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Side-by-side financial comparison of FirstCash Holdings, Inc. (FCFS) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
FirstCash Holdings, Inc. is the larger business by last-quarter revenue ($501.3M vs $382.7M, roughly 1.3× INNOVATE Corp.). FirstCash Holdings, Inc. runs the higher net margin — 20.8% vs -1.9%, a 22.7% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 21.2%). Over the past eight quarters, FirstCash Holdings, Inc.'s revenue compounded faster (16.9% CAGR vs 10.2%).
FirstCash Holdings, Inc. is an American pawnshop company headquartered in Fort Worth, Texas which operates retail pawn stores in the U.S. and Latin America. It is a publicly traded company listed on the Nasdaq stock exchange.
Innovate Corp. is an American public financial services company founded in 1994.
FCFS vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $501.3M | $382.7M |
| Net Profit | $104.2M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 28.5% | 3.7% |
| Net Margin | 20.8% | -1.9% |
| Revenue YoY | 21.2% | 61.7% |
| Net Profit YoY | 24.7% | 55.4% |
| EPS (diluted) | $2.35 | $-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 | $501.3M | $382.7M | ||
| Q3 25 | $411.0M | $347.1M | ||
| Q2 25 | $385.1M | $242.0M | ||
| Q1 25 | $371.1M | $274.2M | ||
| Q4 24 | $413.7M | $236.6M | ||
| Q3 24 | $363.1M | $242.2M | ||
| Q2 24 | $363.5M | $313.1M | ||
| Q1 24 | $366.8M | $315.2M |
| Q4 25 | $104.2M | $-7.4M | ||
| Q3 25 | $82.8M | $-8.9M | ||
| Q2 25 | $59.8M | $-19.8M | ||
| Q1 25 | $83.6M | $-24.5M | ||
| Q4 24 | $83.5M | $-16.6M | ||
| Q3 24 | $64.8M | $-15.0M | ||
| Q2 24 | $49.1M | $14.4M | ||
| Q1 24 | $61.4M | $-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 | 28.5% | 3.7% | ||
| Q3 25 | 27.4% | 1.8% | ||
| Q2 25 | 21.1% | 2.0% | ||
| Q1 25 | 30.0% | 1.2% | ||
| Q4 24 | 26.5% | 1.1% | ||
| Q3 24 | 23.5% | 2.4% | ||
| Q2 24 | 18.2% | 9.2% | ||
| Q1 24 | 22.3% | 0.9% |
| Q4 25 | 20.8% | -1.9% | ||
| Q3 25 | 20.1% | -2.6% | ||
| Q2 25 | 15.5% | -8.2% | ||
| Q1 25 | 22.5% | -8.9% | ||
| Q4 24 | 20.2% | -7.0% | ||
| Q3 24 | 17.9% | -6.2% | ||
| Q2 24 | 13.5% | 4.6% | ||
| Q1 24 | 16.7% | -5.5% |
| Q4 25 | $2.35 | $-0.57 | ||
| Q3 25 | $1.86 | $-0.71 | ||
| Q2 25 | $1.34 | $-1.67 | ||
| Q1 25 | $1.87 | $-1.89 | ||
| Q4 24 | $1.86 | $-0.72 | ||
| Q3 24 | $1.44 | $-1.18 | ||
| Q2 24 | $1.08 | $1.03 | ||
| Q1 24 | $1.35 | $-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 | $125.2M | $112.1M |
| Total DebtLower is stronger | $2.2B | $80.3M |
| Stockholders' EquityBook value | $2.3B | $-240.1M |
| Total Assets | $5.3B | $950.1M |
| Debt / EquityLower = less leverage | 0.98× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.2M | $112.1M | ||
| Q3 25 | $130.2M | $35.5M | ||
| Q2 25 | $101.5M | $33.4M | ||
| Q1 25 | $146.0M | $33.3M | ||
| Q4 24 | $175.1M | $48.8M | ||
| Q3 24 | $106.3M | $51.0M | ||
| Q2 24 | $113.7M | $80.2M | ||
| Q1 24 | $135.1M | $38.4M |
| Q4 25 | $2.2B | $80.3M | ||
| Q3 25 | $2.2B | $97.3M | ||
| Q2 25 | $1.7B | $160.1M | ||
| Q1 25 | $1.7B | $139.9M | ||
| Q4 24 | $1.7B | $500.6M | ||
| Q3 24 | $1.7B | $502.4M | ||
| Q2 24 | $1.7B | $638.3M | ||
| Q1 24 | $1.5B | $641.5M |
| Q4 25 | $2.3B | $-240.1M | ||
| Q3 25 | $2.2B | $-233.3M | ||
| Q2 25 | $2.1B | $-224.8M | ||
| Q1 25 | $2.1B | $-204.2M | ||
| Q4 24 | $2.1B | $-180.4M | ||
| Q3 24 | $2.0B | $-163.1M | ||
| Q2 24 | $2.0B | $-149.0M | ||
| Q1 24 | $2.0B | $-184.4M |
| Q4 25 | $5.3B | $950.1M | ||
| Q3 25 | $5.2B | $913.2M | ||
| Q2 25 | $4.5B | $890.9M | ||
| Q1 25 | $4.4B | $868.0M | ||
| Q4 24 | $4.5B | $891.1M | ||
| Q3 24 | $4.4B | $897.2M | ||
| Q2 24 | $4.3B | $898.9M | ||
| Q1 24 | $4.2B | $943.5M |
| Q4 25 | 0.98× | — | ||
| Q3 25 | 1.01× | — | ||
| Q2 25 | 0.79× | — | ||
| Q1 25 | 0.83× | — | ||
| Q4 24 | 0.85× | — | ||
| Q3 24 | 0.87× | — | ||
| Q2 24 | 0.85× | — | ||
| Q1 24 | 0.75× | — |
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 | $206.6M | $101.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.98× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $206.6M | $101.1M | ||
| Q3 25 | $135.8M | $19.2M | ||
| Q2 25 | $116.9M | $40.4M | ||
| Q1 25 | $126.6M | $-14.1M | ||
| Q4 24 | $198.1M | $41.4M | ||
| Q3 24 | $113.1M | $-28.4M | ||
| Q2 24 | $106.2M | $21.5M | ||
| Q1 24 | $122.5M | $-25.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | $19.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-18.8M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | — | $-31.5M | ||
| Q2 24 | — | $18.4M | ||
| Q1 24 | — | $-31.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -6.9% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | — | -13.0% | ||
| Q2 24 | — | 5.9% | ||
| Q1 24 | — | -9.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | — | 1.8% |
| Q4 25 | 1.98× | — | ||
| Q3 25 | 1.64× | — | ||
| Q2 25 | 1.95× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 2.37× | — | ||
| Q3 24 | 1.74× | — | ||
| Q2 24 | 2.16× | 1.49× | ||
| Q1 24 | 2.00× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FCFS
| US Pawn Segment | $292.2M | 58% |
| Retail POS Payment Solutions | $209.8M | 42% |
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% |
