i3 Verticals, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data i3 Verticals, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	200	263	324	376	150	224	188	190	191	213
Cost of revenue	141	189	215	243	0	0
Gross profit	45.6	56.8	83.2	107	123	195	283	333
Selling, general and administrative	20.4	27.2	40.6	62.9	78.3	135	157	106	101	115
Operating income	3.96	7.6	12.4	6.39	7.77	-0.01	-23.1	-4.41	4.36	3.78
Other non-operating income	-5.81	-6.52	-17	-6	-11.5	-7.2	-15.8	-23.9	-25.9	7.11
Pre-tax income	-1.85	1.08	-4.62	0.39	-3.77	-7.22	-38.9	-28.3	-21.5	10.9
Income tax	0.24	0.18	0.34	-0.18	-2.8	0.62	0.15	-3.51	-5.47	5.27
Income from continuing operations							-27.2	-16.6	-10.9	3.63
Net income to minority interests	0	0	1.94	3.61	-0.56	-3.38	-6.12	-1.84	61.8	8.63
Net income	-2.09	0.9	-6.9	-3.05	-0.42	-4.46	-17.1	-0.81	113	17.9
EBITDA	13.9	17.7	24.2	23	26	24.4	-3.81	18.9	29.9	31.7
EPS, basic			0.08	-0.29	-0.03	-0.21	-0.77	-0.04	4.84	0.75
EPS, diluted			0.08	-0.29	-0.03	-0.22	-0.77	-0.07	4.73	0.72
Shares, basic (weighted)			8.81	10.5	14.8	21	22.2	23.1	23.4	23.9
Shares, diluted (weighted)			26.9	10.5	27.4	31.7	22.2	33.2	33.9	34.2

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3.78	0.96	0.57	1.12	15.6	3.64	3.49	3.11	86.5	66.7
Receivables		8.41	12.5	15.3	17.5	38.5	53.3	50.8	50.8	58.5
Inventory		0.93	1.29	1.29	1.31	2.22	4.12	2.04	2.42	2.52
Other current assets		1.14	2.63	4.12	1.94	3.27	3.92	3.68	2.21	3.27
Total current assets		15.7	16.6	20.6	38	58.1	83.8	85.5	153	138
Property, plant and equipment		1.42	2.96	5.03	5.34	5.9	5.67	10.1	8.29	7.18
Lease right-of-use assets					0	14.5	17.7	11.8	6.33	4.58
Goodwill	35.1	58.5	84	168	187	292	215	230	243	248
Intangible assets		59.3	66	107	109	172	196	163	141	136
Other non-current assets		0.3	0.45	2.33	5.2	8.46	5.06	11.7	6.67	7.14
Total assets	100	140	175	349	404	652	770	884	731	638
Accounts payable		1.6	4.11	3.44	3.85	7.87	9.34	6.37	4.89	6.25
Accrued liabilities		6.71	11.5	21.6	24.1	50.8	57.8	33.6	88.3	24.5
Deferred revenue		2.72	4.93	10.2	11	29.9	32	32.8	38.4	37.7
Short-term debt		4	5	0				0	26.2	0
Total current liabilities		20.2	26.4	35.2	38.9	96.5	111	93.5	165	70.7
Long-term debt		107	31.8	139	90.8	201	287	388	0	0
Lease liabilities						12	14	8.97	4.89	2.96
Other non-current liabilities		2.07	3.94	9.12	6.14	14	9.54	23.1	14.9	14.8
Total liabilities		129	62.9	207	163	362	463	556	215	121
Total debt		111	36.8	139	90.8	201	287	388	26.2	0
Paid-in capital			38.6	82.4	158	211	242	250	279	271
Retained earnings		-33	0.74	-2.31	-2.02	-6.48	-23.6	-12.9	100	118
Shareholders' equity			39.3	80.1	156	205	218	237	380	390
Minority interests			72.9	62.4	84.6	84.8	89.3	91.5	136	128
Total equity			112	142	240	290	308	328	515	518
Total liabilities and equity		140	175	349	404	652	770	884	731	638

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-2.09	0.9	-4.96	0.56	-0.98	-7.84	-23.2	-2.65	175	26.5
Depreciation and amortization	9.9	10.1	11.8	16.6	18.2	24.4	19.3	23.3	25.6	27.9
Stock-based compensation	0	0	1.57	6.12	10.5	20.9	26.2	27.9	26.3	18.3
Deferred income tax	-0	0.06	-0.68	-0.59	-3.21	-0.29	2.59	-5.94	0.43	4.97
Change in receivables	-1.18	-2.43	-2.32	2.43	-1.03	-10.9	-15.8	-7.66	9.58	-7.41
Cash from operations	10	8.33	18.1	26.6	23.7	44.5	43.8	37.2	48.4	5.69
Capital expenditures	-0.86	-0.64	-2.22	-0.81	-2.91	-1.94	-2.27	-4.2	-2.96	-1.94
Acquisitions	-32.3	-44.2	-32.4	-137	-27.7	-142	-101	-102	-19.1	-11
Sales and maturities of investments				0	0	3.2	0.6	0.3
Cash from investing	-35.2	-47.9	-38.1	-144	-35.4	-149	-113	-122	396	76.5
Stock issued	9	12.5	0	112	0	0	17.7	0	0	0.3
Share buybacks								0	0	-37.6
Cash from financing	28.9	37.4	19.2	119	29.1	102	75.1	73	-367	-104
Net change in cash	3.78	-2.22	-0.73	1.96	17.4	-2.67	5.83	-11.4	77.2	-22.3
Free cash flow	9.14	7.69	15.9	25.8	20.8	42.6	41.5	33	45.4	3.75
Interest paid	5.39	6.29	7.88	4.91	5.25	4.43	8.99	21.5	29.5	0.93
Income taxes paid	0.02	0.84	0.48	1.42	0.79	0.29	1.08	3.24	7.33	34.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $14.88 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	2.7%	Operating income / revenue.
EBITDA margin	16.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.9%	Pre-tax income / revenue.
Net margin	3.9%	Net income / revenue.
FCF margin	22.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.0%	Cash from operations / revenue.
Effective tax rate	29.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.4%	Net income / average total assets.
Return on invested capital (ROIC)	1.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	52.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	8.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	13.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-13.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	-13.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	4.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-84.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-84.8%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-88.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-49.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-24.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-91.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-55.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-29.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	2.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	21.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	20.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-12.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	15.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.21x	Current assets / current liabilities.
Quick ratio	0.97x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.41x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.2%	Total debt / total assets.
Liabilities / assets	36.1%	Total liabilities / total assets.
Net debt	$111.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.20x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$10.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	69.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$155.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.35x	Revenue / average total assets.
Fixed asset turnover	32.9x	Revenue / average property, plant and equipment.
Receivables turnover	4.50x	Revenue / average receivables.
Days sales outstanding	81 days	365 x average receivables / revenue.
FCF conversion	586.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	4.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.44	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.16	Revenue / diluted weighted shares.
FCF per share	$2.55	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.68	Cash from operations / diluted weighted shares.
Book value per share	$14.35	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$7.95	Tangible book value / shares outstanding.
Cash per share	$0.14	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	274.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$391.7M	Share price x shares outstanding.
Enterprise value	$503.3M	Market cap + total debt - cash - short-term investments.
P/E	46.0x	Market cap / net income. Only when net income is positive.
P/S	1.80x	Market cap / revenue.
P/B	1.40x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	7.84x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.48x	Market cap / cash from operations, when positive.
EV/Sales	2.31x	Enterprise value / revenue.
EV/EBIT	84.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	12.7%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	35.0%	(Dividends paid + share buybacks) / market cap.

What was i3 Verticals, Inc.'s revenue in fiscal 2025?

i3 Verticals, Inc. reported revenue of $213.2M for fiscal 2025, 11.5% higher than the year before.

Was i3 Verticals, Inc. profitable in fiscal 2025?

Yes. Net income was $17.9M, a net margin of 8.4%.

How much free cash flow did i3 Verticals, Inc. generate in fiscal 2025?

Cash from operations of $5.7M minus capital expenditures of $1.9M left free cash flow of $3.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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