Saturday 17 October 2026 Export VATE’s income statement to Excel — free account

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.

6.00 0.21 −3.38%

Follow VATE

Alert me

Market cap: $84.7M
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 Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 63.29%

Capital & Financial Ratios $m

Market Cap 84.71

Revenue 1,516.20

Net Income (21.90)

Free Cash Flow 106.30

Net Debt 528.20

Current Ratio 0.44

Debt/Equity (2.81)

P/E ratio 0.00

Fwd P/E 0.00

P/S ratio 0.05

P/B ratio 0.00

Past 5Y EPS Growth —

This Y EPS Growth 8.60%

Next Y EPS Growth —

Next Y revenue growth (100.00%)

Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 13.64%

10-year low 10-year high

EV/Sales against its own 10 years 30.03%

10-year low 10-year high

EV/FCF against its own 10 years 21.46%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	Powerpack
2017	Powerpack

special payouts not included in total or ratios

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%

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.

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)	(1.29)	(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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	32.50	43.00	23.10	19.00	12.90	29.90	6.40	9.70	3.25	4.05	Analyst estimates 2026–2028 Powerpack
	High	60.70	72.70	77.90	37.60	43.30	48.30	42.40	35.30	12.40	13.79
People
People	Employees	2,744	3,358	4,119	3,728	2,803	3,902	3,565	4,024	3,161	3,738
	Revenue/emp, $m	0.57	0.49	0.48	0.29	0.26	0.31	0.46	0.35	0.35	0.33
Income, $m
Income, $m	Revenue	1,558	1,634	1,977	1,077	717	1,205	1,637	1,423	1,107	1,246
	Gross margin, %	19.52	19.64	19.81	44.66	17.91	15.24	13.52	15.18	18.86	16.03
	EBT	(46)	(40)	182	(42)	(47)	(81)	(41)	(34)	(33)	(61)
	EBT margin, %	(2.94)	(2.44)	9.22	(3.88)	(6.51)	(6.70)	(2.51)	(2.42)	(3.02)	(4.94)
	Net income	(97)	(50)	180	(36)	(102)	(236)	(42)	(39)	(40)	(64)
	Depreciation	44	51	52	29	42	48	46	43	41	54
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
	Earnings	(28.30)	(11.60)	31.40	(6.60)	(18.80)	(29.80)	(5.30)	(4.80)	(3.08)	(4.84)
	Cash flow	21.21	1.54	77.07	24.71	8.17	3.50	(1.23)	3.39	0.85	11.09
	Capex	(5.42)	(6.99)	(7.63)	(5.22)	4.65	(1.41)	(2.41)	(2.15)	(0.83)	(1.87)
	Free cash flow	15.79	(5.44)	69.44	19.49	12.82	2.09	(3.64)	1.24	0.02	9.22
	Book value	25.98	50.09	48.31	101.32	121.39	(4.85)	(9.42)	(17.31)	(13.39)	(16.41)
	Shares, m	4	4	4	4	5	8	8	8	11	13
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.87	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	0.15	0.16	0.06	0.06	0.25	0.24	0.10	0.06	0.05	0.05
	P/B	3.52	1.38	0.60	0.22	0.33	0.00	0.00	0.00	0.00	0.00
	EV/Sales	0.36	0.47	0.28	0.55	0.91	0.72	0.49	0.51	0.60	0.44
	EV/FCF	9.58	(32.95)	1.79	10.16	11.10	53.67	(28.39)	74.11	3,334.19	4.52
Cash, $m
Cash, $m	Operating cash flow	79	7	341	111	41	27	(9)	27	9	147
	Capex	(20)	(30)	(34)	(23)	23	(11)	(19)	(17)	(9)	(25)
	Free cash flow	59	(23)	308	87	65	16	(28)	10	0	122
Balance, $m
Balance, $m	Working capital	132	73	359	787	294	3	119	104	(92)	(583)
	Total debt	428	748	914	724	562	626	714	710	663	662
	Net debt	313	650	589	530	516	579	634	629	614	550
	Shareholders’ equity	97	214	214	454	611	(37)	(73)	(135)	(143)	(217)
Returns, %
Returns, %	ROA	(3.78)	(1.64)	3.20	(0.47)	(1.40)	(5.89)	(3.66)	(3.43)	(3.70)	(6.95)
	ROIC	(0.23)	(0.08)	(4.34)	1.61	(1.57)	(1.22)	1.49	3.35	5.31	5.39
	ROE	(113.97)	(38.90)	81.51	(9.89)	(18.32)	(84.45)	55.59	31.04	23.02	33.20

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ORN Orion Group Holdings, Inc.	$355.1M	89.8×	41.8×	+8.08% (above 0%: growing)	n/m	−140.87% (below 0%: shrinking)	10.33%	(0.59%)	Compare
PHOE Phoenix Asia Holdings Limited	$351.2M	—	—	—	—	−1,148.32% (below 0%: shrinking)	—	—	Compare
MTRX Matrix Service Company	$286.9M	— (loss-making)	19.5×	+13.01% (above 0%: growing)	n/m	−125.30% (below 0%: shrinking)	7.97%	(0.36%)	Compare
MAGH Magnitude International Ltd	$236.6M	—	—	—	—	—	—	—	Compare
SHIM Shimmick Corporation	$104.6M	— (loss-making)	— (loss-making)	−16.97% (below 0%: shrinking)	n/m	−257.50% (below 0%: shrinking)	11.68%	(2.49%)	Compare
VATE INNOVATE Corp.	$84.7M	— (loss-making)	— (loss-making)	+74.21% (above 0%: growing)	n/m	−201.16% (below 0%: shrinking)	18.86%	8.18%
BLNK Blink Charging Co.	$64.2M	— (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.	$43.5M	— (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	$36.3M	—	—	—	—	+53.58% (above 0%: growing)	—	—	Compare
Median of peers	$170.6M	—	—	−16.97%	—	−140.87%	10.33%	(2.49%)

All 51 Engineering & Construction stocks →

INNOVATE Corp. (VATE) key facts

Strength: INNOVATE Corp.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 12.5% from fiscal 2024.
INNOVATE Corp. (VATE) is an Engineering & Construction company in the Industrials sector, listed on the New York Stock Exchange.
As of October 16, 2026, VATE traded at $6.00, a market capitalization of $84.7 million.
Return on equity was 33.2% and debt-to-equity -2.81.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is −0.15 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.