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Side-by-side financial comparison of Hims & Hers Health, Inc. (HIMS) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
Hims & Hers Health, Inc. is the larger business by last-quarter revenue ($617.8M vs $382.7M, roughly 1.6× INNOVATE Corp.). Hims & Hers Health, Inc. runs the higher net margin — 3.3% vs -1.9%, a 5.3% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 28.4%). Over the past eight quarters, Hims & Hers Health, Inc.'s revenue compounded faster (49.0% CAGR vs 10.2%).
Hims & Hers Health, Inc. is an American telehealth company established in 2017. The company provides prescription medications, over-the-counter medications, and personal care products.
Innovate Corp. is an American public financial services company founded in 1994.
HIMS vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $617.8M | $382.7M |
| Net Profit | $20.6M | $-7.4M |
| Gross Margin | 71.9% | 15.4% |
| Operating Margin | 1.5% | 3.7% |
| Net Margin | 3.3% | -1.9% |
| Revenue YoY | 28.4% | 61.7% |
| Net Profit YoY | -20.8% | 55.4% |
| EPS (diluted) | $0.08 | $-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 | $617.8M | $382.7M | ||
| Q3 25 | $599.0M | $347.1M | ||
| Q2 25 | $544.8M | $242.0M | ||
| Q1 25 | $586.0M | $274.2M | ||
| Q4 24 | $481.1M | $236.6M | ||
| Q3 24 | $401.6M | $242.2M | ||
| Q2 24 | $315.6M | $313.1M | ||
| Q1 24 | $278.2M | $315.2M |
| Q4 25 | $20.6M | $-7.4M | ||
| Q3 25 | $15.8M | $-8.9M | ||
| Q2 25 | $42.5M | $-19.8M | ||
| Q1 25 | $49.5M | $-24.5M | ||
| Q4 24 | $26.0M | $-16.6M | ||
| Q3 24 | $75.6M | $-15.0M | ||
| Q2 24 | $13.3M | $14.4M | ||
| Q1 24 | $11.1M | $-17.4M |
| Q4 25 | 71.9% | 15.4% | ||
| Q3 25 | 73.8% | 14.3% | ||
| Q2 25 | 76.4% | 18.8% | ||
| Q1 25 | 73.5% | 16.6% | ||
| Q4 24 | 76.8% | 19.6% | ||
| Q3 24 | 79.2% | 19.9% | ||
| Q2 24 | 81.3% | 21.0% | ||
| Q1 24 | 82.4% | 15.4% |
| Q4 25 | 1.5% | 3.7% | ||
| Q3 25 | 2.0% | 1.8% | ||
| Q2 25 | 4.9% | 2.0% | ||
| Q1 25 | 9.9% | 1.2% | ||
| Q4 24 | 3.9% | 1.1% | ||
| Q3 24 | 5.6% | 2.4% | ||
| Q2 24 | 3.5% | 9.2% | ||
| Q1 24 | 3.6% | 0.9% |
| Q4 25 | 3.3% | -1.9% | ||
| Q3 25 | 2.6% | -2.6% | ||
| Q2 25 | 7.8% | -8.2% | ||
| Q1 25 | 8.4% | -8.9% | ||
| Q4 24 | 5.4% | -7.0% | ||
| Q3 24 | 18.8% | -6.2% | ||
| Q2 24 | 4.2% | 4.6% | ||
| Q1 24 | 4.0% | -5.5% |
| Q4 25 | $0.08 | $-0.57 | ||
| Q3 25 | $0.06 | $-0.71 | ||
| Q2 25 | $0.17 | $-1.67 | ||
| Q1 25 | $0.20 | $-1.89 | ||
| Q4 24 | $0.10 | $-0.72 | ||
| Q3 24 | $0.32 | $-1.18 | ||
| Q2 24 | $0.06 | $1.03 | ||
| Q1 24 | $0.05 | $-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 | $228.6M | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $540.9M | $-240.1M |
| Total Assets | $2.2B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $228.6M | $112.1M | ||
| Q3 25 | $345.8M | $35.5M | ||
| Q2 25 | $1.1B | $33.4M | ||
| Q1 25 | $273.7M | $33.3M | ||
| Q4 24 | $220.6M | $48.8M | ||
| Q3 24 | $165.5M | $51.0M | ||
| Q2 24 | $129.3M | $80.2M | ||
| Q1 24 | $105.2M | $38.4M |
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $540.9M | $-240.1M | ||
| Q3 25 | $581.0M | $-233.3M | ||
| Q2 25 | $562.7M | $-224.8M | ||
| Q1 25 | $549.3M | $-204.2M | ||
| Q4 24 | $476.7M | $-180.4M | ||
| Q3 24 | $440.1M | $-163.1M | ||
| Q2 24 | $362.0M | $-149.0M | ||
| Q1 24 | $344.5M | $-184.4M |
| Q4 25 | $2.2B | $950.1M | ||
| Q3 25 | $2.2B | $913.2M | ||
| Q2 25 | $1.9B | $890.9M | ||
| Q1 25 | $891.7M | $868.0M | ||
| Q4 24 | $707.5M | $891.1M | ||
| Q3 24 | $602.3M | $897.2M | ||
| Q2 24 | $480.5M | $898.9M | ||
| Q1 24 | $448.1M | $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 | $61.3M | $101.1M |
| Free Cash FlowOCF − Capex | $-2.5M | — |
| FCF MarginFCF / Revenue | -0.4% | — |
| Capex IntensityCapex / Revenue | 10.3% | — |
| Cash ConversionOCF / Net Profit | 2.98× | — |
| TTM Free Cash FlowTrailing 4 quarters | $57.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $61.3M | $101.1M | ||
| Q3 25 | $148.7M | $19.2M | ||
| Q2 25 | $-19.1M | $40.4M | ||
| Q1 25 | $109.1M | $-14.1M | ||
| Q4 24 | $86.4M | $41.4M | ||
| Q3 24 | $85.3M | $-28.4M | ||
| Q2 24 | $53.6M | $21.5M | ||
| Q1 24 | $25.8M | $-25.4M |
| Q4 25 | $-2.5M | — | ||
| Q3 25 | $79.3M | $19.0M | ||
| Q2 25 | $-69.5M | — | ||
| Q1 25 | $50.1M | $-18.8M | ||
| Q4 24 | $59.5M | $34.2M | ||
| Q3 24 | $79.4M | $-31.5M | ||
| Q2 24 | $47.6M | $18.4M | ||
| Q1 24 | $11.8M | $-31.0M |
| Q4 25 | -0.4% | — | ||
| Q3 25 | 13.2% | 5.5% | ||
| Q2 25 | -12.8% | — | ||
| Q1 25 | 8.5% | -6.9% | ||
| Q4 24 | 12.4% | 14.5% | ||
| Q3 24 | 19.8% | -13.0% | ||
| Q2 24 | 15.1% | 5.9% | ||
| Q1 24 | 4.3% | -9.8% |
| Q4 25 | 10.3% | — | ||
| Q3 25 | 11.6% | 0.1% | ||
| Q2 25 | 9.3% | — | ||
| Q1 25 | 10.1% | 1.7% | ||
| Q4 24 | 5.6% | 3.0% | ||
| Q3 24 | 1.5% | 1.3% | ||
| Q2 24 | 1.9% | 1.0% | ||
| Q1 24 | 5.0% | 1.8% |
| Q4 25 | 2.98× | — | ||
| Q3 25 | 9.43× | — | ||
| Q2 25 | -0.45× | — | ||
| Q1 25 | 2.20× | — | ||
| Q4 24 | 3.32× | — | ||
| Q3 24 | 1.13× | — | ||
| Q2 24 | 4.03× | 1.49× | ||
| Q1 24 | 2.32× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HIMS
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% |
