INNOVATE Corp.

INNOVATE Corp.

VATEยทNYSE

$17.13

+11%
IndustrialsEngineering & Construction

INNOVATE Corp., through its subsidiaries, operates in infrastructure, life sciences, and spectrum areas in the United States. It provides industrial construction, structural steel, and facility maintenance services for use in commercial, industrial, and infrastructure construction projects, such as buildings and office complexes, hotels and casinos, convention centers, sports arenas and stadiums, shopping malls, hospitals, dams, bridges, mines, metal processing, refineries, pulp and paper mills, and power plants. The company also fabricates trusses and girders; and fabricates and erects water pipe, water storage tanks, tunnel liners, pressure vessels, strainers, filters, separators, and other customized products. In addition, it offers integrated solutions for digital engineering, modeling and detailing, construction, heavy equipment installation, and facility services; and steel and rebar detailing, and BIM modeling and management services, as well as equipment used in the oil, gas, petrochemical, and pipeline industries. Further, the company develops products for early osteoarthritis of the knee, and aesthetic and medical technologies for the skin. Additionally, it operates over-the-air broadcasting stations and Azteca America, a Spanish-language broadcast network. The company was formerly known as HC2 Holdings, Inc. and changed its name to INNOVATE Corp. in September 2021. The company was incorporated in 1994 and is headquartered in New York, New York.

At a Glance

Live Snapshot
Market Cap$233.69M
EPS-4.8400
P/E Ratio-3.54
Earnings Date08/05/2026
3Y-1643.0%
5Y+257.0%
10Y+85.0%
3Y-
5Y-123.0%
10Y-84.0%
3Y-190.0%
5Y-57.0%
10Y-426.0%
VATE

INNOVATE Corp. Cash Conversion Engine

VATE ยท NYSE
Net Income-64.00M
Depreciation & Amortization30.40M
Stock-Based Compensation2.70M
Change in Working Capital151.20M
Others26.40M
Capital Expenditures-26.10M
Free Cash Flow120.50M

Cash Flow Quality Analysis

FCF Conversion Rate

-188.3%

Negative free cash flow despite positive earnings raises concerns about cash generation ability or heavy capital requirements.

CapEx Intensity

17.8%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

+1317.2%

Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.

Working Capital Impact

+$151.20M

Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.

INNOVATE Corp. Cash Flow Statement

VATE โ€ข NYSE

INNOVATE Corp. Cash Flow StatementDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015Dec 2014Dec 2013Dec 2012Dec 2011Dec 2010Dec 2009Dec 2008Dec 2007Dec 2006
OPERATING ACTIVITIES
-64M
-39.7M
-35.2M
-42M
-77.6M
-43.6M
-36.1M
179.9M
-50.5M
-97.4M
-35.8M
-9.5M
111.6M
27.9M
-33.3M
-19.2M
478.2M
-25M
15.7M
-238M
30.4M
32.9M
36M
42.2M
37.6M
26.8M
15.4M
38.7M
36.6M
28.9M
30.9M
9M
24M
43.2M
65.1M
68.4M
51.7M
32.8M
30.6M
48.2M
-100K
500K
-5.3M
1.1M
2M
-4.7M
-28.1M
-2.6M
-10.5M
27.1M
-13.1M
-31.8M
-522K
119K
-1.8M
-6.3M
-3.9M
5.8M
-12.5M
7.1M
2.7M
3.4M
0.0
2.4M
0.0
0.0
6.3M
9M
5.2M
8.3M
11.1M
11.5M
2.3M
5.2M
5.2M
1.6M
1.2M
262K
246K
545K
26.4M
-100K
2.9M
6.8M
114.1M
47.8M
111.2M
-213.6M
10.1M
39.2M
18.2M
11.9M
-138.7M
-47.8M
20.7M
9.7M
-477.8M
20.2M
-20.9M
202.1M
(0.0)
(3.5M)
(0.0)
(5.9M)
(5.4M)
(0.0)
(7.9M)
(13.1M)
(19.2M)
(20.9M)
(1.1M)
(8.8M)
(616K)
(2.3M)
(1.6M)
(3M)
(4M)
(1.9M)
(1.1M)
(0.0)
151.2M
12.1M
28.1M
-20M
13.4M
14.8M
41.8M
330M
15.2M
73M
-44M
41.8M
-19M
-5.1M
-13.1M
-17.8M
-20.4M
-25.3M
-1.7M
-7M
146.6M
9.1M
26.5M
-9.5M
89.5M
41.1M
110.5M
341.4M
6.1M
79.1M
-32.6M
32.8M
-20.3M
23.6M
42.9M
36.5M
29M
8.8M
11.5M
12.9M
INVESTING ACTIVITIES
-26.1M
-19M
-18.4M
-20.7M
-24.1M
-17.8M
-25.8M
-39.7M
-31.9M
-29M
-21.3M
-5.8M
-12.6M
-31.7M
-31.5M
-26.4M
-15.1M
-25.4M
-44.7M
-33M
(0.0)
(0.0)
-14.3M
(0.0)
-54.8M
(125.7M)
-47.2M
(662.3M)
-68.4M
-66.3M
(39.3M)
-181.9M
(270.6M)
(183.1M)
(11M)
(123K)
-77K
(1.1M)
(5.9M)
(12.7M)
-300K
-2M
-4M
(0.0)
(0.0)
(0.0)
-1.1B
-1.2B
-341.9M
-239.9M
-54.6M
-33M
(0.0)
(0.0)
(14.2M)
(0.0)
-11.5M
-11.5M
(0.0)
(0.0)
2.9M
0.0
59.2M
0.0
0.0
86.1M
872.2M
331.1M
300.5M
186.8M
12.2M
2.4M
0.0
0.0
4.1M
0.0
11.7M
17.3M
0.0
0.0
900K
7.1M
700K
-1.8M
-220.3M
-94.8M
-2.8M
6.3M
2.4M
8.4M
9.7M
1.9M
87K
-1.6M
-78K
5.1M
-165K
-102K
-668K
2.4M
-22.6M
-13.9M
(23.2M)
-22.5M
-299.2M
(99.2M)
-263.7M
-224.6M
-139.3M
-140.2M
-14.7M
-216.5M
(258.1M)
(149.7M)
-2.3M
-21.2M
-15.1M
-18.7M
-39.5M
-17.9M
FINANCING ACTIVITIES
0.0
33.2M
-7M
0.0
100K
75.2M
0.0
0.0
0.0
0.0
54M
6M
1.2M
124K
732K
0.0
0.0
0.0
19.2M
4.9M
-58.3M
-58.2M
-39.9M
74M
29.5M
-186M
59.4M
153.6M
135.3M
33.8M
34.8M
226.2M
-128M
-120.8M
-33.3M
-13.9M
-8.1M
-28.1M
28.9M
23.4M
-2.2M
-1.2M
-2.2M
-5.2M
(0.0)
(0.0)
(0.0)
-2M
-3.6M
-4.2M
-5.7M
-1.6M
-121M
-55.4M
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
-7M
(0.0)
-10.4M
(0.0)
-8.3M
-5.8M
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
-378K
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
-700K
-300K
-300K
-700K
-11.8M
-30.8M
2.4M
-30.6M
-16.3M
-10.8M
6.1M
-10.3M
-2.2M
-15.1M
-6.1M
0.0
-4.6M
0.0
-6.6M
0.0
-61.2M
-26.5M
-49.4M
68.1M
17.8M
-141.6M
62.4M
115.2M
115.3M
18.8M
103.2M
284.6M
-250.1M
-191.1M
-38.8M
-13.9M
-12.7M
-28.1M
41.5M
25.5M
CASH FLOW SUMMARY
600K
-1.7M
700K
-1.4M
194.1M
-147.1M
1M
-500K
284K
-971K
-5.2M
-2M
-1.9M
-25K
-2.3M
-2.4M
4.3M
-6.3M
3.5M
849K
63.4M
-33M
1M
34.7M
2.2M
-148.4M
-90.9M
231.5M
-17.5M
-43.3M
50.6M
99M
-14.2M
-17.9M
-482K
-1M
5.5M
-44.3M
17M
21.3M
49.3M
82.3M
80.7M
47.5M
45.3M
193.7M
321.3M
98.9M
115.4M
158.6M
108M
9M
23.2M
41.1M
41.5M
42.5M
78.5M
81.3M
64.3M
43M
112.7M
49.3M
81.7M
82.2M
47.5M
45.3M
230.4M
330.4M
97.9M
115.4M
158.6M
108M
9M
23.2M
41.1M
41.5M
84M
37M
81.3M
64.3M
120.5M
-9.9M
8.1M
-30.2M
65.4M
23.3M
84.7M
301.7M
-25.8M
50.1M
-53.9M
27M
-32.9M
-8.2M
11.4M
10.1M
13.9M
-16.7M
-33.3M
-20.1M

SEC Filings

VATE - Filing history and reports

Filing TypeFiling DatePeriod EndingFiscal YearActions
8-K

8-K 2026

N/A

June 01, 2026
May 29, 2026
2026
10-Q

10-Q 2026 Q1

Q1

May 14, 2026
March 31, 2026
2026
8-K

8-K 2026

N/A

May 14, 2026
May 14, 2026
2026
DEF 14A

DEF 14A 2025

N/A

April 28, 2026
December 31, 2025
2025
8-K

8-K 2026

N/A

April 06, 2026
April 06, 2026
2026
8-K

8-K 2026

N/A

March 31, 2026
March 31, 2026
2026
10-K

10-K 2025 FY

FY

March 26, 2026
December 31, 2025
2025
8-K

8-K 2026

N/A

March 26, 2026
March 26, 2026
2026
8-K

8-K 2026

N/A

February 10, 2026
February 10, 2026
2026
8-K

8-K 2026

N/A

February 02, 2026
February 02, 2026
2026
Showing 1 to 10 of 711 filings