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INNOVATE Corp.

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Key Metrics

Previous Close: $7.81
52-Week Range: $3.75 – $21.30
Market Cap: $109.27M
P/E (TTM): —
EPS (TTM): -1.79
Dividend Yield: 9.62%

Advanced Metrics

Price/Book: —
PEG Ratio: —
Return on Equity: —
Return on Assets: 4.28%
Gross Margin: 15.94%
Operating Margin: 8.18%
Profit Margin: -1.48%
Current Ratio: 0.44
Debt/Equity: —
Total Debt: $682.30M
Free Cash Flow: $111.08M
Revenue Growth: 74.20%
Earnings Growth: —
Enterprise Value: $724.24M

VATE Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$1.64B	$1.42B	$1.11B	$1.25B
Cost of Revenue	$1.42B	$1.21B	$898.30M	$1.05B
Gross Profit	$221.40M	$216.00M	$208.80M	$199.70M
Selling, General & Admin	$180.10M	$168.00M	$160.20M	$153.10M
Operating Expenses	$208.00M	$189.50M	$168.80M	$171.00M
Operating Income	$13.40M	$26.50M	$40.00M	$28.70M
EBITDA	$53.10M	$69.80M	$74.00M	$57.90M
Pretax Income	-$41.10M	-$34.40M	-$33.40M	-$61.50M
Income Tax	$900.00K	$4.50M	$6.30M	$2.50M
Net Income	-$35.90M	-$35.20M	-$34.60M	-$60.60M
Diluted EPS	-5.26	-4.81	-3.08	-4.84
Diluted Shares	7.81M	7.81M	10.70M	13.22M

VATE Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$80.40M	$80.80M	$48.80M	$112.10M
Receivables	$420.00M	$399.10M	$300.90M	$309.60M
Inventory	$18.90M	$22.40M	$20.80M	$16.00M
Current Assets	$537.90M	$518.50M	$391.40M	$452.10M
Total Assets	$1.15B	$1.04B	$891.10M	$950.10M
Current Liabilities	$417.20M	$413.80M	$483.00M	$1.03B
Long-Term Debt	$683.80M	$679.30M	$500.60M	$80.30M
Total Debt	$785.30M	$771.90M	$719.20M	$717.50M
Total Liabilities	$1.20B	$1.20B	$1.05B	$1.17B
Retained Earnings	-$452.10M	-$487.30M	-$521.90M	-$582.50M
Shareholders' Equity	-$121.30M	-$165.50M	-$180.40M	-$240.10M
Working Capital	$120.70M	$104.70M	-$91.60M	-$581.70M
Net Debt	$634.00M	$629.00M	$614.00M	$549.60M

VATE Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$9.50M	$26.50M	$9.10M	$146.60M
Capital Expenditure	-$20.70M	-$18.40M	-$19.00M	-$26.10M
Free Cash Flow	-$30.20M	$8.10M	-$9.90M	$120.50M
Depreciation & Amortisation	$42.20M	$36.00M	$32.90M	$30.40M
Stock-Based Compensation	$2.40M	$2.20M	$3.40M	$2.70M
Investing Cash Flow	-$22.50M	$39.10M	-$13.90M	-$22.60M
Financing Cash Flow	$68.10M	-$65.30M	-$26.50M	-$61.20M
Dividends Paid	-$5.20M	-$2.20M	-$1.20M	-$2.20M
Share Repurchases	$0.00	-$7.00M	$0.00	—
Net Change in Cash	$36.10M	$300.00K	-$31.30M	$62.80M

VATE Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$274.20M	$242.00M	$347.10M	$382.70M	$364.80M
Cost of Revenue	$228.70M	$196.40M	$297.40M	$323.80M	$311.30M
Gross Profit	$45.50M	$45.60M	$49.70M	$58.90M	$53.50M
Selling, General & Admin	$37.80M	$35.10M	$39.60M	$40.60M	$39.40M
Operating Expenses	$42.10M	$40.70M	$43.60M	$44.60M	$43.50M
Operating Income	$3.40M	$4.90M	$6.10M	$14.30M	$10.00M
EBITDA	$9.40M	$12.00M	$14.20M	$22.30M	$17.70M
Pretax Income	-$18.70M	-$16.80M	-$16.70M	-$9.30M	-$14.20M
Income Tax	$7.10M	$4.20M	-$7.10M	-$1.70M	$2.90M
Net Income	-$24.50M	-$19.80M	-$8.90M	-$7.40M	-$16.80M
Diluted EPS	-1.89	-1.67	-0.71	-0.58	-1.29
Diluted Shares	13.11M	13.15M	13.26M	13.34M	13.34M

VATE Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$33.30M	$33.40M	$35.50M	$112.10M	$134.60M
Receivables	$300.30M	$327.80M	$349.00M	$309.60M	$241.80M
Inventory	$19.70M	$20.70M	$18.10M	$16.00M	$15.40M
Current Assets	$372.10M	$399.00M	$421.20M	$452.10M	$406.50M
Total Assets	$868.00M	$890.90M	$913.20M	$950.10M	$936.80M
Current Liabilities	$847.60M	$873.10M	$974.30M	$1.03B	$1.02B
Long-Term Debt	$139.90M	$160.10M	$97.30M	$80.30M	$68.80M
Total Debt	$718.20M	$689.90M	$723.70M	$717.50M	$765.50M
Total Liabilities	$1.05B	$1.10B	$1.13B	$1.17B	$1.18B
Retained Earnings	-$546.40M	-$566.20M	-$575.10M	-$582.50M	-$599.30M
Shareholders' Equity	-$204.20M	-$224.80M	-$233.30M	-$240.10M	-$256.30M
Working Capital	-$475.50M	-$474.10M	-$553.10M	-$581.70M	-$613.30M
Net Debt	$630.10M	$604.20M	$633.60M	$549.60M	$545.00M

VATE Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$14.10M	$40.40M	$19.20M	$101.10M	$45.50M
Capital Expenditure	-$4.70M	-$6.10M	-$7.80M	-$7.50M	-$9.50M
Free Cash Flow	-$18.80M	$34.30M	$11.40M	$93.60M	$36.00M
Depreciation & Amortisation	$7.90M	$7.40M	$7.50M	$7.60M	$7.40M
Stock-Based Compensation	$800.00K	$700.00K	$700.00K	$500.00K	$600.00K
Investing Cash Flow	-$3.90M	-$6.30M	-$4.90M	-$7.50M	-$9.60M
Financing Cash Flow	$2.40M	-$34.60M	-$11.90M	-$17.10M	-$13.50M
Dividends Paid	-$300.00K	-$800.00K	-$400.00K	-$700.00K	-$400.00K
Net Change in Cash	-$15.60M	-$500.00K	$2.40M	$76.50M	$22.40M

Market Snapshot

About

INNOVATE Corp. is a holding company with a portfolio of businesses across infrastructure, life sciences, and spectrum sectors. The company seeks to unlock value through strategic management and operational improvements in its subsidiary companies.