Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| i3 Verticals, Inc.IIIV · business equipment | |
|---|---|
| Grade |  Dfourth fifth of 497 graded peers; percentile 69.6, sampling error 2.2 points; lower is stronger |
| Rank | 346 of 497 |
| Profitability | Epercentile 85.2 |
| Solvency | Bpercentile 26.5 |
| Growth and financing | Cpercentile 57.5 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $638.4M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none active · fortress balance sheetnot computable: dilution, distress |
| Inputs computable | 9 of 14 |
| Graded from | filings received through Nov 21, 2025322 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $15.502026-10-08; market equity $0; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Nov 21, 2025; the document on sec.gov.
i3 Verticals provides mission-critical enterprise software solutions to public sector entities. These comprehensive cloud-native solutions address a broad range of government functions, including courts and public safety, public administration, utilities, transportation and schools. The Company’s mission is to enable state and local governments and related agencies to perform their functions and serve their constituents as effectively and efficiently as possible. With thousands of software installations across all 50 states and Canada, i3 Verticals is a leader in the public sector vertical.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 85.2 | |||||||
| Gross profitability | not computable | 28.5% | |||||
| latest aligned inputs end 2023-09-30; latest annual assets end 2025-09-30 | |||||||
| Return on invested capital | 0.6% | [3-11] | 10.9% | 82.2 | 136 | 2025-09-30 | |
| Accruals ratio | 1.8% | [1,12-14] | (7.4%) | 88.2 | 621 | 2025-09-30 | |
| Gross margin stability, five years | not computable | 2.4 pts | |||||
| latest aligned inputs end 2023-09-30; latest annual assets end 2025-09-30 | |||||||
| Solvency, sleeve percentile 26.5 | |||||||
| Twelve-month failure probability | not computable | 0.05% | |||||
| liabilities and a nearby cover-page share count are required at 2026-06-30 | |||||||
| Altman Z double-prime | 4.72 | [1,5,8,15-18] | 2.18 | 24.6 | 566 | 2025-09-30 | |
| Net debt to EBITDA | (2.10x) | [3-5,19] | 1.11x | 3.4 | 147 | 2025-09-30 | |
| Interest coverage | not computable | 3.77x | |||||
| one or more required annual facts are missing | |||||||
| Current ratio | 1.95x | [15-16] | 2.02x | 51.6 | 666 | 2025-09-30 | |
| Growth and financing, sleeve percentile 57.5 | |||||||
| Revenue growth, three-year compound | 4.3% | [2,20-22] | 6.4% | 55.3 | 538 | 2025-09-30 | |
| Free cash flow growth, three-year compound | (55.1%) | [13,23-29] | 17.2% | 98.9 | 268 | 2025-09-30 | |
| Reinvestment rate | 2,683.4% | [5-7,15-16,19,23,30-31] | 14.3% | 0.0 | 226 | 2025-09-30 | |
| Asset growth, three years | (6.1%) | [1,14,32-33] | 5.0% | 75.8 | 563 | 2025-09-30 | |
| Net share issuance, one year | not computable | 0.5% | |||||
| two annual share counts are required; found 0 | |||||||
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.136; sampling error 2.2 percentile points on 497 peers.
Among 497 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 341 | MKS Inc. (MKSI) MKS Inc. (MKSI) Dfourth fifth; percentile 68.5 Nasdaq · Industrial Instruments For Measurement, Display, and Control market equity $17.6B; last close $260.48 No active warnings; 13 of 14 inputs | 68.5 | D | |
| 342 | Appian Corp. (APPN) Appian Corp. (APPN) Dfourth fifth; percentile 68.8 Nasdaq · Services-Prepackaged Software market equity $2.8B; last close $38.64 No active warnings; 12 of 14 inputs | 68.8 | D | |
| 343 | First Advantage Corp. (FA) First Advantage Corp. (FA) Dfourth fifth; percentile 69.0 Nasdaq · Services-Computer Processing & Data Preparation market equity $3.2B; last close $18.72 No active warnings; 10 of 14 inputs | 69.0 | D | |
| 344 | Science Applications International Corp. (SAIC) Science Applications International Corp. (SAIC) Dfourth fifth; percentile 69.2 Nasdaq · Services-Computer Integrated Systems Design market equity $5.4B; last close $129.68 No active warnings; 11 of 14 inputs | 69.2 | D | |
| 345 | Rekor Systems, Inc. (REKR) Rekor Systems, Inc. (REKR) Dfourth fifth; percentile 69.4 Nasdaq · Communications Equipment, NEC market equity $45.6M; last close $0.33 Warnings: fortress balance sheet; 7 of 14 inputs | 69.4 | D | fortress balance sheet |
| 346 | i3 Verticals, Inc. (IIIV) i3 Verticals, Inc. (IIIV) Dfourth fifth; percentile 69.6 Nasdaq · Services-Prepackaged Software last close $15.50 Warnings: fortress balance sheet; 9 of 14 inputs | 69.6 | D | fortress balance sheet |
| 347 | Magnachip Semiconductor Corp. (MX) Magnachip Semiconductor Corp. (MX) Dfourth fifth; percentile 69.8 NYSE · Semiconductors & Related Devices market equity $115.4M; last close $3.15 Warnings: fortress balance sheet; 8 of 14 inputs | 69.8 | D | fortress balance sheet |
| 348 | Bruker Corp. (BRKR) Bruker Corp. (BRKR) Dfourth fifth; percentile 70.1 Nasdaq · Laboratory Analytical Instruments last close $57.90 No active warnings; 9 of 14 inputs | 70.1 | D | |
| 349 | Bruker Corp. (BRKRP) Bruker Corp. (BRKRP) Dfourth fifth; percentile 70.1 Nasdaq · Laboratory Analytical Instruments last close $473.35 No active warnings; 9 of 14 inputs | 70.1 | D | |
| 350 | Cars.com Inc. (CARS) Cars.com Inc. (CARS) Dfourth fifth; percentile 70.4 NYSE · Services-Computer Processing & Data Preparation market equity $521.4M; last close $9.75 No active warnings; 10 of 14 inputs | 70.4 | D | |
| 351 | Blackbaud Inc. (BLKB) Blackbaud Inc. (BLKB) Dfourth fifth; percentile 70.6 Nasdaq · Services-Prepackaged Software market equity $2.0B; last close $44.86 No active warnings; 13 of 14 inputs | 70.6 | D |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D | 65.5 | 2204 |
| sector peers, equal sleeves (the grade) | D | 69.6 | 497 |
| same exchange, equal sleeves | D | 64.7 | 1219 |
| sector peers, equal inputs | C/D | 62.1 | 497 |
Each letter is one fifth of the 497 graded peers, about 99 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (50.6%) | 2.2% | 11 | hotter than 11 of 100 peers |
| Distance from 52-week high | (53.3%) | (30.0%) | 22 | closer to its high than 22 of 100 peers |
| EBIT to enterprise value | not computable | 1.5% | required accounting or market input is missing | |
| Free cash flow yield | not computable | 2.7% | required accounting or market input is missing | |
| Book value to price | not computable | 0.23 | required accounting or market input is missing | |
| Sales to price | not computable | 0.30 | required accounting or market input is missing | |
| Composite equity issuance, five years | not computable | 3.9% | required accounting or market input is missing | |
| Relative strength against the sector, log excess return | (0.99) | (0.26) | 11 | ahead of 11 of 100 peers |
Inputs: EBIT $3.8M; free cash flow $3.8M; book equity $280.5M; sales $213.2M; debt $0; cash $2.6M.
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-09-30 | ||
|---|---|---|
| Return on assets above zero | 2.4% | ✓ pass[12,14] |
| Operating cash flow above zero | $5.7M | ✓ pass[13] |
| Return on assets improved | (10.4 pts) | ✗ fail[12,14,32,34] |
| Operating cash flow exceeds net income | -$12.2M | ✗ fail[12-13] |
| Long-term leverage fell | 0.0 pts | ✗ fail[1,14,32,35-36] |
| Current ratio improved | 101.6 pts | ✓ pass[15-16,30-31] |
| No new shares issued | n/a | |
| Gross margin improved | n/a | |
| Asset turnover improved | 7.6 pts | ✓ pass[2,14,20,32] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $2.6M[37] |
| Operating cash flow, four quarters | $52.4M[13,37-41] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 63 |
| 10-Q received Aug 7, 2026 | |
| Median daily dollar volume | $6.7M |
| 63 sessions | |
| Days since newest grade input | 322 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $638.4M | 2025-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $213.2M | 2025-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 3 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $66.7M | 2025-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 4 | total debt | us-gaap:LongTermDebt | $0 | 2025-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 5 | operating income | us-gaap:OperatingIncomeLoss | $3.8M | 2025-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 6 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $10.9M | 2025-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 7 | income tax | us-gaap:IncomeTaxExpenseBenefit | $5.3M | 2025-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 8 | book equity | us-gaap:StockholdersEquity | $389.6M | 2025-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 9 | total debt | us-gaap:LongTermDebt | $26.2M | 2024-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 10 | book equity | us-gaap:StockholdersEquity | $379.7M | 2024-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 11 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $86.5M | 2024-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 12 | net income | us-gaap:NetIncomeLoss | $17.9M | 2025-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 13 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $5.7M | 2025-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 14 | assets | us-gaap:Assets | $730.7M | 2024-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $137.6M | 2025-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $70.7M | 2025-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $118.3M | 2025-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 18 | liabilities | us-gaap:Liabilities | $120.7M | 2025-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 19 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $27.9M | 2025-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 20 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $191.2M | 2024-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 21 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $189.7M | 2023-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 22 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $187.8M | 2022-09-30 | 2024-11-25 | 10-K | filing · viewer · series |
| 23 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $1.9M | 2025-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 24 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $48.4M | 2024-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 25 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $3.0M | 2024-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 26 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $37.2M | 2023-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 27 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $4.2M | 2023-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 28 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $43.8M | 2022-09-30 | 2024-11-25 | 10-K | filing · viewer · series |
| 29 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $2.3M | 2022-09-30 | 2024-11-25 | 10-K | filing · viewer · series |
| 30 | current assets | us-gaap:AssetsCurrent | $153.4M | 2024-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 31 | current liabilities | us-gaap:LiabilitiesCurrent | $164.7M | 2024-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 32 | assets | us-gaap:Assets | $884.4M | 2023-09-30 | 2024-11-25 | 10-K | filing · viewer · series |
| 33 | assets | us-gaap:Assets | $770.3M | 2022-09-30 | 2023-11-22 | 10-K | filing · viewer · series |
| 34 | net income | us-gaap:NetIncomeLoss | $113.3M | 2024-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 35 | long term debt | us-gaap:LongTermDebtNoncurrent | $0 | 2025-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 36 | long term debt | us-gaap:LongTermDebtNoncurrent | $0 | 2024-09-30 | 2025-11-21 | 10-K | filing · viewer · series |
| 37 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $2.6M | 2026-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
| 38 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $38.4M | 2026-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
| 39 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $24.1M | 2026-03-31 | 2026-05-08 | 10-Q | filing · viewer · series |
| 40 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $14.1M | 2025-12-31 | 2026-02-06 | 10-Q | filing · viewer · series |
| 41 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$8.3M | 2025-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 69.6 is 9.6 points from the nearest band edge; sampling error is 2.2 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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