i3 Verticals, Inc. (IIIV)
Vertical SaaSSaaS Metrics & Investor Data — Q1 2026
analyticsEditorial Financial Analysis
Financial Performance & Trajectory
i3 Verticals (IIIV) is demonstrating a strong growth inflection, with trailing revenue reaching $0.23B as of Q1 2026. The most recent quarter shows a material acceleration in YoY growth to 17.7%, up from 11.5% in Q3 2025 and 19.9% in Q4 2025. This trend suggests the company is successfully scaling its vertical SaaS offerings. However, the gross margin figures (149.7% in Q1 2026) are anomalous and likely reflect accounting treatment of pass-through costs or a one-time item, requiring adjustment for normalized analysis. The most critical positive signal is the dramatic improvement in free cash flow (FCF) margin, which surged to 24.6% in Q1 2026 from just 1.6% in the prior quarter. This indicates a significant step-change in cash generation efficiency and business model quality.
Operational & Go-to-Market (GTM) Efficiency
The Rule of 40 score has vaulted to 42.3 in Q1 2026, a stark improvement from 13.2 in Q3 2025. This leap is driven by the combination of accelerating growth and the aforementioned FCF margin expansion, placing IIIV firmly in the high-performing zone for a SaaS company. While specific NRR and CAC payback data are unavailable, the rapid improvement in cash flow suggests that previous R&D and GTM investments are now yielding strong incremental returns. The low single-digit FCF margins in the prior two quarters masked the underlying cash generation potential that has now materialized. This efficiency turnaround is a hallmark of a maturing vertical SaaS platform reaching operating leverage.
Market Valuation & Sentiment
Despite the operational acceleration, IIIV trades at a modest EV/Revenue multiple of just 1.8x (Q1 2026), down slightly from 1.7x in Q4 2025. This valuation appears deeply discounted relative to the company's new Rule of 40 profile, suggesting the market has not fully repriced the stock for the recent cash flow improvements. Insider activity shows net selling of -$1,468K, which warrants monitoring but is not a strong bearish signal given the scale. Wall Street sentiment is bullish, with a consensus Buy rating (12 Buys, 2 Holds, 1 Sell) and an average price target of $28.00. This target implies significant upside from current levels, indicating analysts believe the recent operational momentum is sustainable and that the market is undervaluing IIIV's cash generation potential relative to its growth.
Disclaimer: The editorial financial analysis above is generated using data sourced from SEC EDGAR filings and Wall Street consensus ratings. This analysis is provided for informational and educational purposes only and does not constitute financial, investment, or professional advice. Readers should conduct their own research or consult with a registered financial advisor before making any investment decisions.
i3 Verticals, Inc. (IIIV) is a Vertical SaaS SaaS company with a market cap of N/A as of Q1 2026. The company trades at N/A EV/Revenue and has delivered +17.7% revenue growth year-over-year. With a gross margin of 150% and FCF margin of 24.6%, i3 Verticals, Inc. scores 42 on the Rule of 40 — placing it in the upper half of public SaaS companies tracked by SaaSDB.
compare_arrowsSector Benchmarking
Latest company metrics compared to the Vertical SaaS sector medians
Rule of 40 is 42.3% (sector median: 30.2%) — outperforming peers by 12.0%.
Revenue Growth is 17.7% (sector median: 15.5%) — outperforming peers by 2.2%.
Gross Margin is 149.7% (sector median: 74.1%) — outperforming peers by 75.6%.
FCF Margin is 24.6% (sector median: 11.9%) — outperforming peers by 12.7%.
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rocket_launchFounder & Operator Metrics
Not publicly disclosed by this company: Net Revenue Retention·Gross Retention·ARR·ARR Growth·CAC Payback
trending_upEfficiency & Investment Trends
Insider Trading Activity
90-Day Insider Sentiment: Bullish / Net Buying. Insiders executed 1 buy transactions (totaling $962K) with zero sells. Last activity on May 14, 2026.
Analyst Ratings
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