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Side-by-side financial comparison of B&G Foods, Inc. (BGS) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
B&G Foods, Inc. is the larger business by last-quarter revenue ($439.3M vs $382.7M, roughly 1.1× INNOVATE Corp.). INNOVATE Corp. runs the higher net margin — -1.9% vs -4.4%, a 2.4% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -4.7%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs -12.8%).
B&G Foods, Inc. is an American branded foods holding company based in Parsippany, New Jersey. The company was formed in 1996 to acquire Bloch & Guggenheimer, a Manhattan-based producer of pickles, relish and condiments which had been founded in 1889.
Innovate Corp. is an American public financial services company founded in 1994.
BGS vs VATE — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $439.3M | $382.7M |
| Net Profit | $-19.1M | $-7.4M |
| Gross Margin | 22.5% | 15.4% |
| Operating Margin | 2.5% | 3.7% |
| Net Margin | -4.4% | -1.9% |
| Revenue YoY | -4.7% | 61.7% |
| Net Profit YoY | -356.5% | 55.4% |
| EPS (diluted) | $-0.24 | $-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 | — | $382.7M | ||
| Q3 25 | $439.3M | $347.1M | ||
| Q2 25 | $424.4M | $242.0M | ||
| Q1 25 | $425.4M | $274.2M | ||
| Q4 24 | $551.6M | $236.6M | ||
| Q3 24 | $461.1M | $242.2M | ||
| Q2 24 | $444.6M | $313.1M | ||
| Q1 24 | $475.2M | $315.2M |
| Q4 25 | — | $-7.4M | ||
| Q3 25 | $-19.1M | $-8.9M | ||
| Q2 25 | $-9.8M | $-19.8M | ||
| Q1 25 | $835.0K | $-24.5M | ||
| Q4 24 | $-222.4M | $-16.6M | ||
| Q3 24 | $7.5M | $-15.0M | ||
| Q2 24 | $3.9M | $14.4M | ||
| Q1 24 | $-40.2M | $-17.4M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | 22.5% | 14.3% | ||
| Q2 25 | 20.5% | 18.8% | ||
| Q1 25 | 21.2% | 16.6% | ||
| Q4 24 | 21.5% | 19.6% | ||
| Q3 24 | 22.2% | 19.9% | ||
| Q2 24 | 20.7% | 21.0% | ||
| Q1 24 | 22.9% | 15.4% |
| Q4 25 | — | 3.7% | ||
| Q3 25 | 2.5% | 1.8% | ||
| Q2 25 | 5.2% | 2.0% | ||
| Q1 25 | 8.4% | 1.2% | ||
| Q4 24 | -46.6% | 1.1% | ||
| Q3 24 | 11.1% | 2.4% | ||
| Q2 24 | 9.9% | 9.2% | ||
| Q1 24 | -3.3% | 0.9% |
| Q4 25 | — | -1.9% | ||
| Q3 25 | -4.4% | -2.6% | ||
| Q2 25 | -2.3% | -8.2% | ||
| Q1 25 | 0.2% | -8.9% | ||
| Q4 24 | -40.3% | -7.0% | ||
| Q3 24 | 1.6% | -6.2% | ||
| Q2 24 | 0.9% | 4.6% | ||
| Q1 24 | -8.5% | -5.5% |
| Q4 25 | — | $-0.57 | ||
| Q3 25 | $-0.24 | $-0.71 | ||
| Q2 25 | $-0.12 | $-1.67 | ||
| Q1 25 | $0.01 | $-1.89 | ||
| Q4 24 | $-2.81 | $-0.72 | ||
| Q3 24 | $0.09 | $-1.18 | ||
| Q2 24 | $0.05 | $1.03 | ||
| Q1 24 | $-0.51 | $-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 | $60.9M | $112.1M |
| Total DebtLower is stronger | $2.0B | $80.3M |
| Stockholders' EquityBook value | $470.7M | $-240.1M |
| Total Assets | $2.9B | $950.1M |
| Debt / EquityLower = less leverage | 4.30× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $112.1M | ||
| Q3 25 | $60.9M | $35.5M | ||
| Q2 25 | $54.1M | $33.4M | ||
| Q1 25 | $61.2M | $33.3M | ||
| Q4 24 | $50.6M | $48.8M | ||
| Q3 24 | $54.7M | $51.0M | ||
| Q2 24 | $40.3M | $80.2M | ||
| Q1 24 | $42.5M | $38.4M |
| Q4 25 | — | $80.3M | ||
| Q3 25 | $2.0B | $97.3M | ||
| Q2 25 | $2.0B | $160.1M | ||
| Q1 25 | $2.0B | $139.9M | ||
| Q4 24 | $2.0B | $500.6M | ||
| Q3 24 | $2.1B | $502.4M | ||
| Q2 24 | $2.0B | $638.3M | ||
| Q1 24 | $2.0B | $641.5M |
| Q4 25 | — | $-240.1M | ||
| Q3 25 | $470.7M | $-233.3M | ||
| Q2 25 | $501.4M | $-224.8M | ||
| Q1 25 | $513.1M | $-204.2M | ||
| Q4 24 | $524.8M | $-180.4M | ||
| Q3 24 | $755.3M | $-163.1M | ||
| Q2 24 | $765.0M | $-149.0M | ||
| Q1 24 | $781.2M | $-184.4M |
| Q4 25 | — | $950.1M | ||
| Q3 25 | $2.9B | $913.2M | ||
| Q2 25 | $2.9B | $890.9M | ||
| Q1 25 | $3.0B | $868.0M | ||
| Q4 24 | $3.0B | $891.1M | ||
| Q3 24 | $3.4B | $897.2M | ||
| Q2 24 | $3.4B | $898.9M | ||
| Q1 24 | $3.4B | $943.5M |
| Q4 25 | — | — | ||
| Q3 25 | 4.30× | — | ||
| Q2 25 | 3.97× | — | ||
| Q1 25 | 3.91× | — | ||
| Q4 24 | 3.85× | — | ||
| Q3 24 | 2.75× | — | ||
| Q2 24 | 2.67× | — | ||
| Q1 24 | 2.61× | — |
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 | $-64.6M | $101.1M |
| Free Cash FlowOCF − Capex | $-70.7M | — |
| FCF MarginFCF / Revenue | -16.1% | — |
| Capex IntensityCapex / Revenue | 1.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $54.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $101.1M | ||
| Q3 25 | $-64.6M | $19.2M | ||
| Q2 25 | $17.8M | $40.4M | ||
| Q1 25 | $52.7M | $-14.1M | ||
| Q4 24 | $80.3M | $41.4M | ||
| Q3 24 | $4.2M | $-28.4M | ||
| Q2 24 | $11.3M | $21.5M | ||
| Q1 24 | $35.1M | $-25.4M |
| Q4 25 | — | — | ||
| Q3 25 | $-70.7M | $19.0M | ||
| Q2 25 | $11.5M | — | ||
| Q1 25 | $42.4M | $-18.8M | ||
| Q4 24 | $71.7M | $34.2M | ||
| Q3 24 | $-679.0K | $-31.5M | ||
| Q2 24 | $5.2M | $18.4M | ||
| Q1 24 | $27.5M | $-31.0M |
| Q4 25 | — | — | ||
| Q3 25 | -16.1% | 5.5% | ||
| Q2 25 | 2.7% | — | ||
| Q1 25 | 10.0% | -6.9% | ||
| Q4 24 | 13.0% | 14.5% | ||
| Q3 24 | -0.1% | -13.0% | ||
| Q2 24 | 1.2% | 5.9% | ||
| Q1 24 | 5.8% | -9.8% |
| Q4 25 | — | — | ||
| Q3 25 | 1.4% | 0.1% | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 2.4% | 1.7% | ||
| Q4 24 | 1.6% | 3.0% | ||
| Q3 24 | 1.0% | 1.3% | ||
| Q2 24 | 1.4% | 1.0% | ||
| Q1 24 | 1.6% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 63.17× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.56× | — | ||
| Q2 24 | 2.87× | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BGS
| Specialty Segment | $150.5M | 34% |
| Meals Segment | $110.0M | 25% |
| Spices And Flavor Solutions Segment | $101.4M | 23% |
| Frozen And Vegetables Segment | $77.4M | 18% |
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% |
