Latest Ratios: P/E Ratio 38.2x · EV/EBITDA 13.0x · ROE 3.5%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $473M | $1.1B | $521M | $703M | $446M | $768M | $375M | $211M | $215M | — | — |
| Enterprise Value | $414M | $1.1B | $472M | $1.1B | $748M | $980M | $450M | $349M | $251M | — | — |
| P/E Ratio → | 38.21 | 57.96 | 4.59 | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.22 | 5.21 | 2.26 | 3.71 | 2.37 | 3.43 | 2.50 | 0.56 | 0.66 | — | — |
| P/B Ratio | 1.41 | 2.14 | 1.01 | 2.14 | 1.45 | 2.65 | 1.56 | 1.48 | 1.92 | — | — |
| P/FCF | 125.98 | 295.67 | 11.45 | 33.80 | 13.34 | 19.91 | 21.11 | 8.99 | 15.82 | — | — |
| P/OCF | 83.04 | 194.88 | 10.75 | 18.91 | 9.72 | 16.42 | 15.81 | 7.94 | 11.89 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.93 | 2.05 | 5.80 | 3.98 | 4.37 | 3.00 | 0.93 | 0.78 | — | — |
| EV / EBITDA | 12.97 | 32.93 | 15.36 | 34.33 | — | 40.15 | 17.32 | 15.22 | 10.38 | — | — |
| EV / EBIT | 103.19 | 79.70 | 50.65 | — | 730.94 | 379.37 | 87.39 | 54.66 | 64.86 | — | — |
| EV / FCF | — | 279.98 | 10.39 | 52.91 | 22.39 | 25.40 | 25.34 | 14.87 | 18.48 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.7% | 55.7% | 91.9% | 71.1% | 93.2% | 74.3% | 68.5% | 23.7% | 21.2% | 17.0% | 18.4% |
| Operating Margin | 1.9% | 1.9% | 3.0% | -2.3% | -12.3% | -0.0% | 5.2% | 1.7% | 3.8% | 2.9% | 2.0% |
| Net Profit Margin | 8.4% | 8.4% | 49.3% | -0.4% | -9.1% | -2.0% | -0.3% | -0.8% | -2.1% | 0.3% | -1.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.5% | 3.5% | 26.9% | -0.3% | -5.7% | -1.7% | -0.2% | -2.4% | -12.0% | 28.7% | — |
| ROA | 2.6% | 2.6% | 14.0% | -0.1% | -2.4% | -0.8% | -0.1% | -1.2% | -4.4% | 0.8% | -2.1% |
| ROIC | 0.6% | 0.6% | 0.9% | -0.5% | -3.1% | -0.0% | 2.0% | 2.2% | 7.1% | 6.2% | 4.2% |
| ROCE | 0.7% | 0.7% | 1.0% | -0.6% | -3.8% | -0.0% | 2.3% | 2.8% | 9.2% | 7.6% | 5.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.07 | 1.22 | 0.99 | 0.75 | 0.38 | 0.98 | 0.33 | 35.23 | — |
| Debt / EBITDA | 0.24 | 0.24 | 1.25 | 12.50 | — | 8.84 | 3.49 | 6.07 | 1.52 | 6.27 | 6.03 |
| Net Debt / Equity | — | -0.11 | -0.09 | 1.21 | 0.98 | 0.73 | 0.31 | 0.97 | 0.32 | 34.93 | — |
| Net Debt / EBITDA | -1.85 | -1.85 | -1.57 | 12.40 | — | 8.69 | 2.89 | 6.02 | 1.50 | 6.21 | 5.75 |
| Debt / FCF | — | -15.70 | -1.06 | 19.12 | 9.05 | 5.50 | 4.23 | 5.88 | 2.66 | 19.50 | 11.19 |
| Interest Coverage | 5.73 | 5.73 | 0.32 | -0.13 | 0.07 | 0.26 | 0.58 | 1.06 | 0.46 | 1.16 | 0.69 |
Net cash position: cash ($67M) exceeds total debt ($8M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.95 | 1.95 | 0.93 | 0.92 | 0.75 | 0.60 | 0.98 | 0.58 | 0.63 | 0.78 | 0.77 |
| Quick Ratio | 1.91 | 1.91 | 0.92 | 0.89 | 0.72 | 0.58 | 0.94 | 0.55 | 0.59 | 0.72 | 0.71 |
| Cash Ratio | 0.94 | 0.94 | 0.53 | 0.03 | 0.03 | 0.04 | 0.40 | 0.03 | 0.02 | 0.05 | 0.19 |
| Asset Turnover | — | 0.33 | 0.31 | 0.21 | 0.24 | 0.34 | 0.37 | 1.08 | 1.85 | 1.88 | 1.99 |
| Inventory Turnover | 37.55 | 37.55 | 7.67 | 26.89 | 3.11 | 25.99 | 36.08 | 221.87 | 274.04 | 190.98 | 134.99 |
| Days Sales Outstanding | — | 100.12 | 89.19 | 97.73 | 113.27 | 62.70 | 42.64 | 14.87 | 14.10 | 11.69 | 11.27 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.6% | 1.7% | 21.8% | — | — | — | — | — | — | — | — |
| FCF Yield | 0.8% | 0.3% | 8.7% | 3.0% | 7.5% | 5.0% | 4.7% | 11.1% | 6.3% | — | — |
| Buyback Yield | 8.0% | 3.4% | 0.0% | 0.0% | 0.0% | 0.0% | 2.9% | 42.7% | 2.2% | — | — |
| Total Shareholder Yield | 8.0% | 3.4% | 0.0% | 0.0% | 0.0% | 0.0% | 2.9% | 42.7% | 2.2% | — | — |
| Shares Outstanding | — | $34M | $24M | $33M | $22M | $32M | $15M | $10M | $9M | $8M | $8M |
Execution of software pivot
According to current market data, IIIV trades at a trailing P/E of 38.02, which appears elevated relative to its recent revenue contraction and suggests that investors are pricing in a significant recovery in profitability following the company's strategic divestiture of its legacy merchant services segment.
The forward P/E of 18.71 indicates that the market anticipates a substantial improvement in earnings as the company pivots toward a higher-margin software-first model. However, the high P/FCF multiple of 125.34 warrants caution, as it implies that current cash flow generation is not yet sufficient to justify the premium valuation relative to peers.
Based on reported figures, IIIV's ROIC has struggled to gain traction, hovering at a marginal 0.6% in 2026Q2, which indicates that the company has yet to demonstrate the ability to compound capital effectively following its historical reliance on debt-funded acquisitions to build its software portfolio.
The low return on capital suggests that the integration of acquired assets is not yet yielding the expected synergies required to drive shareholder value. Investors should monitor whether the shift toward organic software growth can improve these returns, as current levels remain well below the cost of capital.
As reported in recent financial statements, the company's cash conversion cycle reached 77 days in 2026Q2, reflecting a persistent lag in converting operational activities into cash, which appears to be driven by the extended DSO of 81 days observed in the most recent quarter.
The high DSO relative to industry standards suggests potential friction in the collection process for municipal and public sector contracts. While the DPO of 14 days provides some flexibility, the overall efficiency of working capital management remains a bottleneck for cash flow optimization.
Based on an analysis of the business model, the P/S ratio is frequently misapplied to IIIV, as it fails to account for the significant impact of pass-through interchange fees that historically inflated the top line before the recent divestiture of the merchant services segment.
Using P/S to value the company obscures the underlying shift toward higher-margin software revenue, which is not captured by headline sales figures. Analysts should instead focus on EV/EBITDA or adjusted net revenue metrics to better assess the true earning power of the remaining software-centric business.
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying IIIV stock.
i3 Verticals, Inc.'s current P/E ratio is 38.2x. The historical average is 31.3x. This places it at the 50th percentile of its historical range.
i3 Verticals, Inc.'s current EV/EBITDA is 13.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.7x.
i3 Verticals, Inc.'s return on equity (ROE) is 3.5%. The historical average is 4.1%.
Based on historical data, i3 Verticals, Inc. is trading at a P/E of 38.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
i3 Verticals, Inc. has 55.7% gross margin and 1.9% operating margin.
i3 Verticals, Inc.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.