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Side-by-side financial comparison of FOX FACTORY HOLDING CORP (FOXF) 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 $376.4M, roughly 1.0× FOX FACTORY HOLDING CORP). FOX FACTORY HOLDING CORP runs the higher net margin — -0.2% vs -1.9%, a 1.8% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 4.8%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs 6.4%).
Fox Factory Holding Corp. is an American company best known for their Fox Racing Shox brand of off-road racing suspension components.
Innovate Corp. is an American public financial services company founded in 1994.
FOXF vs VATE — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $376.4M | $382.7M |
| Net Profit | $-634.0K | $-7.4M |
| Gross Margin | 30.4% | 15.4% |
| Operating Margin | 4.0% | 3.7% |
| Net Margin | -0.2% | -1.9% |
| Revenue YoY | 4.8% | 61.7% |
| Net Profit YoY | -113.3% | 55.4% |
| EPS (diluted) | $-0.02 | $-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 | $376.4M | $382.7M | ||
| Q3 25 | $374.9M | $347.1M | ||
| Q2 25 | $355.0M | $242.0M | ||
| Q1 25 | $352.8M | $274.2M | ||
| Q4 24 | — | $236.6M | ||
| Q3 24 | $359.1M | $242.2M | ||
| Q2 24 | $348.5M | $313.1M | ||
| Q1 24 | $333.5M | $315.2M |
| Q4 25 | $-634.0K | $-7.4M | ||
| Q3 25 | $2.7M | $-8.9M | ||
| Q2 25 | $-259.7M | $-19.8M | ||
| Q1 25 | $-141.0K | $-24.5M | ||
| Q4 24 | — | $-16.6M | ||
| Q3 24 | $4.8M | $-15.0M | ||
| Q2 24 | $5.4M | $14.4M | ||
| Q1 24 | $-3.5M | $-17.4M |
| Q4 25 | 30.4% | 15.4% | ||
| Q3 25 | 31.2% | 14.3% | ||
| Q2 25 | 30.9% | 18.8% | ||
| Q1 25 | 28.9% | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | 29.9% | 19.9% | ||
| Q2 24 | 31.8% | 21.0% | ||
| Q1 24 | 30.9% | 15.4% |
| Q4 25 | 4.0% | 3.7% | ||
| Q3 25 | 4.9% | 1.8% | ||
| Q2 25 | -70.6% | 2.0% | ||
| Q1 25 | 3.2% | 1.2% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 5.2% | 2.4% | ||
| Q2 24 | 5.3% | 9.2% | ||
| Q1 24 | 2.7% | 0.9% |
| Q4 25 | -0.2% | -1.9% | ||
| Q3 25 | 0.7% | -2.6% | ||
| Q2 25 | -73.1% | -8.2% | ||
| Q1 25 | -0.0% | -8.9% | ||
| Q4 24 | — | -7.0% | ||
| Q3 24 | 1.3% | -6.2% | ||
| Q2 24 | 1.6% | 4.6% | ||
| Q1 24 | -1.0% | -5.5% |
| Q4 25 | $-0.02 | $-0.57 | ||
| Q3 25 | $0.07 | $-0.71 | ||
| Q2 25 | $-6.23 | $-1.67 | ||
| Q1 25 | $0.00 | $-1.89 | ||
| Q4 24 | — | $-0.72 | ||
| Q3 24 | $0.11 | $-1.18 | ||
| Q2 24 | $0.13 | $1.03 | ||
| Q1 24 | $-0.08 | $-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 | — | $112.1M |
| Total DebtLower is stronger | $536.7M | $80.3M |
| Stockholders' EquityBook value | $956.0M | $-240.1M |
| Total Assets | $2.0B | $950.1M |
| Debt / EquityLower = less leverage | 0.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $112.1M | ||
| Q3 25 | — | $35.5M | ||
| Q2 25 | — | $33.4M | ||
| Q1 25 | $71.7M | $33.3M | ||
| Q4 24 | — | $48.8M | ||
| Q3 24 | — | $51.0M | ||
| Q2 24 | — | $80.2M | ||
| Q1 24 | — | $38.4M |
| Q4 25 | $536.7M | $80.3M | ||
| Q3 25 | $541.8M | $97.3M | ||
| Q2 25 | $546.9M | $160.1M | ||
| Q1 25 | $552.1M | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | $558.4M | $502.4M | ||
| Q2 24 | $564.1M | $638.3M | ||
| Q1 24 | $370.4M | $641.5M |
| Q4 25 | $956.0M | $-240.1M | ||
| Q3 25 | $958.7M | $-233.3M | ||
| Q2 25 | $939.9M | $-224.8M | ||
| Q1 25 | $1.2B | $-204.2M | ||
| Q4 24 | — | $-180.4M | ||
| Q3 24 | $1.2B | $-163.1M | ||
| Q2 24 | $1.2B | $-149.0M | ||
| Q1 24 | $1.2B | $-184.4M |
| Q4 25 | $2.0B | $950.1M | ||
| Q3 25 | $2.0B | $913.2M | ||
| Q2 25 | $1.9B | $890.9M | ||
| Q1 25 | $2.2B | $868.0M | ||
| Q4 24 | — | $891.1M | ||
| Q3 24 | $2.3B | $897.2M | ||
| Q2 24 | $2.3B | $898.9M | ||
| Q1 24 | $2.2B | $943.5M |
| Q4 25 | 0.56× | — | ||
| Q3 25 | 0.57× | — | ||
| Q2 25 | 0.58× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.47× | — | ||
| Q1 24 | 0.31× | — |
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 | $5.3M | $101.1M |
| Free Cash FlowOCF − Capex | $-2.5M | — |
| FCF MarginFCF / Revenue | -0.7% | — |
| Capex IntensityCapex / Revenue | 2.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $85.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.3M | $101.1M | ||
| Q3 25 | $36.8M | $19.2M | ||
| Q2 25 | $680.0K | $40.4M | ||
| Q1 25 | $81.7M | $-14.1M | ||
| Q4 24 | — | $41.4M | ||
| Q3 24 | $14.1M | $-28.4M | ||
| Q2 24 | $26.7M | $21.5M | ||
| Q1 24 | $9.4M | $-25.4M |
| Q4 25 | $-2.5M | — | ||
| Q3 25 | $24.6M | $19.0M | ||
| Q2 25 | $-6.5M | — | ||
| Q1 25 | $69.8M | $-18.8M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | $3.2M | $-31.5M | ||
| Q2 24 | $15.4M | $18.4M | ||
| Q1 24 | $-555.0K | $-31.0M |
| Q4 25 | -0.7% | — | ||
| Q3 25 | 6.6% | 5.5% | ||
| Q2 25 | -1.8% | — | ||
| Q1 25 | 19.8% | -6.9% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | 0.9% | -13.0% | ||
| Q2 24 | 4.4% | 5.9% | ||
| Q1 24 | -0.2% | -9.8% |
| Q4 25 | 2.1% | — | ||
| Q3 25 | 3.3% | 0.1% | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 3.4% | 1.7% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | 3.0% | 1.3% | ||
| Q2 24 | 3.2% | 1.0% | ||
| Q1 24 | 3.0% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | 13.41× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.94× | — | ||
| Q2 24 | 4.94× | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FOXF
| Specialty Sports Group | $132.7M | 35% |
| Powered Vehicles Group | $125.9M | 33% |
| Aftermarket Applications Group | $117.8M | 31% |
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% |
