NYSE : VATE

INNOVATE Corp. — Financial statements

Industrials · Engineering & Construction · United States

Last price 5.8 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 79.12M

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Financial statements

INNOVATE Corp. (VATE) reported revenue of 1.52B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.

Income statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Operating Revenue1.52B1.25B1.11B1.42B1.64B1.21B
Revenue1.52B1.25B1.11B1.42B1.64B1.21B
Cost of Revenue1.27B1.05B898.30M1.21B1.42B1.02B
Gross Profit241.60M199.70M208.80M216.00M221.40M183.70M
Selling, General & Admin161.10M153.10M160.20M168.00M173.60M166.30M
Other Operating Expenses-800.00K400.00K-9.00M700.00K-2.20M
Operating Expenses176.70M171.00M168.80M188.90M200.80M189.50M
Operating Income64.90M28.70M40.00M27.10M20.60M-5.80M
Interest Expense-99.50M-89.00M-74.50M-68.20M-52.00M-59.10M
Interest & Investment Income1.10M700.00K2.60M1.30M
Earnings From Equity Investments-5.90M-2.30M-9.40M-1.30M-2.80M
Currency Exchange Gain (Loss)-600.00K-1.10M1.30M-400.00K
Other Non Operating Income (Expenses)800.00K200.00K-1.20M4.30M
EBT Excluding Unusual Items-33.30M-66.40M-32.90M-49.60M-33.90M-63.40M
Merger & Restructuring Charges-6.50M-2.00M
Gain (Loss) on Sale of Investments200.00K5.20M-200.00K15.80M
Asset Writedown-600.00K-700.00K-2.80M
Other Unusual Items18.40M-300.00K-300.00K-12.50M
Pretax Income-14.70M-61.50M-33.40M-34.40M-41.10M-80.70M
Income Tax Expense7.20M2.50M6.30M4.50M900.00K5.60M
Earnings From Continuing Operations-21.90M-64.00M-39.70M-38.90M-42.00M-86.30M
Earnings From Discontinued Operations-149.90M
Net Income to Company-21.90M-64.00M-39.70M-38.90M-42.00M-236.20M
Minority Interest in Earnings-500.00K3.40M5.10M3.70M6.10M8.70M
Net Income-22.40M-60.60M-34.60M-35.20M-35.90M-227.50M
Preferred Dividends & Other Adjustments1.60M3.40M1.20M2.40M4.90M2.20M
Net Income to Common-24.00M-64.00M-35.80M-37.60M-40.80M-229.70M
Shares Outstanding (Basic)13.33M13.22M10.70M7.81M7.75M7.71M
Shares Outstanding (Diluted)13.33M13.22M10.70M7.81M7.75M7.71M
EPS (Basic)-1.80-4.84-3.35-4.81-5.26-29.79
EPS (Diluted)-1.81-4.84-3.35-4.81-5.26-29.79
Free Cash Flow105.50M120.00M-11.10M8.10M-30.20M2.90M
Free Cash Flow Per Share7.919.08-1.041.04-3.900.38
Gross Margin15.93%16.03%18.86%15.18%13.52%15.24%
Operating Margin4.28%2.30%3.61%1.90%1.26%-0.48%
Profit Margin-1.58%-5.14%-3.23%-2.64%-2.49%-19.06%
Free Cash Flow Margin6.96%9.63%-1.00%0.57%-1.85%0.24%
EBITDA94.40M59.10M72.90M63.10M62.80M31.80M
EBITDA Margin6.23%4.74%6.59%4.43%3.84%2.64%
D&A For EBITDA29.50M30.40M32.90M36.00M42.20M37.60M
EBIT64.90M28.70M40.00M27.10M20.60M-5.80M
EBIT Margin4.28%2.30%3.61%1.90%1.26%-0.48%

Balance sheet

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Cash & Equivalents87.80M112.10M48.80M80.80M80.40M45.50M
Cash & Short-Term Investments87.80M112.10M48.80M80.80M80.40M45.50M
Accounts Receivable333.30M304.60M294.50M391.80M415.50M355.10M
Other Receivables5.50M5.00M6.40M7.30M9.80M10.60M
Receivables338.80M309.60M300.90M399.10M425.30M365.70M
Inventory14.80M16.00M20.80M22.40M18.90M17.00M
Prepaid Expenses24.90M10.60M10.90M11.20M10.40M
Restricted Cash900.00K300.00K2.00M
Other Current Assets13.00M3.20M9.50M3.50M1.10M12.40M
Total Current Assets479.30M451.50M390.90M517.90M536.40M442.60M
Property, Plant & Equipment200.30M194.70M187.30M212.60M225.20M239.50M
Long-Term Investments2.20M1.80M3.60M1.80M48.20M44.70M
Goodwill105.70M127.00M126.70M127.10M127.10M127.40M
Other Intangible Assets44.00M165.20M172.40M178.90M195.70M208.40M
Long-Term Deferred Tax Assets2.00M2.00M1.60M2.00M1.70M3.00M
Other Long-Term Assets173.20M7.90M8.60M3.30M17.40M15.00M
Total Assets1.01B950.10M891.10M1.04B1.15B1.08B
Accounts Payable137.20M141.40M84.80M142.90M202.50M179.20M
Accrued Expenses65.40M121.90M108.90M70.40M65.00M93.00M
Current Portion of Long-Term Debt553.80M581.30M162.20M30.50M30.60M69.50M
Current Portion of Leases10.60M13.00M12.90M13.50M17.10M15.50M
Current Income Taxes Payable12.50M600.00K800.00K400.00K400.00K400.00K
Current Unearned Revenue182.70M171.90M109.10M153.50M98.60M79.10M
Other Current Liabilities121.20M4.00M4.30M2.60M3.00M2.80M
Total Current Liabilities1.08B1.03B483.00M413.80M417.20M439.50M
Long-Term Debt62.10M80.30M500.00M676.90M681.70M556.70M
Long-Term Leases55.80M42.90M44.10M51.00M55.90M58.60M
Long-Term Deferred Tax Liabilities1.90M4.70M4.40M4.10M9.10M9.10M
Other Long-Term Liabilities23.50M3.40M3.30M34.10M17.40M4.80M
Total Liabilities1.23B1.17B1.03B1.18B1.18B1.07B
Common Stock100.00K100.00K
Additional Paid-In Capital352.90M350.10M350.10M328.30M330.10M330.60M
Retained Earnings-588.60M-582.50M-521.90M-487.30M-452.10M-416.20M
Treasury Stock-5.60M-5.60M-5.40M-5.40M-5.30M-5.20M
Comprehensive Income & Other-1.90M-2.10M-3.20M-1.10M5.90M6.40M
Total Common Equity-243.20M-240.10M-180.40M-165.50M-121.30M-84.30M
Minority Interest13.50M15.50M20.60M12.80M74.10M77.40M
Shareholders' Equity-220.00M-215.30M-143.70M-136.30M-29.60M11.90M
Total Liabilities & Equity1.01B950.10M891.10M1.04B1.15B1.08B
Total Debt682.30M717.50M719.20M771.90M785.30M700.30M
Net Cash (Debt)-594.50M-605.40M-670.40M-691.10M-704.90M-654.80M
Net Cash Per Share-44.59-45.80-62.68-88.44-90.95-84.93
Filing Date Shares Outstanding13.64M13.65M13.28M7.92M7.88M7.78M
Total Common Shares Outstanding13.64M13.66M13.26M7.92M7.88M7.78M
Working Capital-604.10M-582.60M-92.10M104.10M119.20M3.10M
Book Value Per Share-17.83-17.58-13.60-20.89-15.40-10.83
Tangible Book Value-392.90M-532.30M-479.50M-471.50M-444.10M-420.10M
Tangible Book Value Per Share-28.80-38.98-36.16-59.51-56.37-53.97
Land19.10M25.30M18.60M25.80M26.10M24.10M
Buildings41.90M42.40M36.80M42.90M44.80M43.00M
Machinery201.70M230.00M218.40M218.80M168.60M189.00M
Construction In Progress18.10M16.30M8.00M4.80M8.40M8.90M
Order Backlog1.72B

Cash flow statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Net Income-22.40M-60.60M-34.60M-35.20M-35.90M-227.50M
Depreciation & Amortization29.50M30.40M32.90M36.00M42.20M37.60M
Other Amortization27.00M23.70M7.70M6.90M3.40M10.50M
Asset Writedown & Restructuring Costs100.00K1.80M2.10M2.80M
Loss (Gain) From Sale of Investments-200.00K-5.20M200.00K-15.80M
Loss (Gain) on Equity Investments5.90M2.30M9.40M1.30M2.80M
Stock-Based Compensation2.20M2.70M3.40M2.20M2.40M2.40M
Other Operating Activities-16.80M-1.50M-15.00M-6.90M-5.00M151.50M
Change in Accounts Receivable-13.90M-6.50M104.10M20.80M-52.00M-57.40M
Change in Inventory5.90M4.80M1.90M-3.50M-1.90M-1.40M
Change in Accounts Payable59.70M57.10M-57.20M-60.20M21.70M57.90M
Change in Unearned Revenue9.90M62.80M-44.40M54.90M19.50M7.20M
Change in Other Net Operating Assets60.30M33.00M7.70M16.10M-7.30M7.10M
Operating Cash Flow141.20M146.60M9.10M26.50M-9.50M27.00M
Capital Expenditures-35.70M-26.60M-20.20M-18.40M-20.70M-24.10M
Sale of Property, Plant & Equipment300.00K1.40M10.10M1.60M2.00M13.20M
Cash Acquisitions-128.50M
Divestitures74.00M
Investment in Securities2.40M2.60M-2.00M59.20M
Other Investing Activities-1.80M-3.30M-3.80M-157.80M
Investing Cash Flow-33.00M-22.60M-13.90M39.10M-22.50M-223.20M
Long-Term Debt Issued107.20M95.00M91.90M187.40M663.10M
Long-Term Debt Repaid-165.50M-153.00M-131.80M-113.40M-633.60M
Net Debt Issued (Repaid)-46.30M-58.30M-58.00M-39.90M74.00M29.50M
Issuance of Common Stock33.20M
Preferred Dividends Paid-1.20M-1.20M
Common Dividends Paid-2.70M-2.90M
Dividends Paid-1.80M-2.20M-1.20M-2.20M-3.90M-2.90M
Other Financing Activities-3.50M-700.00K-500.00K-16.20M-2.00M-11.90M
Financing Cash Flow-51.60M-61.20M-26.50M-65.30M68.10M4.30M
Foreign Exchange Rate Adjustments-200.00K600.00K-1.70M-200.00K-1.40M-1.30M
Miscellaneous Cash Flow Adjustments500.00K195.40M
Net Cash Flow56.90M63.40M-33.00M100.00K34.70M2.20M
Free Cash Flow105.50M120.00M-11.10M8.10M-30.20M2.90M
Free Cash Flow Margin6.96%9.63%-1.00%0.57%-1.85%0.24%
Free Cash Flow Per Share7.919.08-1.041.04-3.900.38
Levered Free Cash Flow111.08M127.11M35.34M20.21M-36.23M638.34M
Unlevered Free Cash Flow146.26M159.04M74.20M55.94M-7.12M664.77M
Cash Interest Paid10.10M30.00M48.60M49.00M42.50M32.60M
Cash Income Tax Paid4.40M6.40M3.50M6.70M5.90M5.40M
Change in Working Capital121.90M151.20M12.10M28.10M-20.00M13.40M

Ratios

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Market Capitalization72.57M61.72M65.51M97.46M146.53M287.74M
Enterprise Value667.07M775.52M800.01M887.46M990.33M1.08B
Last Close Price5.514.524.9412.3018.7037.00
Forward PE5.195.195.195.195.19
PS Ratio0.050.050.060.070.090.24
PB Ratio-0.29-0.46-0.71-4.9524.18
P/FCF Ratio0.740.5112.0399.22
P/OCF Ratio0.550.427.203.6810.66
EV/Sales Ratio0.440.620.720.620.600.89
EV/EBITDA Ratio7.1213.1210.9714.0615.7733.84
EV/EBIT Ratio10.3627.0220.0032.7548.07
EV/FCF Ratio6.376.46109.56371.12
Debt / Equity Ratio-3.10-3.33-5.00-5.66-26.5358.85
Debt / EBITDA Ratio4.866.835.986.216.499.63
Debt / FCF Ratio6.475.9895.30241.48
Net Debt / Equity Ratio-2.70-2.81-4.67-5.07-23.8155.02
Net Debt / EBITDA Ratio6.3010.249.2010.9511.2220.59
Net Debt / FCF Ratio5.635.04-60.4085.32-23.34225.79
Asset Turnover1.601.351.141.301.470.31
Inventory Turnover71.8156.8641.5958.4578.8875.95
Quick Ratio0.390.410.721.161.210.94
Current Ratio0.440.440.811.251.291.01
Return on Equity (ROE)-27.49%
Return on Assets (ROA)4.28%1.95%2.58%1.54%1.15%-0.09%
Return on Invested Capital (ROIC)17.71%7.71%3.97%2.94%-0.63%
Return on Capital Employed (ROCE)-84.60%-34.20%9.80%4.30%2.80%-0.90%
Earnings Yield-33.93%-98.18%-52.81%-36.12%-24.50%-79.06%
FCF Yield135.68%194.42%-16.94%8.31%-20.61%1.01%
Buyback Yield / Dilution-2.11%-23.57%-36.88%-0.83%-0.52%-53.28%