INNOVATE Corp.
VATE NYSE· Fabricated Structural Metal Products
Last close · Oct 23, 2026
$5.60
KIRA · Stoqly’s AI analyst, in plain words
- INNOVATE Corp. had $1.2B of revenue in fiscal 2025, up 12.5% on the year before. Over five years, revenue changed +11.7% a year on average.
- Its operating margin was 2.3%, down 1.3 pts: of every 100 in sales, about 2 is left after running the business.
- INNOVATE Corp. lost $60.6M in fiscal 2025.
- Free cash flow was $146M in fiscal 2025, 11.7% of revenue.
- INNOVATE Corp. returned $2.2M to shareholders in fiscal 2025, 2% of free cash flow. The diluted share count rose 23.6%.
- INNOVATE Corp. owes $491M more than it holds in cash, about 8.3 years of operating profit.
Market cap
$78.2M
P/E
—
Revenue
$1.2B
Net income
−$60.6M
Free cash flow
$146M
Operating margin
2.3%
INNOVATE Corp. in 30 seconds · fiscal 2025
Are sales growing?
+12.5%
Yes. Sales grew 12.5% last year.
Does it make a profit?
−4.9%
No. It lost money last year.
Does profit turn into cash?
11.7%
Yes. 11.7% of sales ends up as free cash.
Is debt under control?
8.3x
Heavy. Repaying its debt would take 8.3 years of operating profit.
How healthy are the accounts?
4 / 9
Mixed. It passes 4 of 9 health tests.
How is the share priced?
—
No P/E: it made no profit over the last four quarters.
What INNOVATE Corp. does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 26, 2026
- Legal name
- INNOVATE Corp.
- CIK
- 0001006837
INNOVATE Corp. · VATE
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $1.2B | $1.6B | $1.4B | $1.1B | $1.2B |
| Revenue growth | 68.1% | 35.9% | −13.1% | −22.2% | 12.5% |
| Gross margin | 15.2% | 13.5% | 15.2% | 18.9% | 16.0% |
| Operating margin | −0.9% | 0.8% | 1.9% | 3.6% | 2.3% |
| Net income | −$228M | −$35.9M | −$35.2M | −$34.6M | −$60.6M |
| Net margin | −18.9% | −2.2% | −2.5% | −3.1% | −4.9% |
| Diluted EPS | −$2.98 | −$0.53 | −$4.81 | −$3.08 | −$4.84 |
| Cash | |||||
| Cash from operations | $27.0M | −$9.5M | $26.5M | $9.1M | $147M |
| Capital expenditure | $24.1M | $20.7M | $18.4M | $19.0M | $0.5M |
| Free cash flow | $2.9M | −$30.2M | $8.1M | −$9.9M | $146M |
| FCF margin | 0.2% | −1.8% | 0.6% | −0.9% | 11.7% |
| Dividends paid | $2.9M | $5.2M | $2.2M | $1.2M | $2.2M |
| Share count change | 53.3% | 0.5% | −89.9% | 36.9% | 23.6% |
| Debt and strength | |||||
| Cash and short-term investments | $45.5M | $80.4M | $80.8M | $41.8M | $108M |
| Debt incl. finance leases | $626M | $717M | $712M | $663M | $599M |
| Shareholders' equity | −$84.3M | −$121M | −$166M | −$180M | −$240M |
| Net debt / EBITDA | 21.5x | 11.4x | 10.1x | 8.5x | 8.3x |
| Current ratio | 1.0x | 1.3x | 1.3x | 0.8x | 0.4x |
| Interest coverage | −0.2x | 0.3x | 0.4x | 0.5x | 0.3x |
| Returns and quality | |||||
| Return on capital | −1.7% | 2.1% | 4.5% | 7.2% | 9.0% |
| Return on equity | −95.7% | — | — | — | — |
| Piotroski F-score | 3 | 4 | 4 | 3 | 4 |
| Altman Z'' | −1.4 | −0.6 | −0.8 | −2.5 | −6.0 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
INNOVATE Corp. · VATE
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
KIRA
At $5.60 a share, the company is worth $78.2M.
Source: SEC EDGAR XBRL filings (CIK 0001006837). Data updated October 24, 2026. For information only — not investment advice. Check the original filings before relying on any figure.