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Side-by-side financial comparison of Clearwater Paper Corp (CLW) 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 $360.3M, roughly 1.1× Clearwater Paper Corp). INNOVATE Corp. runs the higher net margin — -1.9% vs -3.6%, a 1.6% 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 2.3%).
Clearwater Paper Corporation is an American pulp and paperboard manufacturer. The company was created on December 9, 2008, via a spin-off from Potlatch Corporation and is headquartered in Spokane, Washington.
Innovate Corp. is an American public financial services company founded in 1994.
CLW vs VATE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $360.3M | $382.7M |
| Net Profit | $-12.8M | $-7.4M |
| Gross Margin | -0.2% | 15.4% |
| Operating Margin | — | 3.7% |
| Net Margin | -3.6% | -1.9% |
| Revenue YoY | -4.7% | 61.7% |
| Net Profit YoY | -103.2% | 55.4% |
| EPS (diluted) | — | $-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 | $360.3M | — | ||
| Q4 25 | $386.4M | $382.7M | ||
| Q3 25 | $399.0M | $347.1M | ||
| Q2 25 | $391.8M | $242.0M | ||
| Q1 25 | $378.2M | $274.2M | ||
| Q4 24 | $387.1M | $236.6M | ||
| Q3 24 | $393.3M | $242.2M | ||
| Q2 24 | $344.4M | $313.1M |
| Q1 26 | $-12.8M | — | ||
| Q4 25 | $38.3M | $-7.4M | ||
| Q3 25 | $-53.3M | $-8.9M | ||
| Q2 25 | $2.7M | $-19.8M | ||
| Q1 25 | $-6.3M | $-24.5M | ||
| Q4 24 | $199.1M | $-16.6M | ||
| Q3 24 | $5.8M | $-15.0M | ||
| Q2 24 | $-25.8M | $14.4M |
| Q1 26 | -0.2% | — | ||
| Q4 25 | 4.5% | 15.4% | ||
| Q3 25 | 4.7% | 14.3% | ||
| Q2 25 | 11.0% | 18.8% | ||
| Q1 25 | 9.7% | 16.6% | ||
| Q4 24 | 3.8% | 19.6% | ||
| Q3 24 | 7.7% | 19.9% | ||
| Q2 24 | -0.6% | 21.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 3.7% | ||
| Q3 25 | -13.9% | 1.8% | ||
| Q2 25 | 2.5% | 2.0% | ||
| Q1 25 | -1.1% | 1.2% | ||
| Q4 24 | -4.0% | 1.1% | ||
| Q3 24 | -0.3% | 2.4% | ||
| Q2 24 | -13.6% | 9.2% |
| Q1 26 | -3.6% | — | ||
| Q4 25 | 9.9% | -1.9% | ||
| Q3 25 | -13.4% | -2.6% | ||
| Q2 25 | 0.7% | -8.2% | ||
| Q1 25 | -1.7% | -8.9% | ||
| Q4 24 | 51.4% | -7.0% | ||
| Q3 24 | 1.5% | -6.2% | ||
| Q2 24 | -7.5% | 4.6% |
| Q1 26 | — | — | ||
| Q4 25 | $2.36 | $-0.57 | ||
| Q3 25 | $-3.30 | $-0.71 | ||
| Q2 25 | $0.17 | $-1.67 | ||
| Q1 25 | $-0.38 | $-1.89 | ||
| Q4 24 | $11.87 | $-0.72 | ||
| Q3 24 | $0.35 | $-1.18 | ||
| Q2 24 | $-1.55 | $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 | $36.5M | $112.1M |
| Total DebtLower is stronger | $361.1M | $80.3M |
| Stockholders' EquityBook value | $813.8M | $-240.1M |
| Total Assets | $1.6B | $950.1M |
| Debt / EquityLower = less leverage | 0.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.5M | — | ||
| Q4 25 | $30.7M | $112.1M | ||
| Q3 25 | $34.4M | $35.5M | ||
| Q2 25 | $46.7M | $33.4M | ||
| Q1 25 | $44.0M | $33.3M | ||
| Q4 24 | $79.6M | $48.8M | ||
| Q3 24 | $35.5M | $51.0M | ||
| Q2 24 | $39.6M | $80.2M |
| Q1 26 | $361.1M | — | ||
| Q4 25 | $346.8M | $80.3M | ||
| Q3 25 | $337.0M | $97.3M | ||
| Q2 25 | $330.1M | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | $283.4M | $500.6M | ||
| Q3 24 | $1.2B | $502.4M | ||
| Q2 24 | $1.1B | $638.3M |
| Q1 26 | $813.8M | — | ||
| Q4 25 | $825.3M | $-240.1M | ||
| Q3 25 | $783.0M | $-233.3M | ||
| Q2 25 | $836.8M | $-224.8M | ||
| Q1 25 | $836.6M | $-204.2M | ||
| Q4 24 | $854.6M | $-180.4M | ||
| Q3 24 | $664.6M | $-163.1M | ||
| Q2 24 | $658.6M | $-149.0M |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $950.1M | ||
| Q3 25 | $1.6B | $913.2M | ||
| Q2 25 | $1.6B | $890.9M | ||
| Q1 25 | $1.6B | $868.0M | ||
| Q4 24 | $1.7B | $891.1M | ||
| Q3 24 | $2.5B | $897.2M | ||
| Q2 24 | $2.5B | $898.9M |
| Q1 26 | 0.44× | — | ||
| Q4 25 | 0.42× | — | ||
| Q3 25 | 0.43× | — | ||
| Q2 25 | 0.39× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.33× | — | ||
| Q3 24 | 1.73× | — | ||
| Q2 24 | 1.74× | — |
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 | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $5.0M | $101.1M | ||
| Q3 25 | $34.0M | $19.2M | ||
| Q2 25 | $-28.2M | $40.4M | ||
| Q1 25 | $1.5M | $-14.1M | ||
| Q4 24 | $-35.1M | $41.4M | ||
| Q3 24 | $16.2M | $-28.4M | ||
| Q2 24 | $21.1M | $21.5M |
| Q1 26 | — | — | ||
| Q4 25 | $-9.9M | — | ||
| Q3 25 | $15.7M | $19.0M | ||
| Q2 25 | $-51.1M | — | ||
| Q1 25 | $-31.2M | $-18.8M | ||
| Q4 24 | $-68.1M | $34.2M | ||
| Q3 24 | $-30.8M | $-31.5M | ||
| Q2 24 | $3.0M | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | -2.6% | — | ||
| Q3 25 | 3.9% | 5.5% | ||
| Q2 25 | -13.0% | — | ||
| Q1 25 | -8.2% | -6.9% | ||
| Q4 24 | -17.6% | 14.5% | ||
| Q3 24 | -7.8% | -13.0% | ||
| Q2 24 | 0.9% | 5.9% |
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | — | ||
| Q3 25 | 4.6% | 0.1% | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | 8.6% | 1.7% | ||
| Q4 24 | 8.5% | 3.0% | ||
| Q3 24 | 12.0% | 1.3% | ||
| Q2 24 | 5.3% | 1.0% |
| Q1 26 | — | — | ||
| Q4 25 | 0.13× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -10.44× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.18× | — | ||
| Q3 24 | 2.79× | — | ||
| Q2 24 | — | 1.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLW
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% |
