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Side-by-side financial comparison of BELDEN INC. (BDC) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
BELDEN INC. is the larger business by last-quarter revenue ($696.4M vs $382.7M, roughly 1.8× INNOVATE Corp.). BELDEN INC. runs the higher net margin — 7.3% vs -1.9%, a 9.3% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 11.4%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs 7.3%).
Belden Inc. is an American, multinational, publicly traded company specializing in the design, manufacture, and distribution of end-to-end networking, security and connectivity products. The company serves the Industrial Automation Solutions, Smart Buildings and Broadband & 5G markets.
Innovate Corp. is an American public financial services company founded in 1994.
BDC vs VATE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $696.4M | $382.7M |
| Net Profit | $51.0M | $-7.4M |
| Gross Margin | 37.1% | 15.4% |
| Operating Margin | 11.2% | 3.7% |
| Net Margin | 7.3% | -1.9% |
| Revenue YoY | 11.4% | 61.7% |
| Net Profit YoY | -1.8% | 55.4% |
| EPS (diluted) | $1.30 | $-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 | $696.4M | — | ||
| Q4 25 | $720.1M | $382.7M | ||
| Q3 25 | $698.2M | $347.1M | ||
| Q2 25 | $672.0M | $242.0M | ||
| Q1 25 | $624.9M | $274.2M | ||
| Q4 24 | $666.0M | $236.6M | ||
| Q3 24 | $654.9M | $242.2M | ||
| Q2 24 | $604.3M | $313.1M |
| Q1 26 | $51.0M | — | ||
| Q4 25 | $67.9M | $-7.4M | ||
| Q3 25 | $56.7M | $-8.9M | ||
| Q2 25 | $61.0M | $-19.8M | ||
| Q1 25 | $51.9M | $-24.5M | ||
| Q4 24 | $58.4M | $-16.6M | ||
| Q3 24 | $53.7M | $-15.0M | ||
| Q2 24 | $49.0M | $14.4M |
| Q1 26 | 37.1% | — | ||
| Q4 25 | 36.6% | 15.4% | ||
| Q3 25 | 37.7% | 14.3% | ||
| Q2 25 | 38.5% | 18.8% | ||
| Q1 25 | 39.3% | 16.6% | ||
| Q4 24 | 37.5% | 19.6% | ||
| Q3 24 | 37.3% | 19.9% | ||
| Q2 24 | 37.5% | 21.0% |
| Q1 26 | 11.2% | — | ||
| Q4 25 | 12.2% | 3.7% | ||
| Q3 25 | 10.9% | 1.8% | ||
| Q2 25 | 11.8% | 2.0% | ||
| Q1 25 | 11.6% | 1.2% | ||
| Q4 24 | 10.4% | 1.1% | ||
| Q3 24 | 11.5% | 2.4% | ||
| Q2 24 | 11.4% | 9.2% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 9.4% | -1.9% | ||
| Q3 25 | 8.1% | -2.6% | ||
| Q2 25 | 9.1% | -8.2% | ||
| Q1 25 | 8.3% | -8.9% | ||
| Q4 24 | 8.8% | -7.0% | ||
| Q3 24 | 8.2% | -6.2% | ||
| Q2 24 | 8.1% | 4.6% |
| Q1 26 | $1.30 | — | ||
| Q4 25 | $1.70 | $-0.57 | ||
| Q3 25 | $1.41 | $-0.71 | ||
| Q2 25 | $1.53 | $-1.67 | ||
| Q1 25 | $1.27 | $-1.89 | ||
| Q4 24 | $1.41 | $-0.72 | ||
| Q3 24 | $1.30 | $-1.18 | ||
| Q2 24 | $1.19 | $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 | $272.2M | $112.1M |
| Total DebtLower is stronger | $1.3B | $80.3M |
| Stockholders' EquityBook value | $1.3B | $-240.1M |
| Total Assets | — | $950.1M |
| Debt / EquityLower = less leverage | 0.98× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $272.2M | — | ||
| Q4 25 | $389.9M | $112.1M | ||
| Q3 25 | $314.3M | $35.5M | ||
| Q2 25 | $301.5M | $33.4M | ||
| Q1 25 | $259.0M | $33.3M | ||
| Q4 24 | $370.3M | $48.8M | ||
| Q3 24 | $323.0M | $51.0M | ||
| Q2 24 | $564.8M | $80.2M |
| Q1 26 | $1.3B | — | ||
| 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 26 | $1.3B | — | ||
| Q4 25 | $1.3B | $-240.1M | ||
| Q3 25 | $1.2B | $-233.3M | ||
| Q2 25 | $1.2B | $-224.8M | ||
| Q1 25 | $1.2B | $-204.2M | ||
| Q4 24 | $1.3B | $-180.4M | ||
| Q3 24 | $1.2B | $-163.1M | ||
| Q2 24 | $1.2B | $-149.0M |
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | $950.1M | ||
| Q3 25 | $3.4B | $913.2M | ||
| Q2 25 | $3.4B | $890.9M | ||
| Q1 25 | $3.3B | $868.0M | ||
| Q4 24 | $3.3B | $891.1M | ||
| Q3 24 | $3.3B | $897.2M | ||
| Q2 24 | $3.5B | $898.9M |
| Q1 26 | 0.98× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| 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 | — | $101.1M |
| Free Cash FlowOCF − Capex | $-63.1M | — |
| FCF MarginFCF / Revenue | -9.1% | — |
| Capex IntensityCapex / Revenue | 6.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $180.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $160.4M | $101.1M | ||
| Q3 25 | $105.0M | $19.2M | ||
| Q2 25 | $82.0M | $40.4M | ||
| Q1 25 | $7.4M | $-14.1M | ||
| Q4 24 | $174.7M | $41.4M | ||
| Q3 24 | $91.7M | $-28.4M | ||
| Q2 24 | $83.0M | $21.5M |
| Q1 26 | $-63.1M | — | ||
| Q4 25 | $121.3M | — | ||
| Q3 25 | $65.3M | $19.0M | ||
| Q2 25 | $56.9M | — | ||
| Q1 25 | $-24.8M | $-18.8M | ||
| Q4 24 | $116.4M | $34.2M | ||
| Q3 24 | $67.2M | $-31.5M | ||
| Q2 24 | $61.0M | $18.4M |
| Q1 26 | -9.1% | — | ||
| Q4 25 | 16.8% | — | ||
| Q3 25 | 9.4% | 5.5% | ||
| Q2 25 | 8.5% | — | ||
| Q1 25 | -4.0% | -6.9% | ||
| Q4 24 | 17.5% | 14.5% | ||
| Q3 24 | 10.3% | -13.0% | ||
| Q2 24 | 10.1% | 5.9% |
| Q1 26 | 6.4% | — | ||
| Q4 25 | 5.4% | — | ||
| Q3 25 | 5.7% | 0.1% | ||
| Q2 25 | 3.7% | — | ||
| Q1 25 | 5.2% | 1.7% | ||
| Q4 24 | 8.8% | 3.0% | ||
| Q3 24 | 3.7% | 1.3% | ||
| Q2 24 | 3.6% | 1.0% |
| Q1 26 | — | — | ||
| Q4 25 | 2.36× | — | ||
| Q3 25 | 1.85× | — | ||
| Q2 25 | 1.34× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 2.99× | — | ||
| Q3 24 | 1.71× | — | ||
| Q2 24 | 1.69× | 1.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDC
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% |
