i3 Verticals (IIIV)
Market Price (5/25/2026): $20.0 | Market Cap: $436.0 MilSector: Consumer Staples | Industry: Tobacco
i3 Verticals (IIIV)
Market Price (5/25/2026): $20.0Market Cap: $436.0 MilSector: Consumer StaplesIndustry: Tobacco
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28% Attractive yieldFCF Yield is 8.1% Low stock price volatilityVol 12M is 40% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Cloud Computing. Themes include Digital Payments, and Software as a Service (SaaS). | Weak multi-year price returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -94% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 45x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.6% Key risksIIIV key risks include [1] significant near-term volatility and transitional pain from its strategic pivot to a pure-play public sector SaaS provider, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28% |
| Attractive yieldFCF Yield is 8.1% |
| Low stock price volatilityVol 12M is 40% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Cloud Computing. Themes include Digital Payments, and Software as a Service (SaaS). |
| Weak multi-year price returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -94% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 45x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.6% |
| Key risksIIIV key risks include [1] significant near-term volatility and transitional pain from its strategic pivot to a pure-play public sector SaaS provider, Show more. |
Qualitative Assessment
AI Analysis | Feedback
i3 Verticals (IIIV) stock has lost about 10% since 1/31/2026 because of the following key factors:
1. i3 Verticals experienced a reduction in its fiscal year 2026 guidance.
Following its second quarter fiscal year 2026 earnings report, i3 Verticals lowered its full fiscal year 2026 revenue guidance and the high end of its adjusted EBITDA guidance. This revision was primarily driven by continued weakness within its professional services segment.
2. Investor concerns emerged over declining adjusted EBITDA margins and organic growth.
Despite beating analyst estimates for both EPS and revenue in Q1 and Q2 fiscal year 2026, the stock faced pressure due to investor concerns regarding its adjusted EBITDA margins and organic growth. In Q1 FY2026, the adjusted EBITDA margin decreased to 25.8% from 27.9% year-over-year, largely due to higher hosting costs. For Q2 FY2026, the adjusted EBITDA margin was 28.8%, slightly down from 29.3% in the prior year's second quarter, and organic growth was reported as flat despite overall revenue increasing 6.2% year-over-year.
Show more
1. i3 Verticals experienced a reduction in its fiscal year 2026 guidance.
Following its second quarter fiscal year 2026 earnings report, i3 Verticals lowered its full fiscal year 2026 revenue guidance and the high end of its adjusted EBITDA guidance. This revision was primarily driven by continued weakness within its professional services segment.
2. Investor concerns emerged over declining adjusted EBITDA margins and organic growth.
Despite beating analyst estimates for both EPS and revenue in Q1 and Q2 fiscal year 2026, the stock faced pressure due to investor concerns regarding its adjusted EBITDA margins and organic growth. In Q1 FY2026, the adjusted EBITDA margin decreased to 25.8% from 27.9% year-over-year, largely due to higher hosting costs. For Q2 FY2026, the adjusted EBITDA margin was 28.8%, slightly down from 29.3% in the prior year's second quarter, and organic growth was reported as flat despite overall revenue increasing 6.2% year-over-year.
Show more
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The -9.9% change in IIIV stock from 1/31/2026 to 5/24/2026 was primarily driven by a -18.1% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5242026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.21 | 20.02 | -9.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 213 | 217 | 1.8% |
| Net Income Margin (%) | 8.4% | 8.3% | -1.5% |
| P/E Multiple | 29.7 | 24.4 | -18.1% |
| Shares Outstanding (Mil) | 24 | 22 | 9.7% |
| Cumulative Contribution | -9.9% |
Market Drivers
1/31/2026 to 5/24/2026| Return | Correlation | |
|---|---|---|
| IIIV | -9.9% | |
| Market (SPY) | 8.1% | 12.3% |
| Sector (XLP) | 2.1% | -14.3% |
Fundamental Drivers
The -34.9% change in IIIV stock from 10/31/2025 to 5/24/2026 was primarily driven by a -87.0% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 5242026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.75 | 20.02 | -34.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 210 | 217 | 3.5% |
| Net Income Margin (%) | 63.3% | 8.3% | -87.0% |
| P/E Multiple | 5.6 | 24.4 | 331.7% |
| Shares Outstanding (Mil) | 24 | 22 | 11.7% |
| Cumulative Contribution | -34.9% |
Market Drivers
10/31/2025 to 5/24/2026| Return | Correlation | |
|---|---|---|
| IIIV | -34.9% | |
| Market (SPY) | 9.9% | 17.3% |
| Sector (XLP) | 12.7% | -7.1% |
Fundamental Drivers
The -20.3% change in IIIV stock from 4/30/2025 to 5/24/2026 was primarily driven by a -85.0% change in the company's Net Income Margin (%).| (LTM values as of) | 4302025 | 5242026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.12 | 20.02 | -20.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 208 | 217 | 4.5% |
| Net Income Margin (%) | 55.0% | 8.3% | -85.0% |
| P/E Multiple | 5.2 | 24.4 | 370.5% |
| Shares Outstanding (Mil) | 24 | 22 | 8.0% |
| Cumulative Contribution | -20.3% |
Market Drivers
4/30/2025 to 5/24/2026| Return | Correlation | |
|---|---|---|
| IIIV | -20.3% | |
| Market (SPY) | 36.0% | 24.8% |
| Sector (XLP) | 6.5% | 2.4% |
Fundamental Drivers
The -13.9% change in IIIV stock from 4/30/2023 to 5/24/2026 was primarily driven by a -24.8% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5242026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.25 | 20.02 | -13.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 200 | 217 | 8.6% |
| P/S Multiple | 2.7 | 2.0 | -24.8% |
| Shares Outstanding (Mil) | 23 | 22 | 5.5% |
| Cumulative Contribution | -13.9% |
Market Drivers
4/30/2023 to 5/24/2026| Return | Correlation | |
|---|---|---|
| IIIV | -13.9% | |
| Market (SPY) | 86.3% | 33.7% |
| Sector (XLP) | 18.8% | 10.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IIIV Return | -31% | 7% | -13% | 9% | 9% | -22% | -41% |
| Peers Return | 6% | -27% | 41% | 17% | -16% | -29% | -23% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| IIIV Win Rate | 33% | 58% | 42% | 50% | 67% | 40% | |
| Peers Win Rate | 45% | 35% | 67% | 63% | 37% | 24% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| IIIV Max Drawdown | -50% | -37% | -39% | -20% | -31% | -32% | |
| Peers Max Drawdown | -27% | -40% | -20% | -21% | -32% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TYL, VRRM, BLKB, ACIW, GPN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/22/2026 (YTD)
How Low Can It Go
| Event | IIIV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.6% | -18.8% |
| % Gain to Breakeven | 26.0% | 23.1% |
| Time to Breakeven | 90 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.0% | -9.5% |
| % Gain to Breakeven | 38.8% | 10.5% |
| Time to Breakeven | 374 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.5% | -6.7% |
| % Gain to Breakeven | 25.8% | 7.1% |
| Time to Breakeven | 638 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -18.1% | -24.5% |
| % Gain to Breakeven | 22.1% | 32.4% |
| Time to Breakeven | 51 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.2% | -33.7% |
| % Gain to Breakeven | 133.7% | 50.9% |
| Time to Breakeven | 273 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.7% | -19.2% |
| % Gain to Breakeven | 32.8% | 23.8% |
| Time to Breakeven | 34 days | 105 days |
In The Past
i3 Verticals's stock fell -20.6% during the 2025 US Tariff Shock. Such a loss loss requires a 26.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | IIIV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.6% | -18.8% |
| % Gain to Breakeven | 26.0% | 23.1% |
| Time to Breakeven | 90 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.0% | -9.5% |
| % Gain to Breakeven | 38.8% | 10.5% |
| Time to Breakeven | 374 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.5% | -6.7% |
| % Gain to Breakeven | 25.8% | 7.1% |
| Time to Breakeven | 638 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.2% | -33.7% |
| % Gain to Breakeven | 133.7% | 50.9% |
| Time to Breakeven | 273 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.7% | -19.2% |
| % Gain to Breakeven | 32.8% | 23.8% |
| Time to Breakeven | 34 days | 105 days |
In The Past
i3 Verticals's stock fell -20.6% during the 2025 US Tariff Shock. Such a loss loss requires a 26.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About i3 Verticals (IIIV)
i3 Verticals, Inc. provides integrated payment and software solutions to small- and medium-sized businesses and organizations in education, non-profit, public sector, and healthcare markets in the United States. It operates in two segments, Merchant Services, and Proprietary Software and Payments. The company offers payment processing services that enables clients to accept electronic payments, facilitating the exchange of funds and transaction data between clients, financial institutions, and payment networks. The company also licenses software; and provides ongoing support, and other point of sale-related solutions. It offers its solutions to clients through direct sales force; distribution partners, including independent software vendors, value-added resellers, and independent sales organizations; and referral partners, such as financial institutions, trade associations, chambers of commerce, and card issuers. The company was founded in 2012 and is headquartered in Nashville, Tennessee.
AI Analysis | Feedback
Here are a few analogies to describe i3 Verticals (IIIV):
- A Block (Square) that specializes in payments and software for schools, healthcare, and government organizations.
- A Toast, but for schools, non-profits, and healthcare organizations.
AI Analysis | Feedback
- Payment Processing Services: Enables clients to accept various electronic payments and manages the exchange of funds and transaction data.
- Proprietary Software Solutions: Licenses specialized software applications and provides ongoing support, including point-of-sale related functionalities.
AI Analysis | Feedback
i3 Verticals (IIIV) primarily sells its integrated payment and software solutions to other companies and organizations, rather than individuals. The company does not list specific major customer companies by name, but rather serves a broad range of clients within the following sectors:
- Small- and medium-sized businesses
- Organizations in the education market
- Organizations in the non-profit market
- Organizations in the public sector market
- Organizations in the healthcare market
AI Analysis | Feedback
- Visa Inc. (V)
- Mastercard Incorporated (MA)
- American Express Company (AXP)
- Discover Financial Services (DFS)
AI Analysis | Feedback
Gregory S. Daily, Chairman and Chief Executive Officer
Mr. Daily founded i3 Verticals in 2012 and has served as Chairman and CEO since the company's inception. He is also the largest individual shareholder, holding a significant stake in the company. With over two decades of experience in the payments industry, Mr. Daily previously founded iPayment, Inc. and co-founded PMT Services, Inc. i3 Verticals was initially funded with private capital and pursued an acquisition-led growth strategy.
Geoff Smith, Chief Financial Officer
Mr. Smith was appointed Chief Financial Officer in September 2024. He is responsible for the company's financial strategy and reporting.
Rick Stanford, President
Mr. Stanford co-founded i3 Verticals alongside Gregory Daily. He is responsible for overseeing the operational execution of the company.
Clay Whitson, Chief Strategy Officer & Director
Mr. Whitson transitioned to Chief Strategy Officer in September 2024, having previously served as the Chief Financial Officer from January 2018 to September 2024. He has been a director on i3 Verticals' board since January 2018 and on i3 Verticals, LLC's board since May 2014. Prior to his time at i3 Verticals, Mr. Whitson held the CFO position at Edo Interactive and also served as CFO & Treasurer and Director at iPayment, Inc. from 2002 to 2010. He holds a BA from Southern Methodist University and an MBA from the University of Virginia Darden School of Business.
Paul Christians, Chief Revenue Officer
Mr. Christians leads the company's sales and revenue generation efforts.
AI Analysis | Feedback
The key risks for i3 Verticals (IIIV) are:
- Regulatory Compliance and Data Security Risks: i3 Verticals operates within a highly complex and evolving legal and regulatory landscape, particularly concerning electronic payments, consumer protection, and data privacy. The company faces significant scrutiny on data handling, especially in government contracts, and must contend with a patchwork of state-level data privacy regulations like the California Consumer Privacy Act (CCPA). Non-compliance with these extensive regulations is costly and complex, potentially leading to substantial penalties, litigation, and severe reputational damage. Furthermore, unauthorized disclosure, destruction, or modification of data, or disruption of services due to cybersecurity incidents, could expose the company to considerable liability and protracted, costly litigation. The company acknowledges that there is no guarantee against a security breach.
- Intense Competition: The vertical market software and payment processing industries in which i3 Verticals operates are characterized by intense competition. Many competitors possess greater financial, technological, and marketing resources, posing a significant challenge. This competitive pressure could adversely impact pricing, increase operational costs, and result in a loss of customers. Larger, more diversified players such as Fiserv, Global Payments, and Fidelity National Information Services (FIS) offer broad payment processing capabilities. To remain competitive, i3 Verticals must continuously invest in robust, scalable, and secure platforms to meet evolving customer expectations and regulatory requirements, and adapt to technological disruptions through continuous innovation.
- Dependence on Public Sector and Government Spending: i3 Verticals has strategically focused its business on the public sector, which contributed approximately 80% of its total revenue in Q1 2025. While this focus offers a generally non-cyclical revenue stream, it exposes the company to an uncertain government spending environment at both state and local levels. Management anticipates only moderate organic revenue growth due to this focus. Any changes in government spending priorities, budget constraints, or slower sales cycles for new contracts, especially at the local level which accounts for a significant portion of public sector revenue, could negatively impact the company's business, financial condition, and results of operations.
AI Analysis | Feedback
The rise of comprehensive, vertical-specific software platforms (SaaS) that deeply embed payment processing as a native feature, rather than relying on separate third-party providers. These solutions often offer a seamless user experience, simplified pricing structures, and consolidate multiple business functions under one vendor, potentially disintermediating i3 Verticals' traditional model of providing standalone payment processing and proprietary software in its target markets.AI Analysis | Feedback
i3 Verticals, Inc. (IIIV) operates in addressable markets primarily focused on integrated payment and software solutions for small- and medium-sized businesses and organizations within the education, non-profit, public sector, and healthcare markets in the United States. Following strategic divestitures of its merchant services and healthcare revenue cycle management (RCM) businesses in 2024 and 2025, the company has emphasized its position as a pure vertical market software provider, particularly in the public sector.
The addressable markets for i3 Verticals' main products and services include:
- Global Government Software Market: The global government software market, which aligns with i3 Verticals' focus on the public sector (including government, education, and non-profits), was estimated at $40 billion in 2023. This market is projected to surpass $77 billion by 2031, demonstrating a compound annual growth rate (CAGR) of 10.1% from 2024 to 2031.
- North American Non-Profit Software Market: The global non-profit software market is projected to expand from USD 4.56 billion in 2025 to USD 7.24 billion by 2031. North America accounted for the largest revenue share, leading with 38.59% in 2025.
- U.S. Online Payment Processing Software Market: For its integrated payment solutions, the U.S. online payment processing software market size was USD 27.9 billion in 2024. It is expected to reach USD 37.9 billion by 2032, with a CAGR of 4.0% during 2025–2032. This market covers various industries, including government, utilities, and healthcare.
- U.S. Healthcare Digital Payment Market: Within the healthcare sector, the U.S. healthcare digital payment market size was approximately USD 3.98 billion in 2024 and is projected to reach around USD 26.83 billion by 2034, growing at a CAGR of 21.02% from 2025 to 2034.
- North American Healthcare Software as a Service (SaaS) Market: The global healthcare software as a service market is valued at USD 38.50 billion in 2025 and is predicted to increase to approximately USD 102.98 billion by 2035. North America is a significant contributor, garnering approximately 48% of the revenue share in 2025.
AI Analysis | Feedback
i3 Verticals (IIIV) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Growth in SaaS and Recurring Revenue: The company has consistently emphasized the increasing importance of its Software-as-a-Service (SaaS) offerings and other recurring revenue streams. SaaS revenue has shown significant growth, with a 24% increase in the first quarter of fiscal year 2026, and management anticipates this strong growth to continue. This focus on recurring revenue provides a stable foundation and is a strategic priority for long-term growth.
- Strategic Acquisitions (M&A): i3 Verticals plans to continue utilizing acquisitions as a growth lever, particularly in the public sector. The company's leadership has noted a "constantly churning" acquisition pipeline, with an expectation for "a couple of meaningful" public sector acquisitions in fiscal year 2026.
- Expansion in Public Sector Verticals and New Solutions: The company is making strategic investments in developing new solutions and expanding its presence within key public sector markets, including courts, utilities, education, and public administration. JusticeTech is highlighted as a significant and rapidly growing niche within its public sector software offerings.
- Price Increases: Management has indicated plans for consistent price increases across its customer base. The CFO stated an expectation to achieve a "3% to 5% price increase range on a consistent basis."
- AI Integration and Innovation: i3 Verticals is leveraging AI to enhance its public sector software offerings and drive innovation. This focus on AI-powered solutions is expected to contribute to revenue growth, improve customer retention, and expand client wallet share.
AI Analysis | Feedback
Share Repurchases
- i3 Verticals authorized a new share repurchase program on February 5, 2026, allowing for buybacks of up to $60 million of its Class A common stock, replacing a prior fully utilized authorization.
- On August 7, 2025, the company announced a $50 million share repurchase program for its Class A common stock, which replaced a previous program.
- Under a prior share repurchase program, the company repurchased 1,573,881 shares of Class A common stock for $38 million as of its November 21, 2025, 10-K report.
Outbound Investments
- On September 20, 2024, i3 Verticals completed the sale of its Merchant Services Business for approximately $438 million, which contributed significantly to its net income for the year.
- The company divested its Healthcare Revenue Cycle Management (RCM) Business on May 5, 2025.
- i3 Verticals made acquisitions totaling $19.3 million to expand its software offerings, primarily within the Public Sector segment, as of September 30, 2024. Additionally, effective January 1, 2026, the company acquired a driver and motor vehicle insurance verification software company for $60.0 million in cash consideration, along with contingent consideration.
Capital Expenditures
- The company reported capitalized software costs of $14.1 million for the fiscal year ended September 30, 2024, as it continues to invest in technology infrastructure and software development.
- i3 Verticals is accelerating investments in new solutions for courts and utilities, with expectations for these investments to increase in fiscal year 2026.
- These capital expenditures primarily involve personnel to advance the development and implementation of new products.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| i3 Verticals Earnings Notes | 12/16/2025 | |
| i3 Verticals Stock Jump Looks Great, But How Secure Is That Gain? | 10/17/2025 | |
| i3 Verticals (IIIV) Operating Cash Flow Comparison | 02/17/2025 | |
| i3 Verticals (IIIV) Net Income Comparison | 02/15/2025 | |
| i3 Verticals (IIIV) Operating Income Comparison | 02/15/2025 | |
| i3 Verticals (IIIV) Revenue Comparison | 02/13/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to IIIV.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04102026 | ELF | e.l.f. Beauty | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -1.8% | -1.8% | -6.2% |
| 04022026 | IPAR | Interparfums | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.7% | 0.7% | -0.3% |
| 04022026 | COKE | Coca-Cola Consolidated | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 5.5% | 5.5% | -5.2% |
| 03272026 | MZTI | Marzetti | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -5.0% | -5.0% | -8.6% |
| 03272026 | TAP | Molson Coors Beverage | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -1.5% | -1.5% | -2.3% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 36.14 |
| Mkt Cap | 3.2 |
| Rev LTM | 1,465 |
| Op Inc LTM | 281 |
| FCF LTM | 261 |
| FCF 3Y Avg | 225 |
| CFO LTM | 312 |
| CFO 3Y Avg | 278 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.9% |
| Rev Chg 3Y Avg | 5.4% |
| Rev Chg Q | 7.1% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Inc Chg LTM | -4.6% |
| Op Inc Chg 3Y Avg | 15.5% |
| Op Mgn LTM | 16.9% |
| Op Mgn 3Y Avg | 16.3% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 22.4% |
| CFO/Rev 3Y Avg | 24.2% |
| FCF/Rev LTM | 15.7% |
| FCF/Rev 3Y Avg | 16.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.2 |
| P/S | 2.2 |
| P/Op Inc | 15.9 |
| P/EBIT | 13.0 |
| P/E | 18.4 |
| P/CFO | 10.3 |
| Total Yield | 4.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 5.0% |
| D/E | 0.4 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.8% |
| 3M Rtn | -10.0% |
| 6M Rtn | -25.1% |
| 12M Rtn | -31.2% |
| 3Y Rtn | -21.4% |
| 1M Excs Rtn | -11.4% |
| 3M Excs Rtn | -16.3% |
| 6M Excs Rtn | -37.5% |
| 12M Excs Rtn | -59.7% |
| 3Y Excs Rtn | -101.9% |
Price Behavior
Price Behavior
| Market Price | $20.02 | |
| Market Cap ($ Bil) | 0.5 | |
| First Trading Date | 06/21/2018 | |
| Distance from 52W High | -39.5% | |
| 50 Days | 200 Days | |
| DMA Price | $21.63 | $25.97 |
| DMA Trend | down | down |
| Distance from DMA | -7.4% | -22.9% |
| 3M | 1YR | |
| Volatility | 40.1% | 40.7% |
| Downside Capture | 28.23 | 140.04 |
| Upside Capture | -15.50 | 70.27 |
| Correlation (SPY) | -1.0% | 27.3% |
IIIV Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.32 | 0.04 | 0.60 | 0.74 | 0.92 | 0.87 |
| Up Beta | -0.62 | -0.77 | -0.45 | 0.11 | 0.49 | 0.76 |
| Down Beta | -0.37 | 0.65 | 1.09 | 1.07 | 1.02 | 0.55 |
| Up Capture | -8% | 12% | 75% | 29% | 72% | 89% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 12 | 24 | 33 | 59 | 123 | 371 |
| Down Capture | 348% | 45% | 108% | 132% | 127% | 106% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 10 | 19 | 31 | 66 | 128 | 376 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IIIV | |
|---|---|---|---|---|
| IIIV | -21.5% | 40.5% | -0.50 | - |
| Sector ETF (XLP) | 6.8% | 12.4% | 0.25 | 2.5% |
| Equity (SPY) | 29.5% | 12.0% | 1.86 | 28.0% |
| Gold (GLD) | 35.5% | 26.8% | 1.11 | -3.6% |
| Commodities (DBC) | 42.9% | 18.7% | 1.77 | -9.6% |
| Real Estate (VNQ) | 15.2% | 13.1% | 0.82 | 20.7% |
| Bitcoin (BTCUSD) | -31.3% | 41.8% | -0.78 | 20.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IIIV | |
|---|---|---|---|---|
| IIIV | -8.3% | 42.0% | -0.08 | - |
| Sector ETF (XLP) | 6.4% | 13.2% | 0.27 | 20.3% |
| Equity (SPY) | 14.0% | 17.0% | 0.64 | 46.0% |
| Gold (GLD) | 18.8% | 18.0% | 0.85 | 3.1% |
| Commodities (DBC) | 10.4% | 19.4% | 0.42 | 8.0% |
| Real Estate (VNQ) | 3.8% | 18.8% | 0.10 | 39.5% |
| Bitcoin (BTCUSD) | 11.6% | 55.3% | 0.41 | 22.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IIIV | |
|---|---|---|---|---|
| IIIV | 0.7% | 48.0% | 0.20 | - |
| Sector ETF (XLP) | 7.6% | 14.7% | 0.38 | 28.7% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 49.0% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 0.8% |
| Commodities (DBC) | 7.8% | 17.9% | 0.35 | 14.0% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 44.2% |
| Bitcoin (BTCUSD) | 66.7% | 66.9% | 1.06 | 16.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -7.7% | -18.4% | |
| 2/5/2026 | 5.3% | 5.6% | 18.2% |
| 11/17/2025 | -10.5% | -17.7% | -9.4% |
| 8/7/2025 | 11.3% | 12.1% | 8.6% |
| 5/8/2025 | -4.6% | -1.9% | -7.8% |
| 2/6/2025 | 9.9% | 12.1% | -6.2% |
| 11/19/2024 | -5.0% | -1.6% | -8.1% |
| 8/8/2024 | -7.5% | -12.4% | -12.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 12 |
| # Negative | 14 | 15 | 12 |
| Median Positive | 6.4% | 11.4% | 7.2% |
| Median Negative | -4.8% | -6.5% | -8.0% |
| Max Positive | 15.2% | 15.1% | 36.2% |
| Max Negative | -10.5% | -18.4% | -23.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/06/2026 | 10-Q |
| 09/30/2025 | 11/21/2025 | 10-K |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/07/2025 | 10-Q |
| 09/30/2024 | 11/25/2024 | 10-K |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-Q |
| 09/30/2023 | 11/22/2023 | 10-K |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/18/2022 | 10-K |
| 06/30/2022 | 08/09/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q2 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 221.00 Mil | 225.00 Mil | 229.00 Mil | -1.5% | Lowered | Guidance: 228.50 Mil for 2026 | |
| 2026 Adjusted EBITDA | 61.00 Mil | 63.00 Mil | 65.00 Mil | -1.2% | Lowered | Guidance: 63.75 Mil for 2026 | |
| 2026 Adjusted diluted earnings per share | 1.09 | 1.12 | 1.15 | 0 | Affirmed | Guidance: 1.12 for 2026 | |
Prior: Q1 2026 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 223.00 Mil | 228.50 Mil | 234.00 Mil | 1.8% | Raised | Guidance: 224.50 Mil for 2026 | |
| 2026 Adjusted EBITDA | 61.00 Mil | 63.75 Mil | 66.50 Mil | 3.2% | Raised | Guidance: 61.75 Mil for 2026 | |
| 2026 Adjusted diluted earnings per share | 1.08 | 1.12 | 1.16 | 0.9% | Raised | Guidance: 1.11 for 2026 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Daily, Gregory S | Chief Executive Officer | Daily Family Investment, LLC | Buy | 5142026 | 19.23 | 50,000 | 961,500 | 961,500 | Form |
| 2 | Christians, Paul | Chief Revenue Officer | Direct | Sell | 3092026 | 23.23 | 6,122 | 142,214 | 725,938 | Form |
| 3 | Christians, Paul | Chief Revenue Officer | Direct | Sell | 12042025 | 23.27 | 9,000 | 209,430 | 1,066,185 | Form |
| 4 | Christians, Paul | Chief Revenue Officer | Direct | Sell | 12012025 | 23.78 | 3,292 | 78,284 | 1,303,572 | Form |
| 5 | Stanford, Frederick | President | Direct | Sell | 11252025 | 24.21 | 11,347 | 274,711 | 1,056,839 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.