vs
Side-by-side financial comparison of ENCORE CAPITAL GROUP INC (ECPG) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
ENCORE CAPITAL GROUP INC is the larger business by last-quarter revenue ($473.6M vs $382.7M, roughly 1.2× INNOVATE Corp.). ENCORE CAPITAL GROUP INC runs the higher net margin — 16.2% vs -1.9%, a 18.1% gap on every dollar of revenue. On growth, ENCORE CAPITAL GROUP INC posted the faster year-over-year revenue change (78.3% vs 61.7%). Over the past eight quarters, ENCORE CAPITAL GROUP INC's revenue compounded faster (20.1% CAGR vs 10.2%).
Encore Capital Group, Inc. is a publicly traded debt buyer based in the United States. The company is headquartered in San Diego, and operates throughout the United States. The firm is a publicly traded NASDAQ Global Select company (ECPG), a component stock of the Russell 2000, the S&P SmallCap 600, and the Wilshire 4500.
Innovate Corp. is an American public financial services company founded in 1994.
ECPG vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $473.6M | $382.7M |
| Net Profit | $76.7M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 36.6% | 3.7% |
| Net Margin | 16.2% | -1.9% |
| Revenue YoY | 78.3% | 61.7% |
| Net Profit YoY | — | 55.4% |
| EPS (diluted) | $3.32 | $-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 | $473.6M | $382.7M | ||
| Q3 25 | $460.4M | $347.1M | ||
| Q2 25 | $442.1M | $242.0M | ||
| Q1 25 | $392.8M | $274.2M | ||
| Q4 24 | $265.6M | $236.6M | ||
| Q3 24 | $367.1M | $242.2M | ||
| Q2 24 | $355.3M | $313.1M | ||
| Q1 24 | $328.4M | $315.2M |
| Q4 25 | $76.7M | $-7.4M | ||
| Q3 25 | $74.7M | $-8.9M | ||
| Q2 25 | $58.7M | $-19.8M | ||
| Q1 25 | $46.8M | $-24.5M | ||
| Q4 24 | — | $-16.6M | ||
| Q3 24 | $30.6M | $-15.0M | ||
| Q2 24 | $32.2M | $14.4M | ||
| Q1 24 | $23.2M | $-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 | 36.6% | 3.7% | ||
| Q3 25 | 37.6% | 1.8% | ||
| Q2 25 | 34.1% | 2.0% | ||
| Q1 25 | 32.9% | 1.2% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 28.9% | 2.4% | ||
| Q2 24 | 28.7% | 9.2% | ||
| Q1 24 | 25.5% | 0.9% |
| Q4 25 | 16.2% | -1.9% | ||
| Q3 25 | 16.2% | -2.6% | ||
| Q2 25 | 13.3% | -8.2% | ||
| Q1 25 | 11.9% | -8.9% | ||
| Q4 24 | — | -7.0% | ||
| Q3 24 | 8.3% | -6.2% | ||
| Q2 24 | 9.1% | 4.6% | ||
| Q1 24 | 7.1% | -5.5% |
| Q4 25 | $3.32 | $-0.57 | ||
| Q3 25 | $3.17 | $-0.71 | ||
| Q2 25 | $2.49 | $-1.67 | ||
| Q1 25 | $1.93 | $-1.89 | ||
| Q4 24 | — | $-0.72 | ||
| Q3 24 | $1.26 | $-1.18 | ||
| Q2 24 | $1.34 | $1.03 | ||
| Q1 24 | $0.95 | $-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 | $156.8M | $112.1M |
| Total DebtLower is stronger | $4.0B | $80.3M |
| Stockholders' EquityBook value | $976.8M | $-240.1M |
| Total Assets | $5.3B | $950.1M |
| Debt / EquityLower = less leverage | 4.13× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $156.8M | $112.1M | ||
| Q3 25 | $172.5M | $35.5M | ||
| Q2 25 | $172.9M | $33.4M | ||
| Q1 25 | $187.1M | $33.3M | ||
| Q4 24 | $199.9M | $48.8M | ||
| Q3 24 | $247.4M | $51.0M | ||
| Q2 24 | $250.6M | $80.2M | ||
| Q1 24 | $173.0M | $38.4M |
| Q4 25 | $4.0B | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | $3.7B | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $976.8M | $-240.1M | ||
| Q3 25 | $952.9M | $-233.3M | ||
| Q2 25 | $896.0M | $-224.8M | ||
| Q1 25 | $819.1M | $-204.2M | ||
| Q4 24 | $767.3M | $-180.4M | ||
| Q3 24 | $1.0B | $-163.1M | ||
| Q2 24 | $988.1M | $-149.0M | ||
| Q1 24 | $953.9M | $-184.4M |
| Q4 25 | $5.3B | $950.1M | ||
| Q3 25 | $5.3B | $913.2M | ||
| Q2 25 | $5.2B | $890.9M | ||
| Q1 25 | $5.0B | $868.0M | ||
| Q4 24 | $4.8B | $891.1M | ||
| Q3 24 | $5.0B | $897.2M | ||
| Q2 24 | $4.8B | $898.9M | ||
| Q1 24 | $4.7B | $943.5M |
| Q4 25 | 4.13× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.83× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $153.2M | $101.1M |
| Free Cash FlowOCF − Capex | $126.9M | — |
| FCF MarginFCF / Revenue | 26.8% | — |
| Capex IntensityCapex / Revenue | 5.5% | — |
| Cash ConversionOCF / Net Profit | 2.00× | — |
| TTM Free Cash FlowTrailing 4 quarters | $244.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $153.2M | $101.1M | ||
| Q3 25 | $81.6M | $19.2M | ||
| Q2 25 | $9.5M | $40.4M | ||
| Q1 25 | $45.3M | $-14.1M | ||
| Q4 24 | $156.2M | $41.4M | ||
| Q3 24 | $45.9M | $-28.4M | ||
| Q2 24 | $35.7M | $21.5M | ||
| Q1 24 | $51.0M | $-25.4M |
| Q4 25 | $126.9M | — | ||
| Q3 25 | $75.6M | $19.0M | ||
| Q2 25 | $3.2M | — | ||
| Q1 25 | $38.3M | $-18.8M | ||
| Q4 24 | $127.2M | $34.2M | ||
| Q3 24 | $39.7M | $-31.5M | ||
| Q2 24 | $28.3M | $18.4M | ||
| Q1 24 | $44.1M | $-31.0M |
| Q4 25 | 26.8% | — | ||
| Q3 25 | 16.4% | 5.5% | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 9.7% | -6.9% | ||
| Q4 24 | 47.9% | 14.5% | ||
| Q3 24 | 10.8% | -13.0% | ||
| Q2 24 | 8.0% | 5.9% | ||
| Q1 24 | 13.4% | -9.8% |
| Q4 25 | 5.5% | — | ||
| Q3 25 | 1.3% | 0.1% | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 1.8% | 1.7% | ||
| Q4 24 | 10.9% | 3.0% | ||
| Q3 24 | 1.7% | 1.3% | ||
| Q2 24 | 2.1% | 1.0% | ||
| Q1 24 | 2.1% | 1.8% |
| Q4 25 | 2.00× | — | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 0.16× | — | ||
| Q1 25 | 0.97× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | 1.11× | 1.49× | ||
| Q1 24 | 2.19× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ECPG
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% |
