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Side-by-side financial comparison of ESCO TECHNOLOGIES INC (ESE) 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 $289.7M, roughly 1.3× ESCO TECHNOLOGIES INC). ESCO TECHNOLOGIES INC runs the higher net margin — 9.9% vs -1.9%, a 11.8% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 17.3%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs 7.8%).
Esco is a Singaporean brand that develops, manufactures, and sells products and services for laboratories.
Innovate Corp. is an American public financial services company founded in 1994.
ESE vs VATE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $289.7M | $382.7M |
| Net Profit | $28.7M | $-7.4M |
| Gross Margin | 41.4% | 15.4% |
| Operating Margin | 13.2% | 3.7% |
| Net Margin | 9.9% | -1.9% |
| Revenue YoY | 17.3% | 61.7% |
| Net Profit YoY | 22.2% | 55.4% |
| EPS (diluted) | $1.11 | $-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 | $289.7M | $382.7M | ||
| Q3 25 | $286.5M | $347.1M | ||
| Q2 25 | $296.3M | $242.0M | ||
| Q1 25 | $265.5M | $274.2M | ||
| Q4 24 | $247.0M | $236.6M | ||
| Q3 24 | $298.5M | $242.2M | ||
| Q2 24 | $260.8M | $313.1M | ||
| Q1 24 | $249.1M | $315.2M |
| Q4 25 | $28.7M | $-7.4M | ||
| Q3 25 | $218.7M | $-8.9M | ||
| Q2 25 | $26.1M | $-19.8M | ||
| Q1 25 | $31.0M | $-24.5M | ||
| Q4 24 | $23.5M | $-16.6M | ||
| Q3 24 | $34.3M | $-15.0M | ||
| Q2 24 | $29.2M | $14.4M | ||
| Q1 24 | $23.2M | $-17.4M |
| Q4 25 | 41.4% | 15.4% | ||
| Q3 25 | 45.9% | 14.3% | ||
| Q2 25 | 41.2% | 18.8% | ||
| Q1 25 | 41.1% | 16.6% | ||
| Q4 24 | 39.8% | 19.6% | ||
| Q3 24 | 40.1% | 19.9% | ||
| Q2 24 | 39.6% | 21.0% | ||
| Q1 24 | 38.8% | 15.4% |
| Q4 25 | 13.2% | 3.7% | ||
| Q3 25 | 17.2% | 1.8% | ||
| Q2 25 | 11.2% | 2.0% | ||
| Q1 25 | 15.3% | 1.2% | ||
| Q4 24 | 11.4% | 1.1% | ||
| Q3 24 | 14.8% | 2.4% | ||
| Q2 24 | 14.3% | 9.2% | ||
| Q1 24 | 11.7% | 0.9% |
| Q4 25 | 9.9% | -1.9% | ||
| Q3 25 | 76.3% | -2.6% | ||
| Q2 25 | 8.8% | -8.2% | ||
| Q1 25 | 11.7% | -8.9% | ||
| Q4 24 | 9.5% | -7.0% | ||
| Q3 24 | 11.5% | -6.2% | ||
| Q2 24 | 11.2% | 4.6% | ||
| Q1 24 | 9.3% | -5.5% |
| Q4 25 | $1.11 | $-0.57 | ||
| Q3 25 | $8.43 | $-0.71 | ||
| Q2 25 | $1.01 | $-1.67 | ||
| Q1 25 | $1.20 | $-1.89 | ||
| Q4 24 | $0.91 | $-0.72 | ||
| Q3 24 | $1.32 | $-1.18 | ||
| Q2 24 | $1.13 | $1.03 | ||
| Q1 24 | $0.90 | $-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 | $103.8M | $112.1M |
| Total DebtLower is stronger | $145.5M | $80.3M |
| Stockholders' EquityBook value | $1.6B | $-240.1M |
| Total Assets | $2.4B | $950.1M |
| Debt / EquityLower = less leverage | 0.09× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $103.8M | $112.1M | ||
| Q3 25 | $101.3M | $35.5M | ||
| Q2 25 | $78.7M | $33.4M | ||
| Q1 25 | $57.4M | $33.3M | ||
| Q4 24 | $71.3M | $48.8M | ||
| Q3 24 | $66.0M | $51.0M | ||
| Q2 24 | $63.0M | $80.2M | ||
| Q1 24 | $59.4M | $38.4M |
| Q4 25 | $145.5M | $80.3M | ||
| Q3 25 | $186.0M | $97.3M | ||
| Q2 25 | $525.0M | $160.1M | ||
| Q1 25 | $88.0M | $139.9M | ||
| Q4 24 | $112.0M | $500.6M | ||
| Q3 24 | $122.0M | $502.4M | ||
| Q2 24 | $173.0M | $638.3M | ||
| Q1 24 | $191.0M | $641.5M |
| Q4 25 | $1.6B | $-240.1M | ||
| Q3 25 | $1.5B | $-233.3M | ||
| Q2 25 | $1.3B | $-224.8M | ||
| Q1 25 | $1.3B | $-204.2M | ||
| Q4 24 | $1.2B | $-180.4M | ||
| Q3 24 | $1.2B | $-163.1M | ||
| Q2 24 | $1.2B | $-149.0M | ||
| Q1 24 | $1.2B | $-184.4M |
| Q4 25 | $2.4B | $950.1M | ||
| Q3 25 | $2.4B | $913.2M | ||
| Q2 25 | $2.5B | $890.9M | ||
| Q1 25 | $1.8B | $868.0M | ||
| Q4 24 | $1.8B | $891.1M | ||
| Q3 24 | $1.8B | $897.2M | ||
| Q2 24 | $1.8B | $898.9M | ||
| Q1 24 | $1.8B | $943.5M |
| Q4 25 | 0.09× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.40× | — | ||
| Q1 25 | 0.07× | — | ||
| Q4 24 | 0.09× | — | ||
| Q3 24 | 0.10× | — | ||
| Q2 24 | 0.14× | — | ||
| Q1 24 | 0.16× | — |
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 | $68.9M | $101.1M |
| Free Cash FlowOCF − Capex | $63.0M | — |
| FCF MarginFCF / Revenue | 21.7% | — |
| Capex IntensityCapex / Revenue | 2.0% | — |
| Cash ConversionOCF / Net Profit | 2.40× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $68.9M | $101.1M | ||
| Q3 25 | $109.9M | $19.2M | ||
| Q2 25 | $73.7M | $40.4M | ||
| Q1 25 | $24.1M | $-14.1M | ||
| Q4 24 | $34.2M | $41.4M | ||
| Q3 24 | $72.1M | $-28.4M | ||
| Q2 24 | $36.2M | $21.5M | ||
| Q1 24 | $10.5M | $-25.4M |
| Q4 25 | $63.0M | — | ||
| Q3 25 | $97.8M | $19.0M | ||
| Q2 25 | $64.9M | — | ||
| Q1 25 | $14.0M | $-18.8M | ||
| Q4 24 | $29.0M | $34.2M | ||
| Q3 24 | $60.9M | $-31.5M | ||
| Q2 24 | $27.6M | $18.4M | ||
| Q1 24 | $2.0M | $-31.0M |
| Q4 25 | 21.7% | — | ||
| Q3 25 | 34.1% | 5.5% | ||
| Q2 25 | 21.9% | — | ||
| Q1 25 | 5.3% | -6.9% | ||
| Q4 24 | 11.7% | 14.5% | ||
| Q3 24 | 20.4% | -13.0% | ||
| Q2 24 | 10.6% | 5.9% | ||
| Q1 24 | 0.8% | -9.8% |
| Q4 25 | 2.0% | — | ||
| Q3 25 | 4.2% | 0.1% | ||
| Q2 25 | 3.0% | — | ||
| Q1 25 | 3.8% | 1.7% | ||
| Q4 24 | 2.1% | 3.0% | ||
| Q3 24 | 3.8% | 1.3% | ||
| Q2 24 | 3.3% | 1.0% | ||
| Q1 24 | 3.4% | 1.8% |
| Q4 25 | 2.40× | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | 2.83× | — | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 1.46× | — | ||
| Q3 24 | 2.10× | — | ||
| Q2 24 | 1.24× | 1.49× | ||
| Q1 24 | 0.45× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ESE
| US Government | $98.0M | 34% |
| Utility Solutions Group | $87.5M | 30% |
| RF Shielding And Test | $58.3M | 20% |
| Commercial | $45.8M | 16% |
| Related Party | $1.3M | 0% |
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% |
