20M 10.50M 30.82M 32.27M 33.12M 33.37M 33.54M

Quarterly Income Statements for i3 Verticals

This table shows i3 Verticals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -3.47 -0.24 0.04 -5.16 4.55 1.10 1.88 -7.55 118 2.06 -0.15
Consolidated Net Income / (Loss)		 -4.41 0.17 -0.19 -6.08 3.45 1.54 3.35 -8.30 179 3.11 0.77
Net Income / (Loss) Continuing Operations		 -20 0.17 -0.19 -11 -13 -4.22 -2.30 -14 -4.38 3.32 1.10
Total Pre-Tax Income 		-19 0.55 -0.76 -11 -16 -5.31 -2.97 -8.58 -16 3.85 4.15
Total Operating Income		 -13 5.84 5.44 -4.58 -10 1.49 2.49 -0.67 -10 2.70 3.96
Total Gross Profit		 -45 86 94 57 -10 35 58 56 -13 41 63
Total Revenue		 -45 86 94 57 -10 55 58 56 -13 62 63
Operating Revenue		 -45 86 94 57 -10 55 58 56 -13 62 63
Total Cost of Revenue		 - 0.00 0.00 0.00 - 20 0.00 0.00 - 21 0.00
Total Operating Expenses		 -31 80 88 62 -0.17 34 55 57 -2.22 38 59
Selling, General & Admin Expense		 14 51 57 45 24 27 27 45 24 29 29
Depreciation Expense		 -2.49 8.68 9.02 6.67 2.08 7.05 7.19 6.97 2.02 7.68 7.84
Other Operating Expenses / (Income)		 -18 19 20 10 -23 -0.24 21 4.70 -28 1.38 23
Total Other Income / (Expense), net		 -5.47 -5.29 -6.20 -6.63 -5.79 -6.79 -5.46 -7.91 -5.66 1.15 0.19
Interest & Investment Income		 - - - -6.73 - -6.69 -7.71 -7.91 - -0.68 -0.45
Other Income / (Expense), net		 -0.99 0.20 0.00 0.09 0.93 -0.11 2.26 0.00 1.25 1.83 0.63
Income Tax Expense		 1.31 0.38 -0.56 -0.29 -3.32 -1.09 -0.67 5.27 -12 0.52 3.05
Net Income / (Loss) Discontinued Operations		 - - - 4.84 - 5.75 5.65 5.55 - -0.21 -0.33
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.94 0.41 -0.23 -0.92 -1.10 0.44 1.47 -0.75 61 1.05 0.92
Weighted Average Basic Shares Outstanding		 44.50M 23.00M 23.14M 23.18M 46.28M 23.27M 46.66M 23.42M 46.84M 23.55M 23.83M
Weighted Average Diluted Shares Outstanding		 55.35M 23.00M 34.27M 57.03M 57.11M 33.83M 70.77M 57.13M 57.30M 34.06M 47.97M
Weighted Average Basic & Diluted Shares Outstanding		 33.12M 33.23M 33.28M 33.34M 33.37M 33.37M 33.47M 33.79M 33.54M 33.07M 33.22M

Annual Cash Flow Statements for i3 Verticals

This table details how cash moves in and out of i3 Verticals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024
Net Change in Cash & Equivalents		 3.78 -2.22 -0.73 1.96 17 -2.67 5.83 -11 77
Net Cash From Operating Activities		 10 8.33 18 27 24 45 44 37 48
Net Cash From Continuing Operating Activities		 10 8.33 18 27 24 45 44 37 48
Net Income / (Loss) Continuing Operations		 -2.09 0.90 -4.96 0.56 -0.98 -7.84 -23 -2.65 175
Consolidated Net Income / (Loss)		 -2.09 0.90 -4.96 0.56 -0.98 -7.84 -23 -2.65 175
Depreciation Expense		 9.90 10 12 17 18 24 29 36 37
Amortization Expense		 0.44 0.45 1.07 0.72 3.70 5.45 5.80 1.51 1.18
Non-Cash Adjustments To Reconcile Net Income		 -0.64 -2.39 7.98 4.17 8.43 21 17 8.85 -184
Changes in Operating Assets and Liabilities, net		 2.40 -0.72 2.15 4.58 -5.65 1.16 14 -7.00 19
Net Cash From Investing Activities		 -35 -48 -38 -144 -35 -149 -113 -122 396
Net Cash From Continuing Investing Activities		 -35 -48 -38 -144 -35 -149 -113 -122 396
Purchase of Property, Plant & Equipment		 -2.88 -2.10 -4.49 -3.11 -5.95 -8.10 -12 -16 -15
Acquisitions		 -32 -46 -34 -141 -29 -144 -101 -104 -24
Purchase of Investments		 - - - - - - -0.44 -1.25 -0.09
Sale of Property, Plant & Equipment		 - - - - - - 0.00 0.00 0.62
Divestitures		 - - - - - - 0.00 0.00 435
Other Investing Activities, net		 - - - - 0.00 -0.10 0.60 0.30 0.00
Net Cash From Financing Activities		 29 37 19 119 29 102 75 73 -367
Net Cash From Continuing Financing Activities		 29 37 19 119 29 102 75 73 -367
Repayment of Debt		 -37 -29 -117 -87 -336 -198 -255 -282 -748
Repurchase of Common Equity		 -0.07 -0.06 -4.64 -90 -11 -0.25 0.00 0.00 -0.55
Payment of Dividends		 -0.06 -1.46 0.00 -2.06 -0.00 - 0.00 0.00 -1.09
Issuance of Debt		 62 57 52 188 310 303 336 365 388
Issuance of Common Equity		 9.00 13 90 112 98 0.00 18 0.00 0.00
Other Financing Activities, net		 -4.78 -0.97 -0.71 -1.96 -32 -2.04 -23 -9.81 -5.68
Cash Interest Paid		 5.39 6.29 7.88 4.91 5.25 4.43 8.99 21 29
Cash Income Taxes Paid		 0.02 0.84 0.48 1.42 0.79 0.29 1.08 3.24 7.33

Quarterly Cash Flow Statements for i3 Verticals

This table details how cash moves in and out of i3 Verticals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents		 -6.35 0.57 -2.01 -2.13 -7.80 -1.32 -3.79 6.40 76 -0.39 -79
Net Cash From Operating Activities		 7.92 18 7.71 0.49 11 14 12 8.12 15 11 -27
Net Cash From Continuing Operating Activities		 7.92 18 7.71 0.49 11 14 12 8.12 15 11 -27
Net Income / (Loss) Continuing Operations		 -4.41 0.17 -0.19 -6.08 3.45 1.54 3.35 -8.30 179 3.11 0.77
Consolidated Net Income / (Loss)		 -4.41 0.17 -0.19 -6.08 3.45 1.54 3.35 -8.30 179 3.11 0.77
Depreciation Expense		 7.60 8.68 9.02 9.16 9.61 9.74 10 10 7.58 7.68 7.84
Amortization Expense		 1.48 0.36 0.37 0.58 0.20 0.41 0.26 0.22 0.28 0.28 0.25
Non-Cash Adjustments To Reconcile Net Income		 -1.68 5.65 5.75 -5.32 2.77 5.28 4.12 3.03 -195 4.30 4.87
Changes in Operating Assets and Liabilities, net		 4.92 3.32 -7.23 2.15 -5.23 -2.56 -5.70 3.11 24 -3.88 -41
Net Cash From Investing Activities		 -3.70 -95 -17 -4.29 -6.11 -7.17 -5.20 -4.39 413 -1.42 -2.26
Net Cash From Continuing Investing Activities		 -3.70 -95 -17 -4.29 -6.11 -7.17 -5.20 -4.39 413 -1.42 -2.26
Purchase of Property, Plant & Equipment		 -3.84 -4.16 -3.54 -4.32 -4.35 -3.80 -3.84 -4.01 -3.30 -2.88 -2.30
Sale of Property, Plant & Equipment		 - 0.00 - - - 0.62 - - - 1.46 0.04
Net Cash From Financing Activities		 -11 77 6.89 1.67 -12 -8.55 -11 2.67 -352 -10 -50
Net Cash From Continuing Financing Activities		 -11 77 6.89 1.67 -12 -8.55 -11 2.67 -352 -10 -50
Repayment of Debt		 -99 -79 -101 -43 -59 -72 -149 -85 -442 -1.74 -22
Repurchase of Common Equity		 - 0.00 - - - -0.12 -0.43 - - -11 -0.31
Payment of Dividends		 - 0.00 - - - -0.16 -0.03 -0.93 0.03 0.00 -9.95
Issuance of Debt		 77 157 109 45 55 65 143 90 91 1.74 34
Other Financing Activities, net		 -5.88 -0.97 -1.00 -0.23 -7.60 -1.56 -4.05 -0.68 -0.75 0.72 -51
Cash Interest Paid		 3.56 4.28 5.99 4.22 6.99 6.19 7.92 7.67 7.72 0.06 0.38
Cash Income Taxes Paid		 0.24 0.17 1.25 0.51 1.31 0.39 4.99 1.61 0.35 0.05 34

Annual Balance Sheets for i3 Verticals

This table presents i3 Verticals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024
Total Assets		 140 175 349 404 652 770 884 731
Total Current Assets		 16 17 21 38 58 84 86 153
Cash & Equivalents		 0.96 0.57 1.12 16 3.64 3.49 3.11 87
Accounts Receivable		 8.41 13 15 18 39 53 51 56
Prepaid Expenses		 1.14 2.63 4.12 4.87 11 19 9.51 10
Other Current Assets		 5.20 0.86 - 0.00 4.77 7.54 4.87 0.63
Plant, Property, & Equipment, net		 1.42 2.96 5.03 5.34 5.90 5.67 10 8.68
Total Noncurrent Assets		 123 156 324 360 588 681 789 569
Goodwill		 59 84 168 187 292 354 268 281
Intangible Assets		 63 69 123 126 213 248 221 221
Noncurrent Deferred & Refundable Income Taxes		 - 1.15 28 37 50 43 53 48
Other Noncurrent Operating Assets		 1.31 1.12 4.41 10 32 35 28 18
Total Liabilities & Shareholders' Equity		 140 175 349 404 652 770 884 731
Total Liabilities		 129 63 207 163 362 463 556 215
Total Current Liabilities		 20 26 35 39 97 111 93 165
Short-Term Debt		 4.00 5.00 - - - - 0.00 26
Accounts Payable		 1.60 4.11 3.44 3.85 7.87 9.34 6.37 5.37
Accrued Expenses		 6.71 12 22 24 51 58 34 90
Current Deferred Revenue		 2.72 4.93 10 11 30 32 33 39
Other Current Liabilities		 5.20 0.86 - 0.00 7.97 12 8.53 4.14
Total Noncurrent Liabilities		 145 37 172 124 266 351 463 51
Long-Term Debt		 107 32 139 91 201 287 388 0.00
Capital Lease Obligations		 - - - - - 14 8.97 6.32
Noncurrent Deferred & Payable Income Tax Liabilities		 - 0.79 23 28 39 41 40 29
Other Noncurrent Operating Liabilities		 38 3.94 9.12 6.14 26 9.54 23 15
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -33 112 142 240 290 308 328 515
Total Preferred & Common Equity		 -33 39 80 156 205 218 237 380
Preferred Stock		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -33 39 80 156 205 218 237 380
Common Stock		 - 39 82 158 211 242 250 279
Retained Earnings		 -33 0.74 -2.31 -2.02 -6.48 -24 -13 100
Noncontrolling Interest		 - 73 62 85 85 89 92 136

Quarterly Balance Sheets for i3 Verticals

This table presents i3 Verticals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025
Period end date 6/30/2022 12/31/2022 3/31/2023 6/30/2023 12/31/2023 3/31/2024 6/30/2024 12/31/2024 3/31/2025
Total Assets		 780 869 883 876 877 866 862 726 646
Total Current Assets		 73 91 90 97 90 87 308 153 80
Cash & Equivalents		 9.05 3.61 3.98 5.04 4.16 3.14 9.75 86 7.75
Accounts Receivable		 44 53 57 61 68 67 49 51 57
Prepaid Expenses		 14 23 22 20 14 16 11 15 15
Other Current Assets		 6.37 12 7.19 11 3.52 1.59 1.36 1.21 0.07
Plant, Property, & Equipment, net		 5.42 12 12 12 11 11 8.93 7.58 7.56
Total Noncurrent Assets		 702 766 781 767 776 767 545 566 559
Goodwill		 354 399 409 409 411 411 269 281 281
Intangible Assets		 252 292 295 290 287 282 211 217 212
Noncurrent Deferred & Refundable Income Taxes		 52 44 45 43 52 52 50 48 50
Other Noncurrent Operating Assets		 44 32 32 25 25 23 15 20 17
Total Liabilities & Shareholders' Equity		 780 869 883 876 877 866 862 726 646
Total Liabilities		 490 566 571 563 540 519 516 215 133
Total Current Liabilities		 106 113 109 97 181 108 103 163 68
Short-Term Debt		 - - - - 91 26 26 26 0.00
Accounts Payable		 8.08 8.41 7.92 8.30 9.71 12 5.96 7.40 4.32
Accrued Expenses		 64 51 55 47 33 27 23 83 23
Current Deferred Revenue		 23 37 34 27 39 37 29 42 37
Other Current Liabilities		 11 17 12 15 7.81 6.01 4.83 4.55 3.41
Total Noncurrent Liabilities		 384 453 463 466 359 411 413 52 65
Long-Term Debt		 308 377 385 390 288 343 348 - 12
Capital Lease Obligations		 15 13 12 11 9.42 9.36 6.95 5.42 4.72
Noncurrent Deferred & Payable Income Tax Liabilities		 40 41 41 41 40 40 40 29 34
Other Noncurrent Operating Liabilities		 22 21 24 24 22 18 17 17 15
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 290 303 312 313 337 346 346 511 514
Total Preferred & Common Equity		 206 216 222 222 243 249 250 375 385
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 206 216 222 222 243 249 250 375 385
Common Stock		 226 228 234 240 255 259 267 273 283
Retained Earnings		 -20 -12 -12 -17 -12 -9.97 -18 102 102
Noncontrolling Interest		 84 88 90 91 94 97 96 136 128

Annual Metrics And Ratios for i3 Verticals

This table displays calculated financial ratios and metrics derived from i3 Verticals' official financial filings.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024
Growth Metrics		 - - - - - - - - -
Revenue Growth		 0.00% 31.52% 23.21% 16.32% -60.10% 49.28% -16.23% 20.76% 1.41%
EBITDA Growth		 0.00% 28.92% -9.53% 41.05% 14.35% 19.87% -65.83% 221.37% 37.16%
EBIT Growth		 0.00% 97.90% -51.67% 64.95% -19.37% -49.86% -1,034.26% 90.28% 537.06%
NOPAT Growth		 0.00% 129.02% 36.19% 7.71% -41.62% -100.15% -192,741.67% 84.58% 292.04%
Net Income Growth		 0.00% 143.10% -650.00% 111.35% -273.89% -700.72% -196.17% 88.58% 6,703.70%
EPS Growth		 0.00% 0.00% 0.00% -462.50% 89.66% -633.33% 0.00% 0.00% 0.00%
Operating Cash Flow Growth		 0.00% -16.74% 117.05% 47.11% -10.82% 87.74% -1.74% -15.06% 30.24%
Free Cash Flow Firm Growth		 0.00% 0.00% 29.49% -122.79% 76.16% -484.38% 21.23% 175.97% -57.34%
Invested Capital Growth		 0.00% 0.00% 75.45% 89.09% 12.38% 54.29% 24.39% -17.34% -7.78%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 6.97% -31.89% 14.81% -37.37% -29.68% -38.79%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% -0.15% -7.21% 13.74% -55.60% -29.41% -34.21%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% -20.28% -38.99% 362.08% -167.07% -117.73% -69.59%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 8.81% -7.95% -102.15% -156.10% -125.63% 199.16%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -83.43% -191.50% 0.96% -11.87% 74.77% 500,271.43%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 40.00% 15.38% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 6.03% 34.89% 16.35% -6.58% -5.57% 2.18% 16.93%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -193.52% 13.24% -11.82% 208.28% -79.16%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 1.48% 7.85% -0.73% 0.14% -29.42% -6.64%
Profitability Metrics		 - - - - - - - - -
Gross Margin		 29.38% 27.98% 33.68% 35.46% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 7.21% 7.07% 5.19% 6.29% 18.03% 14.48% 5.91% 15.72% 21.25%
Operating Margin		 1.99% 2.89% 3.82% 1.70% 5.18% -0.01% -12.33% -1.57% 2.98%
EBIT Margin		 2.03% 3.05% 1.20% 1.70% 3.43% 1.15% -12.85% -1.03% 4.46%
Profit (Net Income) Margin		 -1.05% 0.34% -1.53% 0.15% -0.65% -3.50% -12.37% -1.17% 76.17%
Tax Burden Percent		 113.14% 83.60% 107.29% 145.85% 25.94% 108.63% 59.67% 9.65% -921.06%
Interest Burden Percent		 -45.68% 13.46% -119.36% 6.04% -73.25% -279.37% 161.23% 1,171.56% -185.52%
Effective Tax Rate		 0.00% 16.40% 0.00% -45.85% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 15.02% 7.43% 4.34% 1.83% 0.00% -2.97% -0.45% 1.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 5.10% -11.21% -5.70% -4.19% -5.76% -5.81% -0.52% 289.77%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -22.15% -18.84% -3.90% -2.34% -2.96% -4.81% -0.38% 40.52%
Return on Equity (ROE)		 0.00% -7.13% -11.42% 0.44% -0.51% -2.96% -7.77% -0.83% 41.52%
Cash Return on Invested Capital (CROIC)		 0.00% -184.98% -47.35% -57.29% -9.83% -42.70% -24.70% 18.53% 9.09%
Operating Return on Assets (OROA)		 0.00% 5.73% 2.46% 2.44% 1.37% 0.49% -3.39% -0.28% 1.27%
Return on Assets (ROA)		 0.00% 0.64% -3.15% 0.21% -0.26% -1.49% -3.27% -0.32% 21.69%
Return on Common Equity (ROCE)		 0.00% -9.31% -0.83% 0.21% -0.32% -2.01% -5.51% -0.60% 30.34%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -2.73% -12.62% 0.70% -0.63% -3.83% -10.63% -1.12% 46.12%
Net Operating Profit after Tax (NOPAT)		 2.77 6.35 8.65 9.32 5.44 -0.01 -16 -2.50 4.80
NOPAT Margin		 1.39% 2.42% 2.67% 2.48% 3.62% 0.00% -8.63% -1.10% 2.09%
Net Nonoperating Expense Percent (NNEP)		 0.00% 9.92% 18.64% 10.04% 6.02% 5.75% 2.84% 0.07% -288.77%
Cost of Revenue to Revenue		 70.62% 72.02% 66.32% 64.54% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 10.21% 10.36% 12.55% 16.70% 52.17% 60.18% 83.44% 78.39% 76.72%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 27.39% 25.08% 29.86% 33.76% 94.82% 100.01% 112.33% 101.57% 97.02%
Earnings before Interest and Taxes (EBIT)		 4.05 8.02 3.87 6.39 5.15 2.58 -24 -2.35 10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 14 19 17 24 27 32 11 36 49
Valuation Ratios		 - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 15.38 6.87 4.46 3.81 2.97 2.98 1.90
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.43 0.33 1.87 1.46 4.62 3.48 3.45 3.11 3.13
Price to Earnings (P/E)		 0.00 95.84 0.00 0.00 0.00 0.00 0.00 0.00 6.35
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 1.04% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.74%
Enterprise Value to Invested Capital (EV/IC)		 0.00 2.41 4.81 2.68 2.71 2.18 1.71 2.38 1.74
Enterprise Value to Revenue (EV/Rev)		 0.00 0.78 2.21 2.00 5.69 4.74 5.51 5.25 3.49
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 11.00 42.50 31.71 31.54 32.71 93.39 33.41 16.40
Enterprise Value to EBIT (EV/EBIT)		 0.00 25.46 184.16 117.49 165.72 410.98 0.00 0.00 78.22
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 32.12 82.45 80.56 156.92 0.00 0.00 0.00 167.09
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 24.50 39.46 28.23 36.00 23.84 23.66 32.02 16.56
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11.62 18.34
Leverage & Solvency		 - - - - - - - - -
Debt to Equity		 0.00 -4.38 0.33 0.98 0.38 0.69 0.98 1.21 0.06
Long-Term Debt to Equity		 0.00 -4.22 0.28 0.98 0.38 0.69 0.98 1.21 0.01
Financial Leverage		 0.00 -4.34 1.68 0.68 0.56 0.51 0.83 0.74 0.14
Leverage Ratio		 0.00 -5.53 3.63 2.06 1.97 1.99 2.38 2.60 1.91
Compound Leverage Factor		 0.00 -0.75 -4.33 0.12 -1.44 -5.57 3.84 30.48 -3.55
Debt to Total Capital		 0.00% 129.57% 24.69% 49.44% 27.43% 40.92% 49.45% 54.73% 5.94%
Short-Term Debt to Total Capital		 0.00% 4.68% 3.36% 0.00% 0.00% 0.00% 0.00% 0.00% 4.79%
Long-Term Debt to Total Capital		 0.00% 124.89% 21.33% 49.44% 27.43% 40.92% 49.45% 54.73% 1.15%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 9.03% 48.93% 22.14% 25.56% 17.31% 14.67% 12.62% 24.75%
Common Equity to Total Capital		 0.00% -38.60% 26.38% 28.42% 47.01% 41.77% 35.88% 32.64% 69.31%
Debt to EBITDA		 0.00 5.97 2.19 5.88 3.35 6.18 27.15 11.14 0.67
Net Debt to EBITDA		 0.00 5.92 2.16 5.84 2.78 6.07 26.84 11.05 -1.11
Long-Term Debt to EBITDA		 0.00 5.76 1.89 5.88 3.35 6.18 27.15 11.14 0.13
Debt to NOPAT		 0.00 17.45 4.25 14.95 16.68 -23,881.55 -18.58 -158.90 6.78
Net Debt to NOPAT		 0.00 17.30 4.18 14.83 13.82 -23,448.10 -18.37 -157.65 -11.26
Long-Term Debt to NOPAT		 0.00 16.82 3.67 14.95 16.68 -23,881.55 -18.58 -158.90 1.32
Altman Z-Score		 0.00 2.10 7.62 2.67 2.95 1.56 0.90 0.98 2.54
Noncontrolling Interest Sharing Ratio		 0.00% -30.53% 92.77% 53.12% 38.41% 31.98% 29.16% 28.44% 26.93%
Liquidity Ratios		 - - - - - - - - -
Current Ratio		 0.00 0.78 0.63 0.58 0.98 0.60 0.75 0.92 0.93
Quick Ratio		 0.00 0.46 0.49 0.47 0.85 0.44 0.51 0.58 0.87
Cash Flow Metrics		 - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -78 -55 -123 -29 -171 -135 102 44
Operating Cash Flow to CapEx		 347.76% 397.42% 403.03% 856.31% 398.39% 549.99% 351.90% 226.99% 337.53%
Free Cash Flow to Firm to Interest Expense		 0.00 -11.28 -6.49 -20.47 -3.28 -17.47 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 1.70 1.20 2.13 4.43 2.66 4.54 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 1.21 0.90 1.60 3.91 1.99 3.72 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - -
Asset Turnover		 0.00 1.88 2.05 1.44 0.40 0.42 0.26 0.27 0.28
Accounts Receivable Turnover		 0.00 31.21 30.94 27.04 9.13 8.00 4.09 4.36 4.31
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 184.91 147.79 94.27 28.97 39.88 32.45 28.83 24.54
Accounts Payable Turnover		 0.00 118.20 75.09 64.32 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 11.69 11.80 13.50 39.96 45.63 89.27 83.81 84.75
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 3.09 4.86 5.67 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 8.61 6.94 7.82 39.96 45.63 89.27 83.81 84.75
Capital & Investment Metrics		 - - - - - - - - -
Invested Capital		 0.00 85 148 281 315 487 605 500 461
Invested Capital Turnover		 0.00 6.21 2.78 1.75 0.50 0.56 0.34 0.41 0.48
Increase / (Decrease) in Invested Capital		 0.00 85 64 132 35 171 119 -105 -39
Enterprise Value (EV)		 0.00 204 713 751 854 1,062 1,035 1,190 802
Market Capitalization		 86 86 604 550 694 780 649 705 720
Book Value per Share		 $0.00 ($4.97) $1.49 $2.93 $5.66 $6.36 $6.74 $7.10 $11.24
Tangible Book Value per Share		 $0.00 ($23.24) ($4.34) ($7.72) ($5.74) ($9.33) ($11.84) ($7.57) ($3.62)
Total Capital		 0.00 86 149 282 331 490 609 725 548
Total Debt		 0.00 111 37 139 91 201 301 397 33
Total Long-Term Debt		 0.00 107 32 139 91 201 301 397 6.32
Net Debt		 0.00 110 36 138 75 197 298 394 -54
Capital Expenditures (CapEx)		 2.88 2.10 4.49 3.11 5.95 8.10 12 16 14
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -1.47 -5.45 -16 -16 -42 -31 -11 -72
Debt-free Net Working Capital (DFNWC)		 0.00 -0.52 -4.88 -15 -0.92 -38 -27 -7.92 15
Net Working Capital (NWC)		 0.00 -4.52 -9.88 -15 -0.92 -38 -27 -7.92 -11
Net Nonoperating Expense (NNE)		 4.87 5.45 14 8.76 6.42 7.83 7.02 0.15 -170
Net Nonoperating Obligations (NNO)		 0.00 110 36 138 75 197 298 172 -54
Total Depreciation and Amortization (D&A)		 10 11 13 17 22 30 35 38 39
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -0.56% -1.68% -4.19% -10.98% -18.75% -16.48% -4.86% -31.17%
Debt-free Net Working Capital to Revenue		 0.00% -0.20% -1.51% -3.90% -0.61% -17.13% -14.62% -3.49% 6.47%
Net Working Capital to Revenue		 0.00% -1.72% -3.05% -3.90% -0.61% -17.13% -14.62% -3.49% -4.93%
Earnings Adjustments		 - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.08 ($0.29) ($0.03) ($0.21) ($0.77) ($0.04) $0.00
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 8.81M 10.49M 14.83M 20.99M 22.25M 23.14M 46.84M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.08 ($0.29) ($0.03) ($0.22) ($0.77) ($0.07) $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 26.87M 10.49M 27.43M 31.71M 22.25M 33.25M 57.30M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($0.29) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 26.32M 27.40M 30.82M 32.27M 33.12M 33.37M 33.54M
Normalized Net Operating Profit after Tax (NOPAT)		 4.49 6.17 11 6.85 4.45 4.99 -16 -2.50 4.80
Normalized NOPAT Margin		 2.25% 2.35% 3.51% 1.82% 2.97% 2.23% -8.63% -1.10% 2.09%
Pre Tax Income Margin		 -0.93% 0.41% -1.43% 0.10% -2.51% -3.22% -20.72% -12.12% -8.27%
Debt Service Ratios		 - - - - - - - - -
EBIT to Interest Expense		 0.69 1.16 0.46 1.06 0.58 0.26 0.00 0.00 0.00
NOPAT to Interest Expense		 0.47 0.92 1.02 1.55 0.61 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.20 0.85 -0.07 0.55 -0.09 -0.56 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -0.02 0.61 0.49 1.04 -0.06 -0.83 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - -
Dividend Payout Ratio		 -2.68% 162.31% 0.00% 365.90% -0.31% 0.00% 0.00% 0.00% 0.62%
Augmented Payout Ratio		 -5.92% 169.40% -93.43% 16,356.48% -1,111.95% -3.23% 0.00% 0.00% 0.94%

Quarterly Metrics And Ratios for i3 Verticals

This table displays calculated financial ratios and metrics derived from i3 Verticals' official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -166.78% 16.35% 20.16% -28.92% 76.73% -36.01% 0.71% -2.14% -21.14% 12.06% 8.78%
EBITDA Growth		 -163.35% 100.21% 447.73% -15.69% 108.71% -23.52% 48.44% 82.82% -382.94% 8.31% -15.85%
EBIT Growth		 -2,407.66% 900.13% 188.13% -64.23% 35.41% -77.19% 114.51% 85.08% 1.71% 228.37% -3.12%
NOPAT Growth		 -2,249.60% 438.81% 188.13% -67.59% 23.77% -41.95% 110.71% 85.38% -1.52% 124.33% -39.88%
Net Income Growth		 -126.62% 104.59% 98.16% -29.65% 178.21% 808.88% 1,843.75% -36.53% 5,076.69% 102.34% -77.03%
EPS Growth		 0.00% 90.91% 100.00% -29.41% 0.00% 0.00% 0.00% -45.45% 0.00% 0.00% 0.00%
Operating Cash Flow Growth		 -24.57% -17.03% -17.18% -89.50% 36.38% -20.76% 57.00% 1,570.58% 40.21% -20.20% -352.49%
Free Cash Flow Firm Growth		 24.99% 34.74% 11.15% 7.42% 176.31% 76.50% 92.42% 299.05% -67.66% 1,003.86% 1,423.35%
Invested Capital Growth		 24.39% 22.55% 20.61% 17.27% -17.34% 4.41% 2.39% -30.27% -7.78% -36.58% -27.61%
Revenue Q/Q Growth		 -155.69% 0.91% 9.12% -39.00% -118.23% 627.39% 2.77% -40.73% -122.57% 587.83% 2.22%
EBITDA Q/Q Growth		 -186.38% -1.53% -1.66% -64.55% -91.08% 2,358.64% 18.47% -56.34% -113.81% 1,041.15% 1.57%
EBIT Q/Q Growth		 -429.81% -3.00% -9.88% -182.38% -108.36% 114.75% 38.61% -105.73% -1,272.94% 149.27% 1.55%
NOPAT Q/Q Growth		 -393.52% 109.85% 112.82% -184.07% -124.47% 114.45% 5.27% -105.83% -1,459.04% 131.94% -55.14%
Net Income Q/Q Growth		 5.93% 103.83% -213.61% -3,065.63% 156.75% -55.47% 117.97% -347.85% 2,251.65% -98.26% -75.26%
EPS Q/Q Growth		 0.00% 93.75% 100.00% 0.00% 0.00% 0.00% 100.00% -500.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 71.15% 81.68% -57.62% -93.69% 2,122.22% 33.38% -7.30% -32.88% 86.51% -24.09% -335.95%
Free Cash Flow Firm Q/Q Growth		 -10.25% 8.45% 6.86% 7.82% 190.88% -130.11% 61.26% 2,519.17% -85.24% 741.68% -24.69%
Invested Capital Q/Q Growth		 0.14% 14.09% 2.11% 0.52% -29.42% 44.11% 0.14% -31.55% -6.64% -0.90% 14.30%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 100.00% 100.00% 100.00% 0.00% 64.44% 100.00% 100.00% 0.00% 65.91% 100.00%
EBITDA Margin		 0.00% 17.53% 15.79% 9.18% 0.00% 20.94% 23.28% 17.15% 0.00% 20.24% 20.12%
Operating Margin		 0.00% 6.79% 5.80% -7.99% 0.00% 2.70% 9.96% -1.19% 0.00% 4.38% 6.29%
EBIT Margin		 0.00% 7.02% 5.80% -7.83% 0.00% 2.50% 12.35% -1.19% 0.00% 7.33% 7.29%
Profit (Net Income) Margin		 0.00% 0.20% -0.20% -10.61% 0.00% 2.79% 3.54% -14.81% 0.00% 5.04% 1.22%
Tax Burden Percent		 23.28% 30.67% 25.43% 54.22% -21.48% -28.93% 85.23% 96.77% -1,110.00% 80.83% 18.53%
Interest Burden Percent		 130.94% 9.12% -13.87% 249.94% 171.85% -385.27% 33.64% 1,281.76% 175.12% 84.97% 90.29%
Effective Tax Rate		 0.00% 69.33% 0.00% 0.00% 0.00% 0.00% 14.77% 0.00% 0.00% 13.60% 73.61%
Return on Invested Capital (ROIC)		 0.00% 1.10% 2.18% -2.75% 0.00% 0.52% 4.49% -0.52% 0.00% 1.52% 0.64%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.60% 1.02% -3.56% 0.00% 0.65% 3.27% -3.40% 0.00% 1.99% 0.50%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.66% 1.17% -4.18% 0.00% 0.79% 3.82% -2.81% 0.00% 0.77% 0.22%
Return on Equity (ROE)		 0.00% 1.76% 3.35% -6.93% 0.00% 1.31% 8.31% -3.33% 0.00% 2.29% 0.87%
Cash Return on Invested Capital (CROIC)		 -24.70% -19.81% -16.97% -14.41% 18.53% -5.10% 2.29% 34.87% 9.09% 45.73% 33.10%
Operating Return on Assets (OROA)		 0.00% 2.82% 2.42% -3.05% 0.00% 0.56% 5.32% -0.52% 0.00% 2.16% 2.33%
Return on Assets (ROA)		 0.00% 0.08% -0.09% -4.13% 0.00% 0.63% 1.53% -6.40% 0.00% 1.49% 0.39%
Return on Common Equity (ROCE)		 0.00% 1.25% 2.38% -4.92% 0.00% 0.94% 5.95% -2.39% 0.00% 1.67% 0.64%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -8.98% -4.11% -4.73% 0.00% -0.53% 0.90% 0.01% 0.00% 47.12% 45.21%
Net Operating Profit after Tax (NOPAT)		 -9.43 1.79 3.81 -3.20 -7.19 1.04 8.03 -0.47 -7.30 2.33 1.05
NOPAT Margin		 0.00% 2.08% 4.06% -5.60% 0.00% 1.89% 8.49% -0.84% 0.00% 3.78% 1.66%
Net Nonoperating Expense Percent (NNEP)		 -2.03% 0.49% 1.16% 0.81% -4.53% -0.13% 1.22% 2.88% -315.07% -0.47% 0.14%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - 0.14% - - - 0.43% 0.20%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 35.56% 0.00% 0.00% 0.00% 34.09% 0.00%
SG&A Expenses to Revenue		 0.00% 59.29% 60.94% 78.67% 0.00% 49.36% 57.29% 80.36% 0.00% 46.85% 45.49%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 93.21% 94.20% 107.99% 0.00% 61.74% 90.04% 101.19% 0.00% 61.53% 93.71%
Earnings before Interest and Taxes (EBIT)		 -14 6.04 5.44 -4.49 -9.35 1.38 12 -0.67 -9.19 4.53 4.60
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -5.39 15 15 5.26 0.47 12 22 9.61 -1.33 12 13
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.97 3.74 3.67 3.42 2.98 2.91 3.06 2.96 1.90 2.06 2.12
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 3.45 2.44 2.36 2.36 3.11 3.61 2.03 1.97 3.13 3.27 3.38
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 1,339.30 322.46 0.00 6.35 6.76 7.27
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.07% 0.31% 0.00% 15.74% 14.79% 13.76%
Enterprise Value to Invested Capital (EV/IC)		 1.71 1.86 1.84 1.76 2.38 1.64 1.71 2.44 1.74 1.87 1.82
Enterprise Value to Revenue (EV/Rev)		 5.51 3.88 3.76 3.87 5.25 6.05 3.28 3.21 3.49 3.61 3.95
Enterprise Value to EBITDA (EV/EBITDA)		 93.39 32.57 25.23 24.71 33.41 36.91 17.68 16.24 16.40 17.16 20.10
Enterprise Value to EBIT (EV/EBIT)		 0.00 381.11 86.64 94.28 0.00 0.00 41.37 35.80 78.22 63.83 71.97
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 441.03 117.59 127.96 0.00 0.00 37.24 0.00 167.09 151.39 142.68
Enterprise Value to Operating Cash Flow (EV/OCF)		 23.66 30.41 32.04 34.29 32.02 35.45 36.62 29.15 16.56 18.79 124.87
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 11.62 0.00 75.73 5.75 18.34 3.17 4.63
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.98 1.29 1.27 1.28 1.21 1.15 1.10 1.10 0.06 0.06 0.03
Long-Term Debt to Equity		 0.98 1.29 1.27 1.28 1.21 0.88 1.02 1.03 0.01 0.01 0.03
Financial Leverage		 0.83 1.10 1.15 1.18 0.74 1.20 1.17 0.83 0.14 0.39 0.45
Leverage Ratio		 2.38 2.76 2.76 2.74 2.60 2.73 2.66 2.64 1.91 1.89 1.76
Compound Leverage Factor		 3.12 0.25 -0.38 6.86 4.47 -10.50 0.89 33.80 3.35 1.61 1.59
Debt to Total Capital		 49.45% 56.28% 56.02% 56.16% 54.73% 53.50% 52.27% 52.42% 5.94% 5.83% 3.15%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 12.52% 3.62% 3.61% 4.79% 4.83% 0.00%
Long-Term Debt to Total Capital		 49.45% 56.28% 56.02% 56.16% 54.73% 40.98% 48.65% 48.81% 1.15% 1.00% 3.15%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 14.67% 12.65% 12.65% 12.68% 12.62% 13.02% 13.35% 13.24% 24.75% 25.08% 24.23%
Common Equity to Total Capital		 35.88% 31.07% 31.33% 31.16% 32.64% 33.47% 34.38% 34.34% 69.31% 69.09% 72.62%
Debt to EBITDA		 27.15 9.93 7.72 7.94 11.14 12.09 5.42 5.13 0.67 0.64 0.35
Net Debt to EBITDA		 26.84 9.84 7.64 7.84 11.05 11.96 5.37 5.00 -1.11 -1.08 0.19
Long-Term Debt to EBITDA		 27.15 9.93 7.72 7.94 11.14 9.26 5.04 4.78 0.13 0.11 0.35
Debt to NOPAT		 -18.58 134.50 35.98 41.13 -158.90 -69.96 11.41 -78.75 6.78 5.60 2.50
Net Debt to NOPAT		 -18.37 133.25 35.62 40.61 -157.65 -69.21 11.32 -76.74 -11.26 -9.54 1.34
Long-Term Debt to NOPAT		 -18.58 134.50 35.98 41.13 -158.90 -53.59 10.62 -73.34 1.32 0.96 2.50
Altman Z-Score		 0.94 1.21 1.22 1.13 0.95 0.87 1.32 1.55 2.45 2.68 4.33
Noncontrolling Interest Sharing Ratio		 0.00% 29.05% 28.93% 28.97% 0.00% 28.45% 28.35% 28.35% 0.00% 27.18% 26.21%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.75 0.81 0.83 1.00 0.92 0.50 0.81 2.98 0.93 0.94 1.18
Quick Ratio		 0.51 0.50 0.56 0.68 0.58 0.40 0.65 0.57 0.87 0.84 0.95
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -128 -125 -117 -108 98 -29 -8.85 214 32 266 200
Operating Cash Flow to CapEx		 206.17% 437.10% 217.41% 11.25% 248.22% 452.85% 314.70% 202.27% 458.46% 810.65% -1,201.68%
Free Cash Flow to Firm to Interest Expense		 0.00 -22.82 -18.82 0.00 0.00 0.00 -1.14 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 3.31 1.24 0.00 0.00 0.00 1.56 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 2.55 0.67 0.00 0.00 0.00 1.06 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.26 0.40 0.42 0.39 0.27 0.22 0.43 0.43 0.28 0.30 0.32
Accounts Receivable Turnover		 4.09 7.14 6.95 6.17 4.36 3.24 6.10 6.87 4.31 3.96 3.92
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 32.45 37.64 38.78 36.76 28.83 17.04 32.48 35.69 24.54 25.27 26.04
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 2.16 0.00 0.00 0.00 0.17 0.18
Days Sales Outstanding (DSO)		 89.27 51.13 52.54 59.11 83.81 112.70 59.80 53.17 84.75 92.24 93.08
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 168.96 0.00 0.00 0.00 2,147.95 2,047.79
Cash Conversion Cycle (CCC)		 89.27 51.13 52.54 59.11 83.81 -56.27 59.80 53.17 84.75 -2,055.71 -1,954.71
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 605 690 705 709 500 721 722 494 461 457 523
Invested Capital Turnover		 0.34 0.53 0.54 0.49 0.41 0.28 0.53 0.62 0.48 0.40 0.39
Increase / (Decrease) in Invested Capital		 119 127 120 104 -105 30 17 -215 -39 -264 -199
Enterprise Value (EV)		 1,035 1,281 1,298 1,247 1,190 1,184 1,237 1,207 802 855 953
Market Capitalization		 649 806 815 761 705 706 764 739 720 773 816
Book Value per Share		 $6.74 $6.51 $6.68 $6.68 $7.10 $10.43 $7.47 $7.46 $11.24 $11.18 $11.65
Tangible Book Value per Share		 ($11.84) ($14.35) ($14.49) ($14.32) ($7.57) ($19.58) ($13.30) ($6.88) ($3.62) ($3.65) ($3.24)
Total Capital		 609 694 709 714 725 725 725 727 548 543 530
Total Debt		 301 391 397 401 397 388 379 381 33 32 17
Total Long-Term Debt		 301 391 397 401 397 297 353 355 6.32 5.42 17
Net Debt		 298 387 393 396 394 384 376 371 -54 -54 8.97
Capital Expenditures (CapEx)		 3.84 4.16 3.54 4.32 4.35 3.18 3.84 4.01 3.30 1.42 2.26
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -31 -26 -23 -5.35 -11 -3.80 2.14 221 -72 -70 4.56
Debt-free Net Working Capital (DFNWC)		 -27 -22 -19 -0.31 -7.92 0.36 5.28 231 15 16 12
Net Working Capital (NWC)		 -27 -22 -19 -0.31 -7.92 -90 -21 205 -11 -10 12
Net Nonoperating Expense (NNE)		 -5.02 1.62 4.00 2.87 -11 -0.50 4.68 7.83 -186 -0.78 0.28
Net Nonoperating Obligations (NNO)		 298 387 393 396 172 384 376 148 -54 -54 8.97
Total Depreciation and Amortization (D&A)		 9.08 9.04 9.38 9.74 9.81 10 10 10 7.86 7.96 8.09
Debt-free, Cash-free Net Working Capital to Revenue		 -16.48% -7.79% -6.60% -1.66% -4.86% -1.94% 0.57% 58.89% -31.17% -29.45% 1.89%
Debt-free Net Working Capital to Revenue		 -14.62% -6.70% -5.45% -0.10% -3.49% 0.18% 1.40% 61.49% 6.47% 6.72% 5.09%
Net Working Capital to Revenue		 -14.62% -6.70% -5.45% -0.10% -3.49% -46.19% -5.56% 54.51% -4.93% -4.37% 5.09%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.01) $0.00 ($0.22) $0.00 $0.05 $0.08 ($0.32) $0.00 $0.00 $0.00
Adjusted Weighted Average Basic Shares Outstanding		 44.50M 23.00M 23.14M 23.18M 46.28M 23.27M 23.33M 23.42M 46.84M 23.55M 23.83M
Adjusted Diluted Earnings per Share		 $0.00 ($0.01) $0.00 ($0.22) $0.00 $0.04 $0.08 ($0.32) $0.00 $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 55.35M 23.00M 34.27M 23.18M 57.11M 33.83M 23.72M 57.13M 57.30M 34.06M 47.97M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 33.12M 33.23M 33.28M 33.34M 33.37M 33.37M 33.47M 33.79M 33.54M 33.07M 33.22M
Normalized Net Operating Profit after Tax (NOPAT)		 -9.43 5.10 5.41 -3.20 -7.19 1.04 7.78 -0.47 -7.30 2.33 2.77
Normalized NOPAT Margin		 0.00% 5.92% 5.76% -5.60% 0.00% 1.89% 8.23% -0.84% 0.00% 3.78% 4.40%
Pre Tax Income Margin		 0.00% 0.64% -0.80% -19.58% 0.00% -9.64% 4.15% -15.30% 0.00% 6.23% 6.58%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 1.10 0.88 0.00 0.00 0.00 1.51 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.33 0.61 0.00 0.00 0.00 1.04 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.34 0.31 0.00 0.00 0.00 1.01 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 -0.43 0.04 0.00 0.00 0.00 0.54 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% -12.06% 0.00% 0.00% 0.62% 0.53% 6.34%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% -21.32% 24.48% 1,577.14% 0.94% 7.11% 12.94%

Key Financial Trends

i3 Verticals reported another quarter of top-line growth in Q2 2025, with revenue up 8.8% year-over-year to $63.1 million. The company generated $200.4 million in free cash flow to firm, a 14.2% increase versus the prior year. Leverage metrics remain conservative, with net debt to EBITDA at just 0.19× and a current ratio of 1.18×, highlighting solid liquidity. However, profitability compressed, with NOPAT margins down to 1.66% and net income declining sharply. Ongoing operating cash flow was negative for the quarter, driven by working capital outflows.

  • Revenue growth of 8.78% Y/Y in Q2 2025, extending a multi-quarter expansion trend.
  • Free cash flow to firm climbed to $200.4 million, up 14.2% year-over-year.
  • Net debt to EBITDA at only 0.19×, indicating very low financial leverage.
  • Current ratio of 1.18×, supporting comfortable short-term liquidity.
  • Book value per share increased to $11.65, up from $11.18 in Q1, enhancing shareholder equity.
  • Quarter-over-quarter revenue grew 2.22%, with EBITDA margin steady at 20.1%.
  • SG&A expenses remain around 45.5% of revenue, roughly in line with prior periods.
  • Interest burden percent at 90.3%, suggesting manageable interest costs.
  • NOPAT margin compressed to 1.66% and net income margin to 1.22%, reflecting thin profitability.
  • Year-over-year NOPAT and net income declined 39.9% and 77.0%, respectively, signaling earnings pressure.
07/04/25 03:48 AMAI Generated. May Contain Errors.

Frequently Asked Questions About i3 Verticals' Financials

When does i3 Verticals' financial year end?

According to the most recent income statement we have on file, i3 Verticals' fiscal year ends in September. Their fiscal year 2024 ended on September 30, 2024.

How has i3 Verticals' net income changed over the last 8 years?

i3 Verticals' net income appears to be on an upward trend, with a most recent value of $175.13 million in 2024, falling from -$2.09 million in 2016. The previous period was -$2.65 million in 2023. Find out what analysts predict for i3 Verticals in the coming months.

What is i3 Verticals' operating income?
i3 Verticals' total operating income in 2024 was $6.85 million, based on the following breakdown:
  • Total Gross Profit: $229.92 million
  • Total Operating Expenses: $223.07 million
How has i3 Verticals' revenue changed over the last 8 years?

Over the last 8 years, i3 Verticals' total revenue changed from $199.64 million in 2016 to $229.92 million in 2024, a change of 15.2%.

How much debt does i3 Verticals have?

i3 Verticals' total liabilities were at $215.32 million at the end of 2024, a 61.3% decrease from 2023, and a 66.8% increase since 2017.

How much cash does i3 Verticals have?

In the past 7 years, i3 Verticals' cash and equivalents has ranged from $572 thousand in 2018 to $86.54 million in 2024, and is currently $86.54 million as of their latest financial filing in 2024.

How has i3 Verticals' book value per share changed over the last 8 years?

Over the last 8 years, i3 Verticals' book value per share changed from 0.00 in 2016 to 11.24 in 2024, a change of 1,123.9%.


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This page (NASDAQ:IIIV) was last updated on 7/4/2025 by MarketBeat.com Staff
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