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INNOVATE Corp.

VATE Industrials Engineering & Construction

INNOVATE Corp.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 12.5% from fiscal 2024.

Revenue
+74.2%
EPS
+144.3%
Free cash flow
−201.2%
Total debt
−3.39%

Quarter to June 2026, against a year earlier

5.14 0.17 +3.42%
Market cap
$67.8M
P/E
0.0×
Fwd P/E
0.0×
Dividend yield
—
F-score
4/9
Altman Z
−0.15
Beneish M
−3.26
Dividend safety
25/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 63.29%

Capital & Financial Ratios $m

Size
Market Cap 67.80
Revenue ttm 1,516.20
Net income ttm (21.90)
Free cash flow ttm 106.30
Net debt Q 528.20
Valuation
P/E 0.00
Forward P/E 0.00
Price / sales 0.04
Forward P/S Powerpack
Price / FCF 0.64
Price / book 0.00
Financial health
Current ratio Q 0.44 (below 1: weak)
Debt / equity Q (2.81) (negative: negative equity)
Interest coverage Q 1.25
Growth
Revenue growth Q +74.21% (above 0%: growing)
Operating income growth Q +604.08% (above 0%: growing)
EPS, this year +8.60%
EPS, next year A —
Revenue, next year A −100.00% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A —

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.4×, against a ten-year median of 0.5×; over the ten years it ranged from 0.0× in 2018 to 1.2× in 2021.
P/S against its own 10 years 7.88%
10-year low 10-year high
EV/Sales against its own 10 years 29.84%
10-year low 10-year high
EV/FCF against its own 10 years 21.26%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 81 49 112 88
Receivables 278 194 241 284
Inventory 22 21 16 15
Other 136 127 82 92
518 391 452 479
2023 2024 2025 Q'26
Payables 143 85 141 137
ST’ Debt 31 162 581 554
Other 170 126 189 314
414 483 1,034 1,083

Compound Annual Growth %

10y 5y 3y
Sales 1.06% 11.69% (8.70%)
Cash Flow 0.00% 28.96% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 0.00% 0.00%

EPS $

Mar Jun Sep Dec Year
’26 (1.29) 0.71 — — —
’25 (1.89) (1.67) (0.71) (0.58) (4.84)
’24 (2.20) 1.00 (1.18) (1.30) (3.08)
’23 (1.30) (1.30) (0.90) (1.20) (4.80)
’22 (1.80) (1.80) (0.90) (0.90) (5.30)
’21 1.50 (3.10) (27.50) (0.70) (29.80)
’20 (18.20) 2.60 (3.80) (1.10) (18.80)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 365 422 — — —
’25 274 242 347 383 1,246
’24 315 313 242 237 1,107
’23 318 369 375 361 1,423
’22 413 392 423 409 1,637
’21 172 244 395 395 1,205
’20 187 182 171 252 717
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 46 (25) — — —
’25 (14) 40 19 101 147
’24 (25) 22 (28) 41 9
’23 (77) 16 26 61 27
’22 (63) 21 (29) 63 (9)
’21 (2) 2 (14) 42 27
’20 35 13 30 (36) 41
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 36 (35) — — —
’25 (18) 34 12 94 122
’24 (28) 25 (31) 34 0
’23 (80) 12 22 57 10
’22 (66) 15 (35) 58 (28)
’21 (6) (2) (10) 33 16
’20 31 8 25 1 65
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,558 1,634 1,977 1,077 717 1,205 1,637 1,423 1,107 1,246 1,516 (2.5%) — — — —
Gross margin, % 19.52 19.64 19.81 44.66 17.91 15.24 13.52 15.18 18.86 16.03 15.93 (3.5) pt
EBT (46) (40) 182 (42) (47) (81) (41) (34) (33) (61) (15) +3.3%
EBT margin, % (2.94) (2.44) 9.22 (3.88) (6.51) (6.70) (2.51) (2.42) (3.02) (4.94) (0.97) (2.0) pt
Net income (97) (50) 180 (36) (102) (236) (42) (39) (40) (64) (22) (4.6%)
Per share, $
Per share, $ Revenue 417.72 381.80 446.21 240.40 142.52 156.32 211.26 182.09 103.51 94.27 113.36 (15.2%)
Earnings (28.30) (11.60) 31.40 (6.60) (18.80) (29.80) (5.30) (4.80) (3.08) (4.84) (1.84) (17.8%)
Cash flow 21.21 1.54 77.07 24.71 8.17 3.50 (1.23) 3.39 0.85 11.09 10.56 (6.9%)
Capex (5.42) (6.99) (7.63) (5.22) 4.65 (1.41) (2.41) (2.15) (0.83) (1.87) (2.61) (11.2%)
Free cash flow 15.79 (5.44) 69.44 19.49 12.82 2.09 (3.64) 1.24 0.02 9.22 7.95 (5.8%)
Book value 25.98 50.09 48.31 101.32 121.39 (4.85) (9.42) (17.31) (13.39) (18.16) (16.37) n/m
Shares, m 4 4 4 4 5 8 8 8 11 13 13 +15.1%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.87 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.1
P/S 0.15 0.16 0.06 0.06 0.25 0.24 0.10 0.06 0.06 0.05 0.04 0.1
P/B 3.52 1.38 0.60 0.22 0.33 0.00 0.00 0.00 0.00 0.00 0.00 0.6
EV/Sales 0.36 0.47 0.28 0.55 0.91 0.72 0.49 0.51 0.61 0.44 0.39 0.5
EV/FCF 9.58 (32.95) 1.79 10.16 11.10 53.67 (28.39) 74.11 3,391.91 4.52 5.61 349.5
Cash, $m
Cash, $m Operating cash flow 79 7 341 111 41 27 (9) 27 9 147 141 +7.1%
Capex (20) (30) (34) (23) 23 (11) (19) (17) (9) (25) (35) +2.3%
Free cash flow 59 (23) 308 87 65 16 (28) 10 0 122 106 +8.4%
Balance, $m
Balance, $m Working capital 132 73 359 787 294 3 119 104 (92) (583) (604) n/m
Net debt 313 650 589 530 516 579 634 629 614 550 528 +6.5%
Shareholders’ equity 97 214 214 454 611 (37) (73) (135) (143) (240) (219) n/m
Returns, %
Returns, % ROA (3.78) (1.64) 3.20 (0.47) (1.40) (5.89) (3.66) (3.43) (3.70) (6.95) (2.53) (3.2) pt
ROIC (0.23) (0.08) (4.34) 1.61 (1.57) (1.22) 1.49 3.35 5.31 5.80 13.11 +6.0 pt
ROE (113.97) (38.90) 81.51 (9.89) (18.32) (84.45) 55.59 31.04 23.02 33.20 11.03 +147.2 pt
People
People Employees 2,744 3,358 4,119 3,728 2,803 3,902 3,565 4,024 3,161 3,738 — +3.5%
Revenue/emp, $m 0.57 0.49 0.48 0.29 0.26 0.31 0.46 0.35 0.35 0.33 — (5.7%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

INNOVATE Corp. vs peers in Engineering & Construction (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MTRX Matrix Service Company $243.9M 33.0× 15.7× +3.55% (above 0%: growing) n/m −35.06% (below 0%: shrinking) 8.23% 2.04% Compare
OPAL OPAL Fuels Inc. $239.3M — (loss-making) 5.8× +3.66% (above 0%: growing) n/m +43.29% (above 0%: growing) 29.34% (3.61%) Compare
MAGH Magnitude International Ltd $236.6M — — — — — — — Compare
SHIM Shimmick Corporation $94.7M — (loss-making) — (loss-making) −16.97% (below 0%: shrinking) n/m −257.50% (below 0%: shrinking) 11.68% (2.49%) Compare
VATE INNOVATE Corp. $67.8M — (loss-making) — (loss-making) +74.21% (above 0%: growing) n/m −201.16% (below 0%: shrinking) 18.86% 8.18%
BLNK Blink Charging Co. $59.3M — (loss-making) — (loss-making) −24.49% (below 0%: shrinking) n/m +85.98% (above 0%: growing) 38.95% (28.72%) Compare
SLND Southland Holdings, Inc. $37.3M — (loss-making) — (loss-making) −47.39% (below 0%: shrinking) n/m −432.89% (below 0%: shrinking) (62.87%) (77.61%) Compare
KAZR Skyline Builders Group Holding Limited $22.6M — — — — +53.58% (above 0%: growing) — — Compare
ONEG OneConstruction Group Limited $20.3M — — — — — — — Compare
Median of peers $77.0M — — −16.97% — +4.11% 11.68% (3.61%)

All 51 Engineering & Construction stocks →

Pay and ownership Proxy statement filed 28 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.84m 1.57m 24.17
2024 2.75m 2.44m 26.42
2023 918.92k 975.50k 65.78
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

INNOVATE Corp. (VATE) Latest News

6 Oct

Impact 4 · · Zacks

5 Oct

Impact 4 · · GlobeNewswire

2 Sep

Impact 4 ·

28 Aug

Impact 3 ·

18 Aug

Impact 3 ·
Impact 3 ·

9 Aug

Impact 3 · · MarketBeat transcript

7 Aug

Impact 4 ·

6 Aug

Impact 3 ·

1 Jun

Impact 4 · · GlobeNewswire

27 May

Impact 3 · · Zacks

15 May

Impact 4 · · GuruFocus.com
Impact 3 · · MarketBeat
Impact 3 · · Moby transcript

14 May

Impact 4 · · GlobeNewswire

31 Mar

Impact 4 · · GlobeNewswire

26 Mar

Impact 4 · · MarketBeat
Impact 4 · · GlobeNewswire

10 Feb

Impact 4 · · GlobeNewswire

2 Feb

Impact 3 · · GlobeNewswire

30 Jan

Impact 3 · · GlobeNewswireSimply Wall St.Insider MonkeyMT NewswiresSimply Wall St.Insider MonkeyMT NewswiresSimply Wall St.

16 Dec

Impact 4 · · GlobeNewswireMT NewswiresMotley FoolMT NewswiresBusiness Wire VideosInsider MonkeyMT Newswires

9 Dec

Impact 3 · · Simply Wall St.

13 Nov

Impact 4 · · GuruFocus.comAssociated Press FinanceGuruFocus.comGuruFocus.com

12 Nov

Impact 4 · · GlobeNewswire

22 Oct

Impact 3 · · GlobeNewswire

21 Oct

Impact 4 · · GlobeNewswireMT NewswiresGuruFocus.comBioPharma DiveZacksMT NewswiresMedical Device NetworkMedical Device Network

16 Oct

Impact 3 · · GlobeNewswire
Impact 3 · · GlobeNewswire

9 Sep

Impact 4 ·
stockrow.com/VATE · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com