i3 Verticals
Runs government workflow software with payments attached to public-sector transactions.
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Profile
Provides mission-critical software and related services for courts, public safety, public administration, transportation, utilities, and schools. Revenue is software-led, with proprietary payments attached to many government workflows and a business model shaped by public-sector procurement and acquisition integration.
Provides enterprise software and services for public-sector customers, centered on JusticeTech and Public Safety, Public Administration and ERP, Transportation, Utilities, Education, and embedded payments. The portfolio covers courts, public safety, land records, fund accounting, tax and revenue collection, motor-vehicle workflows, utility billing, school meal programs, ticketing, and related payments.
The business is concentrated in public-sector agencies at state, county, and local levels, mainly in the United States, with transportation products also serving Canada. Revenue is software-led and recurring-oriented, while proprietary payments remain attached to many workflows after the merchant-services divestiture.
Growth is tied to buying and integrating founder-led software businesses, cross-selling payment facilitation, and keeping mission-critical systems reliable for government customers. The operating model depends on public-sector procurement cycles, acquisition execution, and payment-processing rules.
Company facts
Categories
Key statistics
Year to date −35.5% · Average volume (30d) 451.4K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | DA Davidson | Reiterate | Buy | $30 | $28 | |
| Aug 10, 2026 | Keybanc | Reiterate | Overweight | $30 | $20 | |
| Aug 10, 2026 | Benchmark | Downgrade | Buy | Hold | ||
| May 14, 2026 | Coker Palmer | Target | $39 | $30 | ||
| May 13, 2026 | DA Davidson | Reiterate | Buy | $35 | $30 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q3 FY26 | $0.25 | $0.25 | −1.0% | $55.0M | $53.1M | −3.4% | −20.45% |
| May 7, 2026Q2 FY26 | $0.30 | $0.32 | +6.7% | $57.5M | $57.5M | 0.0% | −7.73% |
| Feb 5, 2026Q1 FY26 | $0.23 | $0.26 | +13.0% | $52.2M | $52.7M | +1.0% | +5.27% |
| Nov 17, 2025Q4 FY25 | $0.26 | $0.27 | +3.8% | $53.7M | $54.9M | +2.3% | −10.54% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $63.1M | $51.9M | $54.9M | $52.7M | $57.5M | $53.1M | |
| Gross profit | $40.9M | $35.2M | $30.2M | $28.2M | $32.7M | $53.1M | |
| Operating income | $4.0M | −$4.8M | $1.3M | $1.3M | $3.7M | −$892.0K | |
| Net income | −$154.0K | $12.9M | $3.1M | $484.0K | $1.5M | $5.7M | |
| Diluted EPS | −$0.01 | $0.50 | $0.09 | $0.02 | $0.05 | $0.19 | |
| Gross margin | 64.8% | 67.8% | 54.9% | 53.6% | 56.8% | 100.0% | |
| Operating margin | 6.3% | -9.3% | 2.3% | 2.4% | 6.5% | -1.7% |
Fiscal years (4-quarter sums)FY21 $227.9M · FY22 $317.9M · FY23 $333.6M · FY24 $229.9M · FY25 $231.6M
Revenue by product · Q3 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $2.6M · Total debt $118.9M · Total assets $627.0M · Shareholders' equity $280.5M
Dividends
No dividends on record.
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 23.90M · Float 18.48M · 77.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Gregory S. Daily · director, 10 percent owner, officer: Chief Executive Officer | 4.64M | 19.44% | Form 4 | May 14, 2026 |
| BlackRock, Inc. | 1.80M | 7.54% | 13F | Aug 7, 2026 |
| Geneva Capital Management LLC | 1.19M | 4.98% | 13F | Aug 6, 2026 |
| William Blair Investment Management, LLC | 1.18M | 5.30% | 13G | May 7, 2026 |
| Altravue Capital, LLC | 1.12M | 4.69% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 14, 2026 | Gregory S. Daily | director, 10 percent owner, officer: Chief Executive Officer | +50,000 | $19.23 |
| Mar 6, 2026 | Paul Christians | officer: Chief Revenue Officer | −6,122 | $23.23 |
| Dec 10, 2025 | David M. Wilds | director | −7,550 | |
| Dec 10, 2025 | David M. Wilds | director | +7,550 | |
| Dec 3, 2025 | Paul Christians | officer: Chief Revenue Officer | −9,000 | $23.27 |
Peers
- Tyler Technologies
Broadest overlap in public-sector ERP, courts, safety, utilities, and payments
- CGI
State and local government ERP, budgeting, procurement, and collections overlap
- Motorola Solutions
Public-safety workflow overlap in CAD, records, evidence, and dispatch
- Axon Enterprise
Public-safety records and digital evidence overlap with cloud RMS
- Paymentus
Government and utility bill-payment overlap across citizen payment channels
- Verra Mobility
Transportation-government overlap in tolling, violations, and registration
- ACI Worldwide
Biller payment overlap in government, utilities, and higher education
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| i3 Verticals | $16.28 | −0.06% | $389.0M | 46.7 | 13.4 | 1.8 | +2.3% |
| Tyler Technologies | $379.74 | +0.48% | $15.48B | 50.1 | 26.4 | 6.4 | −6.1% |
| CGI | $74.77 | +0.03% | $15.98B | 12.9 | 11.3 | 1.4 | −1.7% |
| Motorola Solutions | $461.92 | −4.94% | $80.67B | 38.3 | 26.8 | 6.6 | +13.3% |
| Axon Enterprise | $601.00 | −0.05% | $48.42B | 249.0 | 67.0 | 15.0 | +35.3% |
| Paymentus | $36.10 | +0.38% | $4.52B | 54.5 | 36.8 | 3.3 | +28.8% |
| Verra Mobility | $4.40 | +0.23% | $666.9M | 16.9 | 4.8 | 0.7 | +11.7% |
| ACI Worldwide | $53.67 | −0.33% | $5.47B | 24.7 | 20.6 | 3.0 | +7.3% |
| Median | 38.3 | 26.4 | 3.3 | +11.7% |