VATENYSEFabricated Structural Metal ProductsFiscal year ends December 31
INNOVATE Corp.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$5.95−0.05 (-0.83%)
Close on Oct 19, 2026
- Market cap
- $83.11M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
16.0%−1.9 pts over 5 years
Operating margin
2.3%+6.3 pts over 5 years
Net margin
-4.9%+8.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +12.5% | -8.7% | +11.7% | +1.1% | |
| Gross profit | -4.4% | -3.4% | +9.2% | +3.8% | |
| Operating income | -28.2% | +28.9% | – | +44.7% | |
| Free cash flow | +1749.4% | – | +44.4% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -136.7% | -20.2% | 28.8% | |
| Return on assets | -3.4% | -1.3% | -6.6% | |
| Current ratio | – | 1.05 | 0.44 | |
| Debt to equity | 9.69 | 1.00 | -2.49 | |
| Net debt to EBITDA | 11.43× | -345.13× | 8.30× | |
| Interest coverage | -0.0× | -0.4× | 0.3× | |
| Inventory turnover | 115.2× | 57.1× | 56.9× | |
| Capex to revenue | 1.9% | 2.5% | 0.0% | |
| Diluted shares | 4M | 5M | 13M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Innovate generated $218.70M from operations and spent $78.60M on capital expenditure, dividends and share buybacks. 83% of that went back into the business.
Generated
$218.70M
Used
$78.60M
Capital expenditure$64.90M83%Dividends$13.70M17%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-4.9%
×Asset turnover1.35×
×Equity multiplier-4.38×
=Return on equity, FY202528.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -4.9% | 1.35× | -4.38× | 28.8% |
| FY2024 | -3.1% | 1.14× | -5.59× | 20.0% |
| FY2023 | -2.5% | 1.30× | -7.65× | 24.5% |
| FY2022 | -2.2% | 1.47× | -10.86× | 34.9% |
| FY2021 | -18.9% | 0.31× | 16.41× | -95.7% |
| FY2020 | -12.8% | 0.10× | 15.04× | -20.2% |
| FY2019 | -2.9% | 0.16× | 30.74× | -14.4% |
| FY2018 | 8.2% | 0.41× | 60.31× | 201.0% |
| FY2017 | -2.9% | 0.54× | 51.60× | -80.0% |
| FY2016 | -6.1% | 0.56× | 40.35× | -136.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$60.60M
- Cash generatingOperating cash flow above zero$146.60M
- Return on assets improvedROA up on the prior year-3.3% → -6.8%
- Earnings backed by cashOperating cash flow above net income$146.60M vs -$60.60M
- Less leverageLong-term debt to assets fell56.2% → 8.5%
- Better liquidityCurrent ratio rose0.81 → 0.44
- No dilutionShare count did not rise11M → 13M
- Gross margin improvedGross margin up on the prior year18.86% → 16.03%
- More efficientAsset turnover rose1.06 → 1.40