INNOVATE Corp. (VATE)

NYSE: VATE · Real-Time Price · USD

7.77

+0.25 (3.32%)

At close: Sep 25, 2026, 4:00 PM EDT

7.81

+0.04 (0.51%)

After-hours: Sep 25, 2026, 7:30 PM EDT

INNOVATE Financials Overview

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	1,516	1,246	1,107	1,423	1,637	1,205
Revenue Growth	52.38%	12.55%	-22.20%	-13.09%	35.85%	68.11%
Gross Profit	241.6	199.7	208.8	216	221.4	183.7
Operating Income	64.9	28.7	40	27.1	20.6	-5.8
Net Income	-24	-64	-35.8	-37.6	-40.8	-229.7
Earnings Per Share	-1.81	-4.84	-3.35	-4.81	-5.26	-29.79
EPS Growth	-	-	-	-	-	-

Revenue by Segment

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Spectrum	22	23.2	25.7	22.5	38.7	42
Infrastructure	1,484	1,210	1,072	1,397	1,594	1,160
Life Sciences	10	12.5	9.8	3.3	4.3	3.5
Total	1,516	1,246	1,107	1,423	1,637	1,205

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Investments	87.8	112.1	48.8	80.8	80.4	45.5
Total Debt	682.3	717.5	719.2	771.9	785.3	700.3
Net Cash (Debt)	-594.5	-605.4	-670.4	-691.1	-704.9	-654.8
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share	-44.59	-45.80	-62.68	-88.44	-90.95	-84.93

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Cash Flow	141.2	146.6	9.1	26.5	-9.5	27
Capital Expenditures	-35.7	-26.6	-20.2	-18.4	-20.7	-24.1
Free Cash Flow	105.5	120	-11.1	8.1	-30.2	2.9
Free Cash Flow Growth	531.74%	-	-	-	-	-87.55%

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Gross Margin	15.93%	16.03%	18.86%	15.18%	13.52%	15.24%
Operating Margin	4.28%	2.30%	3.61%	1.90%	1.26%	-0.48%
Pretax Margin	-0.97%	-4.94%	-3.02%	-2.42%	-2.51%	-6.70%
Profit Margin	-1.58%	-5.14%	-3.23%	-2.64%	-2.49%	-19.06%
FCF Margin	6.96%	9.63%	-1.00%	0.57%	-1.85%	0.24%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 26, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Forward PE	-	5.19	5.19	5.19	5.19	5.19
P/FCF Ratio	1.00	0.51	-	12.03	-	99.22
PS Ratio	0.07	0.05	0.06	0.07	0.09	0.24