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Side-by-side financial comparison of Barnes & Noble Education, Inc. (BNED) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
Barnes & Noble Education, Inc. is the larger business by last-quarter revenue ($598.2M vs $382.7M, roughly 1.6× INNOVATE Corp.). Barnes & Noble Education, Inc. runs the higher net margin — 4.2% vs -1.9%, a 6.1% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 6.9%). Over the past eight quarters, Barnes & Noble Education, Inc.'s revenue compounded faster (20.0% CAGR vs 10.2%).
Barnes & Noble Booksellers is an American bookseller with the largest number of retail outlets in the United States. The company operates approximately 700+ retail stores across the United States.
Innovate Corp. is an American public financial services company founded in 1994.
BNED vs VATE — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $598.2M | $382.7M |
| Net Profit | $25.0M | $-7.4M |
| Gross Margin | 21.7% | 15.4% |
| Operating Margin | 6.8% | 3.7% |
| Net Margin | 4.2% | -1.9% |
| Revenue YoY | 6.9% | 61.7% |
| Net Profit YoY | -49.7% | 55.4% |
| EPS (diluted) | $0.72 | $-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 | $598.2M | $382.7M | ||
| Q3 25 | $274.2M | $347.1M | ||
| Q2 25 | $233.0M | $242.0M | ||
| Q1 25 | $419.7M | $274.2M | ||
| Q4 24 | $559.7M | $236.6M | ||
| Q3 24 | $250.9M | $242.2M | ||
| Q2 24 | $192.7M | $313.1M | ||
| Q1 24 | $415.4M | $315.2M |
| Q4 25 | $25.0M | $-7.4M | ||
| Q3 25 | $-18.3M | $-8.9M | ||
| Q2 25 | $-23.0M | $-19.8M | ||
| Q1 25 | $17.9M | $-24.5M | ||
| Q4 24 | $43.2M | $-16.6M | ||
| Q3 24 | $-103.9M | $-15.0M | ||
| Q2 24 | $-41.9M | $14.4M | ||
| Q1 24 | $-9.3M | $-17.4M |
| Q4 25 | 21.7% | 15.4% | ||
| Q3 25 | 20.2% | 14.3% | ||
| Q2 25 | 30.3% | 18.8% | ||
| Q1 25 | 22.3% | 16.6% | ||
| Q4 24 | 23.0% | 19.6% | ||
| Q3 24 | 17.9% | 19.9% | ||
| Q2 24 | 28.7% | 21.0% | ||
| Q1 24 | 24.2% | 15.4% |
| Q4 25 | 6.8% | 3.7% | ||
| Q3 25 | -8.4% | 1.8% | ||
| Q2 25 | -4.9% | 2.0% | ||
| Q1 25 | 4.5% | 1.2% | ||
| Q4 24 | 8.4% | 1.1% | ||
| Q3 24 | -15.4% | 2.4% | ||
| Q2 24 | -16.3% | 9.2% | ||
| Q1 24 | 0.4% | 0.9% |
| Q4 25 | 4.2% | -1.9% | ||
| Q3 25 | -6.7% | -2.6% | ||
| Q2 25 | -9.9% | -8.2% | ||
| Q1 25 | 4.3% | -8.9% | ||
| Q4 24 | 7.7% | -7.0% | ||
| Q3 24 | -41.4% | -6.2% | ||
| Q2 24 | -21.7% | 4.6% | ||
| Q1 24 | -2.2% | -5.5% |
| Q4 25 | $0.72 | $-0.57 | ||
| Q3 25 | $-0.54 | $-0.71 | ||
| Q2 25 | $2.97 | $-1.67 | ||
| Q1 25 | $0.59 | $-1.89 | ||
| Q4 24 | $1.63 | $-0.72 | ||
| Q3 24 | $-7.69 | $-1.18 | ||
| Q2 24 | $-15.68 | $1.03 | ||
| Q1 24 | $-3.49 | $-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 | $11.7M | $112.1M |
| Total DebtLower is stronger | $122.5M | $80.3M |
| Stockholders' EquityBook value | $283.2M | $-240.1M |
| Total Assets | $1.1B | $950.1M |
| Debt / EquityLower = less leverage | 0.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.7M | $112.1M | ||
| Q3 25 | $7.3M | $35.5M | ||
| Q2 25 | $9.1M | $33.4M | ||
| Q1 25 | $9.2M | $33.3M | ||
| Q4 24 | $11.6M | $48.8M | ||
| Q3 24 | $8.2M | $51.0M | ||
| Q2 24 | $10.5M | $80.2M | ||
| Q1 24 | $8.1M | $38.4M |
| Q4 25 | $122.5M | $80.3M | ||
| Q3 25 | $170.0M | $97.3M | ||
| Q2 25 | $103.1M | $160.1M | ||
| Q1 25 | $141.2M | $139.9M | ||
| Q4 24 | $177.6M | $500.6M | ||
| Q3 24 | $221.9M | $502.4M | ||
| Q2 24 | $196.3M | $638.3M | ||
| Q1 24 | $30.2M | $641.5M |
| Q4 25 | $283.2M | $-240.1M | ||
| Q3 25 | $256.5M | $-233.3M | ||
| Q2 25 | $272.2M | $-224.8M | ||
| Q1 25 | $292.9M | $-204.2M | ||
| Q4 24 | $211.4M | $-180.4M | ||
| Q3 24 | $149.8M | $-163.1M | ||
| Q2 24 | $80.4M | $-149.0M | ||
| Q1 24 | $121.5M | $-184.4M |
| Q4 25 | $1.1B | $950.1M | ||
| Q3 25 | $950.8M | $913.2M | ||
| Q2 25 | $790.3M | $890.9M | ||
| Q1 25 | $1.1B | $868.0M | ||
| Q4 24 | $1.0B | $891.1M | ||
| Q3 24 | $973.2M | $897.2M | ||
| Q2 24 | $909.9M | $898.9M | ||
| Q1 24 | $1.2B | $943.5M |
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.38× | — | ||
| Q1 25 | 0.48× | — | ||
| Q4 24 | 0.84× | — | ||
| Q3 24 | 1.48× | — | ||
| Q2 24 | 2.44× | — | ||
| Q1 24 | 0.25× | — |
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 | $66.2M | $101.1M |
| Free Cash FlowOCF − Capex | $61.9M | — |
| FCF MarginFCF / Revenue | 10.4% | — |
| Capex IntensityCapex / Revenue | 0.7% | — |
| Cash ConversionOCF / Net Profit | 2.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-4.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.2M | $101.1M | ||
| Q3 25 | $-67.6M | $19.2M | ||
| Q2 25 | $52.6M | $40.4M | ||
| Q1 25 | $-41.9M | $-14.1M | ||
| Q4 24 | $47.4M | $41.4M | ||
| Q3 24 | $-143.5M | $-28.4M | ||
| Q2 24 | $81.7M | $21.5M | ||
| Q1 24 | $-35.8M | $-25.4M |
| Q4 25 | $61.9M | — | ||
| Q3 25 | $-71.3M | $19.0M | ||
| Q2 25 | $49.5M | — | ||
| Q1 25 | $-44.7M | $-18.8M | ||
| Q4 24 | $44.4M | $34.2M | ||
| Q3 24 | $-147.5M | $-31.5M | ||
| Q2 24 | $79.1M | $18.4M | ||
| Q1 24 | $-39.0M | $-31.0M |
| Q4 25 | 10.4% | — | ||
| Q3 25 | -26.0% | 5.5% | ||
| Q2 25 | 21.3% | — | ||
| Q1 25 | -10.7% | -6.9% | ||
| Q4 24 | 7.9% | 14.5% | ||
| Q3 24 | -58.8% | -13.0% | ||
| Q2 24 | 41.1% | 5.9% | ||
| Q1 24 | -9.4% | -9.8% |
| Q4 25 | 0.7% | — | ||
| Q3 25 | 1.4% | 0.1% | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | 0.7% | 1.7% | ||
| Q4 24 | 0.5% | 3.0% | ||
| Q3 24 | 1.6% | 1.3% | ||
| Q2 24 | 1.4% | 1.0% | ||
| Q1 24 | 0.8% | 1.8% |
| Q4 25 | 2.65× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -2.34× | — | ||
| Q4 24 | 1.10× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNED
| Course Materials Product | $459.3M | 77% |
| General Merchandise Product | $112.9M | 19% |
| Serviceand Other | $26.1M | 4% |
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% |
