Industrials · Engineering & Construction
Price
$11.43
Market Cap
$155.9M
Employees
3,135
Beta
2.30
Avg Volume
81,096
CEO
Paul Kenneth Voigt
INNOVATE Corp. (VATE), a New York-based entity founded in 1994 and previously known as HC2 Holdings, Inc. until its name change in September 2021, manages a diverse range of subsidiaries operating within the infrastructure, life sciences, and spectrum sectors across the United States. Its extensive infrastructure division delivers services such as industrial construction, structural steel work, and facility maintenance. These capabilities are applied to a wide array of projects, including commercial structures like office complexes, hotels, casinos, convention centers, sports arenas, shopping malls, and hospitals, as well as significant industrial and civic infrastructure like dams, bridges, mines, metal processing plants, refineries, pulp and paper mills, and power generation facilities. INNOVATE also manufactures specialized components such as trusses, girders, water pipes, storage tanks, tunnel liners, pressure vessels, strainers, filters, separators, and other custom products. The company additionally offers integrated solutions encompassing digital engineering, modeling, detailing, construction, heavy equipment installation, and facility services, alongside expert steel and rebar detailing and BIM modeling and management. Furthermore, it supplies equipment critical to the oil, gas, petrochemical, and pipeline industries. Within the life sciences realm, INNOVATE focuses on the development of products designed to address early osteoarthritis of the knee, as well as aesthetic and medical technologies for skin care. Finally, its spectrum operations include the management of various over-the-air broadcasting stations and the operation of Azteca America, a Spanish-language broadcast network.
Runs with full report
Price Overview
Last updated: Jul 8, 2026 11:29pm (just now)
Current data · timestamped when a report runs
$11.43
Change · Jul 8
-2.20 (-16.14%)
Day Range
$11.40 – $13.89
52-Week Range
$3.75 – $21.30
50-Day MA
$14.97
200-Day MA
$7.90
Volume
126,700.00
Share Structure
Outstanding
13,641,900.00
Float
4,333,612.00
Free Float
31.8%
Moderate free float
— 31.8% of shares trade freely, ~68.2% held by insiders/institutions
Reasonable but insiders still hold a significant stake. This can be positive (skin in the game) but may limit liquidity during sell-offs.
Small absolute float (4.3M shares) — even with a decent free float %, volume can be thin. Check average daily volume before sizing a position.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-2.36
Stock Price: $11.43
EPS (Diluted): -4.84
EPS (Diluted): -4.84
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
-0.26
Stock Price: $11.43
Total Equity: -$230.80M
Shares: 13,217,593
Total Equity: -$230.80M
Shares: 13,217,593
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
11.89
Market Cap: $155.93M
Total Debt: $674.60M
Cash: $112.10M
EBITDA: $57.90M
Total Debt: $674.60M
Cash: $112.10M
EBITDA: $57.90M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$665.1M
Market Cap: $155.93M
Total Debt: $674.60M
Cash: $112.10M
Total Debt: $674.60M
Cash: $112.10M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
0.05
Stock Price: $11.43
Revenue: $1.25B
Shares: 13,217,593
Revenue: $1.25B
Shares: 13,217,593
EV/Sales (Total value vs revenue — works when P/E can't)
API0.53
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
14.6%
Gross Profit: $182.20M
Revenue: $1.25B
Revenue: $1.25B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
2.7%
Operating Income: $34.20M
Revenue: $1.25B
Revenue: $1.25B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
-4.9%
Net Income: -$60.60M
Revenue: $1.25B
Revenue: $1.25B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
22.8%
Net Income: -$60.60M
Total Equity: -$230.80M
Total Equity: -$230.80M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
6.9%
Operating Income: $34.20M
Tax Rate: -4.1%
Equity: -$230.80M
Total Debt: $674.60M
Cash: $112.10M
Tax Rate: -4.1%
Equity: -$230.80M
Total Debt: $674.60M
Cash: $112.10M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
0.44
Current Assets: $451.50M
Current Liabilities: $1.03B
Current Liabilities: $1.03B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
-2.92
Short-Term Debt: $594.30M
Long-Term Debt: $80.30M
Total Debt: $674.60M
Total Equity: -$230.80M
Long-Term Debt: $80.30M
Total Debt: $674.60M
Total Equity: -$230.80M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$94.27
Revenue: $1.25B
Shares: 13,217,593
Shares: 13,217,593
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$-17.46
Total Equity: -$230.80M
Shares: 13,217,593
Shares: 13,217,593
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$9.12
Operating CF: $146.60M
CapEx: -$26.10M
Shares: 13,217,593
CapEx: -$26.10M
Shares: 13,217,593
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
3.7%
Last Dividend: N/A
Stock Price: $11.43
Stock Price: $11.43
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$60.60M
Net Income: -$60.60M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares VATE against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jul 8, 2026 10:23pm (1h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.2B | $1.6B | $1.4B | $1.1B | $1.2B |
| Cost of Revenue | $1.0B | $1.4B | $1.2B | $898.3M | $1.1B |
| Gross Profit | $183.7M | $221.4M | $216.0M | $208.8M | $182.2M |
| Operating Expenses | $194.3M | $208.0M | $189.5M | $168.8M | $148.0M |
| Operating Income | -$10.6M | $13.4M | $26.5M | $40.0M | $34.2M |
| Net Income | -$227.5M | -$35.9M | -$35.2M | -$34.6M | -$60.6M |
| EBITDA | $31.8M | $62.8M | $63.1M | $74.0M | $57.9M |
| EPS | $-10.35 | $-5.26 | $-4.78 | $-2.73 | $-4.84 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jul 8, 2026 10:23pm (1h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $45.5M | $80.4M | $80.8M | $48.8M | $112.1M |
| Total Current Assets | $442.6M | $536.4M | $518.5M | $391.4M | $451.5M |
| Total Assets | $1.1B | $1.2B | $1.0B | $891.1M | $950.1M |
| Current Liabilities | $439.5M | $417.2M | $444.6M | $483.7M | $1.0B |
| Long-Term Debt | $556.8M | $683.8M | $679.3M | $500.6M | $80.3M |
| Total Liabilities | $1.1B | $1.2B | $1.2B | $1.1B | $1.2B |
| Total Equity | -$84.3M | -$103.7M | -$165.5M | -$180.4M | -$230.8M |
| Retained Earnings | -$416.2M | -$452.1M | -$487.3M | -$521.9M | -$582.5M |
Cash Flow (Annual)
Last updated: Jul 8, 2026 10:23pm (1h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $89.5M | -$9.5M | $26.5M | $9.1M | $146.6M |
| Capital Expenditure | -$24.1M | -$20.7M | -$18.4M | -$19.0M | -$26.1M |
| Free Cash Flow | $65.4M | -$30.2M | $8.1M | -$9.9M | $120.5M |
| Acquisitions (net) | -$54.8M | $0 | -$14.3M | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$10.4M | $0 | -$7.0M | $0 | $0 |
| Net Change in Cash | $2.2M | $34.7M | $1.0M | -$33.0M | $63.4M |
Analyst Estimates (Annual)
Last updated: Jul 8, 2026 10:23pm (1h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$1.9B $1.9B – $1.9B
|
$2.0B $2.0B – $2.0B
|
$1.5B $1.5B – $1.5B
|
$1.1B $1.1B – $1.1B
|
| EBITDA |
$86.2M $86.2M – $86.2M
|
$88.7M $88.7M – $88.7M
|
$65.2M $65.2M – $65.2M
|
$48.6M $48.6M – $48.6M
|
| Net Income |
$473.0M $473.0M – $473.0M
|
-$32.8M -$32.8M – -$32.8M
|
-$273.0M -$273.0M – -$273.0M
|
-$78.7M -$78.7M – -$78.7M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jul 8, 2026 10:23pm (1h ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +35.9% | -13.1% | -22.2% | +12.5% |
| Gross Profit Growth | +20.5% | -2.4% | -3.3% | -12.7% |
| Operating Income Growth | +226.4% | +97.8% | +50.9% | -14.5% |
| Net Income Growth | +84.2% | +1.9% | +1.7% | -75.1% |
| EBITDA Growth | +97.5% | +0.5% | +17.3% | -21.8% |
Dividend History (Last 20)
Last updated: Jul 8, 2026 10:23pm (1h ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-04-13 | $0.78 | 2026-04-13 | 2026-04-28 | |
| 2013-08-28 | $8.50 | 2013-08-07 | 2013-08-20 | |
| 2012-12-19 | $0.05 | 2012-12-11 | 2012-12-21 | 2012-12-28 |
| 2012-11-23 | $2.50 | 2012-11-14 | 2012-11-27 | 2012-12-11 |
| 2012-06-28 | $1.00 | 2012-06-20 | 2012-07-02 | 2012-07-16 |
Insider Trading (Recent)
Last updated: Jul 8, 2026 10:23pm (1h ago)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-03-13 | Sena Michael J. | F-InKind | 1,784.00 | $4.35 | $7,760 |
| 2026-03-14 | Sena Michael J. | F-InKind | 4,920.00 | $4.22 | $20,762 |
| 2026-03-15 | Sena Michael J. | F-InKind | 1,207.00 | $4.22 | $5,094 |
| 2025-08-04 | GLAZER AVRAM A | 0.00 | $0.00 | $0 | |
| 2025-09-15 | Voigt Paul | A-Award | 100,000.00 | $5.67 | $567,000 |
| 2025-08-06 | Voigt Paul | A-Award | 176,056.00 | $5.68 | $999,998 |
| 2025-08-04 | GLAZER AVRAM A | P-Purchase | 0.00 | $42.31 | $0 |
| 2025-08-04 | GLAZER AVRAM A | S-Sale | 0.00 | $42.31 | $0 |
| 2025-06-12 | Wilkinson Amy Marie | A-Award | 16,363.00 | $0.00 | $0 |
| 2025-06-12 | GFELLER WARREN H | A-Award | 16,363.00 | $0.00 | $0 |
| 2025-06-12 | GLAZER AVRAM A | A-Award | 16,363.00 | $0.00 | $0 |
| 2025-06-12 | Goldstein Brian Steven | A-Award | 16,363.00 | $0.00 | $0 |
| 2025-03-14 | Sena Michael J. | F-InKind | 4,302.00 | $7.66 | $32,953 |
| 2025-03-15 | Sena Michael J. | F-InKind | 1,053.00 | $7.81 | $8,224 |
| 2025-03-13 | Sena Michael J. | A-Award | 12,946.00 | $0.00 | $0 |
| 2025-03-11 | Sena Michael J. | F-InKind | 862.00 | $7.23 | $6,232 |
| 2024-12-16 | GLAZER AVRAM A | G-Gift | 2,097,902.00 | $0.00 | $0 |
| 2024-12-16 | GLAZER AVRAM A | G-Gift | 2,097,902.00 | $0.00 | $0 |
| 2024-12-16 | GLAZER AVRAM A | G-Gift | 2,097,902.00 | $0.00 | $0 |
| 2024-11-19 | Voigt Paul | P-Purchase | 25,000.00 | $3.98 | $99,500 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for VATE — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.393 · 6a8d9cc1 · 2026-07-08 21:32:56