i3 Verticals, Inc. (IIIV) Balance Sheet
IIIV balance sheet, FY2025
September 30, 2025 · U.S. dollars$638.4M assets = $120.7M liabilities + $517.7M equity
Both columns are drawn to the same scale: what IIIV owns equals what it owes plus shareholders’ equity. Hover a block for its value.
IIIV financial health
Descriptive bands, not a rating. Fiscal FY2025.
IIIV balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $100.3MFY2016 | $638.4MFY2025 | +22.8%/yr | |
| Total liabilities | $109.8MFY2016 | $120.7MFY2025 | +1.1%/yr | |
| Shareholders’ equity | −$9.5MFY2016 | $389.6MFY2025 | — | |
| Cash & short-term investments | $3.8MFY2016 | $66.7MFY2025 | +37.6%/yr | |
| Total debt | $83.5MFY2016 | $7.8MFY2025 | −23.2%/yr | |
| Net cash (debt) | −$79.8MFY2016 | $58.9MFY2025 | +$138.7M | |
| Working capital | −$4.7MFY2016 | $66.9MFY2025 | +$71.6M | |
| Book value per share | −$1.22FY2016 | $11.40FY2025 | — | |
| Current ratio | 0.77FY2016 | 1.95FY2025 | +1.18 | |
| Debt / equity | 35.23FY2017 | 0.02FY2025 | −35.21 | |
| Shares outstanding | 7.8MFY2016 | 34.2MFY2025 | +17.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IIIV assets
IIIV liabilities and equity
IIIV debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
IIIV balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $66.7M | $86.5M | $3.1M | $3.5M | $3.6M | $15.6M | $1.1M | $572,000 | $955,000 | $3.8M |
| Cash & equivalents | $66.7M | $86.5M | $3.1M | $3.5M | $3.6M | $15.6M | $1.1M | $572,000 | $955,000 | $3.8M |
| Receivables | $58.5M | $56.2M | $50.8M | $58.3M | $38.5M | $17.5M | $15.3M | $12.5M | $8.4M | $6.2M |
| Inventory | $2.5M | $2.4M | $2.0M | $4.1M | $2.2M | $1.3M | $1.3M | $930,000 | $1.1M | $1.2M |
| Other current assets | $10.0M | $8.2M | $29.6M | $17.9M | $13.8M | $3.6M | $2.8M | $2.6M | $5.2M | $4.4M |
| Total current assets | $137.6M | $153.4M | $85.5M | $83.8M | $58.1M | $38.0M | $20.6M | $16.6M | $15.7M | $15.6M |
| Property, plant & equipment (net) | $11.8M | $17.6M | $21.9M | $23.3M | $20.4M | $5.3M | $5.0M | $3.0M | $1.4M | $1.6M |
| Goodwill & intangible assets | $432.6M | $502.1M | $489.2M | $601.9M | $505.3M | $313.2M | $291.2M | $153.3M | $121.6M | $82.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $56.4M | $57.6M | $287.8M | $61.3M | $68.0M | $47.0M | $32.5M | $2.3M | $1.3M | $778,000 |
| Total assets | $638.4M | $730.7M | $884.4M | $770.3M | $651.8M | $403.5M | $349.3M | $175.1M | $140.0M | $100.3M |
| Liabilities | ||||||||||
| Accounts payable | $6.2M | $4.9M | $6.4M | $9.3M | $7.9M | $3.8M | $3.4M | $4.1M | $1.6M | $2.0M |
| Short-term debt | $1.8M | $28.5M | $3.7M | $4.6M | $3.2M | $15.9M | $16.8M | $5.0M | $4.0M | $5.0M |
| Deferred revenue | $37.7M | $38.4M | $32.8M | $32.0M | $29.9M | $11.0M | $10.2M | $4.9M | $2.7M | $2.3M |
| Total current liabilities | $70.7M | $164.7M | $93.5M | $111.3M | $96.5M | $38.9M | $35.2M | $26.4M | $20.2M | $20.3M |
| Long-term debt | $0 | $0 | $385.1M | $287.0M | $200.6M | $90.8M | $139.3M | $31.8M | $106.8M | $78.5M |
| Lease obligations | $4.8M | $9.8M | $14.9M | $18.6M | $15.2M | $0 | — | — | — | — |
| Other long-term liabilities | $50.0M | $50.6M | $77.6M | $64.3M | $65.1M | $33.7M | $32.3M | $4.7M | $9.8M | $10.9M |
| Total liabilities | $120.7M | $215.3M | $556.1M | $462.6M | $362.2M | $163.4M | $206.9M | $62.9M | $136.8M | $109.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $2,000 | $3,000 | $36.2M | $20.7M |
| Retained earnings (deficit) | $118.3M | $100.4M | −$12.9M | −$23.6M | −$6.5M | −$2.0M | −$2.3M | $736,000 | −$33.0M | −$30.2M |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | $0 | −$1.3M | −$1.3M | −$891,000 |
| Minority interest | $128.1M | $135.6M | $91.5M | $89.3M | $84.8M | $84.6M | — | $72.9M | — | — |
| Total shareholders' equity | $389.6M | $379.7M | $236.7M | $218.4M | $204.8M | $240.2M | $142.4M | $39.3M | $3.1M | −$9.5M |
| Key figures | ||||||||||
| Total debt | $7.8M | $38.3M | $400.6M | $305.6M | $215.8M | $106.7M | $156.0M | $36.8M | $110.8M | $83.5M |
| Net cash (debt) | $58.9M | $48.2M | −$397.5M | −$302.1M | −$212.1M | −$91.1M | −$154.9M | −$36.2M | −$109.9M | −$79.8M |
| Working capital | $66.9M | −$11.3M | −$7.9M | −$27.4M | −$38.4M | −$920,000 | −$14.7M | −$9.9M | −$4.5M | −$4.7M |
| Tangible book value | −$43.0M | −$122.4M | −$252.4M | −$383.5M | −$300.6M | −$73.1M | −$148.7M | −$114.0M | −$118.4M | −$91.8M |
| Book value per share | $11.40 | $15.55 | $7.12 | $9.81 | $6.46 | $16.19 | $13.58 | $4.20 | $0.40 | −$1.22 |
| Shares outstanding | 34.2M | 24.4M | 33.2M | 22.2M | 31.7M | 14.8M | 10.5M | 9.4M | 7.8M | 7.8M |
| Current ratio | 1.95 | 0.93 | 0.92 | 0.75 | 0.60 | 0.98 | 0.58 | 0.63 | 0.78 | 0.77 |
| Quick ratio | 1.77 | 0.87 | 0.58 | 0.56 | 0.44 | 0.85 | 0.47 | 0.49 | 0.46 | 0.49 |
| Debt / equity | 0.02 | 0.10 | 1.69 | 1.40 | 1.05 | 0.44 | 1.10 | 0.94 | 35.23 | — |
| Equity / assets | 61.0% | 52.0% | 26.8% | 28.3% | 31.4% | 59.5% | 40.8% | 22.4% | 2.2% | −9.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.6M | $7.1M | $37.5M | $66.7M | $55.5M | $7.7M | $85.6M | $86.5M | $9.7M | $3.1M | $4.2M | $3.1M |
| Cash & equivalents | $2.6M | $7.1M | $37.5M | $66.7M | $55.5M | $7.7M | $85.6M | $86.5M | $9.7M | $3.1M | $4.2M | $3.1M |
| Short-term investments | — | — | — | — | — | — | $54.8M | — | — | — | — | — |
| Receivables | $48.5M | $55.5M | $47.8M | $58.5M | $49.6M | $56.9M | $51.5M | $56.2M | $48.9M | $66.5M | $68.2M | $50.8M |
| Inventory | $0 | $2.6M | $3.0M | $2.5M | $2.4M | $2.2M | $2.5M | $2.4M | $2.3M | $4.0M | $4.3M | $2.0M |
| Other current assets | $12.3M | $13.0M | $12.0M | $10.0M | $10.2M | $13.1M | $13.6M | $8.2M | $247.2M | $13.4M | $13.5M | $29.6M |
| Total current assets | $63.5M | $78.2M | $100.4M | $137.6M | $117.8M | $80.0M | $153.1M | $153.4M | $308.0M | $87.1M | $90.1M | $85.5M |
| Property, plant & equipment (net) | $11.1M | $10.5M | $10.8M | $11.8M | $12.5M | $15.4M | $15.5M | $17.6M | $18.5M | $23.8M | $23.9M | $21.9M |
| Goodwill & intangible assets | $435.9M | $491.4M | $381.4M | $432.6M | $436.8M | $492.2M | $497.5M | $502.1M | $479.9M | $693.3M | $698.2M | $489.2M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $116.5M | $56.3M | $103.3M | $56.4M | $56.2M | $58.8M | $60.1M | $57.6M | $55.3M | $61.4M | $64.7M | $287.8M |
| Total assets | $627.0M | $636.4M | $595.9M | $638.4M | $623.3M | $646.4M | $726.2M | $730.7M | $861.7M | $865.5M | $876.9M | $884.4M |
| Liabilities | ||||||||||||
| Accounts payable | $4.4M | $3.6M | $4.1M | $6.2M | $4.5M | $4.3M | $7.4M | $4.9M | $6.0M | $12.0M | $9.7M | $6.4M |
| Short-term debt | $1.9M | $1.8M | $1.8M | $1.8M | $2.0M | $3.3M | $29.6M | $28.5M | $29.7M | $30.6M | $95.1M | $3.7M |
| Deferred revenue | $25.3M | $32.9M | $34.2M | $37.7M | $29.8M | $37.2M | $42.3M | $38.4M | $29.5M | $36.9M | $39.2M | $32.8M |
| Total current liabilities | $52.6M | $58.6M | $62.3M | $70.7M | $58.2M | $67.7M | $163.4M | $164.7M | $103.3M | $108.0M | $180.5M | $93.5M |
| Long-term debt | $114.3M | $81.0M | $0 | $0 | $0 | $12.0M | $0 | $0 | $347.9M | $343.4M | $287.8M | $385.1M |
| Lease obligations | $4.6M | $4.6M | $4.6M | $4.8M | $5.4M | $8.1M | $8.8M | $9.8M | $10.4M | $13.8M | $13.7M | $14.9M |
| Other long-term liabilities | $59.7M | $58.6M | $50.3M | $50.0M | $53.9M | $53.0M | $51.7M | $50.6M | $64.6M | $68.0M | $71.5M | $77.6M |
| Total liabilities | $226.7M | $198.2M | $112.6M | $120.7M | $112.2M | $132.7M | $215.1M | $215.3M | $515.8M | $519.4M | $539.8M | $556.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 |
| Retained earnings (deficit) | $123.7M | $120.2M | $118.8M | $118.3M | $115.2M | $102.3M | $102.5M | $100.4M | −$17.5M | −$10.0M | −$11.8M | −$12.9M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | $0 | $0 | $0 |
| Minority interest | $119.8M | $120.9M | $124.8M | $128.1M | $127.8M | — | — | — | — | — | — | — |
| Total shareholders' equity | $280.5M | $317.4M | $358.5M | $389.6M | $383.3M | $385.2M | $375.0M | $379.7M | $249.7M | $249.3M | $242.7M | $236.7M |
| Key figures | ||||||||||||
| Total debt | $118.9M | $85.6M | $7.4M | $7.8M | $8.8M | $20.1M | $40.4M | $38.3M | $384.5M | $383.4M | $392.2M | $400.6M |
| Net cash (debt) | −$116.2M | −$78.5M | $30.1M | $58.9M | $46.8M | −$12.3M | $45.1M | $48.2M | −$374.8M | −$380.3M | −$388.1M | −$397.5M |
| Working capital | $10.8M | $19.6M | $38.1M | $66.9M | $59.6M | $12.3M | −$10.3M | −$11.3M | $204.7M | −$20.9M | −$90.4M | −$7.9M |
| Tangible book value | −$155.3M | −$174.0M | −$22.9M | −$43.0M | −$53.5M | −$107.0M | −$122.5M | −$122.4M | −$230.2M | −$444.0M | −$455.5M | −$252.4M |
| Book value per share | $14.35 | $10.38 | $14.29 | $11.39 | $14.88 | $15.96 | $15.44 | $14.98 | $10.66 | $10.51 | $10.43 | $6.96 |
| Shares outstanding | 19.5M | 30.6M | 25.1M | 34.2M | 25.8M | 24.1M | 24.3M | 25.4M | 23.4M | 23.7M | 23.3M | 34.0M |
| Current ratio | 1.21 | 1.34 | 1.61 | 1.95 | 2.02 | 1.18 | 0.94 | 0.93 | 2.98 | 0.81 | 0.50 | 0.92 |
| Quick ratio | 0.97 | 1.07 | 1.37 | 1.77 | 1.81 | 0.96 | 0.84 | 0.87 | 0.57 | 0.65 | 0.40 | 0.58 |
| Debt / equity | 0.42 | 0.27 | 0.02 | 0.02 | 0.02 | 0.05 | 0.11 | 0.10 | 1.54 | 1.54 | 1.62 | 1.69 |
| Equity / assets | 44.7% | 49.9% | 60.2% | 61.0% | 61.5% | 59.6% | 51.6% | 52.0% | 29.0% | 28.8% | 27.7% | 26.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed November 21, 2025); data from EODHD.
IIIV financial position
At the end of fiscal 2025 (September 30, 2025), i3 Verticals had total assets of $638.4 million (down 12.6% from a year earlier), total liabilities of $120.7 million and shareholders' equity of $389.6 million. It held $66.7 million in cash and short-term investments against $7.8 million of debt, a net cash position of $58.9 million. Its current ratio was 1.95. In the latest quarter (ended June 30, 2026) total assets were $627.0 million and equity $280.5 million.
Related: IIIV income statement, IIIV cash flow statement, IIIV key metrics. See the IIIV stock overview for the latest quote and news.
IIIV balance sheet FAQ
What are i3 Verticals's total assets?
i3 Verticals reported total assets of $638.4 million at the end of fiscal 2025 (September 30, 2025), compared with $730.7 million a year earlier.
How much debt does i3 Verticals have?
i3 Verticals had $7.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.02.
How much cash does i3 Verticals have?
i3 Verticals held $66.7 million in cash and short-term investments at the end of fiscal 2025; with $7.8 million of debt that is net cash of $58.9 million.
What is i3 Verticals's book value?
i3 Verticals's shareholders' equity (book value) was $389.6 million at the end of fiscal 2025, or $11.40 per share.
What is i3 Verticals's current ratio?
i3 Verticals had current assets of $137.6 million and current liabilities of $70.7 million, a current ratio of 1.95 (it can cover its short-term obligations).
How much goodwill does i3 Verticals have?
i3 Verticals carried $432.6 million of goodwill and intangible assets, 67.8% of total assets, at the end of fiscal 2025.