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Innovate Corp. (VATE) stock

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NYSE: VATE NYSE Construction & Engineering Next results ~November 12, 2026

B+ Fundamentals grade

Innovate Corp. is a US-listed company in the construction & engineering industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Innovate Corp. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: our cash-flow value ($336.25) was left out of our combined valuation (it is 60.10x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Innovate Corp. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds35 adding, 9 cuttingOf 6 active managers that changed their stake, 5 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Innovate files

Where Innovate stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.52bn, up 52.4% on a year earlier, faster than the 25.4% growth a quarter earlier. That growth ranks 2 of 20 among the construction & engineering companies we cover. Free-cash-flow margin rose to 9.3% from 2.9% a year earlier. Operating margin widened to 4.3% from 1.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 2 of our 5 financial-health checks.

Our model value for Innovate is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Innovate Corp.'s trailing-twelve-month revenue grew 52.4% year on year, with a free-cash-flow margin of 9.3%. Where it stands out: stock pay as % of revenue of 0.1% ranks 2 of 33 construction & engineering companies we cover.

Our discounted-cash-flow model values the business at ~$340 per share in the base case (~$240–$460 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 390.2% while net income grew 70.5%: a 320pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 52.4% over the last 12 months, against a median of 21.2% for construction & engineering companies we cover.
  • Growth speeding up. The growth rate is 27.0 points higher than a quarter earlier.

Things to watch

  • Results due soon. Results are expected around 11 November; the share price can move sharply on the day.
  • Volatile shares. Over the past year the shares showed annualised volatility of 112% and a beta of 1.0 against the S&P 500.
  • Gross margin slipping. Gross margin is down 2.7 points on a year ago.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
-$0.96 against an average estimate of -$3.50: beat by 72.6%
Revenue
$422m, up 74.2% on a year earlier
Share reaction
+60.2% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 12, 2026

Innovate's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.4%
  • 1 week-4.6%
  • 1 month-28.3%
  • This year+19.0%
  • 1 year-0.7%
  • 5 years-87.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.5B
Operating margin
4.3%
Net margin
-1.5%
EPS (TTM, diluted)
$-1.66

Growth

Revenue growth
+52.4%
Change in growth rate
+27.0 pts

Cash

Free cash flow (TTM)
$141M
FCF margin
9.3%
Stock pay % of revenue
0.1%

Earnings

Last results
August 6, 2026
Next results (est.)
November 11, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Leadership
  3. Deal
  4. Announcement
  5. Agreement
  6. Results
  7. Agreement
  8. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Innovate Corp. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($336.25) was left out of our combined valuation (it is 60.10x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Innovate Corp.'s free cash flow after stock-based pay ( $166M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Innovate Corp. as an operating company, with every model that fits that kind of business. Cost of equity 12.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.72 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$340 ~$240–$460 Left out: out of range vs price (62.50x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Innovate Corp. with Construction & Engineering in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$32.60$37.00$18.70$12.30$4.94$4.52$5.38
Market value$164m$285m$145m$96m$53m$60m$73m
+ Net debt (− = net cash)$533m$585m$645m$642m$627m$579m$539m
Enterprise value$697m$871m$790m$738m$679m$639m$611m
Multiples
Price / sales 0.2x0.2x0.1x0.1x0.0x0.0x0.0x
Price / earnings ———————
Price / free cash flow 7.0x98.4x—11.9x—0.4x0.5x
EV / EBITDA —32.2x14.2x11.8x9.3x10.8x7.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

25 /100

Weak moat

How hard Innovate's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -2.2% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 16.5%, moving by 1.8 percentage points (standard deviation) across 6 years.

  • Durability 0 / 20

    Operating margin has been a median 0.8%; its worst year was -10.9%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 6 of 10 years, at a median 2.0% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 205.7% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, after the close.

Analysts' consensus

No analyst estimates are published for Innovate Corp.: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2020 −$3.50 −$0.96 +72.6%
Jun 2020 −$3.90 $5.30 +235.8%
Mar 2020 −$4.90 −$8.48 −73.0%
Dec 2019 −$2.50 −$0.19 +92.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Positioning

Short interest
9.4%
of tradable shares
Days to cover
5.46
at average volume
Short interest, 1 month
+2%
to September 30, 2026
Held by institutions
23%
of shares
Held by insiders
62.5%
of shares
Employees
3,587
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −0.7%

$5.42 on October 31, 2025 to $5.38

ThenNowEffect
Revenue (last 12 months) $995m $1.5bn +52.4%
P/S multiple 0.1x 0.0x −34.5%
Share count 13m 13m −0.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
VATE+14%−50%−34%−60%−9%+19%
Industry peers (median)+41%−8%+46%+48%+30%−11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
VATE50%50%42%17%25%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
VATE−23%−84%−71%−73%−69%−73%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since May 14, 2020: 93% from November 10, 2021 to October 3, 2024. Getting back needed a 1327% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$3.98 – $20.06
From 52-week high
−73.2%
vs 50-day average
−22.8%
vs 200-day average
−39.8%
Volatility (1 year)
112%
Beta vs S&P 500
0.96

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±11.7%
After a week
3 up, 9 down
typical move ±18.4%
After a month
5 up, 7 down
typical move ±32.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +60.2% +0.5% −0.7% −1.6%
May 14, 2026 −9.4% −0.4% +11.6% +41.1%
March 26, 2026 +12.5% −3.5% +90.4% +194.6%
November 12, 2025 +1.8% −1.6% −8.9% −19.3%
August 5, 2025 +6.0% +0.3% −12.7% +3.4%
May 6, 2025 −6.2% −0.4% −2.1% −13.7%
March 31, 2025 −10.4% +1.0% −30.5% −18.9%
November 6, 2024 +1.4% +3.3% −25.0% +22.6%
August 7, 2024 −13.1% +1.6% −17.4% −41.3%
May 7, 2024 −5.3% +0.1% +5.3% −13.3%
March 4, 2024 +10.1% −1.1% −13.9% −15.2%
November 9, 2023 +3.6% +0.8% −2.7% +5.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Innovate Corp. in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Innovate Corp.
$800M $1B $1.2B $1.4B $1.6B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.5B Revenue (TTM), FY23 Q4: $1.4B Revenue (TTM), FY24 Q1: $1.4B Revenue (TTM), FY24 Q2: $1.4B Revenue (TTM), FY24 Q3: $1.2B Revenue (TTM), FY24 Q4: $1.1B Revenue (TTM), FY25 Q1: $1.1B Revenue (TTM), FY25 Q2: $995M Revenue (TTM), FY25 Q3: $1.1B Revenue (TTM), FY25 Q4: $1.2B Revenue (TTM), FY26 Q1: $1.3B Revenue (TTM), FY26 Q2: $1.5B $1.5B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.5B
FY23 Q4 $1.4B
FY24 Q1 $1.4B
FY24 Q2 $1.4B
FY24 Q3 $1.2B
FY24 Q4 $1.1B
FY25 Q1 $1.1B
FY25 Q2 $995M
FY25 Q3 $1.1B
FY25 Q4 $1.2B
FY26 Q1 $1.3B
FY26 Q2 $1.5B
Revenue growth, TTM YoY Innovate Corp.
-40% -20% 0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -9.3% Revenue growth, TTM YoY, FY23 Q4: -13.1% Revenue growth, TTM YoY, FY24 Q1: -7.9% Revenue growth, TTM YoY, FY24 Q2: -10.2% Revenue growth, TTM YoY, FY24 Q3: -16.3% Revenue growth, TTM YoY, FY24 Q4: -22.2% Revenue growth, TTM YoY, FY25 Q1: -24.9% Revenue growth, TTM YoY, FY25 Q2: -27.1% Revenue growth, TTM YoY, FY25 Q3: -10.7% Revenue growth, TTM YoY, FY25 Q4: 12.5% Revenue growth, TTM YoY, FY26 Q1: 25.4% Revenue growth, TTM YoY, FY26 Q2: 52.4% 52.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -9.3%
FY23 Q4 -13.1%
FY24 Q1 -7.9%
FY24 Q2 -10.2%
FY24 Q3 -16.3%
FY24 Q4 -22.2%
FY25 Q1 -24.9%
FY25 Q2 -27.1%
FY25 Q3 -10.7%
FY25 Q4 12.5%
FY26 Q1 25.4%
FY26 Q2 52.4%
Operating margin (TTM) Innovate Corp.
0% 2% 4% 6% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 1.3% Operating margin (TTM), FY23 Q4: 1.9% Operating margin (TTM), FY24 Q1: 2.3% Operating margin (TTM), FY24 Q2: 4.1% Operating margin (TTM), FY24 Q3: 4.2% Operating margin (TTM), FY24 Q4: 3.6% Operating margin (TTM), FY25 Q1: 3.8% Operating margin (TTM), FY25 Q2: 1.7% Operating margin (TTM), FY25 Q3: 1.5% Operating margin (TTM), FY25 Q4: 2.3% Operating margin (TTM), FY26 Q1: 2.6% Operating margin (TTM), FY26 Q2: 4.3% 4.3%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 1.3%
FY23 Q4 1.9%
FY24 Q1 2.3%
FY24 Q2 4.1%
FY24 Q3 4.2%
FY24 Q4 3.6%
FY25 Q1 3.8%
FY25 Q2 1.7%
FY25 Q3 1.5%
FY25 Q4 2.3%
FY26 Q1 2.6%
FY26 Q2 4.3%
FCF margin (TTM) Innovate Corp.
-5% 0% 5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 0.7% FCF margin (TTM), FY23 Q4: 0.6% FCF margin (TTM), FY24 Q1: 4.1% FCF margin (TTM), FY24 Q2: 4.7% FCF margin (TTM), FY24 Q3: 1.0% FCF margin (TTM), FY24 Q4: -0.9% FCF margin (TTM), FY25 Q1: 0.2% FCF margin (TTM), FY25 Q2: 2.9% FCF margin (TTM), FY25 Q3: 7.2% FCF margin (TTM), FY25 Q4: 11.7% FCF margin (TTM), FY26 Q1: 15.7% FCF margin (TTM), FY26 Q2: 9.3% 9.3%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 0.7%
FY23 Q4 0.6%
FY24 Q1 4.1%
FY24 Q2 4.7%
FY24 Q3 1.0%
FY24 Q4 -0.9%
FY25 Q1 0.2%
FY25 Q2 2.9%
FY25 Q3 7.2%
FY25 Q4 11.7%
FY26 Q1 15.7%
FY26 Q2 9.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 282 412 303 231 547 1,121 1,558 1,634 1,977 1,077 717 1,205 1,637 1,423 1,107 1,246 1,516
Gross profit 147 23 17 10 — 138 304 321 392 481 128 184 221 216 209 200 242
EBITDA 62 24 −9 −15 −3 33 27 36 −17 34 −2 27 56 63 73 59 88
Operating income −6 −41 −52 −39 −14 1 −2 −1 −56 25 −28 −11 13 27 40 29 65
Net income −19 −39 28 112 −14 −36 −95 −47 162 −32 −92 −228 −36 −35 −35 −61 −22
Diluted EPS −$19.60 −$29.80 $20.20 $7.95 −$8.30 −$1.50 −$28.30 −$1.16 — −$7.00 −$1.88 −$2.98 −$0.53 −$4.81 −$3.08 −$4.84 −$1.66
Growth (year on year)
Revenue — +46.1% −26.5% −23.9% +137.3% +104.7% +39.0% +4.9% +21.0% −45.5% −33.4% +68.1% +35.9% −13.1% −22.2% +12.5% +52.4%
EBITDA — −61.5% −136.1% — — — −17.4% — −148.2% — −104.5% — +105.9% +12.4% +16.6% −18.9% +111.3%
Operating income — — — — — — — — — — −211.9% — — — — −28.3% —
Net income — — — +300.2% −112.9% — — — — −119.4% — — — — — — —
Diluted EPS — — — −60.6% −204.4% — — — — — — — — — — — —
Margins
Gross margin 52.2% 5.5% 5.7% 4.5% — 12.3% 19.5% 19.6% 19.8% 44.7% 17.9% 15.2% 13.5% 15.2% 18.9% 16.0% 15.9%
EBITDA margin 22.1% 5.8% −2.9% −6.6% −0.5% 3.0% 1.8% 2.2% −0.9% 3.1% −0.2% 2.2% 3.4% 4.4% 6.6% 4.7% 5.8%
Operating margin −2.1% −10.0% −17.1% −17.0% −2.6% 0.1% −0.1% −0.1% −2.8% 2.3% −3.9% −0.9% 0.8% 1.9% 3.6% 2.3% 4.3%
Net margin −6.8% −9.4% 9.2% 48.4% −2.6% −3.2% −6.1% −2.9% 8.2% −2.9% −12.8% −18.9% −2.2% −2.5% −3.1% −4.9% −1.5%
Free-cash-flow margin 3.6% 2.8% −2.7% −14.3% −0.0% −4.4% 3.2% −1.5% 15.3% 8.0% 3.3% 0.2% −1.8% 0.6% −0.9% 11.7% 9.3%
Cash flow
Cash from operations 36 43 24 −20 6 −28 79 7 341 111 41 27 −10 27 9 147 141
Capital spending 26 32 32 13 6 21 29 32 40 25 18 24 21 18 19 1 1
Free cash flow 10 11 −8 −33 −0 −49 50 −25 302 86 23 3 −30 8 −10 146 141
Stock-based pay 2 5 5 2 11 11 8 5 9 6 3 2 2 2 3 3 2
Free cash flow after stock pay 8 6 −13 −35 −11 −60 42 −31 293 80 20 1 −33 6 −13 143 139
Balance sheet
Cash 42 41 23 9 108 159 115 98 301 23 44 46 80 81 42 108 88
Total debt 244 249 128 0 346 382 438 593 744 1,025 577 631 725 723 668 687 626
Net debt (negative = net cash) 202 208 105 −9 238 223 323 495 443 1,002 533 585 645 642 627 579 539
Diluted shares — 1m 1m 1m 2m 3m 4m 4m 5m 4m 5m 8m 8m 8m 11m 13m 13m
Returned to shareholders
Dividends — — 55 120 1 1 1 1 1 — — 3 5 2 1 2 2
Buybacks — 0 — — — — — — — — — — — — — — —
Total returned — 0 55 120 1 1 1 1 1 — — 3 5 2 1 2 2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $1.0bn
Short-term assets $479mLonger-term assets $527m
What it owes, and who funded it · $1.2bn
Short-term liabilities $1.1bnLonger-term liabilities $143mShareholders' equity $-243m
  • Short-term assets cover short-term liabilities $479m of assets due within a year against $1.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $479m short-term assets against $143m of longer-dated liabilities.
  • More cash than debt $88m of cash against $616m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $141m of operating cash flow against $616m of debt.
  • Operating profit covers interest at least five times over Operating income of $65m against $100m of interest.

From Innovate Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$1.8M
Returned to shareholders
1%
of free cash flow
Total shareholder yield
2.5%
dividends 2.5% + buybacks 0.0% of market value
Sales & admin spending
10.6%
of revenue
Days sales outstanding
68 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in construction & engineering
Last 12 months unless stated VATE AGX ORN MTRX CDLR LMB Median
Revenue, last 12 months $1.5bn $1.2bn $928m $874m $701m $684m $1.5bn
Revenue growth, last 12 months 52.4% 29.0% 11.0% 13.6% 160.6% 23.7% 21.2%
Revenue growth, 3-year average −0.1% 35.1% 9.5% 3.2% — 10.1% 11.3%
Revenue growth, latest quarter 74.2% 61.5% 13.8% 13.0% — 21.9% 26.9%
Gross margin 15.9% 20.9% 11.8% 7.3% 61.8% 23.6% 13.0%
Operating margin 4.3% 15.4% 1.2% −1.1% 51.2% 5.7% 4.1%
Operating margin, 3-year average 3.4% 11.5% 1.2% −3.3% — 6.5% 5.4%
Net margin −1.5% 15.1% 0.6% −0.3% 45.2% 4.4% 1.9%
Cash from operations / revenue 9.3% 46.7% 0.3% 0.8% 63.5% 7.7% 4.4%
Free-cash-flow margin 9.3% 45.9% −4.1% 0.2% −135.6% 7.4% 2.3%
Free-cash-flow margin, 3-year average 5.6% 28.3% −0.1% 7.8% — 6.3% 5.5%
Stock pay / revenue 0.1% 0.7% 0.7% 0.8% 0.3% 1.1% 0.7%
Change in share count 0.6% 0.5% 2.2% 1.9% 2.2% −0.3% 0.8%

Median of all 43 companies we cover in construction & engineering. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

43 construction & engineering companies
Measure Company Peer median Rank
Revenue growth Growth 52.4% 21.2% 5 of 43
Change in growth rate Growth +27.0pp +3.2pp 7 of 43
Gross margin Profitability 15.9% 11.8% 14 of 39
Operating margin Profitability 4.3% 4.1% 19 of 39
Net margin Profitability -1.5% 2.1% 28 of 42
Free-cash-flow margin Cash generation 9.3% 2.3% 6 of 43
Stock pay as % of revenue Cash generation 0.1% 0.7% 2 of 33
Long-term debt as % of assets Balance sheet 6.2% 16.2% 8 of 35
Days sales outstanding Balance sheet 68 days 67 days 16 of 27

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Infrastructure $1.2B 97.1% ▲ 12.9%
Spectrum $23.2M 1.9% ▼ 9.7%
Life Sciences $12.5M 1.0% ▲ 27.6%

From Innovate Corp.'s 10-K filed March 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$58.5M
Institutions reporting
49
Shares held vs prior quarter
▲ 30.6%
Positions opened / closed
23 / 3

Top buyers and sellers, Q2 2026: 35 institutions bought and 9 sold ; the biggest buyer was Blackrock, Inc (+263K shares) and the biggest seller Citadel Advisors LLC (−16K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Whitefort Capital Management, LP $13.9M 743K 23.7% 0.0%
Jefferies Financial Group Inc. $13.1M 701K 22.4% 0.0%
Blackrock, Inc. $6.6M 354K 11.3% ▲ 289.3%
Vanguard Capital Management LLC $4.3M 229K 7.3% ▲ 2.0%
Geode Capital Management, LLC $2.4M 129K 4.1% ▲ 42.9%
Arena Capital Advisors, Llc- Ca $2.4M 128K 4.1% 0.0%
Prescott Group Capital Management, L.L.C. $2M 109K 3.5% 0.0%
Marshall Wace, LLP $2M 108K 3.5% New
Bank Of America Corp $1.6M 83K 2.7% ▲ 415.9%
State Street Corp $1.5M 83K 2.6% ▲ 73.3%
Ars Investment Partners, LLC $1.1M 61K 2.0% 0.0%
Renaissance Technologies LLC $1.1M 57K 1.8% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Innovate Corp.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 11, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 14, 2026
  • March 26, 2026
  • November 12, 2025
  • August 5, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Innovate Corp. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Innovate Corp. in brief

What does Innovate Corp. do?
Innovate Corp. is a US-listed company in the construction & engineering industry. Its financial year ends in December.
What is Innovate Corp.'s stock ticker?
Innovate Corp. trades under the ticker VATE on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Innovate Corp.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Innovate Corp. reported revenue of $1.5B, 52.4% higher than a year earlier, according to its SEC filings.
What is Innovate Corp.'s free cash flow?
Innovate Corp.'s free-cash-flow margin is 9.3% of revenue over the trailing twelve months, ranking 6 of the 43 construction & engineering companies we cover.
Who are Innovate Corp.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Whitefort Capital Management, LP, Jefferies Financial Group Inc. and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Innovate Corp.'s market cap?
On November 2, 2026, Innovate Corp.'s market capitalisation was about $72.5M and net debt of $539M. Market figures come from third-party market data and may be delayed.
Does Innovate Corp. pay a dividend?
Yes: Innovate Corp. paid $1.8M in dividends over the trailing twelve months, a dividend yield of 2.45%.
Who are Innovate Corp.'s competitors?
In our Construction & Engineering peer group, the companies closest to Innovate Corp. are Argan Inc, Orion Group Holdings Inc, Matrix Service Co, Cadeler A/s and Limbach Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Innovate Corp.'s.
When is Innovate Corp.'s next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Innovate Corp. announces its own schedule.