vs
Side-by-side financial comparison of HighPeak Energy, Inc. (HPK) 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 $216.6M, roughly 1.8× HighPeak Energy, Inc.). INNOVATE Corp. runs the higher net margin — -1.9% vs -11.6%, a 9.7% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -23.3%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs -13.2%).
Duke Energy Corporation is an American electric power and natural gas holding company headquartered in Charlotte, North Carolina. The company serves over 7 million customers in the eastern United States. In 2024 it ranked as the 141st largest company in the United States – its highest-ever placement on the Fortune 500 list.
Innovate Corp. is an American public financial services company founded in 1994.
HPK vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $216.6M | $382.7M |
| Net Profit | $-25.2M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | -7.6% | 3.7% |
| Net Margin | -11.6% | -1.9% |
| Revenue YoY | -23.3% | 61.7% |
| Net Profit YoY | -380.7% | 55.4% |
| EPS (diluted) | $-0.16 | $-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 | $216.6M | $382.7M | ||
| Q3 25 | $188.9M | $347.1M | ||
| Q2 25 | $200.4M | $242.0M | ||
| Q1 25 | $257.4M | $274.2M | ||
| Q4 24 | $282.6M | $236.6M | ||
| Q3 24 | $271.6M | $242.2M | ||
| Q2 24 | $275.3M | $313.1M | ||
| Q1 24 | $287.8M | $315.2M |
| Q4 25 | $-25.2M | $-7.4M | ||
| Q3 25 | $-18.3M | $-8.9M | ||
| Q2 25 | $26.2M | $-19.8M | ||
| Q1 25 | $36.3M | $-24.5M | ||
| Q4 24 | $9.0M | $-16.6M | ||
| Q3 24 | $49.9M | $-15.0M | ||
| Q2 24 | $29.7M | $14.4M | ||
| Q1 24 | $6.4M | $-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 | -7.6% | 3.7% | ||
| Q3 25 | 17.3% | 1.8% | ||
| Q2 25 | 21.7% | 2.0% | ||
| Q1 25 | 35.1% | 1.2% | ||
| Q4 24 | 26.1% | 1.1% | ||
| Q3 24 | 27.0% | 2.4% | ||
| Q2 24 | 31.7% | 9.2% | ||
| Q1 24 | 35.8% | 0.9% |
| Q4 25 | -11.6% | -1.9% | ||
| Q3 25 | -9.7% | -2.6% | ||
| Q2 25 | 13.1% | -8.2% | ||
| Q1 25 | 14.1% | -8.9% | ||
| Q4 24 | 3.2% | -7.0% | ||
| Q3 24 | 18.4% | -6.2% | ||
| Q2 24 | 10.8% | 4.6% | ||
| Q1 24 | 2.2% | -5.5% |
| Q4 25 | $-0.16 | $-0.57 | ||
| Q3 25 | $-0.15 | $-0.71 | ||
| Q2 25 | $0.19 | $-1.67 | ||
| Q1 25 | $0.26 | $-1.89 | ||
| Q4 24 | $0.06 | $-0.72 | ||
| Q3 24 | $0.35 | $-1.18 | ||
| Q2 24 | $0.21 | $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 | $162.1M | $112.1M |
| Total DebtLower is stronger | $1.2B | $80.3M |
| Stockholders' EquityBook value | $1.6B | $-240.1M |
| Total Assets | $3.2B | $950.1M |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $162.1M | $112.1M | ||
| Q3 25 | $164.9M | $35.5M | ||
| Q2 25 | $21.9M | $33.4M | ||
| Q1 25 | $51.6M | $33.3M | ||
| Q4 24 | $86.6M | $48.8M | ||
| Q3 24 | $135.6M | $51.0M | ||
| Q2 24 | $157.9M | $80.2M | ||
| Q1 24 | $173.4M | $38.4M |
| Q4 25 | $1.2B | $80.3M | ||
| Q3 25 | $1.2B | $97.3M | ||
| Q2 25 | $1.0B | $160.1M | ||
| Q1 25 | $1.0B | $139.9M | ||
| Q4 24 | $1.0B | $500.6M | ||
| Q3 24 | $1.1B | $502.4M | ||
| Q2 24 | $1.1B | $638.3M | ||
| Q1 24 | $1.1B | $641.5M |
| Q4 25 | $1.6B | $-240.1M | ||
| Q3 25 | $1.6B | $-233.3M | ||
| Q2 25 | $1.7B | $-224.8M | ||
| Q1 25 | $1.6B | $-204.2M | ||
| Q4 24 | $1.6B | $-180.4M | ||
| Q3 24 | $1.6B | $-163.1M | ||
| Q2 24 | $1.6B | $-149.0M | ||
| Q1 24 | $1.5B | $-184.4M |
| Q4 25 | $3.2B | $950.1M | ||
| Q3 25 | $3.2B | $913.2M | ||
| Q2 25 | $3.1B | $890.9M | ||
| Q1 25 | $3.1B | $868.0M | ||
| Q4 24 | $3.1B | $891.1M | ||
| Q3 24 | $3.1B | $897.2M | ||
| Q2 24 | $3.1B | $898.9M | ||
| Q1 24 | $3.1B | $943.5M |
| Q4 25 | 0.75× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | 0.63× | — | ||
| Q4 24 | 0.65× | — | ||
| Q3 24 | 0.67× | — | ||
| Q2 24 | 0.70× | — | ||
| Q1 24 | 0.73× | — |
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 | $93.1M | $101.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $93.1M | $101.1M | ||
| Q3 25 | $120.2M | $19.2M | ||
| Q2 25 | $141.2M | $40.4M | ||
| Q1 25 | $157.1M | $-14.1M | ||
| Q4 24 | $139.5M | $41.4M | ||
| Q3 24 | $177.1M | $-28.4M | ||
| Q2 24 | $202.3M | $21.5M | ||
| Q1 24 | $171.4M | $-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 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 5.39× | — | ||
| Q1 25 | 4.32× | — | ||
| Q4 24 | 15.53× | — | ||
| Q3 24 | 3.55× | — | ||
| Q2 24 | 6.81× | 1.49× | ||
| Q1 24 | 26.63× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HPK
| Crude Oil Sales | $152.1M | 70% |
| Natural Gas And NGL Sales | $60.8M | 28% |
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% |
