INNOVATE Corp. (VATE) Balance Sheet
VATE balance sheet, 2025
December 31, 2025 · U.S. dollars$950.1M assets = $1.17B liabilities + −$215.3M equity
Liabilities exceed assets: shareholders’ equity is negative (−$215.3M).
Both columns are drawn to the same scale: what VATE owns equals what it owes plus shareholders’ equity. Hover a block for its value.
VATE financial health
Descriptive bands, not a rating. Fiscal 2025.
VATE balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.84B2016 | $950.1M2025 | −11.4%/yr | |
| Total liabilities | $2.77B2016 | $1.17B2025 | −9.2%/yr | |
| Shareholders’ equity | $70.0M2016 | −$230.8M2025 | — | |
| Cash & short-term investments | $1.39B2016 | $112.1M2025 | −24.4%/yr | |
| Total debt | $428.5M2016 | $717.5M2025 | +5.9%/yr | |
| Net cash (debt) | $965.8M2016 | −$605.4M2025 | −$1.6B | |
| Working capital | $1.95B2016 | −$582.6M2025 | −$2.5B | |
| Book value per share | $1.872016 | −$17.462025 | — | |
| Current ratio | 7.622016 | 0.442025 | −7.18 | |
| Debt / equity | 6.122016 | 1.062020 | −5.06 | |
| Shares outstanding | 37.3M2016 | 13.2M2025 | −10.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VATE assets
VATE liabilities and equity
VATE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
VATE balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $112.1M | $48.8M | $80.8M | $80.4M | $45.5M | $45.3M | $193.7M | $3.72B | $1.44B | $1.39B |
| Cash & equivalents | $112.1M | $48.8M | $80.8M | $80.4M | $45.5M | $45.3M | $193.7M | $325.0M | $97.9M | $115.4M |
| Short-term investments | — | — | — | — | — | $4.46B | $4.03B | $3.39B | $1.34B | $1.28B |
| Receivables | $309.6M | $300.9M | $399.1M | $420.0M | $365.7M | $221.3M | $1.18B | $1.54B | $918.8M | $842.1M |
| Inventory | $16.0M | $20.8M | $22.4M | $18.9M | $17.0M | $9.9M | $10.7M | −$1.3M | $12.7M | $9.6M |
| Other current assets | $13.8M | $20.9M | $16.2M | $17.1M | $14.4M | $5.95B | $0 | $1.3M | $0 | $508,000 |
| Total current assets | $451.5M | $391.4M | $518.5M | $536.4M | $442.6M | $6.23B | $1.39B | $5.25B | $2.36B | $2.25B |
| Property, plant & equipment (net) | $141.8M | $187.3M | $212.6M | $165.0M | $239.5M | $152.6M | $176.9M | $376.3M | $374.7M | $286.5M |
| Goodwill & intangible assets | $292.2M | $299.1M | $306.0M | $317.2M | $335.8M | $283.1M | $321.0M | $390.9M | $248.8M | $137.8M |
| Long-term investments | $1.8M | $3.6M | $1.8M | $48.2M | $56.0M | $134.5M | $177.5M | $273.0M | $132.9M | $0 |
| Other non-current assets | $62.8M | $9.7M | $4.7M | $84.9M | $6.7M | $0 | $4.90B | $210.2M | $103.9M | $164.5M |
| Total assets | $950.1M | $891.1M | $1.04B | $1.15B | $1.08B | $6.72B | $6.96B | $6.50B | $3.22B | $2.84B |
| Liabilities | ||||||||||
| Accounts payable | $141.4M | $84.8M | $142.9M | $202.5M | $179.2M | $69.7M | $4.87B | $104.7M | $119.2M | $66.8M |
| Short-term debt | $594.3M | $175.1M | $44.0M | $47.7M | $69.5M | $444.8M | $63.9M | $34.0M | $19.7M | $1.76B |
| Deferred revenue | — | $109.1M | $153.5M | $98.6M | $79.1M | $33.2M | $171.6M | −$169.5M | −$1.75B | $43.2M |
| Total current liabilities | $1.03B | $483.7M | $444.6M | $417.2M | $439.5M | $5.93B | $5.22B | $344.9M | $367.2M | $295.0M |
| Long-term debt | $80.3M | $500.6M | $679.3M | $683.8M | $556.8M | $507.0M | $740.8M | $703.5M | $525.0M | $0 |
| Lease obligations | $55.8M | $56.4M | $62.1M | $53.8M | $58.5M | $800,000 | $34.6M | $40.4M | $48.5M | — |
| Other long-term liabilities | $51.0M | $66.6M | $72.4M | $80.3M | $91.2M | $0 | $537.1M | $5.25B | $2.14B | $2.47B |
| Total liabilities | $1.17B | $1.05B | $1.20B | $1.18B | $1.09B | $6.11B | $6.49B | $6.30B | $3.03B | $2.77B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | — | — | $100,000 | $100,000 | $100,000 | $100,000 | — | — | $44,000 | $42,000 |
| Retained earnings (deficit) | −$582.5M | −$521.9M | −$487.3M | −$452.1M | −$416.2M | −$188.7M | −$96.7M | −$57.2M | −$221.2M | −$174.3M |
| Accumulated other comprehensive income | −$2.1M | −$3.2M | −$1.1M | $5.9M | $6.4M | $396.9M | $168.7M | −$112.6M | $41.7M | −$21.6M |
| Minority interest | $15.5M | $20.6M | $12.8M | $74.1M | — | — | — | — | — | — |
| Total shareholders' equity | −$230.8M | −$180.4M | −$165.5M | −$103.7M | −$84.3M | $570.2M | $360.1M | $88.1M | $73.2M | $70.0M |
| Key figures | ||||||||||
| Total debt | $717.5M | $719.2M | $771.9M | $785.3M | $684.8M | $604.3M | $774.9M | $743.9M | $593.2M | $428.5M |
| Net cash (debt) | −$605.4M | −$670.4M | −$691.1M | −$704.9M | −$639.3M | −$559.0M | −$581.2M | $2.97B | $845.3M | $965.8M |
| Working capital | −$582.6M | −$92.3M | $73.9M | $119.2M | $3.1M | $294.1M | −$3.83B | $4.91B | $1.99B | $1.95B |
| Tangible book value | −$523.0M | −$479.5M | −$471.5M | −$420.9M | −$420.1M | $287.1M | $39.1M | −$302.8M | −$175.7M | −$67.8M |
| Book value per share | −$17.46 | −$13.77 | −$21.04 | −$13.38 | −$10.93 | $113.36 | $80.38 | $18.82 | $17.10 | $1.87 |
| Shares outstanding | 13.2M | 13.1M | 7.9M | 7.8M | 7.7M | 5.0M | 4.5M | 4.7M | 4.3M | 37.3M |
| Current ratio | 0.44 | 0.81 | 1.17 | 1.29 | 1.01 | 1.05 | 0.27 | 15.23 | 6.42 | 7.62 |
| Quick ratio | 0.41 | 0.72 | 1.08 | 1.20 | 0.94 | 0.04 | 0.26 | 15.23 | 6.42 | 7.58 |
| Debt / equity | — | — | — | — | — | 1.06 | 2.15 | 8.44 | 8.11 | 6.12 |
| Equity / assets | −24.3% | −20.2% | −15.9% | −9.0% | −7.8% | 8.5% | 5.2% | 1.4% | 2.3% | 2.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $87.8M | $134.6M | $112.1M | $35.5M | $33.4M | $33.3M | $48.8M | $51.0M | $80.2M | $38.4M | $80.8M | $55.7M |
| Cash & equivalents | $87.8M | $134.6M | $112.1M | $35.5M | $33.4M | $33.3M | $48.8M | $51.0M | $80.2M | $38.4M | $80.8M | $55.7M |
| Receivables | $284.4M | $241.8M | $309.6M | $349.0M | $327.8M | $300.3M | $300.9M | $306.0M | $282.3M | $352.9M | $399.1M | $461.8M |
| Inventory | $14.8M | $15.4M | $16.0M | $18.1M | $20.7M | $19.7M | $20.8M | $21.0M | $20.9M | $21.8M | $22.4M | $18.6M |
| Other current assets | $92.3M | $14.1M | $13.8M | $18.0M | $17.1M | $18.8M | $20.9M | $22.5M | $12.1M | $16.1M | $16.2M | $17.8M |
| Total current assets | $479.3M | $405.9M | $451.5M | $420.6M | $399.0M | $372.1M | $391.4M | $400.5M | $395.5M | $429.2M | $518.5M | $553.9M |
| Property, plant & equipment (net) | $136.3M | $232.1M | $141.8M | $186.4M | $182.1M | $185.6M | $187.3M | $186.0M | $192.1M | $203.8M | $212.6M | $220.7M |
| Goodwill & intangible assets | $149.7M | $290.8M | $292.2M | $293.9M | $295.5M | $297.1M | $299.1M | $300.5M | $302.1M | $304.0M | $306.0M | $307.6M |
| Long-term investments | $2.2M | $1.8M | $1.8M | $1.8M | $4.4M | $3.6M | $3.6M | $1.8M | $1.8M | $1.8M | $1.8M | $7.0M |
| Other non-current assets | $239.2M | $6.2M | $62.8M | $10.5M | $9.9M | $9.6M | $9.7M | $8.4M | $7.4M | $4.7M | $4.7M | $6.9M |
| Total assets | $1.01B | $936.8M | $950.1M | $913.2M | $890.9M | $868.0M | $891.1M | $897.2M | $898.9M | $943.5M | $1.04B | $1.10B |
| Liabilities | ||||||||||||
| Accounts payable | $137.2M | $130.2M | $141.4M | $99.9M | $80.2M | $104.7M | $84.8M | $83.7M | $90.4M | $122.9M | $142.9M | $149.2M |
| Short-term debt | $564.4M | $624.7M | $594.3M | $584.5M | $490.3M | $536.4M | $175.1M | $202.2M | $62.5M | $47.7M | $44.0M | $176.7M |
| Deferred revenue | $182.7M | $157.3M | — | $175.5M | $172.8M | $95.3M | $109.1M | $85.5M | $72.8M | $125.4M | $153.5M | $162.2M |
| Total current liabilities | $1.08B | $1.02B | $1.03B | $974.3M | $873.1M | $847.6M | $483.7M | $469.8M | $289.3M | $349.0M | $444.6M | $557.7M |
| Long-term debt | $62.1M | $68.8M | $80.3M | $97.3M | $160.1M | $139.9M | $500.6M | $502.4M | $638.3M | $641.5M | $679.3M | $586.8M |
| Lease obligations | $66.3M | $85.9M | $55.8M | $54.6M | $52.3M | $54.8M | $56.4M | $56.1M | $51.3M | $60.3M | $62.1M | $65.1M |
| Other long-term liabilities | $81.2M | $80.4M | $51.0M | $49.3M | $64.9M | $65.5M | $66.6M | $66.4M | $97.6M | $127.4M | $72.4M | $86.8M |
| Total liabilities | $1.23B | $1.17B | $1.17B | $1.12B | $1.10B | $1.05B | $1.05B | $1.04B | $1.03B | $1.12B | $1.20B | $1.23B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | — | — | — | — | — | — | — | $100,000 | $100,000 | $100,000 | $100,000 |
| Retained earnings (deficit) | −$588.6M | −$599.3M | −$582.5M | −$575.1M | −$566.2M | −$546.4M | −$521.9M | −$505.3M | −$490.3M | −$504.7M | −$487.3M | −$478.0M |
| Accumulated other comprehensive income | −$1.9M | −$1.8M | −$2.1M | −$2.4M | −$2.2M | −$3.0M | −$3.2M | −$800,000 | −$1.7M | −$2.1M | −$1.1M | −$2.4M |
| Minority interest | $13.5M | $14.6M | $15.5M | $16.5M | $17.6M | — | — | — | — | — | — | — |
| Total shareholders' equity | −$233.5M | −$246.8M | −$230.8M | −$224.2M | −$224.8M | −$204.2M | −$180.4M | −$163.1M | −$149.0M | −$184.4M | −$165.5M | −$157.9M |
| Key figures | ||||||||||||
| Total debt | $682.4M | $765.5M | $717.5M | $723.7M | $689.9M | $718.2M | $719.2M | $747.7M | $739.8M | $736.0M | $771.9M | $814.7M |
| Net cash (debt) | −$594.6M | −$630.9M | −$605.4M | −$688.2M | −$656.5M | −$684.9M | −$670.4M | −$696.7M | −$659.6M | −$697.6M | −$691.1M | −$759.0M |
| Working capital | −$604.1M | −$613.9M | −$582.6M | −$553.7M | −$474.1M | −$475.5M | −$92.3M | −$69.3M | $106.2M | $80.2M | $73.9M | −$3.8M |
| Tangible book value | −$383.2M | −$537.6M | −$523.0M | −$518.1M | −$520.3M | −$501.3M | −$479.5M | −$463.6M | −$451.1M | −$488.4M | −$471.5M | −$465.5M |
| Book value per share | −$16.72 | −$18.49 | −$17.30 | −$16.90 | −$17.10 | −$15.57 | −$13.79 | −$12.58 | −$10.33 | −$23.43 | −$21.08 | −$20.14 |
| Shares outstanding | 14.0M | 13.3M | 13.3M | 13.3M | 13.1M | 13.1M | 13.1M | 13.0M | 14.4M | 7.9M | 7.8M | 7.8M |
| Current ratio | 0.44 | 0.40 | 0.44 | 0.43 | 0.46 | 0.44 | 0.81 | 0.85 | 1.37 | 1.23 | 1.17 | 0.99 |
| Quick ratio | 0.34 | 0.37 | 0.41 | 0.39 | 0.41 | 0.39 | 0.72 | 0.76 | 1.25 | 1.12 | 1.08 | 0.93 |
| Equity / assets | −23.2% | −26.3% | −24.3% | −24.6% | −25.2% | −23.5% | −20.2% | −18.2% | −16.6% | −19.5% | −15.9% | −14.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 26, 2026); data from EODHD.
VATE financial position
At the end of fiscal 2025 (December 31, 2025), INNOVATE had total assets of $950.1 million (up 6.6% from a year earlier), total liabilities of $1.2 billion and shareholders' equity of -$230.8 million. It held $112.1 million in cash and short-term investments against $717.5 million of debt, net debt of $605.4 million. Its current ratio was 0.44. In the latest quarter (ended June 30, 2026) total assets were $1.0 billion and equity -$233.5 million.
Related: VATE income statement, VATE cash flow statement, VATE key metrics. See the VATE stock overview for the latest quote and news.
VATE balance sheet FAQ
What are INNOVATE's total assets?
INNOVATE reported total assets of $950.1 million at the end of fiscal 2025 (December 31, 2025), compared with $891.1 million a year earlier.
How much debt does INNOVATE have?
INNOVATE had $717.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does INNOVATE have?
INNOVATE held $112.1 million in cash and short-term investments at the end of fiscal 2025; with $717.5 million of debt that is net debt of $605.4 million.
What is INNOVATE's book value?
INNOVATE's shareholders' equity (book value) was -$230.8 million at the end of fiscal 2025, or −$17.46 per share.
What is INNOVATE's current ratio?
INNOVATE had current assets of $451.5 million and current liabilities of $1.0 billion, a current ratio of 0.44 (current liabilities exceed current assets).
How much goodwill does INNOVATE have?
INNOVATE carried $292.2 million of goodwill and intangible assets, 30.8% of total assets, at the end of fiscal 2025.