IIIV Stock Analysis: i3 Verticals | NASDAQ

Court Software, Public Safety, Government Software, Education Software

Total Rating 24

Safety 68

Buy Signal -0.93

Software - Infrastructure
Industry Rotation: +13.5

Market Cap: 432M
Avg Turnover: 8.20M

Risk 3d forecast

Volatility38.5%

VaR 5^th Pctl6.52%

VaR vs Median2.78%

Reward TTM

Sharpe Ratio-1.40

Rel. Str. IBD2.2

Rel. Str. Peer Group2.5

Character TTM

Beta0.819

Beta Downside1.022

Hurst Exponent0.514

Drawdowns 3y

Max DD51.68%

CAGR/Max DD-0.23

CAGR/Mean DD-0.74

EPS (Earnings per Share)

EPS CAGR: -18.50%
EPS Trend: -78.7%

Last SUE: -0.75
Qual. Beats: 0

Revenue

Rev. CAGR: -12.44%
Rev. Trend: -89.1%

Last SUE: -0.13
Qual. Beats: 0

Warnings

Seasonal Headwind

Below Avwap Earnings

Below Sma 200d

Tailwinds

No distinct edge detected

Seasonality 8.1 years of data

Jan +0.4% 9

Feb -0.5% 9

Mar -1.4% 6

Apr +0.0% 6

May -5.7% 43

Jun +5.7% 64

Jul +2.1% 2

Aug -5.2% 25

Sep -12.3% 75

Oct -3.1% 23

Nov +11.2% 23

Dec +3.8% 24

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: IIIV i3 Verticals

i3 Verticals (IIIV) is a Nashville-based software and services provider founded in 2012 that delivers enterprise technology solutions to public sector clients across the United States and Canada. The company operates as a vertical software business, addressing the technology needs of state and local government agencies through a diverse portfolio of purpose-built products.

The companys offerings span multiple government workflows, including court and E-Filing systems, public safety technology (computer-aided dispatch, records and evidence management, jail management, and livescan), and transportation department solutions for vehicle titling, registration, and motor carrier compliance. Beyond these core systems, i3 Verticals provides digital customer engagement platforms, billing and back-office management, K-12 nutrition and school event software, government fund accounting, digital land records with AI-enabled indexing, property appraisal, licensing and permitting, and tax and revenue collection management.

Operating within the GovTech segment of the data processing and outsourced services industry, i3 Verticals benefits from the structurally fragmented and highly regulated nature of the public sector software market, where agencies typically require specialized, compliance-oriented systems and tend to favor long-tenured vendors. The companys broad product footprint across courts, public safety, transportation, education, and tax/revenue functions allows it to cross-sell across multiple departments within the same government customer base, a common go-to-market approach among scaled government software providers.

Headlines to Watch Out For

Public sector IT spending drives vertical software revenue
Acquisition integration and margin expansion key to profitability
Rising rates increase borrowing costs on acquisition debt

Piotroski VR-10 (Strict) 4.5

Net Income: 10.7m TTM > 0 and > 6% of Revenue
FCF/TA: 0.08 > 0.02 and ΔFCF/TA 7.39 > 1.0
NWC/Revenue: 4.97% < 20% (prev 25.08%; Δ -20.11% < -1%)
CFO/TA 0.08 > 3% & CFO 52.4m > Net Income 10.7m
Net Debt (120.8m) to EBITDA (33.3m): 3.63 < 3
Current Ratio: 1.21 > 1.5 & < 3
Outstanding Shares: last quarter (19.5m) vs 12m ago -24.14% < -2%
Gross Margin: 56.69% > 18% (prev 72.64%; Δ -15.95% > 0.5%)
Asset Turnover: 34.90% > 50% (prev 38.11%; Δ -3.21% > 0%)
Interest Coverage Ratio: 1.45 > 6 (EBIT TTM 5.38m / Interest Expense TTM 3.71m)

Altman Z'' 2.11

A: 0.02 (Total Current Assets 63.5m - Total Current Liabilities 52.6m) / Total Assets 627.0m
B: 0.20 (Retained Earnings 123.7m / Total Assets 627.0m)
C: 0.01 (EBIT TTM 5.38m / Avg Total Assets 625.1m)
D: 1.24 (Book Value of Equity 280.5m / Total Liabilities 226.7m)
Altman-Z'' = 2.11 = BBB

Beneish M -2.72

DSRI: 1.06 (Receivables 48.5m/49.6m, Revenue 218.2m/237.5m)
GMI: 1.28 (GM 72.64% / 56.69%)
AQI: 1.11 (AQ_t 0.88 / AQ_t-1 0.79)
SGI: 0.92 (Revenue 218.2m / 237.5m)
TATA: -0.07 (NI 10.7m - CFO 52.4m) / TA 627.0m)
Beneish M = -2.72 (Cap -4..+1) = A

What is the price of IIIV shares?

As of September 01, 2026, the stock is trading at USD 16.05 with a total of 1,050,426 shares traded. Over the past week, the price has changed by -4.29%, over one month by -23.79%, over three months by -23.75% and over the past year by -47.60%.

Current recommended Stop Loss: 14.90 (which is 7.2% or 1.4 ATR below the current price).

Is IIIV a buy, sell or hold?

i3 Verticals has received a consensus analysts rating of 4.43. Therefore, it is recommended to buy IIIV.

StrongBuy: 5
Buy: 0
Hold: 2
Sell: 0
StrongSell: 0

What are the forecasts/targets for the IIIV price?

Analysts Target Price	25.5	58.9%

i3 Verticals (IIIV) - Fundamental Data Overview as of 29 August 2026

Market Cap USD = 431.9m (431.9m USD * 1.0 USD.USD)
P/E Trailing = 56.4138
P/E Forward = 19.1571
P/S = 1.474
P/B = 1.0894
P/EG = 1.2401
Revenue TTM = 218.2m USD
EBIT TTM = 5.38m USD
EBITDA TTM = 33.3m USD
Long Term Debt = 81.0m USD (from longTermDebt, two quarters ago)
Short Term Debt = 1.91m USD (from shortTermDebt, last quarter)
Debt = 123.5m USD (from shortLongTermDebtTotal, last quarter) + Leases 4.61m
Net Debt = 120.8m USD (calculated: Debt 123.5m - CCE 2.65m)
Enterprise Value = 552.8m USD (431.9m + Debt 123.5m - CCE 2.65m)
Interest Coverage Ratio = 1.45 (Ebit TTM 5.38m / Interest Expense TTM 3.71m)
EV/FCF = 11.07x (Enterprise Value 552.8m / FCF TTM 49.9m)
FCF Yield = 9.03% (FCF TTM 49.9m / Enterprise Value 552.8m)
FCF Margin = 22.89% (FCF TTM 49.9m / Revenue TTM 218.2m)
Net Margin = 4.90% (Net Income TTM 10.7m / Revenue TTM 218.2m)
Gross Margin = 56.69% ((Revenue TTM 218.2m - Cost of Revenue TTM 94.5m) / Revenue TTM)
Gross Margin QoQ = none% (prev 56.81%)
Tobins Q-Ratio = 0.88 (Enterprise Value 552.8m / Total Assets 627.0m)
Interest Expense / Debt = 3.00% (Interest Expense 3.71m / Debt 123.5m)
Taxrate = 29.64% (4.49m / 15.1m)
NOPAT = 3.78m (EBIT 5.38m * (1 - 29.64%))
Current Ratio = 1.21 (Total Current Assets 63.5m / Total Current Liabilities 52.6m)
Debt / Equity = 0.44 (Debt 123.5m / totalStockholderEquity, last quarter 280.5m)
Debt / EBITDA = 3.63 (Net Debt 120.8m / EBITDA 33.3m)
Debt / FCF = 2.42 (Net Debt 120.8m / FCF TTM 49.9m)
Total Stockholder Equity = 336.5m (last 4 quarters mean from totalStockholderEquity)
RoA = 1.71% (Net Income 10.7m / Total Assets 627.0m)
RoE = 3.18% (Net Income TTM 10.7m / Total Stockholder Equity 336.5m)
RoCE = 1.29% (EBIT 5.38m / Capital Employed (Equity 336.5m + L.T.Debt 81.0m))
RoIC = 0.66% (NOPAT 3.78m / Invested Capital 573.6m)
WACC = 7.36% (E(431.9m)/V(555.4m) * Re(8.86%) + D(123.5m)/V(555.4m) * Rd(3.00%) * (1-Tc(0.30)))
Discount Rate = 8.86% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 19.29 | Cagr: -8.24%
[DCF] Terminal Value 77.97% ; FCFF base≈31.4m ; Y1≈36.0m ; Y5≈52.9m
[DCF] Fair Price = 37.51 (EV 796.7m - Net Debt 120.8m = Equity 675.9m / Shares 18.0m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: -78.71 | EPS CAGR: -18.50% | SUE: -0.75 | # QB: 0
Revenue Correlation: -89.09 | Revenue CAGR: -12.44% | SUE: -0.13 | # QB: 0
EPS current Quarter (2026-12-31): EPS=0.29 | Chg30d=-2.50% | Revisions=-25% | Analysts=4
EPS current Year (2026-09-30): EPS=1.07 | Chg30d=-5.71% | Revisions=+0% | GrowthEPS=+2.1% | GrowthRev=+2.1%
EPS next Year (2027-09-30): EPS=1.22 | Chg30d=-4.13% | Revisions=+0% | GrowthEPS=+13.8% | GrowthRev=+5.0%
[Analyst] Revisions Ratio: -12% (up=2, down=3)