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Side-by-side financial comparison of Douglas Elliman Inc. (DOUG) 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 $245.4M, roughly 1.6× Douglas Elliman Inc.). Douglas Elliman Inc. runs the higher net margin — 27.9% vs -1.9%, a 29.9% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 0.9%). Over the past eight quarters, Douglas Elliman Inc.'s revenue compounded faster (10.7% CAGR vs 10.2%).
Douglas Elliman Inc. is a leading U.S.-based residential real estate brokerage firm. It offers luxury property sales, rentals, property management, and advisory solutions, serving high-net-worth clients across key metro markets including New York, California, Florida, and Texas.
Innovate Corp. is an American public financial services company founded in 1994.
DOUG vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $245.4M | $382.7M |
| Net Profit | $68.6M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 27.3% | 3.7% |
| Net Margin | 27.9% | -1.9% |
| Revenue YoY | 0.9% | 61.7% |
| Net Profit YoY | 1243.4% | 55.4% |
| EPS (diluted) | $0.80 | $-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 | $245.4M | $382.7M | ||
| Q3 25 | $262.8M | $347.1M | ||
| Q2 25 | $271.4M | $242.0M | ||
| Q1 25 | $253.4M | $274.2M | ||
| Q4 24 | $243.3M | $236.6M | ||
| Q3 24 | $266.3M | $242.2M | ||
| Q2 24 | $285.8M | $313.1M | ||
| Q1 24 | $200.2M | $315.2M |
| Q4 25 | $68.6M | $-7.4M | ||
| Q3 25 | $-24.7M | $-8.9M | ||
| Q2 25 | $-22.7M | $-19.8M | ||
| Q1 25 | $-6.0M | $-24.5M | ||
| Q4 24 | $-6.0M | $-16.6M | ||
| Q3 24 | $-27.2M | $-15.0M | ||
| Q2 24 | $-1.7M | $14.4M | ||
| Q1 24 | $-41.5M | $-17.4M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | 27.3% | 3.7% | ||
| Q3 25 | -4.1% | 1.8% | ||
| Q2 25 | -2.0% | 2.0% | ||
| Q1 25 | -2.1% | 1.2% | ||
| Q4 24 | -6.7% | 1.1% | ||
| Q3 24 | -2.8% | 2.4% | ||
| Q2 24 | -1.3% | 9.2% | ||
| Q1 24 | -20.7% | 0.9% |
| Q4 25 | 27.9% | -1.9% | ||
| Q3 25 | -9.4% | -2.6% | ||
| Q2 25 | -8.4% | -8.2% | ||
| Q1 25 | -2.4% | -8.9% | ||
| Q4 24 | -2.5% | -7.0% | ||
| Q3 24 | -10.2% | -6.2% | ||
| Q2 24 | -0.6% | 4.6% | ||
| Q1 24 | -20.7% | -5.5% |
| Q4 25 | $0.80 | $-0.57 | ||
| Q3 25 | $-0.29 | $-0.71 | ||
| Q2 25 | $-0.27 | $-1.67 | ||
| Q1 25 | $-0.07 | $-1.89 | ||
| Q4 24 | $-0.06 | $-0.72 | ||
| Q3 24 | $-0.33 | $-1.18 | ||
| Q2 24 | $-0.02 | $1.03 | ||
| Q1 24 | $-0.50 | $-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 | $115.5M | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $183.9M | $-240.1M |
| Total Assets | $444.4M | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $115.5M | $112.1M | ||
| Q3 25 | $143.0M | $35.5M | ||
| Q2 25 | $136.3M | $33.4M | ||
| Q1 25 | $136.8M | $33.3M | ||
| Q4 24 | $145.5M | $48.8M | ||
| Q3 24 | $151.4M | $51.0M | ||
| Q2 24 | $92.9M | $80.2M | ||
| Q1 24 | $91.5M | $38.4M |
| 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 24 | — | $641.5M |
| Q4 25 | $183.9M | $-240.1M | ||
| Q3 25 | $115.1M | $-233.3M | ||
| Q2 25 | $137.6M | $-224.8M | ||
| Q1 25 | $158.2M | $-204.2M | ||
| Q4 24 | $162.2M | $-180.4M | ||
| Q3 24 | $173.6M | $-163.1M | ||
| Q2 24 | $196.9M | $-149.0M | ||
| Q1 24 | $195.1M | $-184.4M |
| Q4 25 | $444.4M | $950.1M | ||
| Q3 25 | $480.6M | $913.2M | ||
| Q2 25 | $489.0M | $890.9M | ||
| Q1 25 | $493.9M | $868.0M | ||
| Q4 24 | $493.9M | $891.1M | ||
| Q3 24 | $502.7M | $897.2M | ||
| Q2 24 | $463.9M | $898.9M | ||
| Q1 24 | $461.1M | $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 | $-14.4M | $101.1M |
| Free Cash FlowOCF − Capex | $-14.7M | — |
| FCF MarginFCF / Revenue | -6.0% | — |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | -0.21× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-17.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-14.4M | $101.1M | ||
| Q3 25 | $5.5M | $19.2M | ||
| Q2 25 | $642.0K | $40.4M | ||
| Q1 25 | $-5.6M | $-14.1M | ||
| Q4 24 | $-9.0M | $41.4M | ||
| Q3 24 | $9.0M | $-28.4M | ||
| Q2 24 | $1.3M | $21.5M | ||
| Q1 24 | $-27.3M | $-25.4M |
| Q4 25 | $-14.7M | — | ||
| Q3 25 | $4.7M | $19.0M | ||
| Q2 25 | $-575.0K | — | ||
| Q1 25 | $-6.7M | $-18.8M | ||
| Q4 24 | $-10.2M | $34.2M | ||
| Q3 24 | $7.7M | $-31.5M | ||
| Q2 24 | $432.0K | $18.4M | ||
| Q1 24 | $-29.4M | $-31.0M |
| Q4 25 | -6.0% | — | ||
| Q3 25 | 1.8% | 5.5% | ||
| Q2 25 | -0.2% | — | ||
| Q1 25 | -2.6% | -6.9% | ||
| Q4 24 | -4.2% | 14.5% | ||
| Q3 24 | 2.9% | -13.0% | ||
| Q2 24 | 0.2% | 5.9% | ||
| Q1 24 | -14.7% | -9.8% |
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.3% | 0.1% | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 0.4% | 1.7% | ||
| Q4 24 | 0.5% | 3.0% | ||
| Q3 24 | 0.5% | 1.3% | ||
| Q2 24 | 0.3% | 1.0% | ||
| Q1 24 | 1.0% | 1.8% |
| Q4 25 | -0.21× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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
DOUG
| Commissions And Other Brokerage Income | $240.3M | 98% |
| Property Management Income | $2.8M | 1% |
| Property Management | $2.2M | 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% |
