INNOVATE Corp. (VATE) Key Metrics
VATE valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $81.9M
- Enterprise value
- $699.3M
- P/E (TTM)
- —
- Forward P/E
- 4.9
- PEG ratio
- —
- Price / sales
- 0.1 10-yr median 0.1
- Price / book
- 0.7 10-yr median 1.4
- EV / EBITDA
- 6.1 10-yr median 13.4
- Dividend yield
- 13.00% $0.78 a year
- Beta
- 2.44
VATE key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsVATE valuation Price multiples at each fiscal year-end price.
Price / sales−18.0%
0.0
2025 · hover or tap a bar for each year
20162025
EV / EBITDA+15.6%
11.5
2025 · hover or tap a bar for each year
20162025
Price / free cash flow
0.5
2025 · hover or tap a bar for each year
20162025
Free cash flow yield+217.0 pts
201.7%
2025 · hover or tap a bar for each year
20162025
VATE returns How much profit the business earns on the capital it uses.
Return on invested capital0.0 pts
6.2%
2025 · hover or tap a bar for each year
20162025
Return on assets−3.0 pts
−6.6%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin+10.6 pts
9.7%
2025 · hover or tap a bar for each year
20162025
Asset turnover+18.3%
1.35
2025 · hover or tap a bar for each year
20162025
VATE per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+11.5%
$94.27
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$4.58
2025 · hover or tap a bar for each year
20162025
Free cash flow per share
$9.12
2025 · hover or tap a bar for each year
20162025
Book value per share
−$17.46
2025 · hover or tap a bar for each year
20162025
Dividends per share+81.7%
$0.17
2025 · hover or tap a bar for each year
20162025
Shares outstanding+0.9%
13.2M
2025 · hover or tap a bar for each year
20162025
VATE financial health Debt, liquidity and how easily interest is covered.
Net debt−$65.0M
$605.4M
2025 · hover or tap a bar for each year
20162025
Net debt / EBITDA+1.40
10.46
2025 · hover or tap a bar for each year
20162025
Current ratio−46.0%
0.44
2025 · hover or tap a bar for each year
20162025
Interest coverage−28.4%
0.4
2025 · hover or tap a bar for each year
20162025
Debt / assets−6.4%
0.76
2025 · hover or tap a bar for each year
20162025
VATE efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−26 days
89 days
2025 · hover or tap a bar for each year
20162025
Days of inventory−2 days
6 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding−7 days
39 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle−21 days
57 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue+0.4 pts
2.1%
2025 · hover or tap a bar for each year
20162025
Dividends + buybacks / FCF
1.8%
2025 · hover or tap a bar for each year
20162025
VATE valuation history
Fiscal year-endToday10-year median
VATE returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
VATE debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
VATE cash returned to shareholders
DividendsBuybacksFree cash flow
VATE price vs earnings per share
Share price at year-endEPS (right axis)
VATE key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $59.7M | $64.7M | $96.8M | $144.9M | $285.3M | $164.0M | $97.2M | $123.6M | $254.7M | $2.21B |
| Enterprise value | $665.1M | $735.1M | $787.9M | $849.8M | $924.6M | $723.0M | $678.4M | −$2.85B | −$590.7M | $1.25B |
| P/E ratio | — | — | — | — | — | — | — | 0.9 | — | — |
| Price / sales | 0.0 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.1 | 0.1 | 0.2 | 1.4 |
| Price / book | — | — | — | — | — | 0.3 | 0.3 | 1.4 | 3.5 | 31.6 |
| Price / free cash flow | 0.5 | — | 11.9 | — | 98.4 | 7.0 | 1.1 | 0.4 | — | 44.2 |
| Price / operating cash flow | 0.4 | 7.1 | 3.7 | — | 10.6 | 4.0 | 0.9 | 0.4 | 41.5 | 28.0 |
| EV / sales | 0.5 | 0.7 | 0.6 | 0.5 | 0.8 | 1.0 | 0.6 | -1.4 | -0.4 | 0.8 |
| EV / EBITDA | 11.5 | 9.9 | 12.5 | 13.5 | 29.1 | 13.2 | 16.0 | — | — | 47.2 |
| EV / free cash flow | 5.5 | — | 97.3 | — | 318.8 | 31.0 | 7.9 | — | — | 24.9 |
| Earnings yield | −101.4% | −53.5% | −36.4% | −24.8% | −79.7% | −56.1% | −32.4% | 112.5% | −19.5% | −4.8% |
| Free cash flow yield | 201.7% | −15.3% | 8.4% | −20.8% | 1.0% | 14.2% | 88.5% | 244.2% | −10.1% | 2.3% |
| Dividend yield | 3.7% | 1.9% | 2.3% | 3.6% | 21.9% | 1.8% | 9.2% | 1.6% | 1.4% | 0.2% |
| Shareholder yield (dividends + buybacks) | 3.7% | 1.9% | 9.5% | 8.4% | 25.6% | 7.6% | 17.7% | 6.3% | 1.4% | 0.2% |
| Share price at fiscal year-end | $4.52 | $4.94 | $12.30 | $18.70 | $37.00 | $32.60 | $21.70 | $26.40 | $59.50 | $59.30 |
| Per share | ||||||||||
| Revenue per share | $94.27 | $84.53 | $180.90 | $211.26 | $156.32 | $142.52 | $240.40 | $422.37 | $381.80 | $41.75 |
| Earnings per share | −$4.58 | −$2.64 | −$4.47 | −$4.63 | −$29.51 | −$18.29 | −$7.03 | $29.70 | −$11.61 | −$2.82 |
| Operating cash flow per share | $11.09 | $0.69 | $3.37 | −$1.23 | $3.50 | $8.17 | $24.71 | $72.95 | $1.44 | $2.12 |
| Free cash flow per share | $9.12 | −$0.76 | $1.03 | −$3.90 | $0.38 | $4.63 | $19.20 | $64.47 | −$6.02 | $1.34 |
| Cash per share | $8.48 | $3.73 | $10.27 | $10.37 | $5.90 | $9.01 | $43.24 | $794.15 | $336.10 | $37.36 |
| Book value per share | −$17.46 | −$13.77 | −$21.04 | −$13.38 | −$10.93 | $113.36 | $80.38 | $18.82 | $17.10 | $1.87 |
| Tangible book value per share | −$39.57 | −$36.61 | −$59.94 | −$54.31 | −$54.49 | $57.08 | $8.73 | −$64.70 | −$41.05 | −$1.82 |
| Dividends per share | $0.17 | $0.09 | $0.28 | $0.67 | $8.11 | $0.58 | $1.99 | $0.43 | $0.85 | $0.11 |
| Capex per share | $1.97 | $1.45 | $2.34 | $2.67 | $3.13 | $3.54 | $5.51 | $8.48 | $7.46 | $0.78 |
| Debt per share | $54.28 | $54.91 | $98.13 | $101.33 | $88.82 | $120.14 | $172.97 | $158.95 | $138.59 | $11.48 |
| Shares outstanding | 13.2M | 13.1M | 7.9M | 7.8M | 7.7M | 5.0M | 4.5M | 4.7M | 4.3M | 37.3M |
| Change in shares outstanding | +0.9% | +66.5% | +1.5% | +0.5% | +53.3% | +12.3% | −4.3% | +9.3% | −88.5% | +40.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | — | — | — | — | — | −19.8% | −14.1% | 172.4% | −69.4% | −110.6% |
| Return on invested capital (ROIC) | 6.2% | 6.2% | 3.7% | 1.8% | −1.0% | −2.2% | — | — | — | — |
| Return on assets (ROA) | −6.6% | −3.6% | −3.2% | −3.2% | −5.8% | −1.3% | −0.5% | 2.9% | −1.6% | −3.8% |
| Return on tangible assets | −9.2% | −5.8% | −4.8% | −4.3% | −30.5% | −1.4% | −0.5% | 2.3% | −1.7% | −3.9% |
| Free cash flow margin | 9.7% | −0.9% | 0.6% | −1.8% | 0.2% | 3.3% | 8.0% | 15.3% | −1.6% | 3.2% |
| Income quality (OCF / net income) | — | — | — | — | — | — | — | 2.46 | — | — |
| Financial health | ||||||||||
| Total debt | $717.5M | $719.2M | $771.9M | $785.3M | $684.8M | $604.3M | $774.9M | $743.9M | $593.2M | $428.5M |
| Cash & short-term investments | $112.1M | $48.8M | $80.8M | $80.4M | $45.5M | $45.3M | $193.7M | $3.72B | $1.44B | $1.39B |
| Net debt | $605.4M | $670.4M | $691.1M | $704.9M | $639.3M | $559.0M | $581.2M | −$2.97B | −$845.3M | −$965.8M |
| Debt / equity | — | — | — | — | — | 1.06 | 2.15 | 8.44 | 8.11 | 6.12 |
| Debt / assets | 0.76 | 0.81 | 0.74 | 0.68 | 0.63 | 0.09 | 0.11 | 0.11 | 0.18 | 0.15 |
| Net debt / EBITDA | 10.46 | 9.06 | 10.95 | 11.22 | 20.10 | 10.18 | 13.68 | −9.60 | −16.28 | −36.52 |
| Current ratio | 0.44 | 0.81 | 1.17 | 1.29 | 1.01 | 1.05 | 0.27 | 15.23 | 6.42 | 7.62 |
| Quick ratio | 0.42 | 0.77 | 1.12 | 1.24 | 0.97 | 1.05 | 0.26 | 15.24 | 6.39 | 7.58 |
| Interest coverage | 0.4 | 0.5 | 0.4 | 0.3 | -0.2 | -0.4 | 0.3 | -0.7 | -0.0 | -0.0 |
| Working capital | −$582.6M | −$92.3M | $73.9M | $119.2M | $3.1M | $294.1M | −$3.83B | $4.91B | $1.99B | $1.95B |
| Invested capital | $374.6M | $490.0M | $525.6M | $601.2M | $555.0M | $1.13B | $941.3M | −$2.88B | −$772.2M | −$895.9M |
| Tangible asset value | −$507.5M | −$458.9M | −$458.7M | −$346.8M | −$342.7M | $332.8M | $144.2M | −$189.2M | −$59.1M | −$67.8M |
| Net current asset value | −$713.9M | −$659.5M | −$677.8M | −$644.9M | −$644.9M | $119.4M | −$5.11B | −$1.05B | −$670.6M | −$518.8M |
| Graham number | — | — | — | — | — | — | — | $112.16 | — | — |
| Graham net-net per share | −$61.52 | −$58.49 | −$102.33 | −$100.19 | −$98.47 | −$1,171.31 | −$1,206.94 | −$306.31 | −$208.87 | −$19.69 |
| Capital allocation | ||||||||||
| Dividends paid | $2.2M | $1.2M | $2.2M | $5.2M | $62.5M | $2.9M | $8.9M | $2.0M | $3.6M | $4.2M |
| Share buybacks (net) | — | $0 | $7.0M | $7.0M | $10.4M | $9.6M | $8.3M | $5.8M | — | — |
| Dividend payout ratio | — | — | — | — | — | — | — | 1.4% | — | — |
| Dividends + buybacks / free cash flow | 1.8% | — | 113.6% | — | — | 53.6% | 20.0% | 2.6% | — | 8.4% |
| Capex / revenue | 2.1% | 1.7% | 1.3% | 1.3% | 2.0% | 2.5% | 2.3% | 2.0% | 2.0% | 1.9% |
| Capex / operating cash flow | 17.8% | 208.8% | 69.4% | — | 89.3% | 43.3% | 22.3% | 11.6% | 519.8% | 36.7% |
| Capex / depreciation | 0.86 | 0.58 | 0.51 | 0.49 | 0.64 | 0.66 | 0.78 | 1.03 | 0.87 | 1.01 |
| Stock-based compensation / revenue | 0.2% | 0.3% | 0.2% | 0.1% | 0.2% | 0.4% | 0.6% | 0.5% | 0.3% | 0.5% |
| SG&A / revenue | 12.3% | 14.5% | 11.8% | 11.0% | 14.0% | 25.3% | 17.7% | 11.0% | 17.8% | 9.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 89.4 | 115.4 | 105.0 | 87.6 | 88.9 | 357.4 | 460.8 | 226.7 | 196.7 | 191.4 |
| Days of inventory on hand | 6.3 | 8.8 | 6.2 | 4.6 | 4.8 | 6.4 | 2.1 | 1.2 | 2.9 | 2.9 |
| Days payables outstanding | 38.8 | 46.3 | 52.2 | 49.2 | 44.5 | 1,532.5 | 1,093.6 | 22.9 | 23.9 | 20.0 |
| Cash conversion cycle (days) | 56.9 | 77.9 | 59.1 | 43.0 | 49.2 | -1,168.7 | -630.8 | 205.0 | 175.7 | 174.3 |
| Receivables turnover | 4.08 | 3.16 | 3.47 | 4.17 | 4.11 | 1.02 | 0.79 | 1.61 | 1.86 | 1.91 |
| Payables turnover | 9.41 | 7.89 | 6.99 | 7.42 | 8.21 | 0.24 | 0.33 | 15.92 | 15.29 | 18.21 |
| Inventory turnover | 57.82 | 41.59 | 58.45 | 78.88 | 75.95 | 57.14 | 176.70 | — | 127.02 | 126.54 |
| Asset turnover | 1.35 | 1.14 | 1.30 | 1.47 | 0.31 | 0.10 | 0.16 | 0.41 | 0.54 | 0.56 |
| Average receivables | $305.2M | $350.0M | $409.6M | $392.9M | $293.5M | $702.0M | $1.36B | $1.23B | $880.5M | $817.3M |
| Average payables | $113.1M | $113.8M | $172.7M | $190.8M | $124.5M | $2.47B | $2.49B | $112.0M | $93.0M | $75.6M |
| Average inventory | $18.4M | $21.6M | $20.6M | $17.9M | $13.4M | $10.3M | $4.7M | $5.7M | $11.2M | $10.9M |
| Intangibles / total assets | 30.8% | 33.6% | 29.3% | 27.5% | 31.1% | 4.2% | 4.6% | 6.0% | 7.7% | 4.9% |
Computed from VATE's annual financial statements (latest annual report filed March 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
VATE valuation and financial ratios
INNOVATE earned a return on invested capital of 6.2% in fiscal 2025. It ended the year with $717.5 million of debt and $112.1 million in cash and short-term investments, net debt of $605.4 million. It returned $2.2 million to shareholders: $2.2 million in dividends and $0 in share buybacks, 2% of free cash flow. The share count fell 64.6% from 37.3M to 13.2M over 9 years.
See the VATE income statement, the VATE chart for price history, or the VATE stock overview for the latest quote and news.
VATE key metrics FAQ
What is INNOVATE's EV/EBITDA?
INNOVATE's enterprise value was 11.5 times EBITDA at the end of fiscal 2025 (enterprise value $665.1 million, EBITDA $57.9 million); the current EV/EBITDA is 6.1.
What is INNOVATE's ROIC?
INNOVATE's return on invested capital was 6.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does INNOVATE have?
INNOVATE had total debt of $717.5 million at the end of fiscal 2025 and $605.4 million of net debt (10.46 times EBITDA).
What is INNOVATE's dividend yield?
INNOVATE's forward dividend yield is 13.00%. INNOVATE paid $2.2 million in dividends in fiscal 2025 ($0.17 per share), a payout ratio of —.
What is INNOVATE's free cash flow yield?
INNOVATE generated $120.5 million of free cash flow in fiscal 2025, a free cash flow yield of 201.7% on its market value at year-end ($59.7 million).
What is INNOVATE's current ratio?
INNOVATE's current ratio was 0.44 at the end of fiscal 2025: current assets were 0.44 times current liabilities.