stockrowINNOVATE 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
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INNOVATE Corp. (VATE) Altman Z-score
INNOVATE Corp.'s Altman Z-score for fiscal 2025 is −0.15, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −0.15 | (0.63) |
| FY2024 | 0.48 | (0.49) |
| FY2023 | 0.96 | (0.14) |
| FY2022 | 1.11 | 0.41 |
| FY2021 | 0.70 | 0.58 |
| FY2020 | 0.12 | (0.17) |
| FY2019 | 0.29 | (0.05) |
| FY2018 | 0.34 | (0.15) |
| FY2017 | 0.49 | (0.08) |
| FY2016 | 0.57 | 0.09 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.61) | — | −0.74 | |
| Retained earnings / total assets | (0.61) | — | −0.86 | |
| EBIT / total assets | 0.03 | — | 0.10 | |
| Market value of equity / total liabilities | 0.05 | — | 0.03 | |
| Sales / total assets | 1.31 | — | 1.31 | |
| Altman Z-score | Distress zone | −0.15 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −6.03 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MAGH Magnitude International Ltd compare | 22.9× |
| KAZR Skyline Builders Group Holding Limited compare | 2.3× |
| MTRX Matrix Service Company compare | 1.9× |
| SHIM Shimmick Corporation compare | 1.4× |
| ONEG OneConstruction Group Limited compare | 1.2× |
| OPAL OPAL Fuels Inc. compare | 0.5× |
| VATE INNOVATE Corp. | −0.2× |
| SLND Southland Holdings, Inc. compare | −0.4× |
| BLNK Blink Charging Co. compare | −8.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets