VATE · Innovate Corp. - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · VATE

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$1.25B	$1.11B	$1.42B	$1.64B	$1.21B	$1.01B
Cost of Revenue	$1.05B	$898.30M	$1.21B	$1.42B	$1.02B	$588.50M
Gross Profit	$199.70M	$208.80M	$216.00M	$221.40M	$128.40M	$417.30M
R&D	-	-	-	-	-	-
SG&A	$153.10M	$160.20M	$168.00M	$180.10M	$168.30M	$181.10M
Total Operating Expenses	-	-	-	-	-	$1.01B
D&A	$30.40M	$32.90M	$36.00M	$42.20M	$37.60M	$5.90M
Operating Income	$28.70M	$40.00M	$26.50M	$13.40M	($10.60M)	($4.10M)
Interest Expense	$89.00M	$74.50M	$68.20M	$52.00M	$59.10M	$79.40M
Income Tax	$2.50M	$6.30M	$4.50M	$900.0K	$5.60M	$10.50M
Net Income	($60.60M)	($34.60M)	($35.20M)	($35.90M)	($227.50M)	($92.00M)
EPS - Basic	($4.84)	($3.08)	($4.80)	($5.30)	($29.80)	($18.80)
EPS - Diluted	($4.84)	($3.08)	($4.80)	($5.30)	($29.80)	($18.80)

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$112.10M	$48.80M	$80.80M	$80.40M	$45.50M	$232.30M
Accounts Receivable	$241.10M	$194.00M	$278.40M	$254.90M	$247.10M	$184.70M
Inventory	$16.00M	$20.80M	$22.40M	$18.90M	$17.00M	$9.90M
Accounts Payable	-	-	-	-	-	-
Current Assets	$451.50M	$390.90M	$517.90M	$536.40M	$442.60M	-
Total Assets	$950.10M	$891.10M	$1.04B	$1.15B	$1.08B	$6.74B
Current Liabilities	$1.03B	$483.00M	$413.80M	$417.20M	$439.50M	-
Long-term Debt	-	-	-	-	-	-
Total Liabilities	$1.17B	$1.03B	$1.18B	$1.18B	$1.07B	$6.13B
Stockholders' Equity	($240.10M)	($180.40M)	($165.50M)	($121.30M)	($84.30M)	$559.80M
Retained Earnings	($582.50M)	($521.90M)	($487.30M)	($452.10M)	($416.20M)	($188.70M)

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$146.60M	$9.10M	$26.50M	($9.50M)	$27.00M	$41.70M
Investing Cash Flow	($22.60M)	($13.90M)	$39.10M	($22.50M)	($223.20M)	$162.30M
Financing Cash Flow	($61.20M)	($26.50M)	($65.30M)	$68.10M	$4.30M	($204.60M)
CapEx	$1.20M	$19.00M	$18.40M	$20.70M	$24.10M	$17.80M
Free Cash Flow	$145.40M	($9.90M)	$8.10M	($30.20M)	$2.90M	$23.90M

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	16.0%	18.9%	15.2%	13.5%	10.7%	41.5%
Operating margin	2.3%	3.6%	1.9%	0.8%	-0.9%	-0.4%
EBITDA margin	4.7%	6.6%	4.4%	3.4%	2.2%	0.2%
Net margin	-4.9%	-3.1%	-2.5%	-2.2%	-18.9%	-9.1%
Free cash flow margin	11.7%	-0.9%	0.6%	-1.8%	0.2%	2.4%
FCF / Net income	-2.40	0.29	-0.23	0.84	-0.01	-0.26
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	12.3%	14.5%	11.8%	11.0%	14.0%	18.0%
Effective tax rate	-	-	-	-	-	-
Return on assets	-6.4%	-3.9%	-3.4%	-3.1%	-21.1%	-1.4%
Return on equity	25.2%	19.2%	21.3%	29.6%	269.9%	-16.4%
Return on invested capital	-	-	-	-	-	-
Liquidity
Current ratio	0.44	0.81	1.25	1.29	1.01	-
Quick ratio	0.42	0.77	1.20	1.24	0.97	-
Cash ratio	0.11	0.10	0.20	0.19	0.10	-
Leverage
Debt / Equity	-	-	-	-	-	-
Debt / Assets	-	-	-	-	-	-
Debt / EBITDA	-	-	-	-	-	-
Interest coverage	0.3x	0.5x	0.4x	0.3x	-0.2x	-0.1x
Equity multiplier	-3.96	-4.94	-6.31	-9.49	-12.82	12.05
Liabilities / Assets	1.23	1.16	1.13	1.03	0.99	0.91
Efficiency
Asset turnover	1.31	1.24	1.36	1.42	1.12	0.15
Inventory turnover	65.39	43.19	53.88	74.92	60.09	59.44
Days sales outstanding	71d	64d	71d	57d	75d	67d
Days inventory outstanding	6d	8d	7d	5d	6d	6d
Days payable outstanding	-	-	-	-	-	-
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	-	-	-	-	-	-
P / B	-	-	-	-	-	3.0x
P / S	0.0x	0.0x	0.7x	0.9x	2.4x	1.6x
EV / EBITDA	-0.9x	0.1x	14.1x	24.6x	104.0x	789.2x
Growth
Revenue growth (YoY)	12.5%	-22.2%	-13.1%	35.9%	19.8%	-49.3%
Revenue CAGR (3y)	-8.7%	-2.8%	12.3%	-6.2%	-15.2%	-14.9%
Revenue CAGR (5y)	4.4%	-11.0%	-6.4%	0.0%	-5.0%	-2.1%
Gross profit growth (YoY)	-4.4%	-3.3%	-2.4%	72.4%	-69.2%	-25.4%
Operating income growth (YoY)	-28.2%	50.9%	97.8%	-	-158.5%	-
Net income growth (YoY)	-75.1%	1.7%	1.9%	84.2%	-147.3%	-192.1%
EPS growth (YoY)	-57.1%	35.8%	9.4%	82.2%	-58.5%	-2585.7%
EPS CAGR (3y)	-	-	-	-	-	-
EPS CAGR (5y)	-	-	-	-	-	-
FCF growth (YoY)	-	-	-	-	-87.9%	-65.4%
FCF CAGR (5y)	43.5%	-	-51.5%	-	-43.4%	-
Book value growth (YoY)	-33.1%	-9.0%	-36.4%	-43.9%	-	60.0%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$1.25B total

Infrastructure Segment$1.21B · 97.1%

Spectrum Segment$23.20M · 1.9%

Life Sciences Segment$12.50M · 1.0%

Product / service

$1.24B total

Commercial Revenue$371.90M · 29.9%

Industrial Revenue$306.60M · 24.6%

Transportation Revenue$192.90M · 15.5%

Healthcare Revenue$173.10M · 13.9%

Government Revenue$128.80M · 10.4%

Broadcast Station Revenue$23.20M · 1.9%

Energy Revenue$13.50M · 1.1%

Leisure Revenue$13.00M · 1.0%

Systems And Consumables Revenue$12.50M · 1.0%

Convention Revenue$8.80M · 0.7%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

0.36

Distress

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

3/9

Weak

✗Net income positive
✓Operating cash flow positive
✗ROA improved YoY
✓Cash flow > net income
-Long-term debt decreased
✗Current ratio improved
✗No share dilution
✗Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: Fabricated Structural Metal Products

Company	Revenue (last FY)	Net margin	ROE
VMI	$4.10B	8.5%	21.5%
ACA	$2.88B	7.2%	7.9%
GIFI	-	-	-
PRLB	-	-	3.2%
TPCS	$34.03M	-8.1%	-31.4%

Comparing INNOVATE Corp. against the 5 most active filers in the same SIC group.

Dividends

$0.00/share trailing 12 months

Ex-date	Per share
May 14, 2020	$38.9000
Aug 28, 2013	$85.0000
Dec 19, 2012	$5.0000
Nov 23, 2012	$25.0000
Jun 28, 2012	$10.0000