INNOVATE Corp.
VATE- Exchange
- NYSE
- Industry
- Fabricated Structural Metal Products
- SEC CIK
- 0001006837
No open-market purchases or sales by INNOVATE Corp. insiders were filed in the last 90 days; 49 institutions reported holding it in 13F filings for Q2 2026, worth $58.5M in total; no superinvestor holds it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Nov 13, 2026, 1:16 AM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Net loss for FY2025: $60.6M (4.9% of revenue).
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Mar 26, 2026 | Mar 31, 2025 | Mar 4, 2024 | Mar 14, 2023 | Mar 9, 2022 |
| Revenue | $1.25B | $1.11B | $1.42B | $1.64B | $1.21B |
| Cost of revenue | $1.05B | $898.3M | $1.21B | $1.42B | $1.02B |
| Gross profit | $199.7M | $208.8M | $216.0M | $221.4M | $183.7M |
| Selling, general and administrative | $153.1M | $160.2M | $168.0M | $180.1M | $168.3M |
| Operating income | $28.7M | $40.0M | $26.5M | $13.4M | -$10.6M |
| Interest expense | – | – | $68.2M | $52.0M | $59.1M |
| Income tax | $2.50M | $6.30M | $4.50M | $900.0K | $5.60M |
| Net income | -$60.6M | -$34.6M | -$35.2M | -$35.9M | -$227.5M |
| EPS, basic | $-4.84 | $-3.08 | $-0.48 | $-0.53 | $-2.98 |
| EPS, diluted | $-4.84 | $-3.08 | $-0.48 | $-0.53 | $-2.98 |
| Weighted shares, basic | 13.2M | 10.7M | 78.1M | 77.5M | 77.1M |
| Weighted shares, diluted | 13.2M | 10.7M | 78.1M | 77.5M | 77.1M |
| Margins and growth | |||||
| Gross margin | 16.0% | 18.9% | 15.2% | 13.5% | 15.2% |
| Operating margin | 2.3% | 3.6% | 1.9% | 0.8% | -0.9% |
| Net margin | -4.9% | -3.1% | -2.5% | -2.2% | -18.9% |
| Revenue growth, year over year | +12.5% | −22.2% | −13.1% | +35.9% | +19.8% |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025! | FY2024! | FY2023! | FY2022! | FY2021! |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Mar 26, 2026 | Mar 31, 2025 | Mar 4, 2024 | Mar 14, 2023 | Mar 9, 2022 |
| Cash and equivalents | $112.1M | $48.8M | $80.8M | $80.4M | $45.5M |
| Accounts receivable | $241.1M | $194.0M | $278.4M | $254.9M | $247.1M |
| Inventory | $16.0M | $20.8M | $22.4M | $18.9M | $17.0M |
| Total current assets | $451.5M | $390.9M | $517.9M | $536.4M | $442.6M |
| Goodwill | $127.0M | $126.7M | $127.1M | $127.1M | $127.4M |
| Intangible assets | $165.2M | $172.4M | $178.9M | $190.1M | $208.4M |
| Total assets | $950.1M | $891.1M | $1.04B | $1.15B | $1.08B |
| Short-term debt | $581.4M | $162.2M | $30.5M | $30.6M | $69.5M |
| Total current liabilities | $1.03B | $483.0M | $413.8M | $417.2M | $439.5M |
| Total liabilities | $1.17B | $1.03B | $1.18B | $1.18B | $1.07B |
| Shareholders' equity | -$226.2M | -$159.3M | -$151.7M | -$90.6M | -$56.2M |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Mar 26, 2026 | Mar 31, 2025 | Mar 4, 2024 | Mar 14, 2023 | Mar 9, 2022 |
| Operating cash flow | $146.6M | $9.10M | $26.5M | -$9.50M | $27.0M |
| Capital expenditures | $500.0K | $19.0M | $18.4M | $20.7M | $24.1M |
| Free cash flow | $146.1M | -$9.90M | $8.10M | -$30.2M | $2.90M |
| Depreciation and amortization | $30.4M | $32.9M | $36.0M | $42.2M | $37.6M |
| Stock-based compensation | $2.70M | $3.40M | $2.20M | $2.40M | $2.40M |
| Dividends paid | $2.20M | $1.20M | $2.20M | $5.20M | – |
| Investing cash flow | -$22.6M | -$13.9M | $39.1M | -$22.5M | -$223.2M |
| Financing cash flow | -$61.2M | -$26.5M | -$65.3M | $68.1M | $4.30M |
| Net change in cash | $63.4M | -$33.0M | $100.0K | $34.7M | $2.20M |
| Ratio | |||||
| Stock-based compensation, % of revenue | 0.2% | 0.3% | 0.2% | 0.1% | 0.2% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
- A column marked ! failed an accounting identity (gross profit = revenue − cost of revenue, or assets = liabilities + equity, within 1%). Its numbers are shown as filed.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits. Stock splits since Dec 31, 2020, from 13F share counts: 1-for-10 in Q3 2024.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.