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Side-by-side financial comparison of Distribution Solutions Group, Inc. (DSGR) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
Distribution Solutions Group, Inc. is the larger business by last-quarter revenue ($518.0M vs $382.7M, roughly 1.4× INNOVATE Corp.). Distribution Solutions Group, Inc. runs the higher net margin — 1.2% vs -1.9%, a 3.2% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 10.7%). Over the past eight quarters, Distribution Solutions Group, Inc.'s revenue compounded faster (13.1% CAGR vs 10.2%).
Univar Solutions Inc. is a global chemical and ingredients distributor and provider of value-added services.
Innovate Corp. is an American public financial services company founded in 1994.
DSGR vs VATE — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $518.0M | $382.7M |
| Net Profit | $6.5M | $-7.4M |
| Gross Margin | 32.9% | 15.4% |
| Operating Margin | 4.6% | 3.7% |
| Net Margin | 1.2% | -1.9% |
| Revenue YoY | 10.7% | 61.7% |
| Net Profit YoY | -70.6% | 55.4% |
| EPS (diluted) | $0.14 | $-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 | $518.0M | $347.1M | ||
| Q2 25 | $502.4M | $242.0M | ||
| Q1 25 | $478.0M | $274.2M | ||
| Q4 24 | $480.5M | $236.6M | ||
| Q3 24 | $468.0M | $242.2M | ||
| Q2 24 | $439.5M | $313.1M | ||
| Q1 24 | $416.1M | $315.2M |
| Q4 25 | — | $-7.4M | ||
| Q3 25 | $6.5M | $-8.9M | ||
| Q2 25 | $5.0M | $-19.8M | ||
| Q1 25 | $3.3M | $-24.5M | ||
| Q4 24 | $-25.9M | $-16.6M | ||
| Q3 24 | $21.9M | $-15.0M | ||
| Q2 24 | $1.9M | $14.4M | ||
| Q1 24 | $-5.2M | $-17.4M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | 32.9% | 14.3% | ||
| Q2 25 | 33.9% | 18.8% | ||
| Q1 25 | 34.3% | 16.6% | ||
| Q4 24 | 33.3% | 19.6% | ||
| Q3 24 | 33.9% | 19.9% | ||
| Q2 24 | 34.5% | 21.0% | ||
| Q1 24 | 34.5% | 15.4% |
| Q4 25 | — | 3.7% | ||
| Q3 25 | 4.6% | 1.8% | ||
| Q2 25 | 5.3% | 2.0% | ||
| Q1 25 | 4.2% | 1.2% | ||
| Q4 24 | 4.2% | 1.1% | ||
| Q3 24 | 4.0% | 2.4% | ||
| Q2 24 | 3.2% | 9.2% | ||
| Q1 24 | 0.7% | 0.9% |
| Q4 25 | — | -1.9% | ||
| Q3 25 | 1.2% | -2.6% | ||
| Q2 25 | 1.0% | -8.2% | ||
| Q1 25 | 0.7% | -8.9% | ||
| Q4 24 | -5.4% | -7.0% | ||
| Q3 24 | 4.7% | -6.2% | ||
| Q2 24 | 0.4% | 4.6% | ||
| Q1 24 | -1.3% | -5.5% |
| Q4 25 | — | $-0.57 | ||
| Q3 25 | $0.14 | $-0.71 | ||
| Q2 25 | $0.11 | $-1.67 | ||
| Q1 25 | $0.07 | $-1.89 | ||
| Q4 24 | $-0.55 | $-0.72 | ||
| Q3 24 | $0.46 | $-1.18 | ||
| Q2 24 | $0.04 | $1.03 | ||
| Q1 24 | $-0.11 | $-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 | $69.2M | $112.1M |
| Total DebtLower is stronger | $665.5M | $80.3M |
| Stockholders' EquityBook value | $653.9M | $-240.1M |
| Total Assets | $1.8B | $950.1M |
| Debt / EquityLower = less leverage | 1.02× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $112.1M | ||
| Q3 25 | $69.2M | $35.5M | ||
| Q2 25 | $47.4M | $33.4M | ||
| Q1 25 | $65.4M | $33.3M | ||
| Q4 24 | $66.5M | $48.8M | ||
| Q3 24 | $61.3M | $51.0M | ||
| Q2 24 | $46.8M | $80.2M | ||
| Q1 24 | $73.1M | $38.4M |
| Q4 25 | — | $80.3M | ||
| Q3 25 | $665.5M | $97.3M | ||
| Q2 25 | $675.0M | $160.1M | ||
| Q1 25 | $712.4M | $139.9M | ||
| Q4 24 | $693.9M | $500.6M | ||
| Q3 24 | $704.1M | $502.4M | ||
| Q2 24 | $573.7M | $638.3M | ||
| Q1 24 | $535.7M | $641.5M |
| Q4 25 | — | $-240.1M | ||
| Q3 25 | $653.9M | $-233.3M | ||
| Q2 25 | $649.4M | $-224.8M | ||
| Q1 25 | $636.7M | $-204.2M | ||
| Q4 24 | $640.5M | $-180.4M | ||
| Q3 24 | $680.8M | $-163.1M | ||
| Q2 24 | $653.3M | $-149.0M | ||
| Q1 24 | $654.7M | $-184.4M |
| Q4 25 | — | $950.1M | ||
| Q3 25 | $1.8B | $913.2M | ||
| Q2 25 | $1.8B | $890.9M | ||
| Q1 25 | $1.8B | $868.0M | ||
| Q4 24 | $1.7B | $891.1M | ||
| Q3 24 | $1.8B | $897.2M | ||
| Q2 24 | $1.6B | $898.9M | ||
| Q1 24 | $1.5B | $943.5M |
| Q4 25 | — | — | ||
| Q3 25 | 1.02× | — | ||
| Q2 25 | 1.04× | — | ||
| Q1 25 | 1.12× | — | ||
| Q4 24 | 1.08× | — | ||
| Q3 24 | 1.03× | — | ||
| Q2 24 | 0.88× | — | ||
| Q1 24 | 0.82× | — |
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 | $38.4M | $101.1M |
| Free Cash FlowOCF − Capex | $32.9M | — |
| FCF MarginFCF / Revenue | 6.3% | — |
| Capex IntensityCapex / Revenue | 1.1% | — |
| Cash ConversionOCF / Net Profit | 5.95× | — |
| TTM Free Cash FlowTrailing 4 quarters | $92.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $101.1M | ||
| Q3 25 | $38.4M | $19.2M | ||
| Q2 25 | $33.3M | $40.4M | ||
| Q1 25 | $-4.8M | $-14.1M | ||
| Q4 24 | $45.7M | $41.4M | ||
| Q3 24 | $-17.3M | $-28.4M | ||
| Q2 24 | $21.4M | $21.5M | ||
| Q1 24 | $6.6M | $-25.4M |
| Q4 25 | — | — | ||
| Q3 25 | $32.9M | $19.0M | ||
| Q2 25 | $28.7M | — | ||
| Q1 25 | $-10.4M | $-18.8M | ||
| Q4 24 | $41.1M | $34.2M | ||
| Q3 24 | $-20.5M | $-31.5M | ||
| Q2 24 | $18.0M | $18.4M | ||
| Q1 24 | $4.2M | $-31.0M |
| Q4 25 | — | — | ||
| Q3 25 | 6.3% | 5.5% | ||
| Q2 25 | 5.7% | — | ||
| Q1 25 | -2.2% | -6.9% | ||
| Q4 24 | 8.6% | 14.5% | ||
| Q3 24 | -4.4% | -13.0% | ||
| Q2 24 | 4.1% | 5.9% | ||
| Q1 24 | 1.0% | -9.8% |
| Q4 25 | — | — | ||
| Q3 25 | 1.1% | 0.1% | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 1.2% | 1.7% | ||
| Q4 24 | 1.0% | 3.0% | ||
| Q3 24 | 0.7% | 1.3% | ||
| Q2 24 | 0.8% | 1.0% | ||
| Q1 24 | 0.6% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | 5.95× | — | ||
| Q2 25 | 6.66× | — | ||
| Q1 25 | -1.46× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.79× | — | ||
| Q2 24 | 11.28× | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DSGR
| Test Equity Segment | $206.5M | 40% |
| Gexpro Services Segment | $130.5M | 25% |
| Lawson Segment | $121.5M | 23% |
| Canada Branch Division Segment | $60.0M | 12% |
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% |
