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Side-by-side financial comparison of Axos Financial, Inc. (AX) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
Axos Financial, Inc. is the larger business by last-quarter revenue ($385.1M vs $382.7M, roughly 1.0× INNOVATE Corp.). Axos Financial, Inc. runs the higher net margin — 33.3% vs -1.9%, a 35.3% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 25.1%). Over the past eight quarters, Axos Financial, Inc.'s revenue compounded faster (14.3% CAGR vs 10.2%).
Axos Financial is an American bank holding company based in Las Vegas, Nevada and is the parent of Axos Bank, a direct bank. It also offers registered investment adviser services and an electronic trading platform.
Innovate Corp. is an American public financial services company founded in 1994.
AX vs VATE — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $385.1M | $382.7M |
| Net Profit | $128.4M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 45.6% | 3.7% |
| Net Margin | 33.3% | -1.9% |
| Revenue YoY | 25.1% | 61.7% |
| Net Profit YoY | 22.6% | 55.4% |
| EPS (diluted) | $2.22 | $-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 | $385.1M | $382.7M | ||
| Q3 25 | $323.4M | $347.1M | ||
| Q2 25 | $321.4M | $242.0M | ||
| Q1 25 | $308.8M | $274.2M | ||
| Q4 24 | $307.9M | $236.6M | ||
| Q3 24 | $320.7M | $242.2M | ||
| Q2 24 | $290.9M | $313.1M | ||
| Q1 24 | $294.8M | $315.2M |
| Q4 25 | $128.4M | $-7.4M | ||
| Q3 25 | $112.4M | $-8.9M | ||
| Q2 25 | $110.7M | $-19.8M | ||
| Q1 25 | $105.2M | $-24.5M | ||
| Q4 24 | $104.7M | $-16.6M | ||
| Q3 24 | $112.3M | $-15.0M | ||
| Q2 24 | $104.9M | $14.4M | ||
| Q1 24 | $110.7M | $-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 | 45.6% | 3.7% | ||
| Q3 25 | 46.3% | 1.8% | ||
| Q2 25 | 48.5% | 2.0% | ||
| Q1 25 | 47.9% | 1.2% | ||
| Q4 24 | 48.8% | 1.1% | ||
| Q3 24 | 49.6% | 2.4% | ||
| Q2 24 | 49.6% | 9.2% | ||
| Q1 24 | 52.8% | 0.9% |
| Q4 25 | 33.3% | -1.9% | ||
| Q3 25 | 34.7% | -2.6% | ||
| Q2 25 | 34.4% | -8.2% | ||
| Q1 25 | 34.1% | -8.9% | ||
| Q4 24 | 34.0% | -7.0% | ||
| Q3 24 | 35.0% | -6.2% | ||
| Q2 24 | 36.0% | 4.6% | ||
| Q1 24 | 37.6% | -5.5% |
| Q4 25 | $2.22 | $-0.57 | ||
| Q3 25 | $1.94 | $-0.71 | ||
| Q2 25 | $1.89 | $-1.67 | ||
| Q1 25 | $1.81 | $-1.89 | ||
| Q4 24 | $1.80 | $-0.72 | ||
| Q3 24 | $1.93 | $-1.18 | ||
| Q2 24 | $1.75 | $1.03 | ||
| Q1 24 | $1.91 | $-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 | $1.0B | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $2.9B | $-240.1M |
| Total Assets | $28.2B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $112.1M | ||
| Q3 25 | $2.6B | $35.5M | ||
| Q2 25 | $1.9B | $33.4M | ||
| Q1 25 | $2.0B | $33.3M | ||
| Q4 24 | $2.4B | $48.8M | ||
| Q3 24 | $2.6B | $51.0M | ||
| Q2 24 | $2.0B | $80.2M | ||
| Q1 24 | $2.1B | $38.4M |
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | $312.7M | $160.1M | ||
| Q1 25 | $377.4M | $139.9M | ||
| Q4 24 | $358.7M | $500.6M | ||
| Q3 24 | $313.5M | $502.4M | ||
| Q2 24 | $325.7M | $638.3M | ||
| Q1 24 | $330.4M | $641.5M |
| Q4 25 | $2.9B | $-240.1M | ||
| Q3 25 | $2.8B | $-233.3M | ||
| Q2 25 | $2.7B | $-224.8M | ||
| Q1 25 | $2.6B | $-204.2M | ||
| Q4 24 | $2.5B | $-180.4M | ||
| Q3 24 | $2.4B | $-163.1M | ||
| Q2 24 | $2.3B | $-149.0M | ||
| Q1 24 | $2.2B | $-184.4M |
| Q4 25 | $28.2B | $950.1M | ||
| Q3 25 | $27.4B | $913.2M | ||
| Q2 25 | $24.8B | $890.9M | ||
| Q1 25 | $24.0B | $868.0M | ||
| Q4 24 | $23.7B | $891.1M | ||
| Q3 24 | $23.6B | $897.2M | ||
| Q2 24 | $22.9B | $898.9M | ||
| Q1 24 | $22.6B | $943.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.13× | — | ||
| Q2 24 | 0.14× | — | ||
| Q1 24 | 0.15× | — |
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 | $104.1M | $101.1M |
| Free Cash FlowOCF − Capex | $85.4M | — |
| FCF MarginFCF / Revenue | 22.2% | — |
| Capex IntensityCapex / Revenue | 4.9% | — |
| Cash ConversionOCF / Net Profit | 0.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | $695.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $104.1M | $101.1M | ||
| Q3 25 | $118.4M | $19.2M | ||
| Q2 25 | $490.3M | $40.4M | ||
| Q1 25 | $73.7M | $-14.1M | ||
| Q4 24 | $162.5M | $41.4M | ||
| Q3 24 | $70.8M | $-28.4M | ||
| Q2 24 | $305.5M | $21.5M | ||
| Q1 24 | $115.8M | $-25.4M |
| Q4 25 | $85.4M | — | ||
| Q3 25 | $109.3M | $19.0M | ||
| Q2 25 | $436.1M | — | ||
| Q1 25 | $65.1M | $-18.8M | ||
| Q4 24 | $156.4M | $34.2M | ||
| Q3 24 | $53.0M | $-31.5M | ||
| Q2 24 | $269.5M | $18.4M | ||
| Q1 24 | $107.3M | $-31.0M |
| Q4 25 | 22.2% | — | ||
| Q3 25 | 33.8% | 5.5% | ||
| Q2 25 | 135.7% | — | ||
| Q1 25 | 21.1% | -6.9% | ||
| Q4 24 | 50.8% | 14.5% | ||
| Q3 24 | 16.5% | -13.0% | ||
| Q2 24 | 92.6% | 5.9% | ||
| Q1 24 | 36.4% | -9.8% |
| Q4 25 | 4.9% | — | ||
| Q3 25 | 2.8% | 0.1% | ||
| Q2 25 | 16.9% | — | ||
| Q1 25 | 2.8% | 1.7% | ||
| Q4 24 | 2.0% | 3.0% | ||
| Q3 24 | 5.5% | 1.3% | ||
| Q2 24 | 12.4% | 1.0% | ||
| Q1 24 | 2.9% | 1.8% |
| Q4 25 | 0.81× | — | ||
| Q3 25 | 1.05× | — | ||
| Q2 25 | 4.43× | — | ||
| Q1 25 | 0.70× | — | ||
| Q4 24 | 1.55× | — | ||
| Q3 24 | 0.63× | — | ||
| Q2 24 | 2.91× | 1.49× | ||
| Q1 24 | 1.05× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AX
Segment breakdown not available.
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% |
