Innovate Corp Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Innovate Corp has an operating margin of 3.6%, meaning the company retains $4 of operating profit per $100 of revenue. This below-average margin results in a low score of 18/100, suggesting thin profitability after operating expenses. This is up from 1.9% the prior year.
Innovate Corp's revenue declined 22.2% year-over-year, from $1.4B to $1.1B. This contraction results in a growth score of 0/100.
Innovate Corp's current ratio of 0.81 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 12/100, which could limit financial flexibility.
While Innovate Corp generated $9.1M in operating cash flow, capex of $19.0M consumed most of it, leaving -$9.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Innovate Corp scores 0.49, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Innovate Corp passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Innovate Corp generates $-0.26 in operating cash flow ($9.1M OCF vs -$34.6M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Innovate Corp earns $0.5 in operating income for every $1 of interest expense ($40.0M vs $74.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Innovate Corp (VATE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Innovate Corp generated $1.1B in revenue in fiscal year 2024. This represents a decrease of 22.2% from the prior year.
Innovate Corp's EBITDA was $72.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.6% from the prior year.
Innovate Corp generated -$9.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 222.2% from the prior year.
Innovate Corp reported -$34.6M in net income in fiscal year 2024. This represents an increase of 1.7% from the prior year.
Innovate Corp earned $-3.08 per diluted share (EPS) in fiscal year 2024. This represents an increase of 36.0% from the prior year.
Innovate Corp held $48.8M in cash against $500.6M in long-term debt as of fiscal year 2024.
Innovate Corp had 13M shares outstanding in fiscal year 2024. This represents an increase of 67.4% from the prior year.
Innovate Corp's gross margin was 18.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 3.7 percentage points from the prior year.
Innovate Corp's operating margin was 3.6% in fiscal year 2024, reflecting core business profitability. This is up 1.8 percentage points from the prior year.
Innovate Corp's net profit margin was -3.1% in fiscal year 2024, showing the share of revenue converted to profit. This is down 0.7 percentage points from the prior year.
Innovate Corp invested $19.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 3.3% from the prior year.
VATE Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $347.1M+43.4% | $242.0M-11.7% | $274.2M+15.9% | $236.6M-24.4% | $313.1M-0.7% | $315.2M-12.7% | $361.0M-3.8% | $375.3M |
| Cost of Revenue | $297.4M+51.4% | $196.4M-14.1% | $228.7M+20.2% | $190.2M-23.2% | $247.5M-7.2% | $266.6M-11.1% | $299.9M-5.3% | $316.6M |
| Gross Profit | $49.7M+9.0% | $45.6M+0.2% | $45.5M-1.9% | $46.4M-29.3% | $65.6M+35.0% | $48.6M-20.5% | $61.1M+4.1% | $58.7M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $39.6M+12.8% | $35.1M-7.1% | $37.8M-6.4% | $40.4M-5.8% | $42.9M+8.6% | $39.5M-4.6% | $41.4M-5.5% | $43.8M |
| Operating Income | $6.1M+24.5% | $4.9M+44.1% | $3.4M+36.0% | $2.5M-91.3% | $28.8M+928.6% | $2.8M-80.0% | $14.0M+30.8% | $10.7M |
| Interest Expense | $23.4M+9.3% | $21.4M+5.9% | $20.2M+3.1% | $19.6M+18.8% | $16.5M-4.1% | $17.2M-10.4% | $19.2M+12.3% | $17.1M |
| Income Tax | -$7.1M-269.0% | $4.2M-40.8% | $7.1M+195.8% | $2.4M+196.0% | -$2.5M-175.8% | $3.3M+153.8% | $1.3M+18.2% | $1.1M |
| Net Income | -$8.9M+55.1% | -$19.8M+19.2% | -$24.5M-47.6% | -$16.6M-215.3% | $14.4M+182.8% | -$17.4M-87.1% | -$9.3M-32.9% | -$7.0M |
| EPS (Diluted) | $-0.71+57.5% | $-1.67+11.6% | $-1.89-162.5% | $-0.72 | $1.03+146.6% | $-2.21 | $-3.62 | $-0.93 |
VATE Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $913.2M+2.5% | $890.9M+2.6% | $868.0M-2.6% | $891.1M-0.9% | $898.9M-4.7% | $943.5M-9.6% | $1.0B-4.8% | $1.1B |
| Current Assets | $420.6M+5.6% | $398.4M+7.2% | $371.5M-5.0% | $390.9M-1.0% | $394.9M-7.9% | $428.6M-17.2% | $517.9M-6.3% | $552.5M |
| Cash & Equivalents | $35.5M+6.3% | $33.4M+0.3% | $33.3M-31.8% | $48.8M-39.2% | $80.2M+108.9% | $38.4M-52.5% | $80.8M+45.1% | $55.7M |
| Inventory | $18.1M-12.6% | $20.7M+5.1% | $19.7M-5.3% | $20.8M-0.5% | $20.9M-4.1% | $21.8M-2.7% | $22.4M+20.4% | $18.6M |
| Accounts Receivable | $265.6M+9.4% | $242.7M+47.5% | $164.5M-15.2% | $194.0M+8.9% | $178.2M-33.8% | $269.3M-3.3% | $278.4M-4.3% | $290.8M |
| Goodwill | $126.9M0.0% | $126.9M+0.2% | $126.7M0.0% | $126.7M-0.2% | $127.0M+0.1% | $126.9M-0.2% | $127.1M+0.2% | $126.8M |
| Total Liabilities | $1.1B+3.8% | $1.1B+4.2% | $1.0B+0.2% | $1.0B+2.5% | $1.0B-6.4% | $1.1B-8.6% | $1.2B-3.5% | $1.2B |
| Current Liabilities | $974.3M+11.6% | $873.1M+3.0% | $847.6M+75.5% | $483.0M+67.0% | $289.3M-17.1% | $349.0M-15.7% | $413.8M-25.8% | $557.7M |
| Long-Term Debt | $97.3M-39.2% | $160.1M+14.4% | $139.9M-72.1% | $500.6M-21.6% | $638.3M-0.5% | $641.5M-5.6% | $679.3M+15.8% | $586.8M |
| Total Equity | -$233.3M-3.8% | -$224.8M-10.1% | -$204.2M-13.2% | -$180.4M-21.1% | -$149.0M+19.2% | -$184.4M-11.4% | -$165.5M-4.8% | -$157.9M |
| Retained Earnings | -$575.1M-1.6% | -$566.2M-3.6% | -$546.4M-4.7% | -$521.9M-6.4% | -$490.3M+2.9% | -$504.7M-3.6% | -$487.3M-1.9% | -$478.0M |
VATE Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $19.2M-52.5% | $40.4M+386.5% | -$14.1M-134.1% | $41.4M+92.6% | $21.5M+184.6% | -$25.4M-141.5% | $61.2M+134.5% | $26.1M |
| Capital Expenditures | $200K+104.5% | -$4.4M-193.6% | $4.7M-74.9% | $18.7M+503.2% | $3.1M-44.6% | $5.6M+24.4% | $4.5M-21.1% | $5.7M |
| Free Cash Flow | $19.0M-47.2% | $36.0M+291.5% | -$18.8M-182.8% | $22.7M+23.4% | $18.4M+159.4% | -$31.0M-154.7% | $56.7M+177.9% | $20.4M |
| Investing Cash Flow | -$4.9M+22.2% | -$6.3M-61.5% | -$3.9M+60.6% | -$9.9M-480.8% | $2.6M+178.8% | -$3.3M-57.1% | -$2.1M+61.8% | -$5.5M |
| Financing Cash Flow | -$11.9M+65.6% | -$34.6M-1541.7% | $2.4M+107.3% | -$32.9M-288.0% | $17.5M+235.7% | -$12.9M+62.8% | -$34.7M-617.9% | $6.7M |
| Dividends Paid | $400K-50.0% | $800K+166.7% | $300K0.0% | $300K0.0% | $300K0.0% | $300K-25.0% | $400K+100.0% | $200K |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
VATE Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 14.3%-4.5pp | 18.8%+2.3pp | 16.6%-3.0pp | 19.6%-1.3pp | 20.9%+5.5pp | 15.4%-1.5pp | 16.9%+1.3pp | 15.6% |
| Operating Margin | 1.8%-0.3pp | 2.0%+0.8pp | 1.2%+0.2pp | 1.1%-8.1pp | 9.2%+8.3pp | 0.9%-3.0pp | 3.9%+1.0pp | 2.9% |
| Net Margin | -2.6%+5.6pp | -8.2%+0.8pp | -8.9%-1.9pp | -7.0%-11.6pp | 4.6%+10.1pp | -5.5%-2.9pp | -2.6%-0.7pp | -1.9% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -1.0%+1.3pp | -2.2%+0.6pp | -2.8%-1.0pp | -1.9%-3.5pp | 1.6%+3.4pp | -1.8%-0.9pp | -0.9%-0.2pp | -0.6% |
| Current Ratio | 0.43-0.0 | 0.46+0.0 | 0.44-0.4 | 0.81-0.6 | 1.36+0.1 | 1.23-0.0 | 1.25+0.3 | 0.99 |
| Debt-to-Equity | -0.42+0.3 | -0.71-0.0 | -0.69+2.1 | -2.77+1.5 | -4.28-0.8 | -3.48+0.6 | -4.10-0.4 | -3.72 |
| FCF Margin | 5.5%-9.4pp | 14.9%+21.7pp | -6.9%-16.4pp | 9.6%+3.7pp | 5.9%+15.7pp | -9.8%-25.6pp | 15.7%+10.3pp | 5.4% |
Note: Shareholder equity is negative (-$180.4M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.81), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Innovate Corp's annual revenue?
Innovate Corp (VATE) reported $1.1B in total revenue for fiscal year 2024. This represents a -22.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Innovate Corp's revenue growing?
Innovate Corp (VATE) revenue declined by 22.2% year-over-year, from $1.4B to $1.1B in fiscal year 2024.
Is Innovate Corp profitable?
No, Innovate Corp (VATE) reported a net income of -$34.6M in fiscal year 2024, with a net profit margin of -3.1%.
What is Innovate Corp's earnings per share (EPS)?
Innovate Corp (VATE) reported diluted earnings per share of $-3.08 for fiscal year 2024. This represents a 36.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Innovate Corp's EBITDA?
Innovate Corp (VATE) had EBITDA of $72.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Innovate Corp have?
As of fiscal year 2024, Innovate Corp (VATE) had $48.8M in cash and equivalents against $500.6M in long-term debt.
What is Innovate Corp's gross margin?
Innovate Corp (VATE) had a gross margin of 18.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Innovate Corp's operating margin?
Innovate Corp (VATE) had an operating margin of 3.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Innovate Corp's net profit margin?
Innovate Corp (VATE) had a net profit margin of -3.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Innovate Corp's free cash flow?
Innovate Corp (VATE) generated -$9.9M in free cash flow during fiscal year 2024. This represents a -222.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Innovate Corp's operating cash flow?
Innovate Corp (VATE) generated $9.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Innovate Corp's total assets?
Innovate Corp (VATE) had $891.1M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Innovate Corp's capital expenditures?
Innovate Corp (VATE) invested $19.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How many shares does Innovate Corp have outstanding?
Innovate Corp (VATE) had 13M shares outstanding as of fiscal year 2024.
What is Innovate Corp's current ratio?
Innovate Corp (VATE) had a current ratio of 0.81 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Innovate Corp's debt-to-equity ratio?
Innovate Corp (VATE) had a debt-to-equity ratio of -2.77 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Innovate Corp's return on assets (ROA)?
Innovate Corp (VATE) had a return on assets of -3.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
Why is Innovate Corp's debt-to-equity ratio negative or unusual?
Innovate Corp (VATE) has negative shareholder equity of -$180.4M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Innovate Corp's Altman Z-Score?
Innovate Corp (VATE) has an Altman Z-Score of 0.49, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Innovate Corp's Piotroski F-Score?
Innovate Corp (VATE) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Innovate Corp's earnings high quality?
Innovate Corp (VATE) has an earnings quality ratio of -0.26x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Innovate Corp cover its interest payments?
Innovate Corp (VATE) has an interest coverage ratio of 0.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Innovate Corp?
Innovate Corp (VATE) scores 8 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.