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NYSE · FABRICATED STRUCTURAL METAL PRODUCTS · SMALL CAP

Innovate Corp. VATE

16 fiscal years on record · USD · FY2025 reported · SEC filings only
$1.2B
▲ 12.5% YoY
$-60.6M
$146.1M
▲ 1749.4% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

INNOVATE Corp., through its subsidiaries, provides fully integrated structural and steel construction services, supports healthcare and biotechnology product development, and operates over-the-air broadcasting stations across the United States, including Puerto Rico. As of December 31, 2025, the company had 3,587 full-time employees and 151 part-time employees across its operating businesses. Its three operating platforms, or reportable segments, as of December 31, 2025, were Infrastructure, Life Sciences and Spectrum, plus an Other segment comprising businesses that do not meet the separately reportable segment thresholds. DBM Global Inc., the Infrastructure segment, is a construction company offering construction and professional services through its core businesses, Schuff Steel Company, Banker Steel and GrayWolf Industrial, to commercial and industrial market segments. DBMG is headquartered in Phoenix, Arizona, with domestic operations in Alabama, Arizona, California, Florida, Georgia, Kansas, Kentucky, New Jersey, New York, Oregon, South Carolina, Texas, Utah, Virginia and Washington. The Life Sciences segment is made up of Pansend Life Sciences, LLC, which holds a controlling interest of 80.0% in Genovel Orthopedics, Inc., developing products to treat early osteoarthritis of the knee, and, as of December 31, 2025, a controlling interest of 81.0% in R2 Technologies, Inc., which develops aesthetic and medical technologies for the skin. Broadcasting, the Spectrum segment, operated 257 stations as of December 31, 2025, including three Full Power stations, 53 Class A stations and 201 Low Power Television stations, collectively able to broadcast approximately 2,000 subchannels and reach 112 markets in the U.S. and Puerto Rico, including 39 of the top 40 markets. INNOVATE, a Delaware corporation, was incorporated in 1994.

Written from the business description in INNOVATE Corp.'s annual report to the U.S. Securities and Exchange Commission, filed 26 March 2026. Every sentence was checked against that document before publication.

Growth

USD 1.2B
Revenue, FY2025 · full 16-year series below
Revenue $B Net income $B
FY2025 · Revenue 1.2 · Net income -0.1
1.0B2.0B-0.1B-0.2B
201020132016201920222025
Compound annual growth
−8.7%
+11.7%
+1.1%
+10.4%
−24.9%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +11.7% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−5 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating 2.3% · Net -5.1%
20%40%-5%-10%-15%
201020172025
ROE
FY2020 · ROE -20.2%
100%200%-50%-100%
201020172025
Three returns, three denominators.
Return on equityNot applicable: equity was zero or negative in this period, so return on equity has no meaning.
Return on capital employedNot applicable: capital employed was zero or negative in this period, so return on capital employed has no meaning.

Cash & shareholders

USD 2.2M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 146.1
150M300M-20M-40M
201020172025
Net buybacks $M Dividends $M
FY2025 · Dividends 2.2 · Net buybacks ·
50M100M
2011201320152017202120232025

USD 2.2M in dividends went back to shareholders in a year without profit.

Total assetsUSD 950.1M
EquityUSD -240.1M
CashUSD 112.1M
Gross debtUSD 661.7M
Net debtUSD 549.6M
Current ratio0.44×

Equity was zero or negative — liabilities equaled or exceeded assets. No ratio is shown.

The 16-year record

16 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
VATE, 16-year financial record
Metric 2025202420232022202120202019201820172016201520142013201220112010
Revenue $B1.21.11.41.61.20.71.12.01.61.61.10.50.20.30.40.3
Operating income $B0.00.00.00.0−0.0−0.00.0−0.1−0.0−0.00.0−0.0−0.0−0.1−0.0−0.0
EBITDA $B0.10.10.10.10.0−0.00.0−0.00.00.00.0−0.0−0.0−0.00.00.1
Income tax $B0.00.00.00.00.00.0−0.00.00.00.1−0.0−0.0−0.0−0.00.0−0.0
Net income $B−0.1−0.0−0.0−0.0−0.2−0.1−0.00.2−0.0−0.1−0.0−0.00.10.0−0.0−0.0
Free cash flow $B0.10.00.0−0.00.00.00.10.3−0.00.1−0.0−0.0−0.0−0.00.00.0
EPS, diluted $−4.84◌◌−0.53−2.98−1.88−0.70◌−1.16−2.83−1.50−0.837.952.02−2.98−1.96
Dividend / sh $◌◌◌◌◌◌◌◌◌◌0.000.008.584.09◌◌
Payout %−4−3−6−14−1——0−1−1−3−5107198——
ROE %—————−20.2−14.4201.0−80.0−136.7−41.1−21.5181.634.4−44.7−24.0
Shares out B0.010.010.080.080.080.080.050.040.040.040.040.020.010.010.010.01

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

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Provenance

Company facts, as filed

How we verify · 0 failures in 62 reconciliationsAUDITED

Reconciled in 16 of the 16 fiscal years we could check. Six checks were skipped: the balance sheet is not tagged before 2010. Three checks were skipped: EPS is not tagged before 2010. Three checks were skipped: revenue is not tagged before 2010.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityFabricated Structural Metal Products
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2010

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