# INNOVATE CORP. (VATE) · Edgar & Edgarette company card

> Innovate (VATE) grew revenue 12.5% in FY2025 to $1.2 billion, operating margin 2.3% against a 8.1% median for fabricated structural metal products, equity -25.3% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1006837 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/VATE) · [JSON](https://www.pops4.com/boards/company/VATE.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $1.2B |
| Revenue growth, 1 year | 12.5% |
| Revenue growth per year | 0.8% |
| Operating margin | 2.3% (prior year 3.6%) |
| Net margin | -5.1% |
| Operating cash flow | $147M |
| Capital spending | $500,000 |
| Free cash flow | $146M |
| Cash | $112M |
| Long-term debt | $687M |
| Total assets | $950M |
| Total equity | −$240M |
| Equity ÷ assets | -25.3% |
| Return on equity | — |
| Dividend per share | $0 |
| Dividend years rising | 0 |

## Readings, computed from those figures

- Altman Z: -6.03 (distress zone)
- Piotroski F: 4 of 9 (middling)
- Health Harbor boat: Old boat · three warning signs · liabilities exceed assets (often from years of share buybacks, not always distress); slow and jumpy: growing slower than its size class, with revenue that swings more; revenue is hard to predict: its 80% range is ±28%
- Cash Compass: Fading · slow and jumpy, lagging its peers

## Edgarette's reading

Exposure: revenue $1.2B (FY2025), total debt $687.2M. Experience: revenue up 12.5% on the year, up 0.8% a year over 4 years; operating margin 2.3%, down from 3.6%. Soundness: equity -25.3% of assets (liabilities exceed assets). Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $934.2M and $1.6B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $759.2M to $2.0B. A statistical range, not company guidance. Against peers (38 filers, $50M+ revenue, its industry group): operating margin 2.3% against a 8.1% median; growth 12.5% against 2.4%.

Range logged 2026-09-24, receipt 3259f3d04db6d70f, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 1, latest 2026-10-05 ([filing](https://www.sec.gov/Archives/edgar/data/1006837/000100683726000118/0001006837-26-000118-index.htm))

## Recent filings

- 8-K · filed 2026-10-09 · 1.01 Entry into a Material Definitive Agreement; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1006837/000100683726000121/0001006837-26-000121-index.htm)
- 8-K · filed 2026-10-05 · 1.01 Entry into a Material Definitive Agreement; 1.02 Termination of a Material Definitive Agreement; 2.01 Completion of Acquisition or Disposition of Assets; 5.02 Departure or Election of Directors; Appointment of Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1006837/000100683726000118/0001006837-26-000118-index.htm)
- 8-K · filed 2026-09-02 · 1.01 Entry into a Material Definitive Agreement; 1.02 Termination of a Material Definitive Agreement; 2.01 Completion of Acquisition or Disposition of Assets; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1006837/000100683726000110/0001006837-26-000110-index.htm)
- 8-K · filed 2026-08-18 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1006837/000100683726000090/0001006837-26-000090-index.htm)
- 8-K · filed 2026-08-10 · 1.01 Entry into a Material Definitive Agreement; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1006837/000100683726000076/0001006837-26-000076-index.htm)
- 10-Q · filed 2026-08-06 · [filing](https://www.sec.gov/Archives/edgar/data/1006837/000100683726000063/0001006837-26-000063-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001006837.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1006837

## Cite

POPS4, Edgar & Edgarette: INNOVATE CORP. (VATE) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/VATE. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.