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INNOVATE Corp.

VATE NYSE Fabricated Structural Metal Products Financials FY2016โ€“FY2025

Last close ยท Oct 23, 2026

$5.60

0.2%
Compare
Revenue Total sales reported in the income statement.
$1.2B
12.5% vs prior year
Operating margin Operating income as a share of revenue.
2.3%
1.3ย pts
Net income Profit after all expenses, interest and tax.
โˆ’$60.6M
Free cash flow Cash from operations minus capital spending.
$146M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.0%
1.9ย pts
Market cap Last close times the latest diluted share count, so it is approximate.
$78.2M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$1.86 EPS (TTM)

What INNOVATE Corp. does

No business description yet.

Legal name
INNOVATE Corp.
Fiscal year ends
December 31, 2025
Latest annual report
10-K ยท Mar 26, 2026
Accession ยท CIK
0001006837-26-000014
0001006837

Revenue and margins

INNOVATE Corp. had $1.2B of revenue in fiscal 2025, up 12.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $146M in fiscal 2025, 11.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

INNOVATE Corp. returned $2.2M to shareholders in fiscal 2025, 2% of free cash flow. The diluted share count rose 23.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably INNOVATE Corp. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $45.5M$80.4M$80.8M$41.8M$108M
Debt incl. finance leases $626M$717M$712M$663M$599M
Net debt / EBITDA 21.5x11.4x10.1x8.5x8.3x
Interest coverage โˆ’0.2x0.3x0.4x0.5x0.3x
Current ratio 1.0x1.3x1.3x0.8x0.4x
Quick ratio 1.0x1.2x1.2x0.8x0.4x
Total assets $1.1B$1.2B$1.0B$891M$950M
Total liabilities $1.1B$1.2B$1.2B$1.0B$1.2B
Shareholders' equity โˆ’$84.3Mโˆ’$121Mโˆ’$166Mโˆ’$180Mโˆ’$240M
Net debt (โˆ’ = net cash) $581M$636M$631M$622M$491M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive โœ• โœ• โœ“ โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Cash from operations is positive โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ• โœ“ โœ“ โœ“
Return on assets rose โ€” โœ“ โœ“ โœ• โœ• โœ• โœ“ โœ• โœ• โœ•
Cash from operations exceeds net income โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“
Debt fell relative to assets โ€” โ€” โ€” โ€” โœ“ โœ• โœ• โœ• โœ• โœ“
Current ratio rose โ€” โ€” โ€” โ€” โ€” โœ• โœ“ โœ• โœ• โœ•
Share count didn't rise โ€” โœ• โœ• โœ“ โœ• โœ• โœ• โœ“ โœ• โœ•
Gross margin rose โ€” โœ“ โœ“ โœ“ โœ• โœ• โœ• โœ“ โœ“ โœ•
Revenue rose relative to assets โ€” โœ• โœ• โœ• โœ• โœ“ โœ“ โœ• โœ• โœ“
F-score โ€” / 34 / 75 / 74 / 73 / 83 / 94 / 94 / 93 / 94 / 9
Accruals ratio โˆ’6.1%โˆ’1.8%โˆ’3.7%โˆ’2.1%โˆ’1.9%โˆ’6.5%โˆ’2.4%โˆ’5.6%โˆ’4.5%โˆ’22.5%
Altman Z'' โ€”โ€”โ€”โ€”0.26โˆ’1.39โˆ’0.63โˆ’0.84โˆ’2.47โˆ’6.04

10 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.6B $1.6B $2.0B $1.1B $717M $1.2B $1.6B $1.4B $1.1B $1.2B
Gross profit $304M $321M $392M $481M $128M $184M $221M $216M $209M $200M
Operating income โˆ’$1.5M โˆ’$1.1M โˆ’$55.8M $25.3M โˆ’$28.3M โˆ’$10.6M $13.4M $26.5M $40.0M $28.7M
Interest expense $43.4M $55.1M $75.7M $76.1M $74.8M $59.1M $52.0M $68.2M $74.5M $89.0M
Pretax income โˆ’$45.8M โˆ’$39.8M $182M โˆ’$41.8M โˆ’$46.7M โˆ’$80.7M โˆ’$41.1M โˆ’$34.4M โˆ’$33.4M โˆ’$61.5M
Income tax $51.6M $10.7M $2.4M โˆ’$19.6M $7.0M $5.6M $0.9M $4.5M $6.3M $2.5M
Net income โˆ’$94.5M โˆ’$46.9M $162M โˆ’$31.5M โˆ’$92.0M โˆ’$228M โˆ’$35.9M โˆ’$35.2M โˆ’$34.6M โˆ’$60.6M
Net income to common โˆ’$105M โˆ’$49.7M $156M โˆ’$31.5M โˆ’$95.6M โˆ’$230M โˆ’$40.8M โˆ’$37.6M โˆ’$35.8M โˆ’$64.0M
Diluted EPS โˆ’$2.83 โˆ’$1.16 โ€” โˆ’$0.70 โˆ’$1.88 โˆ’$2.98 โˆ’$0.53 โˆ’$4.81 โˆ’$3.08 โˆ’$4.84
Diluted shares 0.04B 0.04B 0.05B 0.04B 0.05B 0.08B 0.08B 0.01B 0.01B 0.01B
Cash flow
Cash from operations $79.1M $6.6M $341M $111M $41.1M $27.0M โˆ’$9.5M $26.5M $9.1M $147M
Capital expenditure $29.0M $31.9M $39.7M $24.7M $17.8M $24.1M $20.7M $18.4M $19.0M $0.5M
Free cash flow $50.1M โˆ’$25.3M $302M $86.0M $23.3M $2.9M โˆ’$30.2M $8.1M โˆ’$9.9M $146M
Depreciation and amortization $28.9M $36.6M $38.7M $8.2M $26.8M $37.6M $42.2M $36.0M $32.9M $30.4M
Stock-based compensation $8.3M $5.2M $9.0M $6.3M $2.9M $2.4M $2.4M $2.2M $3.4M $2.7M
Acquisitions $66.3M $57.8M โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Dividends paid $1.3M $0.5M $0.5M โ€” โ€” $2.9M $5.2M $2.2M $1.2M $2.2M
Dividends and buybacks $1.3M $0.5M $0.5M โ€” โ€” $2.9M $5.2M $2.2M $1.2M $2.2M
Balance sheet
Cash and short-term investments $115M $97.9M $301M $23.3M $43.8M $45.5M $80.4M $80.8M $41.8M $108M
Total debt $389M โ€” โ€” $1.0B $562M $626M $714M $710M $663M $599M
Finance lease liabilities โ€” โ€” โ€” $1.6M $0.8M $0.1M $2.1M $2.4M $0.6M $0.1M
Current assets โ€” โ€” โ€” โ€” $6.2B $443M $536M $518M $391M $451M
Current liabilities โ€” โ€” โ€” โ€” $5.9B $440M $417M $414M $483M $1.0B
Inventory $9.6M $12.7M $21.3M $10.7M $9.9M $17.0M $18.9M $22.4M $20.8M $16.0M
Property and equipment, net $286M $375M $376M $224M โ€” โ€” โ€” โ€” โ€” โ€”
Goodwill $98.1M $132M $151M $110M $111M $127M $127M $127M $127M $106M
Intangible assets $39.7M $117M $219M $211M $172M $208M $190M $179M $172M $47.3M
Total assets $2.8B $3.2B $6.5B $7.0B $6.7B $1.1B $1.2B $1.0B $891M $950M
Total liabilities $2.7B $3.0B $6.3B $6.5B $6.1B $1.1B $1.2B $1.2B $1.0B $1.2B
Preferred stock $29.5M $26.3M $20.3M โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Shareholders' equity $44.2M $73.1M $88.1M $350M $560M โˆ’$84.3M โˆ’$121M โˆ’$166M โˆ’$180M โˆ’$240M
Margins
Gross margin 19.5% 19.6% 19.8% 44.7% 17.9% 15.2% 13.5% 15.2% 18.9% 16.0%
Operating margin โˆ’0.1% โˆ’0.1% โˆ’2.8% 2.3% โˆ’3.9% โˆ’0.9% 0.8% 1.9% 3.6% 2.3%
EBITDA margin 1.8% 2.2% โˆ’0.9% 3.1% โˆ’0.2% 2.2% 3.4% 4.4% 6.6% 4.7%
Net margin โˆ’6.1% โˆ’2.9% 8.2% โˆ’2.9% โˆ’12.8% โˆ’18.9% โˆ’2.2% โˆ’2.5% โˆ’3.1% โˆ’4.9%
FCF margin 3.2% โˆ’1.5% 15.3% 8.0% 3.3% 0.2% โˆ’1.8% 0.6% โˆ’0.9% 11.7%
Returns
Return on capital โˆ’0.4% โ€” โ€” 1.5% โˆ’2.1% โˆ’1.7% 2.1% 4.5% 7.2% 9.0%
Return on capital employed โ€” โ€” โ€” โ€” โˆ’3.6% โˆ’1.7% 1.8% 4.2% 9.8% โˆ’34.2%
Return on equity โˆ’213.7% โˆ’80.0% 201.0% โˆ’14.4% โˆ’20.2% โˆ’95.7% โ€” โ€” โ€” โ€”
Return on assets โˆ’3.3% โˆ’1.5% 3.3% โˆ’0.5% โˆ’1.3% โˆ’5.8% โˆ’3.2% โˆ’3.2% โˆ’3.6% โˆ’6.6%
Return on tangible equity โ€” โ€” โ€” โˆ’109.4% โˆ’34.6% โ€” โ€” โ€” โ€” โ€”
Growth
Revenue growth โ€” 4.9% 21.0% โˆ’45.5% โˆ’33.4% 68.1% 35.9% โˆ’13.1% โˆ’22.2% 12.5%
Net income growth โ€” โ€” โ€” โˆ’119.4% โ€” โ€” โ€” โ€” โ€” โ€”
FCF growth โ€” โˆ’150.5% โ€” โˆ’71.5% โˆ’72.9% โˆ’87.6% โˆ’1,141.4% โ€” โˆ’222.2% โ€”
Share count change โ€” 14.7% 9.3% โˆ’4.3% 12.3% 53.3% 0.5% โˆ’89.9% 36.9% 23.6%
Financial health
Net debt / EBITDA 10.0x โ€” โ€” 30.0x โ€” 21.5x 11.4x 10.1x 8.5x 8.3x
Debt / equity 8.8x โ€” โ€” 2.9x 1.0x โ€” โ€” โ€” โ€” โ€”
Interest coverage โˆ’0.0x โˆ’0.0x โˆ’0.7x 0.3x โˆ’0.4x โˆ’0.2x 0.3x 0.4x 0.5x 0.3x
Current ratio โ€” โ€” โ€” โ€” 1.0x 1.0x 1.3x 1.3x 0.8x 0.4x
Quick ratio โ€” โ€” โ€” โ€” 1.0x 1.0x 1.2x 1.2x 0.8x 0.4x
Capital allocation
Capex / revenue 1.9% 2.0% 2.0% 2.3% 2.5% 2.0% 1.3% 1.3% 1.7% 0.0%
Stock comp / revenue 0.5% 0.3% 0.5% 0.6% 0.4% 0.2% 0.1% 0.2% 0.3% 0.2%
Payouts / FCF 2.6% โ€” 0.2% โ€” โ€” 100.0% โ€” 27.2% โ€” 1.5%
Quality scores
Piotroski F-score โ€” 4.0 5.0 4.0 3.0 3.0 4.0 4.0 3.0 4.0
Altman Z'' โ€” โ€” โ€” โ€” 0.3 โˆ’1.4 โˆ’0.6 โˆ’0.8 โˆ’2.5 โˆ’6.0
Accruals ratio โˆ’6.1% โˆ’1.8% โˆ’3.7% โˆ’2.1% โˆ’1.9% โˆ’6.5% โˆ’2.4% โˆ’5.6% โˆ’4.5% โˆ’22.5%

Source: SEC EDGAR XBRL filings (CIK 0001006837). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ€” not investment advice. Check the original filings before relying on any figure.

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