Is i3 Verticals, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for i3 Verticals, Inc. has moved from attractive to expensive, indicating a shift towards overvaluation. The company appears overvalued, particularly given its high EV to EBITDA ratio of 20.20 and an EV to Sales ratio of 3.44, which are significantly above the industry norms. Additionally, the company's price to book value stands at 2.14, further supporting the notion of overvaluation.
In comparison to peers, i3 Verticals, Inc. has a notably high P/E ratio of 86.60, while Gambling.com Group Ltd., which is considered fair, has a P/E of 7.51, highlighting the disparity in valuation. Furthermore, the company's return performance has been strong, with a year-to-date return of 37.24%, significantly outperforming the S&P 500's 13.30% during the same period, although it has lagged behind the index over longer time frames, such as the 3-year and 5-year returns.