IIIV
i3 Verticals, Inc.
IIIV's fundamentals are mixed, but it looks expensive: trading at 44x earnings, above its usual 28x. Analysts expect earnings growth.
IIIV Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Strong | |
| Under pressure |
IIIV's cash flow is currently strong, and its revenue and profitability are stable, but its balance sheet is under pressure.
IIIV PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.6x | $2.35 | -87% |
| Forward | 15x | $18.64 | — |
| Fair | 28x | $11.67 | -37% |
| Expensive | 40x | $16.63 | -11% |
| Current | 44x | $18.64 | — |
Historical ranges are pointers, not guarantees.
IIIV's PE is in its expensive range at 44x. If earnings grow as analysts expect, today's price would be 15x next year's earnings, in its fair range.
IIIV Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect IIIV's earnings to grow and its profitability to improve, with its revenue holding steady.
IIIV Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.22 | +191% |
| Q2 2026 | $0.42 | -92% |
| Q1 2026 | $0.74 | -83% |
| Q4 2025 | $0.66 | -85% |
| Q3 2025 | $0.72 | -84% |
| Q2 2025 | $5.22 | +$5.26 |
| Q1 2025 | $4.40 | +7233% |
| Q4 2024 | $4.49 | +$4.51 |
| Q3 2024 | $4.45 | +$4.52 |
IIIV's earnings per share have fallen from their peak: $0.42 over the past year, against $5.22 in mid-2025.
IIIV Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $53.1M | +2.2% |
| Q1 2026 | $57.5M | -8.8% |
| Q4 2025 | $52.7M | -15% |
| Q3 2025 | $54.9M | -9.8% |
| Q2 2025 | $51.9M | -7.4% |
| Q1 2025 | $63.1M | -33% |
| Q4 2024 | $61.7M | -33% |
| Q3 2024 | $60.9M | -37% |
IIIV's revenue has slid since its 2019 peak: $53M last quarter, up 2.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -1.7% | +7.6 points |
| Q1 2026 | 6.5% | +0.2 points |
| Q4 2025 | 3% | -1.3 points |
| Q3 2025 | 2.7% | -3.1 points |
| Q2 2025 | -9.3% | -8.1 points |
| Q1 2025 | 6.3% | -3.7 points |
| Q4 2024 | 4.4% | -4.9 points |
| Q3 2024 | 5.8% | -3.3 points |
IIIV's operating margin was −1.7% last quarter, up 7.6 points from the same quarter a year ago.
IIIV Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $13M | +90% |
| Q1 2026 | $9.6M | +$37.2M |
| Q4 2025 | $13.8M | +25% |
| Q3 2025 | $13.5M | +14% |
| Q2 2025 | $6.8M | -5.7% |
| Q1 2025 | -$27.6M | -345% |
| Q4 2024 | $11M | -11% |
| Q3 2024 | $11.8M | +213% |
IIIV generated $50M in free cash flow over the past year, more than ten times what it generated the year before.
IIIV Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -36% | -11M shares |
| 1 year | -42% | -14.4M shares |
| 3 years | -43% | -14.7M shares |
| 5 years | +2.2% | +415K shares |
| Available history | +86% | +9.1M shares |
IIIV has 20M diluted shares, down 42% from a year ago, with $137M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $48.1M |
| Q1 2026 | $50.9M |
| Q4 2025 | $37.9M |
| Q3 2025 | — |
| Q2 2025 | $26.1M |
| Q1 2025 | $308,000 |
| Q4 2024 | $11.2M |
| Q3 2024 | $29,000 |
IIIV spent $137M buying back its own shares over the past year, about four times what it spent the year before.
IIIV Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 3.2x | Elevated |
| Q1 2026 | 2.4x | Moderate |
| Q4 2025 | -1.2x | Net Cash |
| Q3 2025 | -2.0x | Net Cash |
| Q2 2025 | -1.4x | Net Cash |
| Q1 2025 | 0.1x | Very low |
| Q4 2024 | -1.2x | Net Cash |
| Q3 2024 | -0.8x | Net Cash |
IIIV's net debt is about 3.2 years of its operating earnings (EBITDA), after holding more cash than debt a year ago.
IIIV Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.9 | Neutral |
| Stochastic | 63.0 | Neutral |
IIIV's weekly RSI is 51 (neutral) and its Stochastic is 63 (neutral).
IIIV PE vs Technology Sector
| Metric | IIIV | Sector median | Relative |
|---|---|---|---|
| PE | 44x | 28x | 59% above |
| PE % | 88 | 35 | 53 pts above |
IIIV is trading at 44x earnings, a 59% premium to the Technology sector's median of 28x.
IIIV Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $16.8 | 11% above |
| 20 week MA | $17.6 | 5.7% above |
| 50 week MA | $20.6 | 9.3% below |
| 100 week MA | $23.9 | 22% below |
| 200 week MA | $23.1 | 19% below |
IIIV has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 19% below its 200-week average.
IIIV Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $28.3 | $32.9 | +16% |
| 2021 | $32.9 | $23.2 | -29% |
| 2022 | $23.2 | $24.0 | +3.1% |
| 2023 | $24.0 | $21.2 | -12% |
| 2024 | $21.2 | $23.9 | +13% |
| 2025 | $23.9 | $26.2 | +9.4% |
| 2026 YTD | $26.2 | $18.6 | -29% |
IIIV has finished higher in four of the last six years. It's down 29% so far in 2026.