VATE · INNOVATE Corp.
$7.43
-0.13 (-1.72%)
At close · Aug 18
Going-concern doubt
— flagged Aug 6, 2026
Substantial doubt about the company's ability to continue as a going concern.
“However, as of the date of these financial statements, there is substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued. The principal conditions leading to this conclusion are the upcoming maturities of the Company's debt obligations.”View the 10-Q filed Aug 6, 2026
Market Cap
$108.59M
Shares
13.64M
Income-statement, balance-sheet and cash-flow figures extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.
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
Search above to add metrics — fundamentals, product and segment revenue, company KPIs, valuation.
| Line Item | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $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 | |
| — | — | — | — | — | — | $115.1M | $116.9M | $94.4M | $80.5M | $79.4M | $1.58M | $0 | $0 | — | — | — | |
| $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 | |
| $241.6M | $199.7M | $208.8M | $216M | $221.4M | $183.7M | $128.4M | — | — | — | — | — | — | — | — | — | — | |
| — | 16.03% | 18.86% | 15.18% | 13.52% | 15.24% | 17.91% | — | — | — | — | — | — | — | — | — | — | |
| $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 | |
| $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 | |
| $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 | |
| $1.96B | — | — | — | — | — | — | — | $2.03B | $1.64B | $1.56B | $1.12B | $561.43M | $269.82M | $354.86M | $453.15M | $287.88M | |
| — | — | — | — | — | — | $1.01B | $1.05B | $2.03B | — | — | — | — | — | — | — | — | |
| $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 | |
| — | 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% | |
| $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 | |
| $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 | |
| $1.1M | $700K | $2.6M | $1.3M | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| $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 | — | — | — | |
| $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 | — | — | |
| — | — | -$200K | $15.8M | — | — | — | $0 | $34.4M | $0 | $0 | — | — | — | — | — | — | |
| -$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 | |
| $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 | |
| -$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 | |
| — | -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% | |
| $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 | |
| -$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 | |
| -$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 | |
| USD/shares | — | -$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 |
| USD/shares | — | -$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 | — | 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 | — | 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.
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
0.43×
Peer median 0.59×
EV/EBIT
9.97×
Peer median 26.72×
P/E (TTM)
—
Peer medians compare against the 12 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)
48 filings
48 filers
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