What is INNOVATE's operating income?

INNOVATE's total operating income in 2025 was $28.70 million, based on the following breakdown: Total Gross Profit: $199.70 million Total Operating Expenses: $171 million

INNOVATE (VATE) Financials

$14.91 +0.10 (+0.68%)

Closing price 07/2/2026 03:58 PM Eastern

Extended Trading

$14.89 -0.02 (-0.13%)

As of 04:02 AM Eastern

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Annual Income Statements for INNOVATE

This table shows INNOVATE's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-40	-105	-50	156	-32	-96	-230	-41	-38	-36	-64
Consolidated Net Income / (Loss)	-36	-97	-51	180	-36	-102	-236	-42	-39	-40	-64
Net Income / (Loss) Continuing Operations	-36	-97	-51	180	-22	-54	-86	-42	-39	-40	-64
Total Pre-Tax Income	-47	-46	-40	182	-42	-47	-81	-41	-34	-33	-62
Total Operating Income	0.71	-1.50	-1.10	-56	25	-28	-11	13	27	40	29
Total Gross Profit	138	304	321	392	481	128	184	221	216	209	200
Total Revenue	1,121	1,558	1,634	1,977	1,077	717	1,205	1,637	1,423	1,107	1,246
Operating Revenue	1,121	1,558	1,634	1,977	1,077	717	1,205	1,637	1,423	1,107	1,246
Total Cost of Revenue	983	1,254	1,313	1,585	596	589	1,022	1,416	1,207	898	1,046
Operating Cost of Revenue	983	1,254	1,313	1,585	596	589	1,022	1,416	1,207	898	1,046
Total Operating Expenses	137	306	322	447	456	157	194	208	190	169	171
Selling, General & Admin Expense	109	153	183	218	177	146	168	180	168	160	153
Depreciation Expense	25	25	31	32	-0.90	18	25	27	20	18	18
Other Operating Expenses / (Income)	4.15	128	108	196	229	-6.50	0.60	0.70	1.30	-9.00	0.40
Total Other Income / (Expense), net	-47	-44	-39	238	-67	-18	-70	-55	-61	-73	-90
Interest Expense	39	43	55	76	76	84	72	52	68	75	89
Interest & Investment Income	-1.50	11	18	15	1.60	-3.40	-2.80	-1.30	-9.40	-2.30	-5.90
Other Income / (Expense), net	-6.82	-12	-1.40	298	7.40	69	4.30	-1.20	17	3.40	4.70
Income Tax Expense	-11	52	11	2.40	-20	7.00	5.60	0.90	4.50	6.30	2.50
Preferred Stock Dividends Declared	4.29	11	2.80	6.40	0.00	3.60	2.20	4.90	2.40	1.20	3.40
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.20	-2.90	-3.60	18	-4.60	-10	-8.70	-6.10	-3.70	-5.10	-3.40
Basic Earnings per Share	($1.50)	-	-	-	($0.70)	($1.88)	($2.98)	($0.53)	($4.81)	($3.08)	($4.84)
Weighted Average Basic Shares Outstanding	26.48M	37.30M	42.80M	44.30M	44.80M	50.30M	77.10M	77.50M	7.81M	10.70M	13.22M
Diluted Earnings per Share	($1.50)	-	-	-	($0.70)	($1.88)	($2.98)	($0.53)	($4.81)	($3.08)	($4.84)
Weighted Average Diluted Shares Outstanding	26.48M	37.30M	42.80M	46.80M	44.80M	50.30M	77.10M	77.50M	7.81M	10.70M	13.22M
Weighted Average Basic & Diluted Shares Outstanding	26.48M	37.26M	42.82M	44.97M	46.15M	76.75M	77.84M	78.79M	79.23M	13.28M	13.65M

This table shows INNOVATE's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-7.30	-9.60	-18	14	-15	-17	-25	-22	-9.40	-7.80	-17
Consolidated Net Income / (Loss)	-8.60	-11	-20	14	-16	-17	-26	-21	-9.60	-7.60	-17
Net Income / (Loss) Continuing Operations	-8.60	-11	-20	14	-16	-17	-26	-21	-9.60	-7.60	-17
Total Pre-Tax Income	-7.50	-9.30	-17	11	-13	-15	-19	-17	-17	-9.30	-14
Total Operating Income	11	14	2.80	29	5.90	2.50	3.40	4.90	6.10	14	10
Total Gross Profit	59	61	49	66	48	46	46	46	50	59	54
Total Revenue	375	361	315	313	242	237	274	242	347	383	365
Operating Revenue	375	361	315	313	242	237	274	242	347	383	365
Total Cost of Revenue	317	300	267	248	194	190	229	196	297	324	311
Operating Cost of Revenue	317	300	267	248	194	190	229	196	297	324	311
Total Operating Expenses	48	47	46	37	42	44	42	41	44	45	44
Selling, General & Admin Expense	44	41	40	43	37	40	38	35	40	41	39
Depreciation Expense	4.00	4.30	4.40	4.40	4.40	4.40	4.40	4.40	4.30	4.40	4.20
Other Operating Expenses / (Income)	0.20	1.40	1.90	-11	0.50	-0.90	-0.10	1.20	-0.30	-0.40	-0.10
Total Other Income / (Expense), net	-18	-23	-20	-17	-19	-17	-22	-22	-23	-24	-24
Interest Expense	17	19	17	17	21	20	20	21	23	24	25
Interest & Investment Income	-1.50	-3.60	-1.20	-1.10	0.00	-	-5.90	0.00	0.00	-	0.00
Other Income / (Expense), net	0.40	-0.50	-1.20	0.20	2.20	2.20	4.00	-0.30	0.60	0.40	0.30
Income Tax Expense	1.10	1.30	3.30	-2.50	3.10	2.40	7.10	4.20	-7.10	-1.70	2.90
Preferred Stock Dividends Declared	0.30	0.30	0.30	0.30	0.30	0.30	0.30	2.20	0.50	0.40	0.40
Net Income / (Loss) Attributable to Noncontrolling Interest	-1.60	-1.30	-2.70	-0.50	-1.20	-0.70	-1.30	-1.20	-0.70	-0.20	-0.30
Basic Earnings per Share	($0.93)	($1.23)	($2.21)	$1.11	($1.18)	($1.58)	($1.89)	($1.67)	($0.71)	($0.59)	($1.29)
Weighted Average Basic Shares Outstanding	7.84M	7.81M	7.87M	8.92M	12.97M	10.70M	13.11M	13.15M	13.26M	13.22M	13.34M
Diluted Earnings per Share	($0.93)	($1.23)	($2.21)	$1.03	($1.18)	($1.58)	($1.89)	($1.67)	($0.71)	($0.59)	($1.29)
Weighted Average Diluted Shares Outstanding	7.84M	7.81M	7.87M	14.43M	12.97M	10.70M	13.11M	13.15M	13.26M	13.22M	13.34M
Weighted Average Basic & Diluted Shares Outstanding	79.23M	79.23M	85.19M	130.53M	13.26M	13.28M	13.28M	13.34M	13.66M	13.65M	13.64M

This table details how cash moves in and out of INNOVATE's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	51	-43	-17	232	-111	-22	-387	35	0.10	-33	63
Net Cash From Operating Activities	-28	79	6.60	341	111	41	27	-9.50	27	9.10	147
Net Cash From Continuing Operating Activities	-28	79	6.60	341	53	-55	-6.50	-9.50	27	9.10	147
Net Income / (Loss) Continuing Operations	-36	-97	-51	180	-22	-54	-86	-42	-39	-40	-64
Consolidated Net Income / (Loss)	-36	-97	-51	180	-36	-102	-236	-42	-39	-40	-64
Depreciation Expense	32	29	37	39	8.20	27	38	42	36	33	30
Amortization Expense	1.72	15	14	14	21	15	11	3.40	6.90	7.70	24
Non-Cash Adjustments To Reconcile Net Income	31	22	11	21	72	-90	-2.80	-41	46	7.90	48
Changes in Operating Assets and Liabilities, net	-57	111	-4.40	89	-26	46	35	28	-24	0.30	109
Net Cash From Investing Activities	-19	-140	-139	-225	-264	162	-223	-23	39	-14	-23
Net Cash From Continuing Investing Activities	-19	-140	-139	-225	-209	262	-1.90	-23	39	-14	-23
Purchase of Property, Plant & Equipment	-21	-29	-32	-40	-25	-18	-24	-21	-18	-20	-27
Purchase of Investments	-52	-230	-342	-1,185	-1,060	-	-	-	0.00	-2.00	-0.30
Sale of Property, Plant & Equipment	5.03	8.80	2.00	5.90	1.30	41	13	2.00	1.60	10	1.40
Sale and/or Maturity of Investments	12	187	301	331	872	0.60	-	0.00	-	0.00	2.90
Other Investing Activities, net	0.00	-0.60	0.40	-1.40	8.40	5.00	1.00	0.70	-3.30	-1.80	0.00
Net Cash From Financing Activities	103	19	115	115	62	-205	4.30	68	-65	-27	-61
Net Cash From Continuing Financing Activities	103	19	115	115	34	-183	12	68	-65	-27	-61
Repayment of Debt	-19	-44	-72	-720	-52	-191	-635	-114	-132	-153	-166
Payment of Dividends	-6.16	2.00	-2.90	-12	-5.70	-63	-16	-5.20	-2.20	-1.20	-2.20
Issuance of Debt	54	57	187	851	89	-4.10	663	187	92	95	107
Issuance of Common Equity	54	-	-	-	-	-	-	-	-	33	0.00
Other Financing Activities, net	6.09	3.40	2.90	2.40	11	37	11	0.00	-16	-0.30	0.00
Effect of Exchange Rate Changes	-5.22	-	-	-	-	-	-	-	-	-1.70	0.60

This table details how cash moves in and out of INNOVATE's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	27	25	-42	42	-29	-3.20	-15	0.10	2.10	77	23
Net Cash From Operating Activities	26	61	-25	22	-28	41	-14	40	19	101	46
Net Cash From Continuing Operating Activities	26	61	-25	22	-28	41	-14	40	19	101	46
Net Income / (Loss) Continuing Operations	-8.60	-11	-20	14	-16	-17	-26	-21	-9.60	-7.60	-17
Consolidated Net Income / (Loss)	-8.60	-11	-20	14	-16	-17	-26	-21	-9.60	-7.60	-17
Depreciation Expense	7.80	8.30	8.40	8.30	8.10	8.10	7.90	7.40	7.50	7.60	7.40
Amortization Expense	1.50	2.10	1.70	2.00	1.90	2.10	5.60	6.30	5.80	6.00	6.10
Non-Cash Adjustments To Reconcile Net Income	9.10	58	13	0.60	-14	8.30	-40	132	-61	17	-4.40
Changes in Operating Assets and Liabilities, net	16	3.00	-29	-3.30	-7.90	40	39	-84	77	78	54
Net Cash From Investing Activities	-5.50	-2.10	-3.30	2.60	-3.30	-9.90	-3.90	-6.30	-4.90	-7.50	-9.60
Net Cash From Continuing Investing Activities	-5.50	-2.10	-3.30	2.60	-3.30	-9.90	-3.90	-6.30	-4.90	-7.50	-9.60
Purchase of Property, Plant & Equipment	-5.70	-4.50	-5.60	-3.10	-3.40	-7.20	-4.70	-6.40	-8.00	-7.50	-9.70
Purchase of Investments	-	-	0.00	-	-	-	-0.30	-	-	-	0.00
Sale of Property, Plant & Equipment	1.20	0.10	3.10	6.70	0.10	0.20	1.10	0.10	0.20	-	0.10
Net Cash From Financing Activities	6.70	-35	-13	18	1.80	-33	2.40	-35	-12	-17	-14
Net Cash From Continuing Financing Activities	6.70	-35	-13	18	1.80	-33	2.40	-35	-12	-17	-14
Repayment of Debt	-6.80	-34	-38	-35	-18	-62	-17	-106	-26	-17	-13
Payment of Dividends	-0.20	-0.40	-0.30	-0.30	-0.30	-0.30	-0.30	-0.80	-0.40	-0.70	-0.40
Issuance of Debt	14	-0.40	0.00	45	20	30	20	72	15	0.50	0.00
Effect of Exchange Rate Changes	-	-	-0.80	0.20	0.70	-	0.20	0.60	-0.30	0.10	0.10

This table presents INNOVATE's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,743	2,835	3,218	6,504	6,958	6,724	1,081	1,152	1,044	891	950
Total Current Assets	427	383	420	4,096	978	6,227	443	536	518	391	452
Cash & Equivalents	159	115	98	325	194	44	46	80	81	49	112
Accounts Receivable	250	268	322	379	229	135	247	255	278	194	241
Inventories, net	12	-	-	-	-	9.90	17	19	22	21	16
Other Current Assets	-	-	-	-	-	95	130	182	136	127	82
Plant, Property, & Equipment, net	214	286	375	376	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	2,101	2,166	2,423	2,032	5,981	441	638	615	526	500	499
Goodwill	61	98	132	172	110	111	127	127	127	127	127
Intangible Assets	29	40	117	219	211	172	208	190	179	172	165
Noncurrent Deferred & Refundable Income Taxes	53	1.11	1.70	2.10	2.80	3.00	3.00	1.70	2.00	1.60	2.00
Other Noncurrent Operating Assets	603	599	629	1,208	1,265	155	299	296	218	200	204
Total Liabilities & Shareholders' Equity	2,743	2,835	3,218	6,504	6,958	6,724	1,081	1,152	1,044	891	950
Total Liabilities	2,569	2,736	3,002	6,282	6,493	6,108	1,069	1,181	1,180	1,035	1,165
Total Current Liabilities	1,839	1,900	2,042	345	4,758	5,933	440	417	414	483	1,034
Short-Term Debt	-	-	-	-	-	434	70	31	31	162	581
Accounts Payable	225	252	348	345	191	70	179	203	143	85	141
Accrued Expenses	-	-	-	-	-	77	93	65	71	110	123
Other Current Liabilities	1,592	1,649	1,694	-	4,567	46	97	119	170	126	189
Total Noncurrent Liabilities	731	836	960	5,937	1,735	175	629	764	766	552	131
Long-Term Debt	372	428	593	744	724	128	557	684	679	501	80
Noncurrent Deferred & Payable Income Tax Liabilities	4.28	15	11	30	82	7.00	9.10	9.10	4.10	4.40	4.70
Other Noncurrent Operating Liabilities	329	392	356	5,163	595	40	63	71	83	47	46
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	59	35	30	36	33	16	68	61	15	16	11
Total Equity & Noncontrolling Interests	118	67	188	194	444	600	-56	-91	-152	-159	-226
Total Preferred & Common Equity	94	44	73	88	350	560	-84	-121	-166	-180	-240
Total Common Equity	94	44	73	88	350	560	-84	-121	-166	-180	-240
Common Stock	210	242	255	261	281	356	331	330	328	350	350
Retained Earnings	-80	-174	-221	-57	-97	-189	-416	-452	-487	-522	-583
Treasury Stock	-0.38	-1.39	-2.10	-2.60	-3.30	-4.20	-5.20	-5.30	-5.40	-5.40	-5.60
Accumulated Other Comprehensive Income / (Loss)	-35	-22	42	-113	169	397	6.40	5.90	-1.10	-3.20	-2.10
Noncontrolling Interest	23	23	115	106	94	40	28	31	14	21	14

This table presents INNOVATE's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,096	944	899	897	868	891	913	937
Total Current Assets	553	429	395	400	372	398	421	406
Cash & Equivalents	56	38	80	51	33	33	36	135
Accounts Receivable	291	269	178	191	165	243	266	186
Inventories, net	19	22	21	21	20	21	18	15
Other Current Assets	187	95	116	130	154	102	101	70
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	544	515	504	497	497	493	493	531
Goodwill	127	127	127	127	127	127	127	127
Intangible Assets	181	177	175	173	170	169	167	164
Noncurrent Deferred & Refundable Income Taxes	1.60	1.90	1.90	2.00	1.60	1.60	1.60	2.00
Other Noncurrent Operating Assets	234	209	200	195	198	195	197	238
Total Liabilities & Shareholders' Equity	1,096	944	899	897	868	891	913	937
Total Liabilities	1,223	1,078	1,009	1,023	1,037	1,080	1,121	1,169
Total Current Liabilities	558	349	289	468	848	873	974	1,020
Short-Term Debt	163	34	50	189	524	478	572	611
Accounts Payable	149	123	90	84	105	80	100	130
Accrued Expenses	66	51	60	93	107	125	110	104
Other Current Liabilities	179	141	89	102	113	190	193	175
Total Noncurrent Liabilities	665	729	720	555	189	207	147	149
Long-Term Debt	587	642	638	502	140	160	97	69
Noncurrent Deferred & Payable Income Tax Liabilities	3.70	4.20	4.30	4.30	4.50	4.50	4.30	4.70
Other Noncurrent Operating Liabilities	75	83	77	48	45	43	45	76
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	8.30	39	16	16	15	17	8.20	11
Total Equity & Noncontrolling Interests	-135	-173	-126	-141	-184	-206	-216	-243
Total Preferred & Common Equity	-158	-184	-149	-163	-204	-225	-233	-256
Total Common Equity	-158	-184	-149	-163	-204	-225	-233	-256
Common Stock	328	328	348	348	351	349	350	350
Retained Earnings	-478	-505	-490	-505	-546	-566	-575	-599
Treasury Stock	-5.40	-5.40	-5.40	-5.40	-5.50	-5.60	-5.60	-5.60
Accumulated Other Comprehensive Income / (Loss)	-2.40	-2.10	-1.70	-0.80	-3.00	-2.20	-2.40	-1.80
Noncontrolling Interest	23	11	23	22	20	18	17	13

This table displays calculated financial ratios and metrics derived from INNOVATE's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	51,184,712.00	41,818,944.00	43,054,728.00	44,774,936.00	45,935,196.00	47,353,275.00	77,768,116.00	78,355,954.00	79,234,991.00	-	13,655,062.00
DEI Adjusted Shares Outstanding	5,118,471.00	4,181,894.00	4,305,473.00	4,477,494.00	4,593,520.00	4,735,327.00	7,776,812.00	7,835,595.00	7,923,499.00	-	13,655,062.00
DEI Earnings Per Adjusted Shares Outstanding	-7.79	-25.20	-11.54	34.75	-6.86	-20.19	-29.54	-5.21	-4.75	-	-4.69
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	104.74%	39.02%	4.88%	20.97%	-45.52%	-33.44%	68.11%	35.85%	-13.09%	-22.20%	12.55%
EBITDA Growth	327.17%	8.30%	58.55%	511.83%	-79.15%	34.47%	-49.46%	38.28%	48.96%	-2.44%	4.17%
EBIT Growth	75.82%	-116.15%	81.06%	9,804.00%	-86.52%	25.08%	-115.40%	293.65%	254.10%	0.46%	-23.04%
NOPAT Growth	105.10%	-310.38%	26.67%	-7,051.35%	132.16%	-211.86%	62.54%	226.42%	97.76%	50.94%	-28.25%
Net Income Growth	-202.25%	-172.36%	48.15%	456.24%	-120.07%	-182.83%	-131.34%	82.22%	7.38%	-2.06%	-61.21%
EPS Growth	-80.72%	0.00%	0.00%	0.00%	0.00%	-168.57%	-58.51%	82.21%	7.38%	35.97%	-57.14%
Operating Cash Flow Growth	-585.97%	383.37%	-91.66%	5,072.73%	-67.57%	-62.87%	-34.31%	-135.19%	378.95%	-65.66%	1,510.99%
Free Cash Flow Firm Growth	566.04%	-96.90%	-561.43%	1,336.30%	-79.18%	-961.43%	96.19%	96.25%	2,337.97%	-61.31%	209.70%
Invested Capital Growth	-414.56%	-4.20%	18.04%	-279.87%	-14.42%	112.20%	33.51%	2.58%	-18.48%	-4.55%	-28.92%
Revenue Q/Q Growth	13.85%	6.38%	0.28%	3.47%	-42.73%	175.52%	21.93%	0.89%	-3.28%	-10.10%	13.28%
EBITDA Q/Q Growth	111.91%	39.30%	4.96%	2.43%	-48.01%	190.18%	4.76%	-6.62%	10.95%	-9.68%	18.08%
EBIT Q/Q Growth	67.28%	25.43%	42.28%	3.69%	-59.33%	857.41%	4.55%	-14.08%	25.22%	-16.86%	42.74%
NOPAT Q/Q Growth	132.62%	86.02%	-120.92%	-19.90%	119.34%	64.63%	-47.22%	-2.90%	39.47%	-22.33%	69.82%
Net Income Q/Q Growth	-206.00%	-106.82%	52.64%	-3.58%	-101.68%	18.19%	1.05%	-4.48%	-9.27%	-20.30%	13.16%
EPS Q/Q Growth	-177.78%	0.00%	0.00%	0.00%	0.00%	26.27%	0.67%	-6.00%	-9.27%	-40.00%	12.16%
Operating Cash Flow Q/Q Growth	-92.98%	35.87%	-89.25%	221.95%	-63.15%	-55.52%	153.05%	68.95%	-5.36%	-68.51%	68.70%
Free Cash Flow Firm Q/Q Growth	2,737.46%	-97.00%	-366.19%	8.76%	5,590.71%	-1,383.64%	96.38%	73.11%	29.22%	-46.98%	66.18%
Invested Capital Q/Q Growth	-373.44%	-3.54%	20.45%	0.68%	-10.18%	112.07%	-5.46%	-7.65%	-13.10%	-7.42%	-21.51%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	12.33%	19.52%	19.64%	19.81%	44.66%	17.91%	15.24%	13.52%	15.18%	18.86%	16.03%
EBITDA Margin	2.50%	1.95%	2.95%	14.92%	5.71%	11.54%	3.47%	3.53%	6.05%	7.59%	7.02%
Operating Margin	0.06%	-0.10%	-0.07%	-2.82%	2.35%	-3.95%	-0.88%	0.82%	1.86%	3.61%	2.30%
EBIT Margin	-0.54%	-0.85%	-0.15%	12.27%	3.04%	5.71%	-0.52%	0.75%	3.04%	3.92%	2.68%
Profit (Net Income) Margin	-3.19%	-6.25%	-3.09%	9.10%	-3.35%	-14.24%	-19.60%	-2.57%	-2.73%	-3.59%	-5.14%
Tax Burden Percent	76.70%	212.66%	126.88%	98.68%	86.36%	218.63%	292.69%	102.19%	113.08%	118.86%	104.07%
Interest Burden Percent	763.44%	346.97%	1,592.00%	75.14%	-127.83%	-114.18%	1,280.95%	-336.89%	-79.63%	-76.96%	-184.13%
Effective Tax Rate	0.00%	0.00%	0.00%	1.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.44%	1.57%	3.38%	5.82%	4.99%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-115.06%	-6.91%	-5.72%	-5.08%	-9.46%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-73.81%	473.00%	43.51%	22.54%	30.66%
Return on Equity (ROE)	-22.03%	-69.99%	-31.61%	80.38%	-10.22%	-18.69%	-75.25%	474.58%	46.90%	28.36%	35.65%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-924.11%	-30.14%	-0.98%	23.74%	10.47%	38.80%
Operating Return on Assets (OROA)	-0.35%	-0.47%	-0.08%	4.99%	0.49%	0.60%	-0.16%	1.09%	3.94%	4.49%	3.63%
Return on Assets (ROA)	-2.07%	-3.49%	-1.67%	3.70%	-0.54%	-1.49%	-6.05%	-3.76%	-3.54%	-4.10%	-6.95%
Return on Common Equity (ROCE)	-11.76%	-34.76%	-11.60%	28.95%	-6.33%	-15.56%	-56.99%	5,512.59%	81.07%	35.03%	41.76%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.01%	0.00%
Net Operating Profit after Tax (NOPAT)	0.50	-1.05	-0.77	-55	18	-20	-7.42	9.38	19	28	20
NOPAT Margin	0.04%	-0.07%	-0.05%	-2.79%	1.64%	-2.76%	-0.62%	0.57%	1.30%	2.53%	1.61%
Net Nonoperating Expense Percent (NNEP)	-7.33%	-8.50%	-4.59%	10.58%	-1.44%	-3.86%	113.62%	8.48%	9.10%	10.89%	14.45%
Return On Investment Capital (ROIC_SIMPLE)	0.10%	-0.21%	-0.10%	-5.87%	1.52%	-1.71%	-1.30%	1.50%	3.32%	5.56%	4.61%
Cost of Revenue to Revenue	87.67%	80.48%	80.36%	80.19%	55.34%	82.09%	84.76%	86.48%	84.82%	81.14%	83.97%
SG&A Expenses to Revenue	9.68%	9.81%	11.19%	11.05%	16.46%	20.30%	13.96%	11.00%	11.81%	14.47%	12.29%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.27%	19.61%	19.71%	22.63%	42.31%	21.86%	16.12%	12.70%	13.32%	15.25%	13.72%
Earnings before Interest and Taxes (EBIT)	-6.11	-13	-2.50	243	33	41	-6.30	12	43	43	33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	28	30	48	295	62	83	42	58	86	84	88
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.88	3.41	3.47	1.33	0.28	0.27	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	23.93	0.00	0.00	0.00	3.43	0.55	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.07	0.10	0.16	0.06	0.09	0.21	0.24	0.09	0.07	0.06	0.05
Price to Earnings (P/E)	0.00	0.00	0.00	0.75	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	43.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	132.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	1.64	1.63	1.44	1.53	1.52	1.90
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	1.01	0.80	0.53	0.53	0.65	0.51
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	8.77	22.98	15.07	8.77	8.53	7.27
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	17.74	0.00	71.41	17.48	16.50	19.05
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	92.88	40.70	25.58	31.66
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	17.65	35.58	0.00	28.49	78.70	4.34
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.80	14.21	4.08
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.11	4.20	2.73	3.23	1.52	0.91	52.63	-24.14	-5.21	-4.61	-3.07
Long-Term Debt to Equity	2.11	4.20	2.73	3.23	1.52	0.21	46.79	-23.10	-4.98	-3.48	-0.37
Financial Leverage	-3.05	-8.15	-6.78	-9.92	-10.59	-3.91	0.64	-68.44	-7.61	-4.44	-3.24
Leverage Ratio	10.64	20.04	18.94	21.72	19.05	12.52	12.43	-126.12	-13.23	-6.91	-5.13
Compound Leverage Factor	81.24	69.53	301.56	16.32	-24.36	-14.30	159.24	424.88	10.54	5.32	9.44
Debt to Total Capital	67.83%	80.78%	73.16%	76.38%	60.30%	47.69%	98.14%	104.32%	123.77%	127.68%	148.23%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	36.83%	10.89%	4.47%	5.32%	31.25%	130.24%
Long-Term Debt to Total Capital	67.83%	80.78%	73.16%	76.38%	60.30%	10.86%	87.25%	99.85%	118.45%	96.44%	17.99%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	15.02%	10.88%	17.82%	14.57%	10.55%	4.76%	15.07%	13.39%	5.09%	7.07%	5.56%
Common Equity to Total Capital	17.15%	8.34%	9.02%	9.05%	29.14%	47.55%	-13.21%	-17.71%	-28.86%	-34.75%	-53.79%
Debt to EBITDA	13.25	14.10	12.31	2.52	11.77	6.79	14.98	12.36	8.24	7.89	7.56
Net Debt to EBITDA	-40.65	-36.67	-21.75	-11.47	-62.80	6.24	13.85	10.97	7.31	7.31	6.28
Long-Term Debt to EBITDA	13.25	14.10	12.31	2.52	11.77	1.55	13.32	11.83	7.89	5.96	0.92
Debt to NOPAT	745.09	-408.09	-770.39	-13.51	40.88	-28.34	-84.41	76.16	38.26	23.67	32.94
Net Debt to NOPAT	-2,286.35	1,061.71	1,361.30	61.44	-218.06	-26.06	-78.01	67.59	33.91	21.93	27.36
Long-Term Debt to NOPAT	745.09	-408.09	-770.39	-13.51	40.88	-6.46	-75.04	72.90	36.62	17.88	4.00
Altman Z-Score	-0.24	-0.16	-0.14	1.12	-0.49	0.15	0.72	1.11	1.02	0.50	-0.13
Noncontrolling Interest Sharing Ratio	46.64%	50.33%	63.29%	63.99%	38.02%	16.73%	24.26%	-1,061.58%	-72.88%	-23.54%	-17.13%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.23	0.20	0.21	11.88	0.21	1.05	1.01	1.29	1.25	0.81	0.44
Quick Ratio	0.22	0.20	0.21	11.88	0.09	0.03	0.67	0.80	0.87	0.50	0.34
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,285	40	-184	2,274	473	-4,078	-155	-5.82	130	50	156
Operating Cash Flow to CapEx	-171.36%	391.58%	22.07%	1,010.06%	473.08%	0.00%	247.71%	-50.80%	157.74%	102.25%	581.75%
Free Cash Flow to Firm to Interest Expense	32.93	0.92	-3.34	30.04	6.22	-48.43	-2.17	-0.11	1.91	0.68	1.75
Operating Cash Flow to Interest Expense	-0.72	1.82	0.12	4.51	1.45	0.49	0.38	-0.18	0.39	0.12	1.65
Operating Cash Flow Less CapEx to Interest Expense	-1.13	1.36	-0.42	4.06	1.15	0.77	0.22	-0.54	0.14	0.00	1.36
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.56	0.54	0.41	0.16	0.10	0.31	1.47	1.30	1.14	1.35
Accounts Receivable Turnover	5.21	6.02	5.54	5.63	3.54	3.94	6.31	6.52	5.34	4.69	5.73
Inventory Turnover	72.53	0.00	0.00	0.00	0.00	0.00	75.95	78.88	58.45	41.59	56.86
Fixed Asset Turnover	5.01	6.22	4.94	5.26	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	5.27	5.26	4.38	4.58	2.23	4.52	8.21	7.42	6.99	7.89	9.25
Days Sales Outstanding (DSO)	70.10	60.65	65.89	64.78	103.04	92.56	57.81	55.95	68.40	77.87	63.73
Days Inventory Outstanding (DIO)	5.03	0.00	0.00	0.00	0.00	0.00	4.81	4.63	6.24	8.78	6.42
Days Payable Outstanding (DPO)	69.27	69.44	83.28	79.71	163.97	80.72	44.47	49.20	52.22	46.26	39.45
Cash Conversion Cycle (CCC)	5.86	-8.79	-17.39	-14.94	-60.93	11.84	18.15	11.38	22.42	40.39	30.69
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-974	-1,015	-832	-3,161	-3,617	441	589	604	493	470	334
Invested Capital Turnover	-3.37	-1.57	-1.77	-0.99	-0.32	-0.45	2.34	2.74	2.59	2.30	3.10
Increase / (Decrease) in Invested Capital	-1,284	-41	183	-2,329	-456	4,058	148	15	-112	-22	-136
Enterprise Value (EV)	-976	-906	-650	-3,124	-3,636	726	961	871	755	716	636
Market Capitalization	82	151	254	117	99	153	286	145	97	66	62
Book Value per Share	$3.67	$1.06	$1.70	$1.97	$7.62	$11.82	($1.08)	($1.55)	($2.09)	($13.60)	($17.58)
Tangible Book Value per Share	$0.13	($2.24)	($4.08)	($6.76)	$0.63	$5.84	($5.40)	($5.60)	($5.95)	($36.16)	($38.98)
Total Capital	548	530	811	974	1,200	1,177	638	685	574	519	446
Total Debt	372	428	593	744	724	562	626	714	710	663	662
Total Long-Term Debt	372	428	593	744	724	128	557	684	679	501	80
Net Debt	-1,141	-1,115	-1,048	-3,383	-3,862	516	579	634	629	614	550
Capital Expenditures (CapEx)	16	20	30	34	23	-23	11	19	17	8.90	25
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,570	-1,633	-1,719	34	-3,974	682	25	69	54	21	-113
Debt-free Net Working Capital (DFNWC)	-1,412	-1,517	-1,621	3,751	-3,780	728	73	150	135	70	-1.20
Net Working Capital (NWC)	-1,412	-1,517	-1,621	3,751	-3,780	294	3.10	119	104	-92	-583
Net Nonoperating Expense (NNE)	36	96	50	-235	54	82	229	51	57	68	84
Net Nonoperating Obligations (NNO)	-1,151	-1,117	-1,050	-3,391	-4,094	-175	577	634	629	614	550
Total Depreciation and Amortization (D&A)	34	44	51	52	29	42	48	46	43	41	54
Debt-free, Cash-free Net Working Capital to Revenue	-140.09%	-104.79%	-105.20%	1.74%	-368.95%	95.19%	2.08%	4.24%	3.78%	1.92%	-9.09%
Debt-free Net Working Capital to Revenue	-125.94%	-97.38%	-99.21%	189.76%	-350.97%	101.51%	6.02%	9.15%	9.46%	6.33%	-0.10%
Net Working Capital to Revenue	-125.94%	-97.38%	-99.21%	189.76%	-350.97%	41.02%	0.26%	7.28%	7.32%	-8.32%	-46.76%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($15.00)	($28.30)	($11.60)	$0.00	$0.00	($18.80)	($29.80)	($5.30)	($4.80)	($3.08)	($4.84)
Adjusted Weighted Average Basic Shares Outstanding	2.65M	3.73M	4.42M	4.43M	4.48M	5.03M	7.71M	7.75M	7.81M	10.70M	13.22M
Adjusted Diluted Earnings per Share	($15.00)	($28.30)	($11.60)	$0.00	$0.00	($18.80)	($29.80)	($5.30)	($4.80)	($3.08)	($4.84)
Adjusted Weighted Average Diluted Shares Outstanding	2.65M	3.73M	4.42M	4.68M	4.48M	5.07M	7.71M	7.75M	7.81M	10.70M	13.22M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($11.60)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	3.53M	4.19M	4.28M	4.50M	4.62M	7.68M	7.78M	7.88M	7.92M	13.28M	13.65M
Normalized Net Operating Profit after Tax (NOPAT)	0.50	-1.05	-0.77	-54	53	-20	-7.42	9.38	19	28	20
Normalized NOPAT Margin	0.04%	-0.07%	-0.05%	-2.74%	4.89%	-2.76%	-0.62%	0.57%	1.30%	2.53%	1.61%
Pre Tax Income Margin	-4.16%	-2.94%	-2.44%	9.22%	-3.88%	-6.51%	-6.70%	-2.51%	-2.42%	-3.02%	-4.94%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.16	-0.30	-0.05	3.20	0.43	0.49	-0.09	0.23	0.63	0.58	0.38
NOPAT to Interest Expense	0.01	-0.02	-0.01	-0.73	0.23	-0.24	-0.10	0.18	0.27	0.38	0.23
EBIT Less CapEx to Interest Expense	-0.57	-0.77	-0.59	2.76	0.12	0.76	-0.24	-0.13	0.39	0.46	0.09
NOPAT Less CapEx to Interest Expense	-0.40	-0.49	-0.56	-1.17	-0.07	0.04	-0.26	-0.18	0.03	0.26	-0.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-17.23%	2.05%	-5.74%	6.84%	-15.79%	-61.61%	-6.94%	-12.38%	-5.66%	-3.02%	-3.44%
Augmented Payout Ratio	-17.23%	2.05%	-5.74%	6.84%	-15.79%	-61.61%	-6.94%	-12.38%	-5.66%	-3.02%	-3.44%

This table displays calculated financial ratios and metrics derived from INNOVATE's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	79,234,991.00	79,234,991.00	79,234,991.00	85,192,032.00	130,529,931.00	-	13,283,218.00	13,283,218.00	13,336,149.00	13,655,062.00	13,645,127.00
DEI Adjusted Shares Outstanding	7,923,499.00	7,923,499.00	7,923,499.00	8,519,203.00	13,052,993.00	-	13,283,218.00	13,283,218.00	13,336,149.00	13,655,062.00	13,645,127.00
DEI Earnings Per Adjusted Shares Outstanding	-0.92	-1.21	-2.23	1.66	-1.17	-	-1.87	-1.66	-0.70	-0.57	-1.26
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-11.28%	-11.80%	-0.85%	-15.10%	-35.47%	-34.46%	-13.01%	-22.71%	43.31%	61.75%	33.04%
EBITDA Growth	17.24%	55.19%	-51.85%	124.57%	-11.27%	-37.66%	78.63%	-53.44%	10.50%	89.93%	13.88%
EBIT Growth	94.74%	181.25%	-87.20%	375.41%	-27.03%	-65.19%	362.50%	-84.14%	-17.28%	212.77%	39.19%
NOPAT Growth	62.12%	115.38%	170.00%	764.92%	-44.86%	-82.14%	21.43%	-90.23%	3.39%	472.00%	194.12%
Net Income Growth	-28.36%	-45.21%	-151.25%	218.80%	-88.37%	-63.21%	-28.36%	-251.08%	40.74%	56.07%	33.72%
EPS Growth	-28.36%	-45.21%	-151.25%	218.80%	-26.88%	-28.46%	14.48%	-262.14%	39.83%	62.66%	31.75%
Operating Cash Flow Growth	188.47%	-2.39%	67.01%	32.72%	-208.81%	-32.35%	44.49%	87.91%	167.61%	144.20%	422.70%
Free Cash Flow Firm Growth	456.03%	1,240.85%	-10.77%	347.28%	-33.54%	-80.12%	-42.71%	-34.48%	36.81%	504.60%	287.72%
Invested Capital Growth	-13.37%	-18.48%	-12.00%	-16.31%	-10.41%	-4.55%	-7.56%	-16.70%	-16.16%	-28.92%	-32.18%
Revenue Q/Q Growth	1.76%	-3.81%	-12.69%	-0.67%	-22.64%	-2.31%	15.89%	-11.74%	43.43%	10.26%	-4.68%
EBITDA Q/Q Growth	16.57%	17.16%	-51.05%	235.90%	-53.94%	-17.68%	40.27%	-12.44%	9.29%	41.50%	-15.90%
EBIT Q/Q Growth	81.97%	21.62%	-88.15%	1,712.50%	-72.07%	-41.98%	57.45%	-37.84%	45.65%	119.40%	-29.93%
NOPAT Q/Q Growth	84.48%	30.84%	-80.00%	1,691.62%	-88.24%	-57.63%	36.00%	44.12%	24.49%	134.43%	-30.07%
Net Income Q/Q Growth	26.50%	-23.26%	-89.62%	169.15%	-216.55%	-6.79%	-49.13%	18.60%	54.29%	20.83%	-125.00%
EPS Q/Q Growth	26.50%	-23.26%	-89.62%	169.15%	-214.56%	-33.90%	-19.62%	11.64%	57.49%	16.90%	-118.64%
Operating Cash Flow Q/Q Growth	61.11%	134.48%	-141.50%	184.65%	-232.09%	245.77%	-134.06%	386.52%	-52.48%	426.56%	-55.00%
Free Cash Flow Firm Q/Q Growth	221.35%	27.91%	-42.42%	88.99%	-52.25%	-61.75%	65.96%	116.14%	-0.30%	69.05%	6.43%
Invested Capital Q/Q Growth	-4.74%	-13.10%	1.26%	-0.16%	1.99%	-7.42%	-1.93%	-10.04%	2.65%	-21.51%	-6.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	15.64%	16.93%	15.42%	20.95%	19.90%	19.61%	16.59%	18.84%	14.32%	15.39%	14.67%
EBITDA Margin	5.44%	6.62%	3.71%	12.55%	7.47%	6.30%	7.62%	7.56%	5.76%	7.39%	6.52%
Operating Margin	2.85%	3.88%	0.89%	9.20%	2.44%	1.06%	1.24%	2.02%	1.76%	3.74%	2.74%
EBIT Margin	2.96%	3.74%	0.51%	9.26%	3.34%	1.99%	2.70%	1.90%	1.93%	3.84%	2.82%
Profit (Net Income) Margin	-2.29%	-2.94%	-6.38%	4.44%	-6.69%	-7.31%	-9.41%	-8.68%	-2.77%	-1.99%	-4.69%
Tax Burden Percent	114.67%	113.98%	119.64%	121.93%	123.66%	116.11%	137.97%	125.00%	57.49%	81.72%	120.42%
Interest Burden Percent	-67.57%	-68.89%	-1,050.00%	39.31%	-161.73%	-317.02%	-252.70%	-365.22%	-249.25%	-63.27%	-137.86%
Effective Tax Rate	0.00%	0.00%	0.00%	-21.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	4.81%	7.04%	1.66%	28.00%	3.91%	1.70%	1.93%	3.09%	2.90%	8.10%	6.63%
ROIC Less NNEP Spread (ROIC-NNEP)	2.47%	3.81%	-1.72%	24.79%	0.84%	-1.36%	-2.53%	-0.94%	0.71%	5.07%	2.53%
Return on Net Nonoperating Assets (RNNOA)	-21.88%	-29.02%	9.34%	-143.54%	-4.44%	6.06%	10.54%	3.81%	-2.69%	-16.45%	-7.40%
Return on Equity (ROE)	-17.07%	-21.98%	11.00%	-115.54%	-0.53%	7.76%	12.47%	6.90%	0.20%	-8.35%	-0.77%
Cash Return on Invested Capital (CROIC)	16.50%	23.74%	17.13%	24.97%	17.68%	10.47%	13.77%	20.79%	20.12%	38.80%	44.73%
Operating Return on Assets (OROA)	3.85%	4.85%	0.73%	12.78%	4.13%	2.27%	3.18%	2.11%	2.35%	5.20%	4.18%
Return on Assets (ROA)	-2.98%	-3.81%	-9.11%	6.12%	-8.26%	-8.37%	-11.08%	-9.65%	-3.36%	-2.69%	-6.94%
Return on Common Equity (ROCE)	-30.33%	-37.99%	14.88%	-151.84%	-0.68%	9.58%	15.97%	8.61%	0.24%	-9.78%	-0.89%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	7.49	9.80	1.96	35	4.13	1.75	2.38	3.43	4.27	10	7.00
NOPAT Margin	2.00%	2.71%	0.62%	11.22%	1.71%	0.74%	0.87%	1.42%	1.23%	2.62%	1.92%
Net Nonoperating Expense Percent (NNEP)	2.34%	3.23%	3.38%	3.21%	3.06%	3.07%	4.46%	4.03%	2.19%	3.03%	4.10%
Return On Investment Capital (ROIC_SIMPLE)	1.22%	1.76%	0.39%	6.24%	0.75%	0.35%	0.50%	0.80%	0.94%	2.30%	1.60%
Cost of Revenue to Revenue	84.36%	83.07%	84.58%	79.05%	80.10%	80.39%	83.41%	81.16%	85.68%	84.61%	85.33%
SG&A Expenses to Revenue	11.67%	11.47%	12.53%	13.70%	15.44%	17.08%	13.79%	14.50%	11.41%	10.61%	10.80%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.79%	13.05%	14.53%	11.75%	17.46%	18.55%	15.35%	16.82%	12.56%	11.65%	11.92%
Earnings before Interest and Taxes (EBIT)	11	14	1.60	29	8.10	4.70	7.40	4.60	6.70	15	10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	20	24	12	39	18	15	21	18	20	28	24
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.09	0.07	0.04	0.04	0.04	0.06	0.10	0.07	0.06	0.05	0.06
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.74%	0.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.50	1.53	1.49	1.40	1.43	1.52	1.67	1.71	1.70	1.90	2.07
Enterprise Value to Revenue (EV/Rev)	0.58	0.53	0.52	0.51	0.59	0.65	0.72	0.71	0.66	0.51	0.48
Enterprise Value to EBITDA (EV/EBITDA)	10.98	8.77	10.10	7.33	7.81	8.53	8.26	9.81	9.78	7.27	7.15
Enterprise Value to EBIT (EV/EBIT)	24.71	17.48	22.99	12.66	13.92	16.50	15.64	28.55	30.96	19.05	17.81
Enterprise Value to NOPAT (EV/NOPAT)	64.09	40.70	31.86	17.73	20.16	25.58	27.07	60.57	61.24	31.66	26.17
Enterprise Value to Operating Cash Flow (EV/OCF)	30.44	28.49	9.51	8.38	25.15	78.70	37.72	18.02	8.34	4.34	3.14
Enterprise Value to Free Cash Flow (EV/FCFF)	8.46	5.80	8.13	5.12	7.65	14.21	11.64	7.46	7.71	4.08	3.74
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-5.91	-5.21	-5.02	-6.25	-5.52	-4.61	-3.93	-3.37	-3.22	-3.07	-2.93
Long-Term Debt to Equity	-4.62	-4.98	-4.77	-5.79	-4.01	-3.48	-0.83	-0.85	-0.47	-0.37	-0.30
Financial Leverage	-8.86	-7.61	-5.43	-5.79	-5.26	-4.44	-4.16	-4.05	-3.80	-3.24	-2.93
Leverage Ratio	-14.54	-13.23	-8.26	-8.67	-7.90	-6.91	-5.97	-5.98	-5.44	-5.13	-4.50
Compound Leverage Factor	9.83	9.12	86.74	-3.41	12.78	21.91	15.08	21.83	13.55	3.24	6.20
Debt to Total Capital	120.38%	123.77%	124.88%	119.06%	122.13%	127.68%	134.16%	142.23%	145.02%	148.23%	151.90%
Short-Term Debt to Total Capital	26.14%	5.32%	6.32%	8.68%	33.41%	31.25%	105.86%	106.51%	123.93%	130.24%	136.52%
Long-Term Debt to Total Capital	94.23%	118.45%	118.55%	110.38%	88.72%	96.44%	28.29%	35.71%	21.09%	17.99%	15.38%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.98%	5.09%	9.20%	6.71%	6.67%	7.07%	7.14%	7.92%	5.55%	5.56%	5.39%
Common Equity to Total Capital	-25.36%	-28.86%	-34.08%	-25.77%	-28.80%	-34.75%	-41.29%	-50.15%	-50.56%	-53.79%	-57.29%
Debt to EBITDA	9.66	8.24	9.19	7.22	7.44	7.89	7.12	8.83	9.03	7.56	7.52
Net Debt to EBITDA	8.94	7.31	8.67	6.38	6.89	7.31	6.76	8.37	8.55	6.28	6.03
Long-Term Debt to EBITDA	7.56	7.89	8.73	6.70	5.40	5.96	1.50	2.22	1.31	0.92	0.76
Debt to NOPAT	56.36	38.26	28.99	17.47	19.18	23.67	23.34	54.54	56.56	32.94	27.50
Net Debt to NOPAT	52.17	33.91	27.34	15.44	17.77	21.93	22.17	51.69	53.56	27.36	22.06
Long-Term Debt to NOPAT	44.12	36.62	27.52	16.20	13.94	17.88	4.92	13.70	8.22	4.00	2.78
Altman Z-Score	0.82	0.92	0.89	1.03	0.55	0.35	-0.22	-0.36	-0.35	-0.20	-0.18
Noncontrolling Interest Sharing Ratio	-77.68%	-72.88%	-35.29%	-31.42%	-27.28%	-23.54%	-28.04%	-24.81%	-19.04%	-17.13%	-14.81%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.99	1.25	1.23	1.37	0.85	0.81	0.44	0.46	0.43	0.44	0.40
Quick Ratio	0.62	0.87	0.88	0.89	0.52	0.50	0.23	0.32	0.31	0.34	0.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	95	122	70	132	63	24	40	87	86	146	155
Operating Cash Flow to CapEx	580.00%	1,390.91%	-1,016.00%	0.00%	-860.61%	591.43%	-391.67%	641.27%	246.15%	1,348.00%	473.96%
Free Cash Flow to Firm to Interest Expense	5.56	6.33	4.07	8.01	2.98	1.23	1.98	4.05	3.69	6.08	6.34
Operating Cash Flow to Interest Expense	1.53	3.19	-1.48	1.30	-1.34	2.11	-0.70	1.89	0.82	4.21	1.86
Operating Cash Flow Less CapEx to Interest Expense	1.26	2.96	-1.62	1.52	-1.50	1.76	-0.88	1.59	0.49	3.90	1.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.30	1.30	1.43	1.38	1.24	1.14	1.18	1.11	1.22	1.35	1.48
Accounts Receivable Turnover	4.76	5.34	5.43	5.78	5.11	4.69	4.92	4.73	4.82	5.73	7.63
Inventory Turnover	63.79	58.45	55.65	55.42	50.91	41.59	41.47	38.91	46.69	56.86	64.32
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	6.92	6.99	8.27	8.10	8.66	7.89	7.56	9.49	9.94	9.25	9.61
Days Sales Outstanding (DSO)	76.74	68.40	67.20	63.10	71.37	77.87	74.26	77.20	75.73	63.73	47.86
Days Inventory Outstanding (DIO)	5.72	6.24	6.56	6.59	7.17	8.78	8.80	9.38	7.82	6.42	5.67
Days Payable Outstanding (DPO)	52.73	52.22	44.11	45.05	42.17	46.26	48.28	38.47	36.71	39.45	37.97
Cash Conversion Cycle (CCC)	29.73	22.42	29.65	24.63	36.37	40.39	34.79	48.11	46.83	30.69	15.56
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	567	493	499	498	508	470	461	415	426	334	313
Invested Capital Turnover	2.41	2.59	2.67	2.50	2.29	2.30	2.22	2.18	2.36	3.10	3.45
Increase / (Decrease) in Invested Capital	-88	-112	-68	-97	-59	-22	-38	-83	-82	-136	-148
Enterprise Value (EV)	852	755	743	699	727	716	769	708	724	636	647
Market Capitalization	127	97	56	52	48	66	104	68	65	62	78
Book Value per Share	($1.99)	($2.09)	($2.33)	($1.75)	($1.25)	($13.60)	($15.40)	($16.92)	($17.49)	($17.58)	($18.78)
Tangible Book Value per Share	($5.87)	($5.95)	($6.16)	($5.30)	($3.55)	($36.16)	($37.80)	($39.17)	($39.53)	($38.98)	($40.09)
Total Capital	623	574	541	578	566	519	495	448	461	446	447
Total Debt	750	710	676	689	692	663	663	638	669	662	680
Total Long-Term Debt	587	679	642	638	502	501	140	160	97	80	69
Net Debt	694	629	637	608	641	614	630	604	634	550	545
Capital Expenditures (CapEx)	4.50	4.40	2.50	-3.60	3.30	7.00	3.60	6.30	7.80	7.50	9.60
Debt-free, Cash-free Net Working Capital (DFCFNWC)	102	54	75	76	70	21	14	-31	-17	-113	-138
Debt-free Net Working Capital (DFNWC)	158	135	114	156	121	70	47	2.80	18	-1.20	-3.10
Net Working Capital (NWC)	-5.20	104	80	106	-68	-92	-476	-475	-554	-583	-614
Net Nonoperating Expense (NNE)	16	20	22	21	20	19	28	24	14	18	24
Net Nonoperating Obligations (NNO)	694	629	634	608	633	614	630	604	634	550	545
Total Depreciation and Amortization (D&A)	9.30	10	10	10	10	10	14	14	13	14	14
Debt-free, Cash-free Net Working Capital to Revenue	6.93%	3.78%	5.31%	5.54%	5.69%	1.92%	1.32%	-3.08%	-1.58%	-9.09%	-10.30%
Debt-free Net Working Capital to Revenue	10.71%	9.46%	8.01%	11.42%	9.83%	6.33%	4.45%	0.28%	1.65%	-0.10%	-0.23%
Net Working Capital to Revenue	-0.35%	7.32%	5.60%	7.74%	-5.53%	-8.32%	-44.66%	-47.71%	-50.34%	-46.76%	-45.93%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.90)	($12.30)	($2.20)	$1.10	($1.18)	($1.58)	($1.89)	($1.67)	($0.71)	($0.59)	($1.29)
Adjusted Weighted Average Basic Shares Outstanding	7.84M	781.46K	7.87M	8.92M	12.97M	10.70M	13.11M	13.15M	13.26M	13.22M	13.34M
Adjusted Diluted Earnings per Share	($0.90)	($12.30)	($2.20)	$1.00	($1.18)	($1.58)	($1.89)	($1.67)	($0.71)	($0.59)	($1.29)
Adjusted Weighted Average Diluted Shares Outstanding	7.84M	781.46K	7.87M	14.43M	12.97M	10.70M	13.11M	13.15M	13.26M	13.22M	13.34M
Adjusted Basic & Diluted Earnings per Share	$0.00	($12.30)	$0.00	$0.00	$0.00	($1.58)	$0.00	$0.00	$0.00	($0.59)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	7.92M	7.92M	8.52M	13.05M	13.26M	13.28M	13.28M	13.34M	13.66M	13.65M	13.64M
Normalized Net Operating Profit after Tax (NOPAT)	7.49	9.80	1.96	20	4.13	1.75	2.38	3.43	4.27	10	7.00
Normalized NOPAT Margin	2.00%	2.71%	0.62%	6.44%	1.71%	0.74%	0.87%	1.42%	1.23%	2.62%	1.92%
Pre Tax Income Margin	-2.00%	-2.58%	-5.33%	3.64%	-5.41%	-6.30%	-6.82%	-6.94%	-4.81%	-2.43%	-3.89%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.65	0.70	0.09	1.76	0.38	0.24	0.37	0.22	0.29	0.61	0.42
NOPAT to Interest Expense	0.44	0.51	0.11	2.13	0.19	0.09	0.12	0.16	0.18	0.42	0.29
EBIT Less CapEx to Interest Expense	0.39	0.47	-0.05	1.98	0.23	-0.12	0.19	-0.08	-0.05	0.30	0.03
NOPAT Less CapEx to Interest Expense	0.17	0.28	-0.03	2.35	0.04	-0.27	-0.06	-0.13	-0.15	0.10	-0.11
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-8.71%	-5.66%	-2.55%	-4.72%	-3.94%	-3.02%	-2.64%	-2.12%	-2.44%	-3.44%	-4.16%
Augmented Payout Ratio	-8.71%	-5.66%	-2.55%	-4.72%	-3.94%	-3.02%	-2.64%	-2.12%	-2.44%	-3.44%	-4.16%

Financials Breakdown Chart

Key Financial Trends

INNOVATE Corp. (NYSE: VATE) is showing modest top-line growth, but the bigger story is that profitability remains pressured by a heavy interest burden and a very leveraged balance sheet. Revenue improved year over year in Q1 2026, and operating cash flow stayed positive, but the company still posted a net loss and finished the quarter with negative common equity.

Revenue and operating results improved in the latest quarter versus the prior-year period. Q1 2026 revenue rose to $364.8 million from $274.2 million in Q1 2025, and gross profit increased to $53.5 million from $45.5 million. Operating income also improved to $10.0 million from $3.4 million a year earlier, helped by stronger sales and controlled operating expenses as a percentage of revenue.

However, interest expense continues to overwhelm operating profit. In Q1 2026, INNOVATE reported $24.5 million of interest expense against only $10.0 million of operating income, producing a pre-tax loss of $14.2 million and a net loss of $17.1 million. That is a clear sign that debt service remains the company’s biggest earnings headwind.

Cash generation was better than earnings. Q1 2026 operating cash flow was $45.5 million, up from $14.1 million in Q1 2025. That’s a meaningful improvement and suggests the business can still generate cash from operations, even while accounting profits remain negative.

The balance sheet remains highly strained. At March 31, 2026, INNOVATE had $936.8 million of assets and $1.169 billion of liabilities, leaving common equity at negative $256.3 million. Short-term debt alone was $610.8 million, and total debt was $679.6 million. That level of leverage leaves little room for operational missteps.

Liquidity looks adequate in the short term, but not strong. Cash and equivalents were $134.6 million, while current assets totaled $405.9 million. But current liabilities were $1.02 billion, driven largely by short-term debt. On a current basis, the company still appears stretched.

There are some improving trends to note:

Q1 2026 revenue increased sharply year over year, showing continued demand growth.
Operating income improved to $10.0 million from $3.4 million in Q1 2025.
Operating cash flow was strongly positive at $45.5 million in Q1 2026.
Debt repayment continued in the latest quarter, which may help slowly reduce leverage if sustained.
Gross margin remains in the low-teens, suggesting the company still has some pricing and cost-control discipline.
Quarterly share count has been relatively stable around 13.3 million diluted shares in the latest period.
Cash rose sequentially from $35.5 million in Q3 2025 to $134.6 million in Q1 2026, although that was helped by financing and working-capital movements.
Net income remained negative at $17.1 million in Q1 2026.
Interest expense of $24.5 million exceeded operating income, limiting any bottom-line progress.
Common equity is still negative, and total liabilities exceed assets by a wide margin.

Bottom line: INNOVATE is making progress on revenue and operating cash flow, but the investment case is still dominated by leverage risk. Until debt levels come down materially or operating profit grows much larger, the company will likely remain financially fragile.

07/06/26 03:48 AM ETAI Generated. May Contain Errors.

INNOVATE Financials - Frequently Asked Questions

According to the most recent income statement we have on file, INNOVATE's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

INNOVATE's net income appears to be on an upward trend, with a most recent value of -$64 million in 2025, rising from -$35.76 million in 2015. The previous period was -$39.70 million in 2024. Check out INNOVATE's forecast to explore projected trends and price targets.

INNOVATE's total operating income in 2025 was $28.70 million, based on the following breakdown:

Total Gross Profit: $199.70 million
Total Operating Expenses: $171 million

Over the last 10 years, INNOVATE's total revenue changed from $1.12 billion in 2015 to $1.25 billion in 2025, a change of 11.2%.

INNOVATE's total liabilities were at $1.17 billion at the end of 2025, a 12.6% increase from 2024, and a 54.6% decrease since 2015.

In the past 10 years, INNOVATE's cash and equivalents has ranged from $43.80 million in 2020 to $325 million in 2018, and is currently $112.10 million as of their latest financial filing in 2025.

Over the last 10 years, INNOVATE's book value per share changed from 3.67 in 2015 to -17.58 in 2025, a change of -578.6%.

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Financial statements for NYSE:VATE last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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INNOVATE (VATE) Financials

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INNOVATE (VATE) Financials

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Quarterly Balance Sheets for INNOVATE

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How has INNOVATE's revenue changed over the last 10 years?

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