INNOVATE Corp. (VATE) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the VATE SEC filings page.
INNOVATE Corp. (VATE) reported $1.5B in revenue over the twelve months to Jun 30, 2026, up 52.4% from the prior twelve months. This page shows its 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).
Cash conversion swung positive through unusually low reinvestment and working-capital effects while obligations shifted toward the short term.
Operating cash flow reached$146.6M despite a-$60.6M net loss, pointing away from earnings-led cash generation. Free cash flow was$146.1M because capital spending was only$500K , so the improvement rests on working-capital movement and unusually light reinvestment rather than recurring profitability.
The business generated less gross profit per dollar of sales in FY2025, with gross margin falling from
Balance-sheet pressure intensified: total liabilities reached
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of INNOVATE Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
INNOVATE Corp. has an operating margin of 2.3%, meaning the company retains $2 of operating profit per $100 of revenue. This results in a moderate score of 40/100, indicating healthy but not exceptional operating efficiency. This is down from 3.6% the prior year.
INNOVATE Corp.'s revenue grew 12.5% year-over-year to $1.2B, a solid pace of expansion. This earns a growth score of 13/100.
INNOVATE Corp.'s current ratio of 0.44 is below the typical benchmark, resulting in a score of 3/100. This tight liquidity could limit financial flexibility if cash inflows slow.
INNOVATE Corp. has a free cash flow margin of 11.7%, earning a moderate score of 49/100. The company generates positive cash flow after capital investments, but with room for improvement.
INNOVATE Corp. scores -0.13, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($97.7M) relative to total liabilities ($1.2B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
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.
INNOVATE Corp. reported a net loss of $60.6M while generating $146.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
INNOVATE Corp. earns $0.32 in operating income for every $1 of interest expense ($28.7M vs $89.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
INNOVATE Corp. generated $421.6M in revenue in Q2 2026. This represents an increase of 74.2% from the same quarter a year earlier. Against the prior quarter it is up 15.6%.
INNOVATE Corp.'s EBITDA was $38.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 308.6% from the same quarter a year earlier. Against the prior quarter it is up 118.4%.
INNOVATE Corp. reported $10.7M in net income in Q2 2026. This represents an increase of 154.0% from the same quarter a year earlier. Against the prior quarter it is up 163.7%.
INNOVATE Corp. earned $0.71 per diluted share (EPS) in Q2 2026. This represents an increase of 142.5% from the same quarter a year earlier. Against the prior quarter it is up 155.0%.
Cash & Balance Sheet
INNOVATE Corp. recorded an outflow of $24.7M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 168.6% from the same quarter a year earlier. Against the prior quarter it is down 154.5%.
INNOVATE Corp. held $87.8M in cash against $62.1M in long-term debt as of Q2 2026, with $1.1B of liabilities due within a year.
Not reported for Q2 2026.
Margins & Returns
INNOVATE Corp.'s gross margin was 18.9% in Q2 2026, indicating the percentage of revenue retained after direct costs. That is unchanged from the same quarter a year earlier. Against the prior quarter it is up 4.2 percentage points.
INNOVATE Corp.'s operating margin was 8.2% in Q2 2026, reflecting core business profitability. This is up 6.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.4 percentage points.
INNOVATE Corp.'s net profit margin was 2.5% in Q2 2026, showing the share of revenue converted to profit. This is up 10.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 7.2 percentage points.
Not reported for Q2 2026.
Capital Allocation
INNOVATE Corp. invested $100K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 97.7% from the same quarter a year earlier. Against the prior quarter it is down 50.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
VATE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $421.6M+74.2% | $364.8M+33.0% | $382.7M+61.7% | $347.1M+43.3% | $242.0M-22.7% | $274.2M-13.0% | $236.6M-34.5% | $242.2M-35.5% |
| Cost of Revenue | $342.1M+74.2% | $311.3M+36.1% | $323.8M+70.2% | $297.4M+53.3% | $196.4M-20.6% | $228.7M-14.2% | $190.2M-36.6% | $194.0M-38.7% |
| Gross Profit | $79.5M+74.3% | $53.5M+17.6% | $58.9M+26.9% | $49.7M+3.1% | $45.6M-30.5% | $45.5M-6.4% | $46.4M-24.1% | $48.2M-17.9% |
| SG&A Expenses | $41.5M+18.2% | $39.4M+4.2% | $40.6M+0.5% | $39.6M+5.9% | $35.1M-18.2% | $37.8M-4.3% | $40.4M-2.4% | $37.4M-14.6% |
| Operating Income | $34.5M+604.1% | $10.0M+194.1% | $14.3M+472.0% | $6.1M+3.4% | $4.9M-83.0% | $3.4M+21.4% | $2.5M-82.1% | $5.9M-44.9% |
| EBITDA | $38.0M+308.6% | $17.4M+54.0% | $28.1M+54.4% | $10.4M+1.0% | $9.3M-72.0% | $11.3M+0.9% | $18.2M-39.7% | $10.3M-29.9% |
| Interest Expense | $27.6M+29.0% | $24.5M+21.3% | $24.0M+22.4% | $23.4M+10.4% | $21.4M+29.7% | $20.2M+17.4% | $19.6M+2.1% | $21.2M+24.0% |
| Income Tax | $13.1M+211.9% | $2.9M-59.2% | -$1.7M-170.8% | -$7.1M-329.0% | $4.2M+268.0% | $7.1M+115.2% | $2.4M+84.6% | $3.1M+181.8% |
| Net Income | $10.7M+154.0% | -$16.8M+31.4% | -$7.4M+55.4% | -$8.9M+40.7% | -$19.8M-237.5% | -$24.5M-40.8% | -$16.6M-78.5% | -$15.0M-114.3% |
| EPS (Basic) | $0.74+144.3% | -$1.29+31.7% | -$0.57+59.0% | -$0.71+39.8% | -$1.67-250.5% | -$1.89+14.5% | -$1.39-1058.3% | -$1.18-26.9% |
| EPS (Diluted) | $0.71+142.5% | -$1.29+31.7% | -$0.57+59.0% | -$0.71+39.8% | -$1.67 | -$1.89 | -$1.39 | -$1.18 |
| Diluted Shares (Avg) | 14M+6.2% | 13M+1.8% | N/A | 13M+2.3% | 13M | 13M | N/A | 13M |
Not reported in any period shown, so not listed: R&D Expenses.
VATE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.0B+13.0% | $936.8M+7.9% | $950.1M+6.6% | $913.2M+1.8% | $890.9M-0.9% | $868.0M-8.0% | $891.1M-14.6% | $897.2M-18.1% |
| Current Assets | $479.3M+20.3% | $405.9M+9.3% | $451.4M+15.5% | $420.6M+5.2% | $398.4M+0.9% | $371.5M-13.3% | $390.9M-24.5% | $399.9M-27.6% |
| Cash & Equivalents | $87.8M+215.8% | $134.6M+304.2% | $108.2M+158.9% | $35.5M-30.4% | $27.8M-65.3% | $33.3M-13.3% | $41.8M-48.3% | $51.0M-8.4% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $14.8M-28.5% | $15.4M-21.8% | $16.0M-23.1% | $18.1M-13.8% | $20.7M-1.0% | $19.7M-9.6% | $20.8M-7.1% | $21.0M+12.9% |
| Accounts Receivable | $284.4M+17.2% | $186.0M+13.1% | $239.4M+23.4% | $265.6M+39.2% | $242.7M+36.2% | $164.5M-38.9% | $194.0M-30.3% | $190.8M-34.4% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $105.7M-16.7% | $127.1M+0.3% | $105.6M-16.7% | $126.9M-0.2% | $126.9M-0.1% | $126.7M-0.2% | $126.7M-0.3% | $127.1M+0.2% |
| Total Liabilities | $1.2B+13.6% | $1.2B+12.7% | $1.2B+12.6% | $1.1B+9.6% | $1.1B+7.0% | $1.0B-3.8% | $1.0B-12.3% | $1.0B-16.4% |
| Current Liabilities | $1.1B+24.1% | $1.0B+20.3% | $1.0B+114.1% | $974.3M+108.2% | $873.1M+201.8% | $847.6M+142.9% | $483.0M+16.7% | $468.0M-16.1% |
| Non-Current Liabilities | $143.3M-30.8% | $149.2M-21.2% | $131.3M-76.2% | $146.6M-73.6% | $207.1M-71.2% | $189.3M-74.0% | $551.8M-28.0% | $554.5M-16.7% |
| Long-Term Debt | $62.1M-61.2% | $68.8M-50.8% | $80.3M-84.0% | $97.3M-80.6% | $160.1M-74.9% | $139.9M-78.2% | $500.6M-26.3% | $502.4M-14.4% |
| Total Equity | -$243.2M-8.2% | -$256.3M-25.5% | -$240.1M-33.1% | -$233.3M-43.0% | -$224.8M-50.9% | -$204.2M-10.7% | -$180.4M-9.0% | -$163.1M-3.3% |
| Retained Earnings | -$588.6M-4.0% | -$599.3M-9.7% | -$582.5M-11.6% | -$575.1M-13.8% | -$566.2M-15.5% | -$546.4M-8.3% | -$521.9M-7.1% | -$505.3M-5.7% |
VATE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$24.6M-160.9% | $45.5M+422.7% | $101.1M+144.2% | $19.2M+167.6% | $40.4M+87.9% | -$14.1M+44.5% | $41.4M-32.4% | -$28.4M-208.8% |
| Depreciation & Amortization | $3.5M-20.5% | $7.4M-6.3% | $7.6M-6.2% | $4.3M-2.3% | $4.4M0.0% | $7.9M-6.0% | $8.1M-2.4% | $4.4M+10.0% |
| Stock-Based Compensation | $400K-42.9% | $600K-25.0% | N/A | $700K+133.3% | $700K+75.0% | $800K+100.0% | N/A | $300K-62.5% |
| Capital Expenditures | $100K-97.7% | $200K-95.7% | $0-100.0% | $200K-93.5% | -$4.4M+41.9% | $4.7M-16.1% | $18.7M+315.6% | $3.1M-45.6% |
| Free Cash Flow | -$24.7M-168.6% | $45.3M+341.0% | $101.1M+345.4% | $19.0M+160.3% | $36.0M+95.7% | -$18.8M+39.4% | $22.7M-60.0% | -$31.5M-254.4% |
| Investing Cash Flow | -$11.0M-74.6% | -$9.6M-146.2% | -$7.5M+24.2% | -$4.9M-48.5% | -$6.3M-342.3% | -$3.9M-18.2% | -$9.9M-371.4% | -$3.3M+40.0% |
| Financing Cash Flow | -$9.1M+73.7% | -$13.5M-662.5% | -$17.1M+48.0% | -$11.9M-761.1% | -$34.6M-297.7% | $2.4M+118.6% | -$32.9M+5.2% | $1.8M-73.1% |
| Dividends Paid | $300K-62.5% | $400K+33.3% | $700K+133.3% | $400K+33.3% | $800K+166.7% | $300K0.0% | $300K-25.0% | $300K+50.0% |
Not reported in any period shown, so not listed: Share Buybacks.
VATE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.9%0.0pp | 14.7%-1.9pp | 15.4%-4.2pp | 14.3%-5.6pp | 18.8%-2.1pp | 16.6%+1.2pp | 19.6%+2.7pp | 19.9%+4.3pp |
| Operating Margin | 8.2%+6.2pp | 2.7%+1.5pp | 3.7%+2.7pp | 1.8%-0.7pp | 2.0%-7.2pp | 1.2%+0.3pp | 1.1%-2.8pp | 2.4%-0.4pp |
| Net Margin | 2.5%+10.7pp | -4.6%+4.3pp | -1.9%+5.1pp | -2.6%+3.6pp | -8.2%-12.8pp | -8.9%-3.4pp | -7.0%-4.4pp | -6.2%-4.3pp |
| Return on Assets | 1.1%+3.3pp | -1.8%+1.0pp | -0.8%+1.1pp | -1.0%+0.7pp | -2.2%-3.8pp | -2.8%-1.0pp | -1.9%-1.0pp | -1.7%-1.0pp |
| Current Ratio | 0.440.0x | 0.400.0x | 0.44-0.4x | 0.43-0.4x | 0.46-0.9x | 0.44-0.8x | 0.81-0.4x | 0.85-0.1x |
| Asset Turnover | 0.42+0.1x | 0.39+0.1x | 0.40+0.1x | 0.38+0.1x | 0.27-0.1x | 0.320.0x | 0.27-0.1x | 0.27-0.1x |
| FCF Margin | -5.9%-20.7pp | 12.4%+19.3pp | 26.4%+16.8pp | 5.5%+18.5pp | 14.9%+9.0pp | -6.9%+3.0pp | 9.6%-6.1pp | -13.0%-18.4pp |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.
Note: Shareholder equity is negative (-$240.1M), 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 (0.44), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| INNOVATE Corp. VATE | FY2025 | $1.2B | -$60.6M | -4.9% | $97.7M | 41/100 |
| Skyline Builders Group Holding Limited SKBL | FY2025 | $46.0M | $727K | 1.6% | $74.8M | 40/100 |
| Shimmick Corporation SHIM | FY2026 | $492.8M | -$25.6M | -5.2% | $142.2M | 21/100 |
| Energy Services of America Corporation ESOA | FY2025 | $411.0M | N/A | N/A | $212.3M | 47/100 |
| OneConstruction Group Limited ONEG | FY2026 | $49.4M | -$13.2M | -26.8% | $16.5M | 24/100 |
| Southland Holdings, Inc. SLND | FY2025 | $772.2M | -$306.5M | -39.7% | $32.1M | 19/100 |
Where INNOVATE Corp. Ranks
Frequently Asked Questions
What is INNOVATE Corp.'s annual revenue?
INNOVATE Corp. (VATE) reported $1.2B in total revenue for fiscal year 2025. This represents a 12.5% 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 grew by 12.5% year-over-year, from $1.1B to $1.2B in fiscal year 2025.
Is INNOVATE Corp. profitable?
No, INNOVATE Corp. (VATE) reported a net income of -$60.6M in fiscal year 2025, with a net profit margin of -4.9%.
What is INNOVATE Corp.'s EBITDA?
INNOVATE Corp. (VATE) had EBITDA of $59.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does INNOVATE Corp. have?
As of fiscal year 2025, INNOVATE Corp. (VATE) had $108.2M in cash and equivalents against $80.3M in long-term debt.
What is INNOVATE Corp.'s gross margin?
INNOVATE Corp. (VATE) had a gross margin of 16.0% in fiscal year 2025, 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 2.3% in fiscal year 2025, 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 -4.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is INNOVATE Corp.'s free cash flow?
INNOVATE Corp. (VATE) generated $146.1M in free cash flow during fiscal year 2025. This represents a 1575.8% 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 $146.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are INNOVATE Corp.'s total assets?
INNOVATE Corp. (VATE) had $950.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are INNOVATE Corp.'s capital expenditures?
INNOVATE Corp. (VATE) invested $500K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is INNOVATE Corp.'s current ratio?
INNOVATE Corp. (VATE) had a current ratio of 0.44 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is INNOVATE Corp.'s return on assets (ROA)?
INNOVATE Corp. (VATE) had a return on assets of -6.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is INNOVATE Corp.'s P/E ratio?
INNOVATE Corp. (VATE) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $97.7M as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is INNOVATE Corp.'s price-to-sales ratio?
INNOVATE Corp. (VATE) trades at 0.1x sales, its market capitalization divided by revenue of $1.5B revenue, trailing 12 months to June 30, 2026. The market capitalization is $97.7M as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Why is INNOVATE Corp.'s debt-to-equity ratio negative or not reported?
INNOVATE Corp. (VATE) has negative shareholder equity of -$240.1M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 -0.13, 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 to 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) reported a net loss of $60.6M while generating $146.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 0.32x, 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 41 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.