INNOVATE Corp. logo

INNOVATE Corp.

VATE

NYSEIndustrialsEngineering & Construction

Previous close

$7.86

−$0.15 · -1.87%

Aug 21, 4:00 PM ET

VATE company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

80

Undervalued

Momentum

51

Neutral

Sentiment

55

Mixed

Risk resilience

17

Extreme Risk

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Company profile

Company website

INNOVATE Corp. (VATE), a New York-based entity founded in 1994 and previously known as HC2 Holdings, Inc. until its name change in September 2021, manages a diverse range of subsidiaries operating within the infrastructure, life sciences, and spectrum sectors across the United States. Its extensive infrastructure division delivers services such as industrial construction, structural steel work, and facility maintenance. These capabilities are applied to a wide array of projects, including commercial structures like office complexes, hotels, casinos, convention centers, sports arenas, shopping malls, and hospitals, as well as significant industrial and civic infrastructure like dams, bridges, mines, metal processing plants, refineries, pulp and paper mills, and power generation facilities. INNOVATE also manufactures specialized components such as trusses, girders, water pipes, storage tanks, tunnel liners, pressure vessels, strainers, filters, separators, and other custom products. The company additionally offers integrated solutions encompassing digital engineering, modeling, detailing, construction, heavy equipment installation, and facility services, alongside expert steel and rebar detailing and BIM modeling and management. Furthermore, it supplies equipment critical to the oil, gas, petrochemical, and pipeline industries. Within the life sciences realm, INNOVATE focuses on the development of products designed to address early osteoarthritis of the knee, as well as aesthetic and medical technologies for skin care. Finally, its spectrum operations include the management of various over-the-air broadcasting stations and the operation of Azteca America, a Spanish-language broadcast network.

Industry
Engineering & Construction
Sector
Industrials
Headquarters
US
CEO
Paul Kenneth Voigt
Listed since
Jul 13, 2009
Employees
3,663

Market position

Day range

Current $7.86

52-week range

Current $7.86

Open
$7.87
Previous close
$8.01
Volume
116.66K
0.41× average
Average volume
283.07K
Average daily volume
Market cap
107.23M USD
Beta
2.37
Market reference 1
50-day average
$11.528
-31.82% below average
200-day average
$8.4635
-7.13% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
665.14M USD
P/E (TTM)
-4.27×
P/B (TTM)
-0.45×
P/S (TTM)
0.07×
EV / EBITDA
11.49×
Earnings yield
-101.43%
Free cash flow yield
201.70%
Dividend yield
9.92%

Profitability & efficiency

Gross margin
15.08%
Operating margin
4.48%
Net margin
-1.48%
Return on equity
26.26%
Return on assets
-6.38%
Return on invested capital
6.70%

Financial health

Debt / equity
-2.92×
Current ratio
0.44×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends23%8%-8%-23%Gross margin, FY2021: 15.24%Gross margin, FY2022: 13.52%Gross margin, FY2023: 15.18%Gross margin, FY2024: 18.86%Gross margin, FY2025: 14.62%Operating margin, FY2021: -0.88%Operating margin, FY2022: 0.82%Operating margin, FY2023: 1.86%Operating margin, FY2024: 3.61%Operating margin, FY2025: 2.74%Net margin, FY2021: -18.88%Net margin, FY2022: -2.19%Net margin, FY2023: -2.47%Net margin, FY2024: -3.13%Net margin, FY2025: -4.86%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 15.24%. Gross margin FY2022 13.52%. Gross margin FY2023 15.18%. Gross margin FY2024 18.86%. Gross margin FY2025 14.62%. Operating margin FY2021 -0.88%. Operating margin FY2022 0.82%. Operating margin FY2023 1.86%. Operating margin FY2024 3.61%. Operating margin FY2025 2.74%. Net margin FY2021 -18.88%. Net margin FY2022 -2.19%. Net margin FY2023 -2.47%. Net margin FY2024 -3.13%. Net margin FY2025 -4.86%.

Income trends

Revenue

1.25B USD+12.55%

Operating income

34.2M USD-14.50%

Net income

−60.6M USD-75.14%
Income trends across reported periods1.82B USD1.08B USD331.94M USD−413.98M USDRevenue, FY2021: 1.21B USDRevenue, FY2022: 1.64B USDRevenue, FY2023: 1.42B USDRevenue, FY2024: 1.11B USDRevenue, FY2025: 1.25B USDOperating income, FY2021: −10.6M USDOperating income, FY2022: 13.4M USDOperating income, FY2023: 26.5M USDOperating income, FY2024: 40M USDOperating income, FY2025: 34.2M USDNet income, FY2021: −227.5M USDNet income, FY2022: −35.9M USDNet income, FY2023: −35.2M USDNet income, FY2024: −34.6M USDNet income, FY2025: −60.6M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 1.21B USD. Revenue FY2022 1.64B USD. Revenue FY2023 1.42B USD. Revenue FY2024 1.11B USD. Revenue FY2025 1.25B USD. Operating income FY2021 −10.6M USD. Operating income FY2022 13.4M USD. Operating income FY2023 26.5M USD. Operating income FY2024 40M USD. Operating income FY2025 34.2M USD. Net income FY2021 −227.5M USD. Net income FY2022 −35.9M USD. Net income FY2023 −35.2M USD. Net income FY2024 −34.6M USD. Net income FY2025 −60.6M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue1.25B USD1.11B USD1.42B USD1.64B USD1.21B USD
Cost of goods sold1.06B USD898.3M USD1.21B USD1.42B USD1.02B USD
Gross profit182.2M USD208.8M USD216M USD221.4M USD183.7M USD
Selling, general, and administrative148M USD
Operating expenses148M USD168.8M USD189.5M USD208M USD194.3M USD
Interest income700K USD2.6M USD
Interest expense89M USD74.5M USD68.2M USD52M USD59.1M USD
Depreciation and amortization30.4M USD32.9M USD36M USD42.2M USD37.6M USD
Operating income34.2M USD40M USD26.5M USD13.4M USD−10.6M USD
Net income−60.6M USD−34.6M USD−35.2M USD−35.9M USD−227.5M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
100%
7 beats, 0 misses, 0 met estimates
Average EPS surprise
+48.14%
7 comparable reports
Latest EPS result
0.71
Estimate -2.18 · Beat by 132.51%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates1.16-1-3.15-5.3Q1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Mar 31, 2025: actual -1.29, estimate -4.86, surprise +73.44%, Beat. Q2 2025, reported May 6, 2025: actual -1.89, estimate -2.18, surprise +13.47%, Beat. Q3 2025, reported Aug 5, 2025: actual -1.67, estimate -1.79, surprise +6.55%, Beat. Q4 2025, reported Nov 12, 2025: actual -0.71, estimate -0.993, surprise +28.49%, Beat. Q1 2026, reported Mar 26, 2026: actual -0.58, estimate -0.993, surprise +41.58%, Beat. Q2 2026, reported May 14, 2026: actual -1.29, estimate -2.18, surprise +40.94%, Beat. Q3 2026, reported Aug 6, 2026: actual 0.71, estimate -2.18, surprise +132.51%, Beat. Q4 2026, reported Nov 17, 2026: actual —, estimate -2.18, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates484.28M372.4M260.53M148.65MQ1 '25EstimateQ2 '25MissQ3 '25MissQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Mar 31, 2025: actual —, estimate 461.13M USD, surprise —, Comparison unavailable. Q2 2025, reported May 6, 2025: actual 171.8M USD, estimate 251.7M USD, surprise -31.74%, Miss. Q3 2025, reported Aug 5, 2025: actual 243.8M USD, estimate 272.4M USD, surprise -10.50%, Miss. Q4 2025, reported Nov 12, 2025: actual 394.8M USD, estimate 283.1M USD, surprise +39.46%, Beat. Q1 2026, reported Mar 26, 2026: actual 382.7M USD, estimate 284.8M USD, surprise +34.38%, Beat. Q2 2026, reported May 14, 2026: actual 364.8M USD, estimate 251.7M USD, surprise +44.93%, Beat. Q3 2026, reported Aug 6, 2026: actual 421.6M USD, estimate 251.7M USD, surprise +67.50%, Beat. Q4 2026, reported Nov 17, 2026: actual —, estimate 251.7M USD, surprise —, Comparison unavailable.

Corporate actions

Corporate action history

Dividend

Ex-dividend Apr 13, 2026

$0.78

Special

Record Apr 13, 2026 · Payment Apr 28, 2026

Dividend

Ex-dividend Aug 28, 2013

$8.50

Irregular

Record Aug 20, 2013

Dividend

Ex-dividend Dec 19, 2012

$0.05

Monthly

Record Dec 21, 2012 · Payment Dec 28, 2012

Dividend

Ex-dividend Nov 23, 2012

$2.50

Semi-Annual

Record Nov 27, 2012 · Payment Dec 11, 2012

Dividend

Ex-dividend Jun 28, 2012

$1.00

Irregular

Record Jul 2, 2012 · Payment Jul 16, 2012

VATE peers

ETFs holding VATE

Funds reporting this stock among their holdings, ordered by reported position size.

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