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Stocks · Industrials · Fabricated Structural Metal Products

INNOVATE Corp.

VATE Clue Score41
United States Fiscal year ends December CIK 0001006837
$6.99 -3.19% Close, 12 Oct 2026
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Price $6.99 +80.62% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1,415.7Operating income−1.5Net income−94.5EPS, diluted−2.83Fiscal year 2017Revenue1,482.5 +4.7%Operating income−1.1Net income−46.9EPS, diluted−1.16Fiscal year 2018Revenue1,774.1 +19.7%Operating income−55.8Net income162.0Fiscal year 2019Revenue755.6 −57.4%Operating income25.3Net income−31.5 −119.4%EPS, diluted−0.70Fiscal year 2020Revenue716.9 −5.1%Operating income−28.3Net income−92.0EPS, diluted−1.88Fiscal year 2021Revenue1,205.2 +68.1%Operating income−10.6Net income−227.5EPS, diluted−2.98Fiscal year 2022Revenue1,637.3 +35.9%Operating income13.4Net income−35.9EPS, diluted−0.53Fiscal year 2023Revenue1,423.0 −13.1%Operating income26.5Net income−35.2EPS, diluted−4.81Fiscal year 2024Revenue1,107.1 −22.2%Operating income40.0Net income−34.6EPS, diluted−3.08Fiscal year 2025Revenue1,246.0 +12.5%Operating income28.7Net income−60.6EPS, diluted−4.84
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1,415.7 1,482.5 1,774.1 755.6 716.9 1,205.2 1,637.3 1,423.0 1,107.1 1,246.0
Growth +4.7% +19.7% −57.4% −5.1% +68.1% +35.9% −13.1% −22.2% +12.5%
Operating income −1.5 −1.1 −55.8 25.3 −28.3 −10.6 13.4 26.5 40.0 28.7
Net income −94.5 −46.9 162.0 −31.5 −92.0 −227.5 −35.9 −35.2 −34.6 −60.6
Growth −119.4%
EPS, diluted −2.83 −1.16 n/a −0.70 −1.88 −2.98 −0.53 −4.81 −3.08 −4.84

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Operating margin−0.1%Net margin−6.7%Free cash flow margin3.5%Fiscal year 2017Operating margin−0.1%Net margin−3.2%Free cash flow margin−1.7%Fiscal year 2018Operating margin−3.1%Net margin9.1%Free cash flow margin17.0%Fiscal year 2019Operating margin3.3%Net margin−4.2%Free cash flow margin11.4%Fiscal year 2020Gross margin17.9%Operating margin−3.9%Net margin−12.8%Free cash flow margin3.3%Fiscal year 2021Gross margin15.2%Operating margin−0.9%Net margin−18.9%Free cash flow margin0.2%Fiscal year 2022Gross margin13.5%Operating margin0.8%Net margin−2.2%Free cash flow margin−1.8%Fiscal year 2023Gross margin15.2%Operating margin1.9%Net margin−2.5%Free cash flow margin0.6%Fiscal year 2024Gross margin18.9%Operating margin3.6%Net margin−3.1%Free cash flow margin−0.9%Fiscal year 2025Gross margin16.0%Operating margin2.3%Net margin−4.9%Free cash flow margin11.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin n/a n/a n/a n/a 17.9% 15.2% 13.5% 15.2% 18.9% 16.0%
Operating margin −0.1% −0.1% −3.1% 3.3% −3.9% −0.9% 0.8% 1.9% 3.6% 2.3%
Net margin −6.7% −3.2% 9.1% −4.2% −12.8% −18.9% −2.2% −2.5% −3.1% −4.9%
Free cash flow margin 3.5% −1.7% 17.0% 11.4% 3.3% 0.2% −1.8% 0.6% −0.9% 11.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow79.1Capital expenditure−29.0Free cash flow50.1Dividends paid−1.3Fiscal year 2017Operating cash flow6.6Capital expenditure−31.9Free cash flow−25.3 −150.5%Dividends paid−0.5Fiscal year 2018Operating cash flow341.4Capital expenditure−39.7Free cash flow301.7Dividends paid−0.5Fiscal year 2019Operating cash flow110.7Capital expenditure−24.7Free cash flow86.0 −71.5%Fiscal year 2020Operating cash flow41.1Capital expenditure−17.8Free cash flow23.3 −72.9%Fiscal year 2021Operating cash flow27.0Capital expenditure−24.1Free cash flow2.9 −87.6%Dividends paid−2.9Fiscal year 2022Operating cash flow−9.5Capital expenditure−20.7Free cash flow−30.2 −1,141.4%Dividends paid−5.2Fiscal year 2023Operating cash flow26.5Capital expenditure−18.4Free cash flow8.1Dividends paid−2.2Fiscal year 2024Operating cash flow9.1Capital expenditure−19.0Free cash flow−9.9 −222.2%Dividends paid−1.2Fiscal year 2025Operating cash flow146.6Capital expenditure−0.5Free cash flow146.1Dividends paid−2.2
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 79.1 6.6 341.4 110.7 41.1 27.0 −9.5 26.5 9.1 146.6
Capital expenditure −29.0 −31.9 −39.7 −24.7 −17.8 −24.1 −20.7 −18.4 −19.0 −0.5
Free cash flow 50.1 −25.3 301.7 86.0 23.3 2.9 −30.2 8.1 −9.9 146.1
Growth −150.5% −71.5% −72.9% −87.6% −1,141.4% −222.2%
Dividends paid −1.3 −0.5 −0.5 n/a n/a −2.9 −5.2 −2.2 −1.2 −2.2

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash115.4Total debt428.5Net cash (debt)−313.1Shareholders’ equity44.2Debt to equity9.69Fiscal year 2017Cash97.9Shareholders’ equity73.1Fiscal year 2018Cash300.7Shareholders’ equity88.1Fiscal year 2019Cash23.3Shareholders’ equity349.8Fiscal year 2020Cash43.8Total debt433.6Net cash (debt)−389.8Shareholders’ equity559.8Debt to equity0.77Fiscal year 2021Cash45.5Total debt69.5Net cash (debt)−24.0Shareholders’ equity−84.3Fiscal year 2022Cash80.4Total debt30.6Net cash (debt)49.8Shareholders’ equity−121.3Fiscal year 2023Cash80.8Total debt30.5Net cash (debt)50.3Shareholders’ equity−165.5Fiscal year 2024Cash48.8Total debt162.2Net cash (debt)−113.4Shareholders’ equity−180.4Fiscal year 2025Cash112.1Total debt581.4Net cash (debt)−469.3Shareholders’ equity−240.1
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 115.4 97.9 300.7 23.3 43.8 45.5 80.4 80.8 48.8 112.1
Total debt 428.5 n/a n/a n/a 433.6 69.5 30.6 30.5 162.2 581.4
Net cash (debt) −313.1 n/a n/a n/a −389.8 −24.0 49.8 50.3 −113.4 −469.3
Shareholders’ equity 44.2 73.1 88.1 349.8 559.8 −84.3 −121.3 −165.5 −180.4 −240.1
Debt to equity 9.69 n/a n/a n/a 0.77 n/a n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
n/a n/a n/a n/a 17.9% 15.2% 13.5% 15.2% 18.9% 16.0%
−0.1% −0.1% −3.1% 3.3% −3.9% −0.9% 0.8% 1.9% 3.6% 2.3%
−3.2% −2.7% 10.3% −5.5% −6.5% −6.7% −2.5% −2.4% −3.0% −4.9%
−6.7% −3.2% 9.1% −4.2% −12.8% −18.9% −2.2% −2.5% −3.1% −4.9%
3.5% −1.7% 17.0% 11.4% 3.3% 0.2% −1.8% 0.6% −0.9% 11.7%
Spending
10.8% 12.3% 12.3% 23.5% 20.3% 14.0% 11.0% 11.8% 14.5% 12.3%
2.0% 2.2% 2.2% 3.3% 2.5% 2.0% 1.3% 1.3% 1.7% 0.0%
n/a n/a 1.3% n/a n/a n/a n/a n/a n/a n/a
Returns
−213.7% −64.2% 183.9% −9.0% −16.4% n/a n/a n/a n/a n/a
−3.3% −1.5% 2.5% −0.5% −1.4% −21.1% −3.1% −3.4% −3.9% −6.4%
Balance and payout
9.69 n/a n/a n/a 0.77 n/a n/a n/a n/a n/a
96.5% 93.3% 96.6% 93.3% 90.8% 98.9% 102.6% 113.1% 116.1% 122.7%
n/a n/a 0.3% n/a n/a n/a n/a n/a n/a n/a
2.6% n/a 0.2% n/a n/a 100.0% n/a 27.2% n/a 1.5%