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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) 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 $351.4M, roughly 1.1× APOGEE ENTERPRISES, INC.). APOGEE ENTERPRISES, INC. runs the higher net margin — 4.7% vs -1.9%, a 6.7% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 1.6%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs 2.9%).
Apogee Electronics is an American manufacturer of audio interfaces, analog-to-digital and digital-to-analog converters, USB & iOS microphones, and audio production software.
Innovate Corp. is an American public financial services company founded in 1994.
APOG vs VATE — Head-to-Head
Income Statement — Q4 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $351.4M | $382.7M |
| Net Profit | $16.6M | $-7.4M |
| Gross Margin | 22.4% | 15.4% |
| Operating Margin | 7.3% | 3.7% |
| Net Margin | 4.7% | -1.9% |
| Revenue YoY | 1.6% | 61.7% |
| Net Profit YoY | 568.8% | 55.4% |
| EPS (diluted) | $0.78 | $-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.
| Q1 26 | $351.4M | — | ||
| Q4 25 | $348.6M | $382.7M | ||
| Q3 25 | $358.2M | $347.1M | ||
| Q2 25 | $346.6M | $242.0M | ||
| Q1 25 | $345.7M | $274.2M | ||
| Q4 24 | $341.3M | $236.6M | ||
| Q3 24 | $342.4M | $242.2M | ||
| Q2 24 | $331.5M | $313.1M |
| Q1 26 | $16.6M | — | ||
| Q4 25 | $16.5M | $-7.4M | ||
| Q3 25 | $23.6M | $-8.9M | ||
| Q2 25 | $-2.7M | $-19.8M | ||
| Q1 25 | $2.5M | $-24.5M | ||
| Q4 24 | $21.0M | $-16.6M | ||
| Q3 24 | $30.6M | $-15.0M | ||
| Q2 24 | $31.0M | $14.4M |
| Q1 26 | 22.4% | — | ||
| Q4 25 | 23.8% | 15.4% | ||
| Q3 25 | 23.1% | 14.3% | ||
| Q2 25 | 21.7% | 18.8% | ||
| Q1 25 | 21.6% | 16.6% | ||
| Q4 24 | 26.1% | 19.6% | ||
| Q3 24 | 28.4% | 19.9% | ||
| Q2 24 | 29.8% | 21.0% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 7.1% | 3.7% | ||
| Q3 25 | 7.5% | 1.8% | ||
| Q2 25 | 2.0% | 2.0% | ||
| Q1 25 | 1.8% | 1.2% | ||
| Q4 24 | 8.4% | 1.1% | ||
| Q3 24 | 12.3% | 2.4% | ||
| Q2 24 | 12.5% | 9.2% |
| Q1 26 | 4.7% | — | ||
| Q4 25 | 4.7% | -1.9% | ||
| Q3 25 | 6.6% | -2.6% | ||
| Q2 25 | -0.8% | -8.2% | ||
| Q1 25 | 0.7% | -8.9% | ||
| Q4 24 | 6.1% | -7.0% | ||
| Q3 24 | 8.9% | -6.2% | ||
| Q2 24 | 9.4% | 4.6% |
| Q1 26 | $0.78 | — | ||
| Q4 25 | $0.77 | $-0.57 | ||
| Q3 25 | $1.10 | $-0.71 | ||
| Q2 25 | $-0.13 | $-1.67 | ||
| Q1 25 | $0.12 | $-1.89 | ||
| Q4 24 | $0.96 | $-0.72 | ||
| Q3 24 | $1.40 | $-1.18 | ||
| Q2 24 | $1.41 | $1.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $39.5M | $112.1M |
| Total DebtLower is stronger | $232.3M | $80.3M |
| Stockholders' EquityBook value | $511.8M | $-240.1M |
| Total Assets | $1.1B | $950.1M |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $39.5M | — | ||
| Q4 25 | $41.3M | $112.1M | ||
| Q3 25 | $39.5M | $35.5M | ||
| Q2 25 | $32.8M | $33.4M | ||
| Q1 25 | $41.4M | $33.3M | ||
| Q4 24 | $43.9M | $48.8M | ||
| Q3 24 | $51.0M | $51.0M | ||
| Q2 24 | $30.4M | $80.2M |
| Q1 26 | $232.3M | — | ||
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | $285.0M | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M |
| Q1 26 | $511.8M | — | ||
| Q4 25 | $512.3M | $-240.1M | ||
| Q3 25 | $500.2M | $-233.3M | ||
| Q2 25 | $481.8M | $-224.8M | ||
| Q1 25 | $487.9M | $-204.2M | ||
| Q4 24 | $522.1M | $-180.4M | ||
| Q3 24 | $506.4M | $-163.1M | ||
| Q2 24 | $480.0M | $-149.0M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $950.1M | ||
| Q3 25 | $1.2B | $913.2M | ||
| Q2 25 | $1.2B | $890.9M | ||
| Q1 25 | $1.2B | $868.0M | ||
| Q4 24 | $1.2B | $891.1M | ||
| Q3 24 | $917.1M | $897.2M | ||
| Q2 24 | $889.0M | $898.9M |
| Q1 26 | 0.45× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $122.5M | $101.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 7.8% | — |
| Cash ConversionOCF / Net Profit | 7.37× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $122.5M | — | ||
| Q4 25 | $29.3M | $101.1M | ||
| Q3 25 | $57.1M | $19.2M | ||
| Q2 25 | $-19.8M | $40.4M | ||
| Q1 25 | $30.0M | $-14.1M | ||
| Q4 24 | $31.0M | $41.4M | ||
| Q3 24 | $58.7M | $-28.4M | ||
| Q2 24 | $5.5M | $21.5M |
| Q1 26 | — | — | ||
| Q4 25 | $22.9M | — | ||
| Q3 25 | $52.4M | $19.0M | ||
| Q2 25 | $-26.9M | — | ||
| Q1 25 | $19.1M | $-18.8M | ||
| Q4 24 | $22.0M | $34.2M | ||
| Q3 24 | $50.2M | $-31.5M | ||
| Q2 24 | $-1.8M | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | — | ||
| Q3 25 | 14.6% | 5.5% | ||
| Q2 25 | -7.8% | — | ||
| Q1 25 | 5.5% | -6.9% | ||
| Q4 24 | 6.4% | 14.5% | ||
| Q3 24 | 14.7% | -13.0% | ||
| Q2 24 | -0.5% | 5.9% |
| Q1 26 | 7.8% | — | ||
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.3% | 0.1% | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 3.2% | 1.7% | ||
| Q4 24 | 2.6% | 3.0% | ||
| Q3 24 | 2.5% | 1.3% | ||
| Q2 24 | 2.2% | 1.0% |
| Q1 26 | 7.37× | — | ||
| Q4 25 | 1.77× | — | ||
| Q3 25 | 2.41× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 12.08× | — | ||
| Q4 24 | 1.48× | — | ||
| Q3 24 | 1.92× | — | ||
| Q2 24 | 0.18× | 1.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APOG
| Architectural Services | $127.1M | 36% |
| Architectural Metals | $110.0M | 31% |
| Architectural Glass | $67.4M | 19% |
| Performance Surfaces | $54.3M | 15% |
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% |
