INNOVATE Corp. (New York Stock Exchange:VATE)
Insiders here have filed 7 Form 4s in the last 90 days, but all of them are share awards, grants or other non-market transactions. Those are compensation, not a decision to buy, so they are not scored.
Loses money on what it sells.
- Revenue
- $1.52B
- Net income
- -$22.4M
- Net margin
- -1.5%
Heavily indebted for what it earns.
- Total debt
- $682.4M
- Cash
- $87.8M
- Net debt / EBITDA
- 5.20x
Owes more within a year than it holds to pay it.
- Current assets
- $479.3M
- Current liabilities
- $1.08B
- Current ratio
- 0.44
The business funds itself from operations.
- Operating cash flow
- $141.2M
- Free cash flow
- $106.0M
- FCF margin
- 7.0%
Not funding itself by issuing shares.
- Shares outstanding
- 13.4M
- Share growth (1y)
- 1.7%
Five pillars — profitability, leverage, liquidity, cash generation, dilution & runway — each scored 0–20 from the company’s own income statement, balance sheet and cash-flow statement, then scaled to 100. A pillar the statements cannot answer is left out rather than guessed; fewer than three and no score is shown.
VATE Income Statement
| Fiscal Period | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Period Ending | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 |
| Revenue | 421.60 M | 364.80 M | 382.70 M | 347.10 M | 242.00 M | 274.20 M |
| Revenue Growth (YoY) | 74.21 % | 33.04 % | 61.75 % | 43.31 % | -22.71 % | -13.01 % |
| Cost of Revenue | 342.10 M | 315.50 M | 328.20 M | 301.70 M | 196.40 M | 233.10 M |
| Gross Profit | 79.50 M | 49.30 M | 54.50 M | 45.40 M | 45.60 M | 41.10 M |
| SG&A Expense | 41.50 M | 38.20 M | 39.30 M | 38.30 M | 0.00 | 36.70 M |
| R&D Expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Operating Expenses | 45.00 M | 38.20 M | 39.30 M | 38.30 M | 40.70 M | 36.70 M |
| Operating Income | 34.50 M | 11.10 M | 15.20 M | 7.10 M | 4.90 M | 4.40 M |
| Pretax Income | 25.50 M | -14.20 M | -9.30 M | -16.70 M | -16.80 M | -18.70 M |
| Tax Provision | 13.10 M | 2.90 M | -1.70 M | -7.10 M | 4.20 M | 7.10 M |
| Net Income | 10.70 M | -16.80 M | -7.40 M | -8.90 M | -19.80 M | -24.50 M |
| EPS (Basic) | 0.74 | -1.29 | -0.58 | -0.71 | -1.67 | -1.89 |
| EPS (Diluted) | 0.71 | -1.29 | -0.58 | -0.71 | -1.67 | -1.89 |
| Shares Outstanding | 13.37 M | 13.34 M | 13.34 M | 13.26 M | 13.15 M | 13.11 M |
Quarterly figures; YoY compares the same fiscal quarter a year earlier. Source: public market data.