IIIV
i3 Verticals, Inc.

i3 Verticals, Inc.IIIV

Technology · Software - Infrastructure
19.07USD
-1.50%
Nov 09, 2026
IIIV overview ready
Public-sector software provider enabling government workflow modernization
Focused public-sector vertical-software provider serving government agencies with mission-critical workflow systems and related payment-enabled services.
Primary theme is leading
Vertical Industry Software is leading (+24.6pp vs SPY over 21 sessions; 8 of 8 members ahead of SPY).
Advancing price action
Longer-term context reads early recovery, with a near-term setup of reclaim attempt.
Attractive valuation
Current market expectations look undemanding relative to the cash the business actually produces.
Solid fundamentals
Free cash flow yield is strong.
Primary risk
Dependence on government budget cycles and procurement processes.
Market Nov 6Filing Jun 30Price action Nov 8Research Oct 12

Conviction Level

PriceAction9.1BusinessPerformance4.0BusinessQuality4.7Valuation7.0ThemeMomentum9.0Decelerating — Revenue is still growing (+2.2% YoY), but growth has slowed, down from +6.2%. Per-share figures are not comparable across a large share-count change; net income moved -73% year over year to $3.5M. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
+24.6pp
Theme return
+19.7%
Beating SPY
8 of 8
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Advancing price action
Longer-term context reads early recovery, with a near-term setup of reclaim attempt.
EntryReset + recovery

The stock is still rebuilding below its long-term weekly base, and the recent reset toward the daily SMA200 aligned with support at the weekly EMA21. Daily structure is recovering above the fast averages, improving the current entry location.

Key Financials

Market Cap
$425.0M
Avg Volume (60D)
455.9K
60 sessions
Revenue Growth YoY
+11.5%
FY2025 vs FY2024
Gross Margin
+55.2%
Trailing twelve months
Operating Margin
+2.7%
Trailing twelve months
Free Cash Flow Yield
+11.7%
Distance from 200DMA
-3.4%
Next Earnings
2026-11-17
P/E
49.9x
EV / EBITDA
15.4x
EV / Sales
2.5x
Market metrics as of Nov 6, 2026
Financial results for the period ended Jun 30, 2026
Filed balance-sheet data as of Jun 30, 2026

Business Performance

Decelerating

Revenue is still growing (+2.2% YoY), but growth has slowed, down from +6.2%. Per-share figures are not comparable across a large share-count change; net income moved -73% year over year to $3.5M.

Latest reported: Q3 FY2026, ended Jun 30
Revenue growthSlowing
+2.2%
$53.1M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +7.0%
  2. +0.9%
  3. +6.2%
  4. +2.2%
Earnings growthDeclining
-73%
Net income $3.5M. Per-share figures are not comparable across a large share-count change.
Not enough comparable diluted EPS quarters for a YoY sequence.
Operating marginSwinging
-1.7%
+7.6 pp YoY

Business Quality

4.7 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

All three valuation perspectives agree this company is cheap.
i3 Verticals, Inc. has a Cheap valuation stance because current market expectations look undemanding relative to the cash the business actually produces.

Company Research

Thesis
Focused public-sector vertical-software provider serving government agencies with mission-critical workflow systems and related payment-enabled services. The story is still emerging, so the exposure is real but early.
Opportunity
Moderate opportunity
Replacement and modernization of legacy state, provincial, and local-government workflow platforms with cloud-native systems of record for constituent-facing and mission-critical administrative functions.
Key risk
Dependence on government budget cycles and procurement processes.

Economic classification

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Business & Markets

Technology · Software - Infrastructure
What they do

I3 Verticals, Inc. provides enterprise software and services focused on public sector entities in the US and Canada, delivering digital solutions that support government workflows and administrative functions.

How it earns

The company generates revenue primarily through subscription and transactional software and services contracts with government agencies.

Products & services
Court system digital workflow solutions
E-Filing and revenue cycle management for courts
Computer aided dispatch and records management
Evidence and jail management software
Mobile solutions and livescan
Vehicle title and registration software
Driver's license and permit management
Motor carrier compliance solutions
Customers & end markets
State and local government agencies
Public sector entities in the United States and Canada
Market position

Niche provider focused on public-sector vertical software for mission-critical government workflows.

Demand drivers
Low cyclicality

Revenue is driven by government contracts and public sector budgets, which tend to be stable and less sensitive to economic cycles.