i3 Verticals, Inc. (IIIV) intrinsic value & 10-year financials
i3 Verticals, Inc. (IIIV) has a Graham intrinsic value of $23.92 per share. At $16.68 on Oct 17, 2026, the stock trades 30% below that value. Over the last 10 fiscal years revenue grew 0.7% a year to $213.2M, with an average return on invested capital of 3.2%.
- Graham intrinsic value
- $23.92
- Share price (Oct 17, 2026)
- $16.68
- Price vs Graham value
- 30% below
- Market cap
- $570.2M
- Revenue (FY2025)
- $213.2M
- Revenue growth (10-yr CAGR)
- 0.7%
- ROIC (10-yr avg)
- 3.2%
- Free cash flow (FY2025)
- $3.8M
IIIV 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $213.2M | $17.9M | $0.72 | $3.8M | 1.8% | 0.9% |
| FY2024 | $229.9M | $113.3M | $4.73 | $45.4M | 3.0% | 1.4% |
| FY2023 | $370.2M | -$811.0K | -$0.07 | $30.3M | 6.1% | 2.0% |
| FY2022 | $317.9M | -$17.1M | -$0.77 | $43.6M | -0.8% | -0.5% |
| FY2021 | $224.1M | -$4.5M | -$0.22 | $44.8M | -0.0% | -0.0% |
| FY2020 | $150.1M | -$419.0K | -$0.03 | $20.8M | 5.2% | 1.7% |
| FY2019 | $376.3M | -$3.0M | -$0.29 | $25.8M | 1.7% | 4.1% |
| FY2018 | $323.5M | -$6.9M | $0.08 | $15.9M | 3.8% | 16.4% |
| FY2017 | $262.6M | $902.0K | — | $7.7M | 2.9% | — |
| FY2016 | $199.6M | -$2.1M | — | $9.1M | 2.0% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
i3 Verticals, Inc. has demonstrated mature, steady growth, with revenue compounding at 0.7% annually over the past decade.
i3 Verticals, Inc. has historically struggled to out-earn its cost of capital, averaging just 3.2% ROIC.
i3 Verticals, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, i3 Verticals, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $23.92 per share.