i3 Verticals, Inc.(IIIV)Stock Analysis
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Rank #1,682 of 2,879 stocks
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
IIIV Stock Analysis & AI Quality Score
AI stock analysis and institutional research for i3 Verticals, Inc. (IIIV), a Technology sector company. 13F Pro's AI-powered ranking engine scores IIIV at 46.1/100 on a 32-signal composite quality model, placing it at rank #1,682 of 2,879 stocks — the bottom half of the AI-ranked universe. Areas of concern include institutional flow (8.3) and revenue scale (25.2), which score below median versus the broader universe. Shareholder dilution risk is elevated at 6.0/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), i3 Verticals, Inc. reports quarterly revenue of $57.5M, net income of $1.5M, an operating margin of 6.5%. Top institutional holders of IIIV by reported 13-F value include BlackRock,, GENEVA CAPITAL MANAGEMENT, WILLIAM BLAIR INVESTMENT MANAGEMENT,, based on the most recent SEC filings. IIIV trades on the Nasdaq exchange and files with the SEC under CIK 1728688. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate IIIV daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for i3 Verticals, Inc. directly from SEC EDGAR. i3 Verticals, Inc.'s 13F Pro composite quality score has ranged between 8 and 59 since 2021, currently 46.1 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.
Revenue
Q2 2026
$57.5M
Net Income
Q2 2026
$1.5M
Free Cash Flow
Q2 2026
$9.6M
Operating Margin
Q2 2026
6.5%
ROIC
Q2 2026
0.9%
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+11.5% YoYNet Income
-84.2% YoYOperating Income
-13.3% YoYEPS (Diluted)
-84.8% YoYTotal Assets
-12.6% YoYTotal Debt
-100.0% YoYOp. Cash Flow
-88.2% YoY| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2019 |
|---|---|---|---|---|---|---|
| Revenue | $213.2M +11.5% | $191.2M +0.8% | $189.7M +1.0% | $187.8M -16.2% | $224.1M -40.4% | $376.3M |
| Net Income | $17.9M -84.2% | $113.3M +14075.5% | $-811.0K +95.3% | $-17.1M -283.7% | $-4.5M -46.4% | $-3.0M |
| Operating Income | $3.8M -13.3% | $4.4M +198.7% | $-4.4M +80.9% | $-23.1M -192741.7% | $-12.0K -100.2% | $6.4M |
| EPS (Diluted) | $0.72 -84.8% | $4.73 +6857.1% | $-0.07 +90.9% | $-0.77 -250.0% | $-0.22 +24.1% | $-0.29 |
| Total Assets | $638.4M -12.6% | $730.7M -17.4% | $884.4M +14.8% | $770.3M +18.2% | $651.8M +86.6% | $349.3M |
| Total Debt | $0.00 -100.0% | $52.4M -86.5% | $388.0M +35.2% | $287.0M +43.1% | $200.6M +44.0% | $139.3M |
| Operating Cash Flow | $5.7M -88.2% | $48.4M +30.2% | $37.2M -15.1% | $43.8M -1.7% | $44.5M +67.4% | $26.6M |
AI Insight: IIIV Financial Trends
Debt elimination achieved by Q2–Q3 2025 reversed sharply in Q1 2026, with total debt rebounding to $81M while equity fell to a multi-period low of $317M.
• Total debt collapsed from $400M in Q2 2024 to $0 by Q2 2025, a dramatic deleveraging over four quarters.
• Revenue has stabilized in the $53M–$63M range across Q4 2024 through Q1 2026, excluding the anomalous Q2 2025 dip to $34M.
• Operating income has been consistently thin, ranging from -$4M to $4M since Q3 2024, signaling limited operating leverage.
• Operating cash flow turned negative (-$27M) in Q1 2025 before recovering to $10M–$14M in the three most recent quarters.
⚠ Total debt jumped from $0 to $81M in Q1 2026 — the re-leveraging trend warrants close monitoring given prior debt load of $400M.
⚠ Equity declined from $390M in Q3 2025 to $317M in Q1 2026 — the steepest single-period drop in the dataset.
⚠ Q2 2025 revenue dropped to $34M vs. $63M the prior quarter; understanding whether this reflects a structural mix shift is key.
AI Insight: IIIV Ratio Trends
i3 Verticals has nearly eliminated debt, but operating margins remain thin and volatile, limiting conviction on profitability recovery.
• D/E collapsed from 1.60 in Q2 2024 to 0.00 by Q2 2025, a dramatic balance-sheet deleveraging over four quarters.
• Operating margin swung from -13.0% in Q2 2025 to 6.5% in Q1 2026, but the range across all periods signals high volatility.
• ROIC recovered to 3.8% in Q1 2026 from -4.5% in Q2 2025, though it remains well below double digits.
• TTM operating margin of 1.2% lags the most recent quarter's 6.5%, reflecting prior-period drags on trailing results.
⚠ D/E spiked back to 0.26 in Q1 2026 after sitting at 0.00 — monitor whether new debt reflects growth investment or operational stress.
⚠ Operating margin has not sustained above 6.5% for two consecutive quarters; consistency here is the key profitability test.
⚠ Q2 2025's -13.0% operating margin appears one-off; any recurrence of similar charges would reset the recovery narrative.
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Top Institutional Holders of IIIV
BlackRock, Inc.
$39.7M1,775,956 shGENEVA CAPITAL MANAGEMENT LLC
$34.8M1,555,904 shWILLIAM BLAIR INVESTMENT MANAGEMENT, LLC
$26.3M1,176,960 shAltraVue Capital, LLC
$26.2M1,170,146 shPUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
$23.1M1,032,606 shNorth Reef Capital Management LP
$22.9M1,025,000 shCROSSLINK CAPITAL INC
$21.6M966,001 shVANGUARD CAPITAL MANAGEMENT LLC
$21.5M963,150 shRanger Investment Management, L.P.
$20.7M925,888 shJENNISON ASSOCIATES LLC
$19.5M870,051 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $39.7M | 1,775,956 |
| GENEVA CAPITAL MANAGEMENT LLC | $34.8M | 1,555,904 |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $26.3M | 1,176,960 |
| AltraVue Capital, LLC | $26.2M | 1,170,146 |
| PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. | $23.1M | 1,032,606 |
| North Reef Capital Management LP | $22.9M | 1,025,000 |
| CROSSLINK CAPITAL INC | $21.6M | 966,001 |
| VANGUARD CAPITAL MANAGEMENT LLC | $21.5M | 963,150 |
| Ranger Investment Management, L.P. | $20.7M | 925,888 |
| JENNISON ASSOCIATES LLC | $19.5M | 870,051 |
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Is IIIV a good stock to buy?
13F Pro's AI-powered analysis of i3 Verticals, Inc. (IIIV) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for IIIV are available on the IIIV stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own IIIV?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling IIIV. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of i3 Verticals, Inc.'s investment landscape.