INNOVATE Corp. VATE
INNOVATE is a diversified holding company that has a portfolio of subsidiaries in a variety of operating segments. We seek to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. As of December 31, 2025, our three operating platforms or reportable segments, based on management's organization of the enterprise, are Infrastructure, Life Sciences and Spectrum, plus our Other segment, which includes businesses that do not meet the separately reportable segment thresholds.
As of December 31, 2025, our principal operating subsidiaries include the following assets:
(i)DBM Global Inc. ("DBMG") (Infrastructure), a family of companies providing fully integrated structural and steel construction services;
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Infrastructure
- Spectrum
- Life Sciences
| Segment | FY2025 |
|---|---|
| Infrastructure | $1.21B |
| Spectrum | $23.2M |
| Life Sciences | $12.5M |
As the company reported it, from the “Segments and Related Information - Schedule of Company's Operating Segments (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.25B | $1.11B | $1.42B | $1.64B | $1.21B | $716.9M | $755.6M | $1.58B | $1.48B | $1.42B |
| Cost of revenue | $1.05B | $898.3M | $1.21B | $1.42B | $1.02B | $588.5M | $596.0M | $1.42B | $1.31B | $1.25B |
| Gross profit | $199.7M | $208.8M | $216.0M | $221.4M | $183.7M | $128.4M | $159.6M | $157.6M | $169.4M | $161.7M |
| SG&A | $153.1M | $160.2M | $168.0M | $180.1M | $168.3M | $145.5M | $177.3M | $198.2M | $182.8M | $152.9M |
| Total operating expenses | — | — | — | — | — | $1.01B | $1.05B | $1.82B | $1.64B | $1.56B |
| Operating income | $28.7M | $40.0M | $26.5M | $13.4M | -$10.6M | -$28.3M | $25.3M | -$40.4M | -$1.1M | -$1.5M |
| Interest expense | $89.0M | $74.5M | $68.2M | $52.0M | $59.1M | $74.8M | $76.1M | $69.7M | $55.1M | $43.4M |
| Pre-tax income | -$61.5M | -$33.4M | -$34.4M | -$41.1M | -$80.7M | -$46.7M | -$41.8M | $196.6M | -$39.8M | -$45.8M |
| Income tax | $2.5M | $6.3M | $4.5M | $900.0K | $5.6M | $7.0M | $19.6M | $2.2M | $10.7M | $51.6M |
| Net income | -$64.0M | -$39.7M | -$38.9M | -$35.9M | -$227.5M | -$92.0M | -$31.5M | $162.0M | -$46.9M | -$94.5M |
| EPS, basic | -4.84 | -3.08 | -4.81 | -0.53 | -2.98 | -1.88 | -0.70 | 3.14 | — | -2.83 |
| EPS, diluted | -4.84 | -3.08 | -4.81 | -0.53 | -2.98 | -1.88 | -0.70 | 2.90 | -1.16 | -2.83 |
| Shares, diluted (wtd. avg.) | 13.2M | 10.7M | 7.8M | 77.5M | 77.1M | 50.3M | 44.8M | 46.8M | 42.8M | 37.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $112.1M | $48.8M | $80.8M | $80.4M | $45.5M | $43.8M | $23.3M | $300.7M | $97.9M | $115.4M |
| Receivables | $241.1M | $194.0M | $278.4M | $254.9M | $247.1M | $134.7M | $228.9M | $379.2M | $322.4M | $267.6M |
| Inventory | $16.0M | $20.8M | $22.4M | $18.9M | $17.0M | $9.9M | $10.7M | $21.3M | $12.7M | $9.6M |
| Total current assets | $451.5M | $390.9M | $517.9M | $536.4M | $442.6M | $6.23B | — | — | — | — |
| Property, plant and equipment | — | — | — | — | — | $213.8M | $223.7M | $376.3M | $374.7M | $286.5M |
| Goodwill | $127.0M | $126.7M | $127.1M | $127.1M | $127.4M | $111.0M | $110.4M | $150.9M | $131.7M | $98.1M |
| Other intangibles | $165.2M | $172.4M | $178.9M | $190.1M | $208.4M | $172.1M | $210.6M | $219.2M | $117.1M | $39.7M |
| Total assets | $950.1M | $891.1M | $1.04B | $1.15B | $1.08B | $6.72B | $6.96B | $6.50B | $3.22B | $2.84B |
| Short-term debt | $581.4M | $162.2M | $30.5M | $30.6M | $69.5M | $433.6M | $433.6M | — | — | — |
| Total current liabilities | $1.03B | $483.0M | $413.8M | $417.2M | $439.5M | $5.93B | — | — | — | — |
| Long-term debt | — | — | — | — | — | — | — | — | — | $428.5M |
| Total liabilities | $1.17B | $1.03B | $1.18B | $1.18B | $1.07B | $6.11B | $6.49B | $6.28B | $3.00B | $2.74B |
| Retained earnings | -$582.5M | -$521.9M | -$487.3M | -$452.1M | -$416.2M | -$188.7M | -$96.7M | -$57.2M | -$221.2M | -$174.3M |
| Total equity | -$240.1M | -$180.4M | -$151.7M | -$90.6M | -$56.2M | $600.2M | $443.6M | $193.7M | $188.1M | $67.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $146.6M | $9.1M | $26.5M | -$9.5M | $27.0M | $41.1M | $110.7M | $341.4M | $6.6M | $79.1M |
| Depreciation and amortisation | $30.4M | $32.9M | $36.0M | $42.2M | $37.6M | $26.8M | $8.2M | $11.5M | $36.6M | $28.9M |
| Stock-based compensation | $2.7M | $3.4M | $2.2M | $2.4M | $2.4M | $2.9M | $6.3M | $7.1M | $5.2M | $8.3M |
| Capital expenditure | $500.0K | $1.2M | $18.4M | $20.7M | $24.1M | $17.8M | $24.7M | $18.0M | $31.9M | $29.0M |
| Investing cash flow | -$22.6M | -$13.9M | $39.1M | -$22.5M | -$223.2M | $162.1M | -$263.6M | -$224.6M | -$139.3M | -$140.2M |
| Financing cash flow | -$61.2M | -$26.5M | -$65.3M | $68.1M | $4.3M | -$204.5M | $62.4M | $115.2M | $115.4M | $18.8M |
| Dividends paid | $2.2M | $1.2M | $2.2M | $5.2M | $2.9M | — | — | $500.0K | $500.0K | $1.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001006837-26-000027.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.42B | $1.48B | $1.58B | $755.6M | $716.9M | $1.21B | $1.64B | $1.42B | $1.11B | $1.25B |
| Gross profit | $161.7M | $169.4M | $157.6M | $159.6M | $128.4M | $183.7M | $221.4M | $216.0M | $208.8M | $199.7M |
| Net income | -$94.5M | -$46.9M | $162.0M | -$31.5M | -$92.0M | -$227.5M | -$35.9M | -$38.9M | -$39.7M | -$64.0M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed Item 1.01
- Regulation FD disclosure Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Material agreement signed Item 1.01
- Other event Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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| ACA | Arcosa, Inc. | $7.14B | 34.3x | 12.2% |
| PRLB | Proto Labs Inc | $1.95B | 92.5x | 6.4% |
| TPCS | TECHPRECISION CORP | $58.6M | — | -7.0% |