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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. 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%
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 (below 1: weak)
Debt/Equity (2.81) (negative: negative equity)
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%) (below 0%: weak)
Next 5Y EPS Growth —

Green and red mark values outside typical ranges. 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 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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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.

INNOVATE Corp. (VATE) Latest News

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stockrow.com/VATE · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com