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VATE Financials INNOVATE Corp.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →

Growth & profitability

  • Revenue has grown 11.7% per year over the past 5 years.
  • Operating margin has expanded, at 2.3% in the latest year.
  • Free cash flow has grown 44.4% per year over the past 5 years.

Financial health

  • Total debt ($687M) exceeds cash ($112M); net debt is $575M.
  • Total debt has grown slower than revenue (3.6% vs 11.7% per year).
  • Operating income covered interest expense 0.3× in the latest year.
  • Total debt is 12× EBITDA.

Shareholder returns

  • Dividends have been paid for 5 consecutive years, consuming 1.5% of free cash flow.
  • The dividend has declined 6.7% per year over the past 5 years.
Revenue & net income
-$228M $777M $2B $0 2011 2013 2015 2017 2019 2021 2023 2025
RevenueNet income
Margins (gross / operating / net)
-19% 15% 48% 0% 2011 2013 2015 2017 2019 2021 2023 2025
GrossOperatingNet
Free cash flow (CFO − capex)
-$49M $137M $323M $0 2011 2013 2015 2017 2019 2021 2023 2025
Free cash flow
Cash vs total debt
$0 $402M $803M 2011 2013 2015 2017 2019 2021 2023 2025
CashTotal debt
Cash flow: operating / investing / financing
-$264M $39M $341M $0 2011 2013 2015 2017 2019 2021 2023 2025
OperatingInvestingFinancing

Key annual figures

FYRevenueNet incomeGross MOp MFCFTotal debtCash
2025 $1.2B -$61M 16.0% 2.3% $146M $687M $112M
2024 $1.1B -$35M 18.9% 3.6% $8M $668M $49M
2023 $1.4B -$35M 15.2% 1.9% $8M $720M $81M
2022 $1.6B -$36M 13.5% 0.8% -$30M $723M $80M
2021 $1.2B -$228M 15.2% -0.9% $3M $631M $46M
2020 $717M -$92M 17.9% -3.9% $23M $576M $44M
2019 $1.1B -$32M 44.7% 2.3% $86M $803M $23M
2018 $1.8B $162M 20.2% -2.3% $323M $740M $301M
2017 $1.6B -$47M 19.6% -0.1% -$25M $552M $87M
2016 $1.6B -$95M 19.5% -0.1% $50M $389M $115M
2015 $1.1B -$36M 12.3% 0.1% -$49M $382M $159M
2014 $547M -$14M 0.0% -2.6% -$75000 $346M $108M
2013 $231M $112M 4.5% -17.0% -$33M $0 $9M
2012 $303M $28M 5.7% -17.1% -$8M $128M $23M
2011 $412M -$39M 5.5% -10.0% $11M — $41M

Valuation over time

How the market has priced VATE against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

Price / sales (P/S)
0.0 0.1 0.2 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
P/S
Dividend yield (%)
0.0 18.2 36.3 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
Dividend yield %

Frequently asked questions

Is VATE growing its revenue and profit?

Over the past 5 years, INNOVATE Corp.'s revenue has grown 11.7% per year. These are computed facts, not advice.

How much debt does VATE have?

As of FY2025, INNOVATE Corp. reported $687M of total debt against $112M of cash; operating income covered interest expense 0.3×.

What is VATE's profit margin?

In FY2025, gross margin was 16.0%, operating margin 2.3%, and net margin -4.9%.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.