A Business at a Glance
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INNOVATE Corp.
VATE
$97M
Mkt Cap
$8.34
-1.18%
INNOVATE Corp. (VATE) has a 5-year average return on invested capital (ROIC) of 8.5%. This is below average and may indicate limited pricing power.
INNOVATE Corp. (VATE) has a market capitalization of $114M. It is classified as a small-cap stock.
Yes, INNOVATE Corp. (VATE) pays a dividend with a trailing twelve-month yield of 1.58%.
INNOVATE Corp. (VATE) operates in the Fabricated Structural Metal Products industry, within the Industrials sector.
INNOVATE Corp. (VATE) reported annual revenue of $1.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
INNOVATE Corp. (VATE) has a net profit margin of -3.2%. The company is currently unprofitable.
INNOVATE Corp. (VATE) generated $-10 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
PART I ITEM 1. BUSINESS Unless the context otherwise requires, in this Annual Report on Form 10-K, "INNOVATE," means INNOVATE Corp. and the "Company," "we" and "our" mean INNOVATE together with its consolidated subsidiaries. This Annual Report on Form 10-K contains forward-looking statements. See "Management’s Discussion and Analysis of Financial Condition and Results of Operations - Special Note Regarding Forward-Looking Statements." INNOVATE is a diversified holding company that has a portfolio of subsidiaries in a variety of operating segments. We seek to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 1.1B | 1.1B | 1.4B | 1.6B | 1.2B | 717M |
| Net Income | -70M | -36M | -38M | -41M | -230M | -96M |
| EPS | $-5.66 | $-3.08 | $-4.81 | $-5.30 | $-29.80 | $-18.80 |
| Free Cash Flow | 61M | -9.9M | 8.1M | -30M | 2.9M | 23M |
| ROIC | 1.5% | 33.2% | 2.0% | 0.9% | -1416.8% | -2.0% |
| Gross Margin | 17.0% | 18.9% | 15.2% | 13.5% | 15.2% | 17.9% |
| Debt/Equity | 0.00 | -0.90 | -0.18 | -0.25 | -0.82 | 1.55 |
| Dividends/Share | $0.13 | $0.10 | $0.28 | $0.68 | $0.38 | - |
| Operating Income | 17M | 40M | 27M | 13M | -165M | -28M |
| Operating Margin | 1.5% | 3.6% | 1.9% | 0.8% | -13.7% | -3.9% |
| ROE | 0.0% | - | - | - | - | -17.1% |
| Shares Outstanding | 14M | 12M | 8M | 8M | 8M | 5M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 231M | 547M | 1.1B | 1.4B | 1.5B | 1.8B | 756M | 717M | 1.2B | 1.6B | 1.4B | 1.1B | 1.1B |
| Gross Margin | 4.5% | 67.5% | 51.4% | 11.4% | 11.4% | 10.6% | 21.1% | 17.9% | 15.2% | 13.5% | 15.2% | 18.9% | 17.0% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | -39M | -14M | -12M | -10M | 16M | -56M | 25M | -28M | -165M | 13M | 27M | 40M | 17M |
| Op. Margin | -17.0% | -2.5% | -1.0% | -0.7% | 1.1% | -3.1% | 3.3% | -3.9% | -13.7% | 0.8% | 1.9% | 3.6% | 1.5% |
| Net Income | 112M | -16M | -40M | -105M | -50M | 156M | -32M | -96M | -230M | -41M | -38M | -36M | -70M |
| Net Margin | 48.4% | -3.0% | -3.6% | -7.4% | -3.4% | 8.8% | -4.2% | -13.3% | -19.1% | -2.5% | -2.6% | -3.2% | -6.3% |
| Non-Recurring | 2.8M | 162K | -170K | 0 | 0 | 1.0M | 50M | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -92.3% | -4.0% | -3.8% | -23.5% | 22.0% | 68.0% | 16.2% | -2.0% | N/M | 0.9% | 2.0% | 33.2% | 1.5% |
| ROE | 205.1% | -20.8% | -42.4% | -238.4% | -68.0% | 176.6% | -9.0% | -17.1% | N/A | N/A | N/A | N/A | 0.0% |
| ROA | 127.3% | -2.3% | -1.5% | -3.7% | -1.5% | 2.4% | -0.5% | -1.4% | -21.3% | -3.5% | -3.6% | -3.7% | -7.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -20M | 3.7M | -28M | 79M | 6.6M | 341M | 111M | 41M | 27M | -9.5M | 27M | 9.1M | 87M |
| Free Cash Flow | -33M | -2.2M | -49M | 50M | -25M | 302M | 86M | 23M | 2.9M | -30M | 8.1M | -9.9M | 61M |
| Owner Earnings | -47M | -18M | -71M | 42M | -35M | 294M | 96M | 11M | -13M | -54M | -12M | -27M | 51M |
| CapEx | 13M | 5.8M | 21M | 29M | 32M | 40M | 25M | 18M | 24M | 21M | 18M | 19M | 26M |
| Maint. CapEx | 24M | 11M | 32M | 29M | 37M | 39M | 8.2M | 27M | 38M | 42M | 36M | 33M | 33M |
| Growth CapEx | 0 | 0 | 0 | 185K | 0 | 1.0M | 17M | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 24M | 11M | 32M | 29M | 37M | 39M | 8.2M | 27M | 38M | 42M | 36M | 33M | 33M |
| CapEx/OCF | N/A | 158.9% | N/A | 36.7% | 483.3% | 11.6% | 22.3% | 43.3% | 89.3% | N/A | 69.4% | 208.8% | 29.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 120M | 1.6M | 1.0M | 1.3M | 500K | 0 | 0 | 0 | 2.9M | 5.2M | 2.2M | 1.2M | 1.8M |
| Dividend Yield | -835.5% | -6.3% | -1.6% | -2.8% | -0.7% | N/A | N/A | N/A | 1.0% | 3.0% | 1.4% | 1.6% | 1.6% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 2.3M | 11M | 11M | 8.3M | 5.2M | 9.0M | 6.3M | 2.9M | 2.4M | 2.4M | 2.2M | 3.4M | 3.4M |
| Debt Repayment | 128M | 690M | 19M | 22M | 52M | 697M | 30M | 182M | 458M | 28M | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -9.0M | 228M | 213M | N/A | N/A | N/A | N/A | 823M | 94M | -19M | -20M | 276M | 1.1B |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 36M |
| Long-Term Debt | 0 | 336M | 372M | N/A | N/A | N/A | N/A | 434M | 70M | 31M | 31M | 162M | 162M |
| Debt/Equity | 0.00 | 4.24 | 3.95 | 63.12 | 41.06 | 72.82 | 18.56 | 1.55 | -0.82 | -0.25 | -0.18 | -0.90 | 0.00 |
| Interest Coverage | -4892.0 | -1.1 | -0.3 | -0.2 | 0.3 | -0.7 | 0.3 | -0.4 | -2.8 | 0.3 | 0.4 | 0.5 | 0.5 |
| Equity | 54M | 79M | 94M | 44M | 73M | 88M | 350M | 560M | -84M | -121M | -166M | -180M | -233M |
| Total Assets | 88M | 712M | 2.7B | 2.8B | 3.2B | 6.5B | 7.0B | 6.7B | 1.1B | 1.2B | 1.0B | 891M | 913M |
| Total Liabilities | 33M | 564M | 2.6B | 2.8B | 3.0B | 6.4B | 6.5B | 6.1B | 1.2B | 1.3B | 1.2B | 1.1B | 100M |
| Intangibles | 3.4M | 62M | 91M | 138M | 249M | 391M | 321M | 283M | 336M | 317M | 306M | 299M | 299M |
| Retained Earnings | -30M | -44M | -80M | -174M | -221M | -57M | -97M | -189M | -416M | -452M | -487M | -522M | -522M |
| Working Capital | 43M | N/A | N/A | N/A | N/A | N/A | N/A | 294M | 3.1M | 119M | 104M | -92M | -92M |
| Current Assets | 75M | N/A | N/A | N/A | N/A | N/A | N/A | 6.2B | 443M | 536M | 518M | 391M | 391M |
| Current Liabilities | 32M | N/A | N/A | N/A | N/A | N/A | N/A | 5.9B | 440M | 417M | 414M | 483M | 483M |
| Per Share Data | |||||||||||||
| EPS | 79.50 | -8.30 | -15.00 | -28.30 | -11.05 | 33.71 | -7.00 | -18.80 | -29.80 | -5.30 | -4.81 | -3.08 | -5.66 |
| Owner EPS | -33.17 | -9.11 | -26.90 | 11.26 | -7.83 | 63.63 | 21.38 | 2.24 | -1.69 | -7.03 | -1.50 | -2.34 | 3.71 |
| Book Value | 38.76 | 39.98 | 35.39 | 11.87 | 16.25 | 19.09 | 77.73 | 110.09 | -10.94 | -15.76 | -21.17 | -15.52 | -17.09 |
| Cash Flow/Share | -14.47 | 1.85 | -10.51 | 21.25 | 1.47 | 73.97 | 24.60 | 8.08 | 3.50 | -1.23 | 3.39 | 0.78 | -2.70 |
| Dividends/Share | 85.80 | 0.00 | 0.38 | 0.35 | 0.11 | N/A | N/A | N/A | 0.38 | 0.68 | 0.28 | 0.10 | 0.13 |
| Shares Out. | 1.4M | 2.0M | 2.7M | 3.7M | 4.5M | 4.6M | 4.5M | 5.1M | 7.7M | 7.7M | 7.8M | 11.6M | 13.7M |
| Valuation | |||||||||||||
| P/E Ratio | -0.1 | N/A | N/A | N/A | N/A | -0.2 | N/A | N/A | N/A | N/A | N/A | N/A | -1.5 |
| P/FCF | N/A | N/A | N/A | -1.3 | N/A | -0.1 | -0.3 | 7.6 | 99.4 | N/A | 12.4 | N/A | 1.9 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6.2 | 3.0 | 8.4 | 72.3 |
| Price/Book | -0.2 | -0.6 | -0.4 | -1.5 | -1.1 | -0.4 | -0.1 | 0.3 | N/A | N/A | N/A | N/A | N/A |
| Price/Sales | -0.1 | -0.0 | -0.1 | -0.0 | -0.0 | -0.0 | -0.0 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 |
| FCF Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 13.2% | 1.0% | -29.7% | 8.1% | -16.0% | 53.7% |
| Market Cap | -11M | -47M | -39M | -64M | -77M | -35M | -27M | 177M | 288M | 102M | 100M | 62M | 114M |
| Avg. Price | -10.21 | -12.97 | -24.04 | -12.57 | -16.33 | -15.67 | -7.15 | 14.75 | 38.62 | 22.76 | 19.83 | 6.41 | 8.34 |
| Year-End Price | -8.12 | -23.91 | -14.75 | -17.26 | -17.08 | -7.52 | -6.08 | 34.80 | 37.40 | 13.20 | 12.80 | 5.33 | 8.34 |
INNOVATE Corp. passes 0 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 1.9x vs a median of 12.4x. The company's 5-year average ROIC is 8.5% with a gross margin of 16.1%. Total shareholder yield (dividends) is 1.6%. At current prices, the estimated annualized return to fair value is -31.6%.
INNOVATE Corp. (VATE) reported earnings per share (EPS) of $-3.08 in its most recent fiscal year.
INNOVATE Corp. (VATE) has a 5-year average gross margin of 16.1%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 13 years of financial data for INNOVATE Corp. (VATE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
INNOVATE Corp. (VATE) has a book value per share of $-15.52, based on its most recent annual SEC filing.