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Side-by-side financial comparison of Guardant Health, Inc. (GH) 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 $281.3M, roughly 1.4× Guardant Health, Inc.). INNOVATE Corp. runs the higher net margin — -1.9% vs -45.7%, a 43.8% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 39.4%). Over the past eight quarters, Guardant Health, Inc.'s revenue compounded faster (29.2% CAGR vs 10.2%).
Guardant Health, Inc. is an American biotechnology company based in Palo Alto, California. Co-founders Helmy Eltoukhy and AmirAli Talasaz serve as co-chief executive officers.
Innovate Corp. is an American public financial services company founded in 1994.
GH vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $281.3M | $382.7M |
| Net Profit | $-128.5M | $-7.4M |
| Gross Margin | 64.6% | 15.4% |
| Operating Margin | -43.0% | 3.7% |
| Net Margin | -45.7% | -1.9% |
| Revenue YoY | 39.4% | 61.7% |
| Net Profit YoY | -15.8% | 55.4% |
| EPS (diluted) | $-1.01 | $-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 | $281.3M | $382.7M | ||
| Q3 25 | $265.2M | $347.1M | ||
| Q2 25 | $232.1M | $242.0M | ||
| Q1 25 | $203.5M | $274.2M | ||
| Q4 24 | $201.8M | $236.6M | ||
| Q3 24 | $191.5M | $242.2M | ||
| Q2 24 | $177.2M | $313.1M | ||
| Q1 24 | $168.5M | $315.2M |
| Q4 25 | $-128.5M | $-7.4M | ||
| Q3 25 | $-92.7M | $-8.9M | ||
| Q2 25 | $-99.9M | $-19.8M | ||
| Q1 25 | $-95.2M | $-24.5M | ||
| Q4 24 | $-111.0M | $-16.6M | ||
| Q3 24 | $-107.8M | $-15.0M | ||
| Q2 24 | $-102.6M | $14.4M | ||
| Q1 24 | $-115.0M | $-17.4M |
| Q4 25 | 64.6% | 15.4% | ||
| Q3 25 | 64.7% | 14.3% | ||
| Q2 25 | 65.0% | 18.8% | ||
| Q1 25 | 63.3% | 16.6% | ||
| Q4 24 | 61.6% | 19.6% | ||
| Q3 24 | 61.1% | 19.9% | ||
| Q2 24 | 59.1% | 21.0% | ||
| Q1 24 | 61.2% | 15.4% |
| Q4 25 | -43.0% | 3.7% | ||
| Q3 25 | -37.3% | 1.8% | ||
| Q2 25 | -45.9% | 2.0% | ||
| Q1 25 | -54.6% | 1.2% | ||
| Q4 24 | -62.4% | 1.1% | ||
| Q3 24 | -61.3% | 2.4% | ||
| Q2 24 | -56.8% | 9.2% | ||
| Q1 24 | -59.2% | 0.9% |
| Q4 25 | -45.7% | -1.9% | ||
| Q3 25 | -35.0% | -2.6% | ||
| Q2 25 | -43.0% | -8.2% | ||
| Q1 25 | -46.8% | -8.9% | ||
| Q4 24 | -55.0% | -7.0% | ||
| Q3 24 | -56.3% | -6.2% | ||
| Q2 24 | -57.9% | 4.6% | ||
| Q1 24 | -68.2% | -5.5% |
| Q4 25 | $-1.01 | $-0.57 | ||
| Q3 25 | $-0.74 | $-0.71 | ||
| Q2 25 | $-0.80 | $-1.67 | ||
| Q1 25 | $-0.77 | $-1.89 | ||
| Q4 24 | $-0.90 | $-0.72 | ||
| Q3 24 | $-0.88 | $-1.18 | ||
| Q2 24 | $-0.84 | $1.03 | ||
| Q1 24 | $-0.94 | $-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 | $378.2M | $112.1M |
| Total DebtLower is stronger | $1.5B | $80.3M |
| Stockholders' EquityBook value | $-99.3M | $-240.1M |
| Total Assets | $2.0B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $378.2M | $112.1M | ||
| Q3 25 | $580.0M | $35.5M | ||
| Q2 25 | $629.1M | $33.4M | ||
| Q1 25 | $698.6M | $33.3M | ||
| Q4 24 | $525.5M | $48.8M | ||
| Q3 24 | $585.0M | $51.0M | ||
| Q2 24 | $933.7M | $80.2M | ||
| Q1 24 | $1.0B | $38.4M |
| Q4 25 | $1.5B | $80.3M | ||
| Q3 25 | $1.1B | $97.3M | ||
| Q2 25 | $1.1B | $160.1M | ||
| Q1 25 | $1.1B | $139.9M | ||
| Q4 24 | $1.1B | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $-99.3M | $-240.1M | ||
| Q3 25 | $-354.5M | $-233.3M | ||
| Q2 25 | $-305.5M | $-224.8M | ||
| Q1 25 | $-250.8M | $-204.2M | ||
| Q4 24 | $-139.6M | $-180.4M | ||
| Q3 24 | $-60.1M | $-163.1M | ||
| Q2 24 | $-1.6M | $-149.0M | ||
| Q1 24 | $68.3M | $-184.4M |
| Q4 25 | $2.0B | $950.1M | ||
| Q3 25 | $1.3B | $913.2M | ||
| Q2 25 | $1.3B | $890.9M | ||
| Q1 25 | $1.3B | $868.0M | ||
| Q4 24 | $1.5B | $891.1M | ||
| Q3 24 | $1.5B | $897.2M | ||
| Q2 24 | $1.6B | $898.9M | ||
| Q1 24 | $1.7B | $943.5M |
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 | $-26.4M | $101.1M |
| Free Cash FlowOCF − Capex | $-54.2M | — |
| FCF MarginFCF / Revenue | -19.3% | — |
| Capex IntensityCapex / Revenue | 9.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-233.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-26.4M | $101.1M | ||
| Q3 25 | $-35.4M | $19.2M | ||
| Q2 25 | $-60.3M | $40.4M | ||
| Q1 25 | $-62.7M | $-14.1M | ||
| Q4 24 | $-64.5M | $41.4M | ||
| Q3 24 | $-51.1M | $-28.4M | ||
| Q2 24 | $-94.0M | $21.5M | ||
| Q1 24 | $-30.3M | $-25.4M |
| Q4 25 | $-54.2M | — | ||
| Q3 25 | $-45.8M | $19.0M | ||
| Q2 25 | $-65.9M | — | ||
| Q1 25 | $-67.1M | $-18.8M | ||
| Q4 24 | $-83.4M | $34.2M | ||
| Q3 24 | $-55.3M | $-31.5M | ||
| Q2 24 | $-99.1M | $18.4M | ||
| Q1 24 | $-37.2M | $-31.0M |
| Q4 25 | -19.3% | — | ||
| Q3 25 | -17.3% | 5.5% | ||
| Q2 25 | -28.4% | — | ||
| Q1 25 | -33.0% | -6.9% | ||
| Q4 24 | -41.3% | 14.5% | ||
| Q3 24 | -28.9% | -13.0% | ||
| Q2 24 | -55.9% | 5.9% | ||
| Q1 24 | -22.1% | -9.8% |
| Q4 25 | 9.9% | — | ||
| Q3 25 | 3.9% | 0.1% | ||
| Q2 25 | 2.4% | — | ||
| Q1 25 | 2.2% | 1.7% | ||
| Q4 24 | 9.4% | 3.0% | ||
| Q3 24 | 2.2% | 1.3% | ||
| Q2 24 | 2.9% | 1.0% | ||
| Q1 24 | 4.1% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GH
| Oncology | $189.9M | 68% |
| Biopharma Data | $54.0M | 19% |
| Screening | $35.1M | 12% |
| Licensing Other | $2.2M | 1% |
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% |
