i3 Verticals, Inc. (IIIV) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-37.6%

$11.50

vs $18.42 price

Levered DCF

$12.76

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.91

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	43.28×	4.4×	-22.49×	-26.01×	-115.29×	-841.67×	-69.38×	-30.47×
P/B	1.99×	1.31×	2.07×	2.04×	2.48×	2.41×	2.64×	5.33×
P/S	3.64×	2.17×	2.58×	2.37×	2.27×	2.49×	0.56×	0.65×
EV / EBITDA	16.67×	9.64×	26.65×	24.56×	26.68×	19.24×	15.22×	15.64×
Gross margin	55.7%	91.9%	71.1%	93.2%	74.3%	68.5%	23.7%	21.2%
Operating margin	1.9%	3.0%	-2.3%	-12.3%	-0.0%	5.2%	1.7%	3.8%
Net margin	8.4%	49.3%	-0.4%	-9.1%	-2.0%	-0.3%	-0.8%	-2.1%
Current ratio	1.95×	0.93×	0.92×	0.75×	0.6×	0.98×	0.58×	0.63×
Debt / equity	0.02×	0.1×	1.69×	1.4×	1.05×	0.58×	1.74×	0.94×
Interest coverage	1.74×	0.23×	-0.18×	-1.57×	-0×	0.87×	1.06×	1.45×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.6%	29.8%	-0.3%	-7.8%	-2.2%	-0.3%	-3.8%	-17.6%
Return on invested capital	0.4%	0.8%	-0.5%	-3.5%	-0.0%	0.6%	2.0%	8.0%
Return on assets	2.8%	15.5%	-0.1%	-2.2%	-0.7%	-0.1%	-0.9%	-3.9%
Free cash flow yield	0.5%	6.7%	4.3%	7.5%	7.6%	4.7%	11.1%	6.5%
Earnings yield	2.3%	22.7%	-0.2%	-3.8%	-0.9%	-0.1%	-1.4%	-3.3%
Enterprise value	$717.2M	$450.8M	$886.7M	$747.8M	$720.4M	$449.7M	$349.3M	$245.7M
Net debt / EBITDA	-1.37×	-1.03×	11.95×	9.92×	7.86×	3.22×	6.02×	2.3×
Cash conversion cycle (days)	86	41	69	-35	27	23	12	10