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. In the quarter to June 2026, revenue grew 74.2%, EPS grew 144.3%, free cash flow fell 201.2% and total debt fell 3.39%, each against the same quarter a year earlier.
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INNOVATE Corp. (VATE) Beneish M-score
INNOVATE Corp.'s Beneish M-score for fiscal 2025 is −3.26; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.26 | (0.13) |
| FY2024 | −3.13 | (0.34) |
| FY2023 | −2.79 | (0.33) |
| FY2022 | −2.46 | (3.01) |
| FY2021 | 0.55 | 5.08 |
| FY2020 | −4.53 | (1.31) |
| FY2019 | −3.22 | (0.96) |
| FY2018 | −2.26 | 0.22 |
| FY2017 | −2.47 | 0.24 |
| FY2016 | −2.72 | (2.02) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.10 | — | 1.02 | |
| Gross margin index | 1.18 | — | 0.62 | |
| Asset quality index | 0.91 | — | 0.37 | |
| Sales growth index | 1.13 | — | 1.00 | |
| Depreciation index | 0.84 | — | 0.10 | |
| SG&A index | 0.85 | — | −0.15 | |
| Total accruals to total assets | (0.22) | — | −1.04 | |
| Leverage index | 1.06 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.26 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| BLNK Blink Charging Co. compare | −4.6× |
| SHIM Shimmick Corporation compare | −3.6× |
| VATE INNOVATE Corp. | −3.3× |
| MTRX Matrix Service Company compare | −2.6× |
| ORN Orion Group Holdings, Inc. compare | −2.4× |
| KAZR Skyline Builders Group Holding Limited compare | −2.2× |
| MAGH Magnitude International Ltd compare | −1.4× |
| PHOE Phoenix Asia Holdings Limited compare | 5.9× |
| SLND Southland Holdings, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI