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Side-by-side financial comparison of HUTCHMED (China) Ltd (HCM) 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 $270.8M, roughly 1.4× HUTCHMED (China) Ltd). HUTCHMED (China) Ltd runs the higher net margin — 0.7% vs -1.9%, a 2.7% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -16.5%).
HUTCHMED (China) LtdHCMEarnings & Financial Report
HUTCHMED (China) Ltd is a biopharmaceutical firm focused on discovering, developing and commercializing targeted and immunotherapies for oncology and immunological diseases. It operates across China and global markets, with multiple marketed oncology drugs and a robust pipeline of late-stage clinical candidates addressing unmet patient needs.
Innovate Corp. is an American public financial services company founded in 1994.
HCM vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $270.8M | $382.7M |
| Net Profit | $2.0M | $-7.4M |
| Gross Margin | 37.7% | 15.4% |
| Operating Margin | -13.2% | 3.7% |
| Net Margin | 0.7% | -1.9% |
| Revenue YoY | -16.5% | 61.7% |
| Net Profit YoY | -83.6% | 55.4% |
| EPS (diluted) | $0.00 | $-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 | $270.8M | $382.7M | ||
| Q3 25 | — | $347.1M | ||
| Q2 25 | $277.7M | $242.0M | ||
| Q1 25 | $324.5M | $274.2M | ||
| Q4 24 | — | $236.6M | ||
| Q3 24 | — | $242.2M | ||
| Q2 24 | $305.7M | $313.1M | ||
| Q1 24 | — | $315.2M |
| Q4 25 | $2.0M | $-7.4M | ||
| Q3 25 | — | $-8.9M | ||
| Q2 25 | $455.0M | $-19.8M | ||
| Q1 25 | $11.9M | $-24.5M | ||
| Q4 24 | — | $-16.6M | ||
| Q3 24 | — | $-15.0M | ||
| Q2 24 | $25.8M | $14.4M | ||
| Q1 24 | — | $-17.4M |
| Q4 25 | 37.7% | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | 0.1% | 18.8% | ||
| Q1 25 | 48.0% | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | 41.1% | 21.0% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | -13.2% | 3.7% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | -1.3% | 2.0% | ||
| Q1 25 | -5.0% | 1.2% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | -9.0% | 9.2% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | 0.7% | -1.9% | ||
| Q3 25 | — | -2.6% | ||
| Q2 25 | 163.8% | -8.2% | ||
| Q1 25 | 3.7% | -8.9% | ||
| Q4 24 | — | -7.0% | ||
| Q3 24 | — | -6.2% | ||
| Q2 24 | 8.4% | 4.6% | ||
| Q1 24 | — | -5.5% |
| Q4 25 | $0.00 | $-0.57 | ||
| Q3 25 | — | $-0.71 | ||
| Q2 25 | $0.52 | $-1.67 | ||
| Q1 25 | $0.01 | $-1.89 | ||
| Q4 24 | — | $-0.72 | ||
| Q3 24 | — | $-1.18 | ||
| Q2 24 | $0.03 | $1.03 | ||
| Q1 24 | — | $-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 | $1.4B | $112.1M |
| Total DebtLower is stronger | $93.2M | $80.3M |
| Stockholders' EquityBook value | $1.2B | $-240.1M |
| Total Assets | $1.8B | $950.1M |
| Debt / EquityLower = less leverage | 0.08× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.4B | $112.1M | ||
| Q3 25 | — | $35.5M | ||
| Q2 25 | $1.4B | $33.4M | ||
| Q1 25 | $836.1M | $33.3M | ||
| Q4 24 | — | $48.8M | ||
| Q3 24 | — | $51.0M | ||
| Q2 24 | $802.5M | $80.2M | ||
| Q1 24 | — | $38.4M |
| Q4 25 | $93.2M | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | $93.4M | $160.1M | ||
| Q1 25 | $82.8M | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | $82.1M | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $1.2B | $-240.1M | ||
| Q3 25 | — | $-233.3M | ||
| Q2 25 | $1.2B | $-224.8M | ||
| Q1 25 | $759.9M | $-204.2M | ||
| Q4 24 | — | $-180.4M | ||
| Q3 24 | — | $-163.1M | ||
| Q2 24 | $740.1M | $-149.0M | ||
| Q1 24 | — | $-184.4M |
| Q4 25 | $1.8B | $950.1M | ||
| Q3 25 | — | $913.2M | ||
| Q2 25 | $1.8B | $890.9M | ||
| Q1 25 | $1.3B | $868.0M | ||
| Q4 24 | — | $891.1M | ||
| Q3 24 | — | $897.2M | ||
| Q2 24 | $1.3B | $898.9M | ||
| Q1 24 | — | $943.5M |
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 0.11× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.11× | — | ||
| 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 | $8.2M | $101.1M |
| Free Cash FlowOCF − Capex | $3.4M | — |
| FCF MarginFCF / Revenue | 1.2% | — |
| Capex IntensityCapex / Revenue | 1.8% | — |
| Cash ConversionOCF / Net Profit | 4.21× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-96.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $101.1M | ||
| Q3 25 | — | $19.2M | ||
| Q2 25 | $-72.9M | $40.4M | ||
| Q1 25 | $40.3M | $-14.1M | ||
| Q4 24 | — | $41.4M | ||
| Q3 24 | — | $-28.4M | ||
| Q2 24 | $-39.8M | $21.5M | ||
| Q1 24 | — | $-25.4M |
| Q4 25 | $3.4M | — | ||
| Q3 25 | — | $19.0M | ||
| Q2 25 | $-82.2M | — | ||
| Q1 25 | $32.5M | $-18.8M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | — | $-31.5M | ||
| Q2 24 | $-49.9M | $18.4M | ||
| Q1 24 | — | $-31.0M |
| Q4 25 | 1.2% | — | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | -29.6% | — | ||
| Q1 25 | 10.0% | -6.9% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | — | -13.0% | ||
| Q2 24 | -16.3% | 5.9% | ||
| Q1 24 | — | -9.8% |
| Q4 25 | 1.8% | — | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | 3.3% | — | ||
| Q1 25 | 2.4% | 1.7% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | 3.3% | 1.0% | ||
| Q1 24 | — | 1.8% |
| Q4 25 | 4.21× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.16× | — | ||
| Q1 25 | 3.38× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -1.54× | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HCM
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% |
