i3 Verticals, Inc. (NASDAQ:IIIV) is a technology and payment processing company that provides integrated payment and software solutions to small and medium-sized businesses. The company operates in a competitive landscape with peers like International Money Express, Inc. (IMXI), nLIGHT, Inc. (LASR), PC Connection, Inc. (CNXN), OneSpan Inc. (OSPN), and Repay Holdings Corporation (RPAY).

In evaluating i3 Verticals, the Return on Invested Capital (ROIC) is a crucial metric. With a ROIC of 1.93%, i3 Verticals is not generating returns that exceed its Weighted Average Cost of Capital (WACC) of 12.32%. This results in a ROIC to WACC ratio of 0.157, indicating inefficiency in capital utilization.

Comparatively, International Money Express, Inc. (IMXI) shows a healthier financial position with a ROIC of 8.57% and a WACC of 7.10%, resulting in a ROIC to WACC ratio of 1.207. This suggests that IMXI is generating returns above its cost of capital, unlike i3 Verticals.

OneSpan Inc. (OSPN) is a standout performer with a ROIC of 18.19% and a WACC of 7.75%, leading to a ROIC to WACC ratio of 2.347. This indicates that OneSpan is efficiently using its capital to generate returns, setting a benchmark for its peers, including i3 Verticals.

In contrast, nLIGHT, Inc. (LASR) and Repay Holdings Corporation (RPAY) have negative ROIC to WACC ratios of -1.520 and -0.020, respectively. This highlights challenges in generating sufficient returns to cover their cost of capital, similar to the situation faced by i3 Verticals.