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Side-by-side financial comparison of Dine Brands Global, Inc. (DIN) 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 $217.6M, roughly 1.8× Dine Brands Global, Inc.). INNOVATE Corp. runs the higher net margin — -1.9% vs -5.6%, a 3.7% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 6.3%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs 2.7%).
Dine Brands Global Inc. is a publicly traded food and beverage company based in Pasadena, California. Founded in 1958 as IHOP, it operates franchised and corporate owned full-service restaurants including three restaurant concepts, Applebee's Neighborhood Grill & Bar, International House of Pancakes (IHOP), and Fuzzy's Taco Shop.
Innovate Corp. is an American public financial services company founded in 1994.
DIN vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.6M | $382.7M |
| Net Profit | $-12.2M | $-7.4M |
| Gross Margin | 42.4% | 15.4% |
| Operating Margin | -7.6% | 3.7% |
| Net Margin | -5.6% | -1.9% |
| Revenue YoY | 6.3% | 61.7% |
| Net Profit YoY | -336.1% | 55.4% |
| EPS (diluted) | $-0.79 | $-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 | $217.6M | $382.7M | ||
| Q3 25 | $216.2M | $347.1M | ||
| Q2 25 | $230.8M | $242.0M | ||
| Q1 25 | $214.8M | $274.2M | ||
| Q4 24 | $204.8M | $236.6M | ||
| Q3 24 | $195.0M | $242.2M | ||
| Q2 24 | $206.3M | $313.1M | ||
| Q1 24 | $206.2M | $315.2M |
| Q4 25 | $-12.2M | $-7.4M | ||
| Q3 25 | $7.3M | $-8.9M | ||
| Q2 25 | $13.8M | $-19.8M | ||
| Q1 25 | $8.2M | $-24.5M | ||
| Q4 24 | $5.2M | $-16.6M | ||
| Q3 24 | $19.1M | $-15.0M | ||
| Q2 24 | $23.2M | $14.4M | ||
| Q1 24 | $17.5M | $-17.4M |
| Q4 25 | 42.4% | 15.4% | ||
| Q3 25 | 39.1% | 14.3% | ||
| Q2 25 | 40.0% | 18.8% | ||
| Q1 25 | 42.0% | 16.6% | ||
| Q4 24 | 41.7% | 19.6% | ||
| Q3 24 | 47.8% | 19.9% | ||
| Q2 24 | 48.1% | 21.0% | ||
| Q1 24 | 47.2% | 15.4% |
| Q4 25 | -7.6% | 3.7% | ||
| Q3 25 | 4.7% | 1.8% | ||
| Q2 25 | 8.2% | 2.0% | ||
| Q1 25 | 6.0% | 1.2% | ||
| Q4 24 | 3.8% | 1.1% | ||
| Q3 24 | 13.6% | 2.4% | ||
| Q2 24 | 15.1% | 9.2% | ||
| Q1 24 | 11.7% | 0.9% |
| Q4 25 | -5.6% | -1.9% | ||
| Q3 25 | 3.4% | -2.6% | ||
| Q2 25 | 6.0% | -8.2% | ||
| Q1 25 | 3.8% | -8.9% | ||
| Q4 24 | 2.5% | -7.0% | ||
| Q3 24 | 9.8% | -6.2% | ||
| Q2 24 | 11.2% | 4.6% | ||
| Q1 24 | 8.5% | -5.5% |
| Q4 25 | $-0.79 | $-0.57 | ||
| Q3 25 | $0.48 | $-0.71 | ||
| Q2 25 | $0.89 | $-1.67 | ||
| Q1 25 | $0.53 | $-1.89 | ||
| Q4 24 | $0.35 | $-0.72 | ||
| Q3 24 | $1.24 | $-1.18 | ||
| Q2 24 | $1.50 | $1.03 | ||
| Q1 24 | $1.13 | $-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 | $128.2M | $112.1M |
| Total DebtLower is stronger | $1.2B | $80.3M |
| Stockholders' EquityBook value | $-273.9M | $-240.1M |
| Total Assets | $1.7B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $128.2M | $112.1M | ||
| Q3 25 | $167.9M | $35.5M | ||
| Q2 25 | $194.2M | $33.4M | ||
| Q1 25 | $186.5M | $33.3M | ||
| Q4 24 | $186.7M | $48.8M | ||
| Q3 24 | $169.6M | $51.0M | ||
| Q2 24 | $153.5M | $80.2M | ||
| Q1 24 | $145.0M | $38.4M |
| Q4 25 | $1.2B | $80.3M | ||
| Q3 25 | $1.2B | $97.3M | ||
| Q2 25 | $1.2B | $160.1M | ||
| Q1 25 | $1.2B | $139.9M | ||
| Q4 24 | $1.2B | $500.6M | ||
| Q3 24 | $1.2B | $502.4M | ||
| Q2 24 | $1.2B | $638.3M | ||
| Q1 24 | $1.2B | $641.5M |
| Q4 25 | $-273.9M | $-240.1M | ||
| Q3 25 | $-231.9M | $-233.3M | ||
| Q2 25 | $-212.5M | $-224.8M | ||
| Q1 25 | $-215.7M | $-204.2M | ||
| Q4 24 | $-216.0M | $-180.4M | ||
| Q3 24 | $-216.7M | $-163.1M | ||
| Q2 24 | $-231.7M | $-149.0M | ||
| Q1 24 | $-244.8M | $-184.4M |
| Q4 25 | $1.7B | $950.1M | ||
| Q3 25 | $1.8B | $913.2M | ||
| Q2 25 | $1.8B | $890.9M | ||
| Q1 25 | $1.8B | $868.0M | ||
| Q4 24 | $1.8B | $891.1M | ||
| Q3 24 | $1.7B | $897.2M | ||
| Q2 24 | $1.7B | $898.9M | ||
| Q1 24 | $1.7B | $943.5M |
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 | $5.7M | $101.1M |
| Free Cash FlowOCF − Capex | $-8.6M | — |
| FCF MarginFCF / Revenue | -3.9% | — |
| Capex IntensityCapex / Revenue | 6.6% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $53.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.7M | $101.1M | ||
| Q3 25 | $30.2M | $19.2M | ||
| Q2 25 | $37.0M | $40.4M | ||
| Q1 25 | $16.1M | $-14.1M | ||
| Q4 24 | $30.5M | $41.4M | ||
| Q3 24 | $25.5M | $-28.4M | ||
| Q2 24 | $21.6M | $21.5M | ||
| Q1 24 | $30.6M | $-25.4M |
| Q4 25 | $-8.6M | — | ||
| Q3 25 | $18.1M | $19.0M | ||
| Q2 25 | $31.0M | — | ||
| Q1 25 | $12.8M | $-18.8M | ||
| Q4 24 | $26.7M | $34.2M | ||
| Q3 24 | $22.0M | $-31.5M | ||
| Q2 24 | $18.2M | $18.4M | ||
| Q1 24 | $27.2M | $-31.0M |
| Q4 25 | -3.9% | — | ||
| Q3 25 | 8.4% | 5.5% | ||
| Q2 25 | 13.4% | — | ||
| Q1 25 | 6.0% | -6.9% | ||
| Q4 24 | 13.0% | 14.5% | ||
| Q3 24 | 11.3% | -13.0% | ||
| Q2 24 | 8.8% | 5.9% | ||
| Q1 24 | 13.2% | -9.8% |
| Q4 25 | 6.6% | — | ||
| Q3 25 | 5.6% | 0.1% | ||
| Q2 25 | 2.6% | — | ||
| Q1 25 | 1.5% | 1.7% | ||
| Q4 24 | 1.9% | 3.0% | ||
| Q3 24 | 1.8% | 1.3% | ||
| Q2 24 | 1.7% | 1.0% | ||
| Q1 24 | 1.6% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | 4.12× | — | ||
| Q2 25 | 2.68× | — | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 5.88× | — | ||
| Q3 24 | 1.34× | — | ||
| Q2 24 | 0.93× | 1.49× | ||
| Q1 24 | 1.75× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DIN
| Franchisor | $163.2M | 75% |
| Food And Beverage | $27.3M | 13% |
| Proprietary Product Sales And Other | $17.0M | 8% |
| Other | $8.1M | 4% |
| Franchise And Development Fees | $2.0M | 1% |
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% |
