The business behind the dividend
| Measure | IIIV | Median | Formula |
|---|---|---|---|
| Return on equity | 4.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 1.0% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $43.83m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $3.75m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 1.8% | 14.3% | Operating income ÷ revenue |
| Net margin | 8.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.00x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 4.06x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.95x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.00x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.32x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 1.9% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 4.6% | 29.8% | -0.3% | -7.8% | -2.2% | -0.3% | -3.8% | -17.6% | 28.7% | — | -0.3% |
| Return on capital employed | 1.0% | 1.0% | -0.7% | -4.6% | -0.0% | 3.2% | 2.9% | 16.2% | 6.7% | — | 1.0% |
| Operating margin | 1.8% | 2.3% | -2.3% | -12.3% | -0.0% | 5.2% | 1.7% | 3.8% | 2.9% | 2.0% | 1.8% |
| Net margin | 8.4% | 59.3% | -0.4% | -9.1% | -2.0% | -0.3% | -0.8% | -2.1% | 0.3% | -1.0% | -0.8% |
| Debt to equity | 0.00x | 0.14x | 1.64x | 1.31x | 0.98x | 0.58x | 1.74x | 0.94x | 35.23x | — | 0.98x |
| Current ratio | 1.95x | 0.93x | 0.92x | 0.75x | 0.60x | 0.98x | 0.58x | 0.63x | 0.78x | — | 0.78x |
| Cash conversion | 0.32x | 0.43x | — | — | — | — | — | — | 9.24x | — | 0.43x |
How it compares in technology
Among the 101 technology companies here measured on free cash flow, i3 Verticals pays out less than 2 of them. The median for that group is 27.8%, against this company’s 267.3%.
Closest on free cash flow
- Autohome (ATHM) 192.0%
- Texas Instruments (TXN) 192.0%
- Jianpu Technology (AIJTY) 243.3%
- CCC Intelligent Solutions Holdings (CCC) 302.4%
Same sector and same denominator, so the figures are comparable. All 115 in technology →