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 is deemed overvalued based on its Price to Book Value of 2.14, an EV to EBITDA ratio of 20.20, and a significantly high EV to EBIT ratio of 74.70. In comparison, Gambling.com Group Ltd., which is considered fairly valued, has a P/E ratio of 7.51 and an EV to EBITDA of 7.39, highlighting the disparity in valuation metrics.
The stock has performed well recently, with a year-to-date return of 37.24%, significantly outpacing the S&P 500's return of 13.30% during the same period. However, over a longer horizon, the 3-year return of 50.50% is notably lower than the S&P 500's 81.19%, suggesting that while the stock has had short-term gains, its long-term performance lags behind the benchmark.