VATE · INNOVATE Corp. · Financials

$7.44 -0.06 (-0.80%) At close · Oct 5

Russell 2000 member Rebalance outlook locked

Market Cap

$106.00M

13.64M

Volume · Oct 5 57.66K Avg daily vol (3M) 379.66K

Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.

Pull these statements through the financial statements API or MCP →

Revenue

$1.25B +12.5%

FY2025

Net Income

-$60.6M -75.1%

FY2025

Gross Margin

16.03% -2.8pp

FY2025

Operating Margin

2.3% -1.3pp

FY2025

Diluted EPS

-$4.84 -57.1%

FY2025

Operating Cash Flow

$146.6M +1511%

FY2025

Chart any reported metric, KPI or segment over time — the full statement history lives here

Income Statement Balance Sheet Cash Flow Adjusted All Metrics

Annual Quarterly

Line Item	3Y	5Y	10Y	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Revenue	-8.7%	+11.7%	+1.1%	$1.52B	$1.25B	$1.11B	$1.42B	$1.64B	$1.21B	$716.9M	$1.08B	$1.98B	$1.63B	$1.56B	$1.12B	$547.44M	$230.69M	$302.96M	$411.98M	$282.02M
Premiums Earned (Net)	+12.7%	+135.8%	—	—	—	—	—	—	—	$115.1M	$116.9M	$94.4M	$80.5M	$79.4M	$1.58M	$0	$0	—	—	—
Cost of Revenue	-9.6%	+12.2%	+0.6%	$1.27B	$1.05B	$898.3M	$1.21B	$1.42B	$1.02B	$588.5M	$596M	$1.59B	$1.31B	$1.25B	$982.62M	$296.53M	$220.32M	$285.63M	$389.41M	$134.89M
Gross Profit	-3.4%	+9.2%	—	$241.6M	$199.7M	$208.8M	$216M	$221.4M	$183.7M	$128.4M	—	—	—	—	—	—	—	—	—	—
Gross Margin	—	—	—	—	16.03%	18.86%	15.18%	13.52%	15.24%	17.91%	—	—	—	—	—	—	—	—	—	—
Selling, General & Administrative	-5.3%	+1.0%	+3.5%	$161.1M	$153.1M	$160.2M	$168M	$180.1M	$168.3M	$145.5M	$177.3M	$218.4M	$182.8M	$152.9M	$108.53M	$80.24M	$34.69M	$45.2M	$42.3M	$113.01M
Amortization of Intangibles	-23.3%	+4.6%	+5.5%	$7M	$7.5M	$7.9M	$11.1M	$16.6M	$12.6M	$6M	$9.9M	$4.9M	$5.4M	$3.8M	$4.4M	$900K	$0	$200K	$400K	$20.4M
Depreciation & Amortization	-10.4%	+2.6%	-0.7%	$29M	$30.4M	$32.9M	$36M	$42.2M	$37.6M	$26.8M	$8.2M	$38.7M	$36.6M	$28.9M	$32.46M	$11.07M	$23.96M	$43.24M	$65.15M	$68.22M
Total Operating Expenses	+22.0%	+49.8%	—	$1.96B	—	—	—	—	—	—	—	$2.03B	$1.64B	$1.56B	$1.12B	$561.43M	$269.82M	$354.86M	$453.15M	$287.88M
Total Costs & Expenses	—	—	—	—	—	—	—	—	—	$1.01B	$1.05B	$2.03B	—	—	—	—	—	—	—	—
Operating Income	+28.9%	—	+44.7%	$64.9M	$28.7M	$40M	$26.5M	$13.4M	-$10.6M	-$28.3M	$25.3M	-$55.8M	-$1.1M	-$1.5M	$713K	-$13.99M	-$39.14M	-$51.9M	-$41.17M	-$5.86M
Operating Margin	—	—	—	—	2.3%	3.61%	1.86%	0.82%	-0.88%	-3.95%	2.35%	-2.82%	-0.07%	-0.1%	0.06%	-2.56%	-16.97%	-17.13%	-9.99%	-2.08%
EBITDA	+2.1%	—	+5.9%	$93.9M	$59.1M	$72.9M	$62.5M	$55.6M	$27M	-$1.5M	$33.5M	-$17.1M	$35.5M	$27.4M	$33.17M	-$2.92M	-$15.17M	-$8.66M	$23.98M	$62.36M
Interest Expense	+19.6%	+3.5%	+8.6%	$99.5M	$89M	$74.5M	$68.2M	$52M	$59.1M	$74.8M	$76.1M	$75.7M	$55.1M	$43.4M	$39.02M	$12.35M	$8000	$27K	$94K	$35.33M
Interest Income	—	—	—	$1.1M	$700K	$2.6M	$1.3M	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Non-Operating Income	—	-41.6%	—	$1.2M	$4.7M	$3.4M	$16.7M	-$1.2M	$4.3M	$69.2M	$6.3M	$77.9M	-$12.8M	-$2.8M	-$6.82M	$702K	-$814K	—	—	—
Equity in Earnings of Unconsolidated Entities	—	—	—	$0	-$5.9M	-$2.3M	-$9.4M	-$1.3M	-$2.8M	-$3.4M	$1.6M	$15.4M	$17.8M	$10.8M	-$1.5M	$3.05M	$0	$0	—	—
Investment Income (Loss)	—	—	—	—	—	-$200K	$15.8M	—	—	—	$0	$34.4M	$0	$0	—	—	—	—	—	—
Pretax Income	—	—	—	-$14.7M	-$61.5M	-$33.4M	-$34.4M	-$41.1M	-$80.7M	-$46.7M	-$41.8M	$182.3M	-$39.8M	-$45.8M	-$46.62M	-$34.56M	-$25.05M	-$48M	-$42.49M	-$48.55M
Income Tax	+40.6%	-18.6%	—	$7.2M	$2.5M	$6.3M	$4.5M	$900K	$5.6M	$7M	-$19.6M	$2.4M	$10.7M	$51.6M	-$10.88M	-$22.87M	-$7.44M	-$3.13M	$1.07M	-$6.52M
Net Income	—	—	—	-$22.4M	-$60.6M	-$34.6M	-$35.2M	-$35.9M	-$227.5M	-$92M	-$31.5M	$162M	-$46.9M	-$94.5M	-$35.57M	-$14.39M	$111.61M	$27.89M	-$38.73M	-$19.09M
Net Margin	—	—	—	—	-4.86%	-3.13%	-2.47%	-2.19%	-18.88%	-12.83%	-2.92%	8.2%	-2.87%	-6.07%	-3.17%	-2.63%	48.38%	9.2%	-9.4%	-6.77%
Net Income Attributable to Noncontrolling Interests	—	—	—	$500K	-$3.4M	-$5.1M	-$3.7M	-$6.1M	-$8.7M	-$10.1M	-$4.6M	$17.9M	-$3.6M	-$2.9M	-$197K	$2.56M	$0	-$18K	$5.46M	-$105K
Net Income Available to Common Stockholders	—	—	—	-$24.5M	-$64M	-$35.8M	-$37.6M	-$40.8M	-$229.7M	-$95.6M	-$31.5M	$155.6M	-$49.7M	-$105.4M	-$39.85M	-$16.44M	$111.61M	$27.89M	-$38.73M	-$19.09M
Comprehensive Income	—	—	—	-$22.1M	-$59.5M	-$36.7M	-$42.2M	-$36.4M	-$618M	$119.5M	$235.1M	$4M	$16.5M	-$80.8M	-$52.7M	-$18.58M	$104.02M	$19M	-$41.07M	-$18.4M
EPS (Basic) USD/shares	—	—	—	-$1.83	-$4.84	-$3.08	-$4.81	-$5.30	-$29.80	-$18.80	-$7.00	$31.40	—	-$28.30	-$15.00	-$8.30	$79.50	$20.20	-$29.80	-$19.60
EPS (Diluted) USD/shares	—	—	—	-$1.86	-$4.84	-$3.08	-$4.81	-$5.30	-$29.80	-$18.80	-$7.00	$29.00	—	-$28.30	-$15.00	-$8.30	$79.50	$20.20	-$29.80	-$19.60
Shares Outstanding (Basic Avg) shares	+19.5%	+21.3%	+17.4%	—	13.22M	10.7M	7.81M	7.75M	7.71M	5.03M	4.48M	4.43M	4.28M	3.73M	2.65M	1.97M	1.4M	1.38M	1.3M	972.1K
Shares Outstanding (Diluted Avg) shares	+19.5%	+21.3%	+17.4%	—	13.22M	10.7M	7.81M	7.75M	7.71M	5.03M	4.48M	4.68M	4.28M	3.73M	2.65M	1.97M	1.4M	1.38M	1.3M	972.1K

Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing. TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative.

Capital Returned to Shareholders

Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2011–FY2025: $378K in buybacks, $192.84M in dividends.

Debt Profile

Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.

Reported debt balances

Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.

Reported balance	As of	Amount	Source
Debt and lease obligations	2026-06-30	USD 62,100,000	10-Q filed 2026-08-06
Related accounting measures — not additional borrowing Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year. Current portion of long-term debt USD 553,900,000 Long-term debt and lease obligations, including current maturities USD 626,400,000 Noncurrent long-term debt and lease obligations USD 62,100,000
Finance lease liabilities	2026-06-30	USD 100,000	10-Q filed 2026-08-06
Related accounting measures — not additional borrowing Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year. Noncurrent finance lease liabilities USD 100,000
Operating lease liabilities	2026-06-30	USD 66,300,000	10-Q filed 2026-08-06
Related accounting measures — not additional borrowing Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year. Current operating lease liabilities USD 10,500,000 Noncurrent operating lease liabilities USD 55,800,000

Instrument and agreement coverage is incomplete. Additional filings are awaiting review.

Covenants

Covenant terms have not yet been verified for this profile.

The balance figures do not establish whether covenants apply or whether the company complies with them.

Loans, facilities and notes

The instrument breakdown is not yet verified. Read the debt note in the linked report for borrowing terms and maturity conditions.

Price & Valuation

Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.

Valuation

EV/Revenue

0.05×

Peer median 0.56×

EV/EBIT

1.24×

Peer median 31.83×

P/E (TTM)

—

Peer median 60.62×

Peer medians compare against the 14 similar-size Engineering & Construction companies (of 43 listed).

Valuation over time computed as of each quarter's filing date

Revenue Breakdown

Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.

Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.

By Segment (USD)

Component	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Infrastructure Segment	$1,210,300,000	$1,071,600,000	$1,397,200,000	$1,594,300,000	$1,159,700,000	—	—	—
Spectrum Segment	$23,200,000	$25,700,000	$22,500,000	$38,700,000	$42,000,000	—	—	—
Life Sciences Segment	$12,500,000	$9,800,000	$3,300,000	—	—	—	—	—
Broadcasting Segment	—	—	—	—	—	—	$41,800,000	$45,400,000
Construction Segment	—	—	—	—	—	—	$713,300,000	$716,400,000
Energy Segment	—	—	—	—	—	—	$39,000,000	$20,700,000
Infrastructure Segment	—	—	—	—	$1,159,700,000	$676,600,000	$713,300,000	—
Insurance Services	—	—	—	—	—	$300,200,000	$331,600,000	$217,100,000
Life Sciences	—	—	—	—	$3,500,000	$0	—	—
Marine Services	—	—	—	—	—	—	$172,500,000	$194,300,000
Spectrum Segment	—	—	—	—	$42,000,000	$40,300,000	$41,800,000	—
Telecommunications	—	—	—	—	—	—	$696,100,000	$793,600,000
All Other Segments	—	—	—	—	—	$0	$500,000	$3,700,000
Life Sciences Segment Pansend	—	—	$3,300,000	$4,300,000	$3,500,000	—	—	—

By Geography (USD)

Component	FY2019	FY2018
United States	$1,777,700,000	$1,757,700,000
United Kingdom	$169,200,000	$192,200,000
All Other Geographic Locations	$37,200,000	$26,800,000

By Product & Service (USD)

Component	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Commercial Revenue	$371,900,000	$292,600,000	$382,900,000	$794,000,000	$539,800,000	—	—	—
Industrial Revenue	$306,600,000	$307,900,000	$403,000,000	$409,500,000	$292,500,000	—	—	—
Transportation Revenue	$192,900,000	$275,300,000	$292,300,000	$50,200,000	$52,700,000	—	—	—
Healthcare Revenue	$173,100,000	$151,600,000	$165,500,000	$129,900,000	$59,800,000	—	—	—
Government Revenue	$128,800,000	$11,700,000	$11,200,000	$34,800,000	$68,000,000	—	—	—
Broadcast Station Revenue	$23,200,000	$25,700,000	$21,900,000	$19,600,000	$18,600,000	—	—	—
Energy Revenue	$13,500,000	$7,200,000	$9,200,000	$15,800,000	—	—	—	—
Leisure Revenue	$13,000,000	$9,600,000	$8,100,000	$23,400,000	$23,200,000	—	—	—
Systems and Consumables Revenue	$12,500,000	$9,800,000	$6,600,000	$4,300,000	$3,500,000	—	—	—
Convention Revenue	$8,800,000	$14,000,000	$124,200,000	$136,200,000	$85,800,000	—	—	—
Advertising Revenue	—	—	—	—	—	$18,400,000	$45,400,000	$28,200,000
Broadcast Station Revenue	—	—	—	—	—	$15,500,000	$23,800,000	$10,800,000
Commercial Revenue	—	—	—	—	—	$217,700,000	$410,800,000	$253,400,000
Convention Revenue	—	—	—	—	—	$10,600,000	$154,800,000	$155,800,000
Government Revenue	—	—	—	—	—	$65,000,000	—	—
Healthcare Revenue	—	—	—	—	—	$29,500,000	$99,000,000	$105,000,000
Industrial Revenue	—	—	—	—	—	$214,900,000	$476,000,000	$79,500,000
Leisure Revenue	—	—	—	—	—	$42,800,000	$45,700,000	—
Network Distribution Revenue	—	—	—	—	—	$4,000,000	$9,800,000	$4,800,000
Other Revenue	—	—	—	—	—	$25,200,000	$114,500,000	$71,100,000
Power Cable Installation Repair	—	—	—	—	—	—	$32,600,000	$34,800,000
Power Operations Maintenance Construction Support	—	—	—	—	—	—	$19,900,000	$31,000,000
Systems and Consumables Revenue	—	—	—	—	—	$0	—	—
Telecommunication Installation	—	—	—	—	—	—	$33,200,000	$41,500,000
Telecommunication Maintenance	—	—	—	—	—	—	$86,800,000	$87,000,000
Termination of Long Distance Minutes	—	—	—	—	—	—	$696,100,000	$793,600,000
Transportation Revenue	—	—	—	—	—	$72,600,000	$129,600,000	$53,000,000
Volume Related	—	—	—	—	—	—	$27,500,000	$16,500,000
Maintenance	—	—	—	—	—	—	$100,000	$100,000
Advertising Revenue	—	—	—	$14,800,000	$18,100,000	—	—	—
Network Distribution Revenue	—	—	—	$2,800,000	$3,200,000	—	—	—
Other Revenue	—	—	$600,000	$17,300,000	$39,800,000	—	—	—

Segment Operating Income

Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.

By Segment (USD)

Component	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Infrastructure Segment	$55,400,000	$65,700,000	$64,400,000	$57,500,000	$35,200,000	—	—	—
Spectrum Segment	-$100,000	$1,400,000	-$3,400,000	-$3,800,000	-$800,000	—	—	—
Life Sciences Segment	-$10,900,000	-$14,100,000	-$15,000,000	—	—	—	—	—
Broadcasting Segment	—	—	—	—	—	—	-$11,400,000	-$24,000,000
Construction Segment	—	—	—	—	—	—	$45,100,000	$41,900,000
Energy Segment	—	—	—	—	—	—	$10,100,000	-$500,000
Infrastructure Segment	—	—	—	—	$35,200,000	$20,500,000	$45,100,000	—
Insurance Services	—	—	—	—	—	$35,600,000	$37,300,000	$1,800,000
Life Science	—	—	—	—	—	-$16,900,000	-$8,900,000	-$13,800,000
Life Sciences	—	—	—	—	-$19,900,000	-$16,900,000	—	—
Marine Services	—	—	—	—	—	—	-$6,100,000	-$15,400,000
Spectrum Segment	—	—	—	—	-$800,000	-$2,200,000	-$11,400,000	—
Telecommunications	—	—	—	—	—	—	-$1,800,000	$4,800,000
All Other Segments	—	—	-$3,100,000	-$600,000	-$2,000,000	-$2,700,000	-$1,600,000	-$2,500,000
Life Sciences Segment Pansend	—	—	-$15,000,000	-$20,100,000	-$19,900,000	—	—	—

Operating Margin by Segment (%)

Component	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Infrastructure Segment	4.6%	6.1%	4.6%	3.6%	3%	—	—	—
Spectrum Segment	-0.4%	5.4%	-15.1%	-9.8%	-1.9%	—	—	—
Life Sciences Segment	-87.2%	-143.9%	-454.5%	—	—	—	—	—
Broadcasting Segment	—	—	—	—	—	—	-27.3%	-52.9%
Construction Segment	—	—	—	—	—	—	6.3%	5.8%
Energy Segment	—	—	—	—	—	—	25.9%	-2.4%
Infrastructure Segment	—	—	—	—	3%	3%	6.3%	—
Insurance Services	—	—	—	—	—	11.9%	11.2%	0.8%
Life Sciences	—	—	—	—	-568.6%	—	—	—
Marine Services	—	—	—	—	—	—	-3.5%	-7.9%
Spectrum Segment	—	—	—	—	-1.9%	-5.5%	-27.3%	—
Telecommunications	—	—	—	—	—	—	-0.3%	0.6%
All Other Segments	—	—	—	—	—	—	-320%	-67.6%
Life Sciences Segment Pansend	—	—	-454.5%	-467.4%	-568.6%	—	—	—

Key facts CIK 1006837 CUSIP 45784J303 13F (30d) 1 filings 1 filers Visit website Investor relations