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Side-by-side financial comparison of ANI PHARMACEUTICALS INC (ANIP) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $247.1M, roughly 1.5× ANI PHARMACEUTICALS INC). ANI PHARMACEUTICALS INC runs the higher net margin — 11.1% vs -1.9%, a 13.1% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 29.6%). Over the past eight quarters, ANI PHARMACEUTICALS INC's revenue compounded faster (34.1% CAGR vs 10.2%).
ANI Pharmaceuticals Inc is a U.S.-based specialty pharmaceutical firm that develops, manufactures and sells generic and branded prescription drugs. Its key segments cover dermatology, oncology, CNS therapies and anti-infectives, primarily serving U.S. healthcare providers, retail pharmacies and institutional medical clients.
Innovate Corp. is an American public financial services company founded in 1994.
ANIP vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $247.1M | $382.7M |
| Net Profit | $27.5M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 14.1% | 3.7% |
| Net Margin | 11.1% | -1.9% |
| Revenue YoY | 29.6% | 61.7% |
| Net Profit YoY | 367.5% | 55.4% |
| EPS (diluted) | $1.14 | $-0.57 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $247.1M | $382.7M | ||
| Q3 25 | $227.8M | $347.1M | ||
| Q2 25 | $211.4M | $242.0M | ||
| Q1 25 | $197.1M | $274.2M | ||
| Q4 24 | $190.6M | $236.6M | ||
| Q3 24 | $148.3M | $242.2M | ||
| Q2 24 | $138.0M | $313.1M | ||
| Q1 24 | $137.4M | $315.2M |
| Q4 25 | $27.5M | $-7.4M | ||
| Q3 25 | $26.6M | $-8.9M | ||
| Q2 25 | $8.5M | $-19.8M | ||
| Q1 25 | $15.7M | $-24.5M | ||
| Q4 24 | $-10.3M | $-16.6M | ||
| Q3 24 | $-24.2M | $-15.0M | ||
| Q2 24 | $-2.3M | $14.4M | ||
| Q1 24 | $18.2M | $-17.4M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | 14.1% | 3.7% | ||
| Q3 25 | 15.9% | 1.8% | ||
| Q2 25 | 6.6% | 2.0% | ||
| Q1 25 | 13.3% | 1.2% | ||
| Q4 24 | -2.3% | 1.1% | ||
| Q3 24 | -13.8% | 2.4% | ||
| Q2 24 | 3.7% | 9.2% | ||
| Q1 24 | 14.8% | 0.9% |
| Q4 25 | 11.1% | -1.9% | ||
| Q3 25 | 11.7% | -2.6% | ||
| Q2 25 | 4.0% | -8.2% | ||
| Q1 25 | 8.0% | -8.9% | ||
| Q4 24 | -5.4% | -7.0% | ||
| Q3 24 | -16.3% | -6.2% | ||
| Q2 24 | -1.7% | 4.6% | ||
| Q1 24 | 13.2% | -5.5% |
| Q4 25 | $1.14 | $-0.57 | ||
| Q3 25 | $1.13 | $-0.71 | ||
| Q2 25 | $0.36 | $-1.67 | ||
| Q1 25 | $0.69 | $-1.89 | ||
| Q4 24 | $-0.45 | $-0.72 | ||
| Q3 24 | $-1.27 | $-1.18 | ||
| Q2 24 | $-0.14 | $1.03 | ||
| Q1 24 | $0.82 | $-2.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $285.6M | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $540.7M | $-240.1M |
| Total Assets | $1.4B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $285.6M | $112.1M | ||
| Q3 25 | $262.6M | $35.5M | ||
| Q2 25 | $217.8M | $33.4M | ||
| Q1 25 | $149.8M | $33.3M | ||
| Q4 24 | $144.9M | $48.8M | ||
| Q3 24 | $145.0M | $51.0M | ||
| Q2 24 | $240.1M | $80.2M | ||
| Q1 24 | $228.6M | $38.4M |
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $540.7M | $-240.1M | ||
| Q3 25 | $505.8M | $-233.3M | ||
| Q2 25 | $436.8M | $-224.8M | ||
| Q1 25 | $418.6M | $-204.2M | ||
| Q4 24 | $403.7M | $-180.4M | ||
| Q3 24 | $405.9M | $-163.1M | ||
| Q2 24 | $455.8M | $-149.0M | ||
| Q1 24 | $452.0M | $-184.4M |
| Q4 25 | $1.4B | $950.1M | ||
| Q3 25 | $1.4B | $913.2M | ||
| Q2 25 | $1.3B | $890.9M | ||
| Q1 25 | $1.3B | $868.0M | ||
| Q4 24 | $1.3B | $891.1M | ||
| Q3 24 | $1.3B | $897.2M | ||
| Q2 24 | $920.8M | $898.9M | ||
| Q1 24 | $914.5M | $943.5M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $30.4M | $101.1M |
| Free Cash FlowOCF − Capex | $29.1M | — |
| FCF MarginFCF / Revenue | 11.8% | — |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | 1.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $171.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.4M | $101.1M | ||
| Q3 25 | $44.1M | $19.2M | ||
| Q2 25 | $75.8M | $40.4M | ||
| Q1 25 | $35.0M | $-14.1M | ||
| Q4 24 | $15.9M | $41.4M | ||
| Q3 24 | $12.5M | $-28.4M | ||
| Q2 24 | $17.4M | $21.5M | ||
| Q1 24 | $18.3M | $-25.4M |
| Q4 25 | $29.1M | — | ||
| Q3 25 | $38.0M | $19.0M | ||
| Q2 25 | $71.8M | — | ||
| Q1 25 | $32.5M | $-18.8M | ||
| Q4 24 | $13.5M | $34.2M | ||
| Q3 24 | $7.7M | $-31.5M | ||
| Q2 24 | $13.0M | $18.4M | ||
| Q1 24 | $13.7M | $-31.0M |
| Q4 25 | 11.8% | — | ||
| Q3 25 | 16.7% | 5.5% | ||
| Q2 25 | 34.0% | — | ||
| Q1 25 | 16.5% | -6.9% | ||
| Q4 24 | 7.1% | 14.5% | ||
| Q3 24 | 5.2% | -13.0% | ||
| Q2 24 | 9.4% | 5.9% | ||
| Q1 24 | 10.0% | -9.8% |
| Q4 25 | 0.5% | — | ||
| Q3 25 | 2.7% | 0.1% | ||
| Q2 25 | 1.9% | — | ||
| Q1 25 | 1.3% | 1.7% | ||
| Q4 24 | 1.3% | 3.0% | ||
| Q3 24 | 3.2% | 1.3% | ||
| Q2 24 | 3.2% | 1.0% | ||
| Q1 24 | 3.3% | 1.8% |
| Q4 25 | 1.10× | — | ||
| Q3 25 | 1.66× | — | ||
| Q2 25 | 8.87× | — | ||
| Q1 25 | 2.23× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | 1.00× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ANIP
| Sales Of Cortrophin Gel | $111.4M | 45% |
| Sales Of Generic Pharmaceutical Products | $100.8M | 41% |
| Sales Of ILUVIEN And YUTIQ | $19.8M | 8% |
| Sales Of Established Brands | $12.3M | 5% |
| Unapproved Products | $6.5M | 3% |
| Sales Of Royalties And Other Pharmaceutical Services | $2.7M | 1% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
