IIIVi3 Verticals, Inc.
Is the business good?
The checks split: nothing decisive, though margins widening.
Negative operating leverage, costs are rising faster than sales, squeezing margins as it grows.
A balanced mix of margins, efficiency, and leverage. ROE 4% = margin × turnover × leverage.
All from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is IIIV?
i3 Verticals, Inc. earns 1.2% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 7.8 points below what the capital costs: growth destroys value
- Operating margin
- 2.7%
Operating margin · Software - Infrastructure median 5.8% · 12 months to Q3 2026
- Share count, year on year
- −42%
Share count, year on year · bought back, each share owns more of the company
- Gross margin
- 68%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 5.2% |
| FY2021 | −0.01% |
| FY2022 | −12% |
| FY2023 | −2.3% |
| FY2024 | 2.3% |
| FY2025 | 1.8% |
Details›
- Gross margin12 months to Q3 2026
- 68%
- Operating margin12 months to Q3 2026
- 2.7%
- Net margin12 months to Q3 2026
- 3.9%
- Free cash flow margin
- 23%
- Revenue, trailing twelve months
- $218M
- Free cash flow, trailing twelve months
- $50M
- Net income, trailing twelve months
- $8.5M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 1.2%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Software, Infrastructure
Ranks #37 of 80 by RyuScore