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Side-by-side financial comparison of Hilltop Holdings Inc. (HTH) 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 $300.5M, roughly 1.3× Hilltop Holdings Inc.). Hilltop Holdings Inc. runs the higher net margin — 13.0% vs -1.9%, a 14.9% gap on every dollar of revenue. Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs 0.6%).
Hilltop Holdings Inc. is a financial holding company based in Dallas, Texas. It offers financial products and banking services through three primary subsidiaries: PlainsCapital Bank, PrimeLending, and HilltopSecurities.
Innovate Corp. is an American public financial services company founded in 1994.
HTH vs VATE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $300.5M | $382.7M |
| Net Profit | $39.0M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | — | 3.7% |
| Net Margin | 13.0% | -1.9% |
| Revenue YoY | — | 61.7% |
| Net Profit YoY | -12.4% | 55.4% |
| EPS (diluted) | $0.64 | $-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.
| Q1 26 | $300.5M | — | ||
| Q4 25 | $329.9M | $382.7M | ||
| Q3 25 | $330.2M | $347.1M | ||
| Q2 25 | $303.3M | $242.0M | ||
| Q1 25 | $318.5M | $274.2M | ||
| Q4 24 | $301.1M | $236.6M | ||
| Q3 24 | $305.5M | $242.2M | ||
| Q2 24 | $297.0M | $313.1M |
| Q1 26 | $39.0M | — | ||
| Q4 25 | $41.6M | $-7.4M | ||
| Q3 25 | $45.8M | $-8.9M | ||
| Q2 25 | $36.1M | $-19.8M | ||
| Q1 25 | $42.1M | $-24.5M | ||
| Q4 24 | $35.5M | $-16.6M | ||
| Q3 24 | $29.7M | $-15.0M | ||
| Q2 24 | $20.3M | $14.4M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 16.1% | 3.7% | ||
| Q3 25 | 18.4% | 1.8% | ||
| Q2 25 | 16.3% | 2.0% | ||
| Q1 25 | 18.1% | 1.2% | ||
| Q4 24 | 14.7% | 1.1% | ||
| Q3 24 | 13.9% | 2.4% | ||
| Q2 24 | 10.0% | 9.2% |
| Q1 26 | 13.0% | — | ||
| Q4 25 | 12.6% | -1.9% | ||
| Q3 25 | 13.9% | -2.6% | ||
| Q2 25 | 11.9% | -8.2% | ||
| Q1 25 | 13.2% | -8.9% | ||
| Q4 24 | 11.8% | -7.0% | ||
| Q3 24 | 9.7% | -6.2% | ||
| Q2 24 | 6.8% | 4.6% |
| Q1 26 | $0.64 | — | ||
| Q4 25 | $0.68 | $-0.57 | ||
| Q3 25 | $0.74 | $-0.71 | ||
| Q2 25 | $0.57 | $-1.67 | ||
| Q1 25 | $0.65 | $-1.89 | ||
| Q4 24 | $0.55 | $-0.72 | ||
| Q3 24 | $0.46 | $-1.18 | ||
| Q2 24 | $0.31 | $1.03 |
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 | $990.8M | $80.3M |
| Stockholders' EquityBook value | $2.2B | $-240.1M |
| Total Assets | $15.7B | $950.1M |
| Debt / EquityLower = less leverage | 0.46× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $112.1M | ||
| Q3 25 | — | $35.5M | ||
| Q2 25 | — | $33.4M | ||
| Q1 25 | — | $33.3M | ||
| Q4 24 | — | $48.8M | ||
| Q3 24 | — | $51.0M | ||
| Q2 24 | — | $80.2M |
| Q1 26 | $990.8M | — | ||
| 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 26 | $2.2B | — | ||
| Q4 25 | $2.2B | $-240.1M | ||
| Q3 25 | $2.2B | $-233.3M | ||
| Q2 25 | $2.2B | $-224.8M | ||
| Q1 25 | $2.2B | $-204.2M | ||
| Q4 24 | $2.2B | $-180.4M | ||
| Q3 24 | $2.2B | $-163.1M | ||
| Q2 24 | $2.1B | $-149.0M |
| Q1 26 | $15.7B | — | ||
| Q4 25 | $15.8B | $950.1M | ||
| Q3 25 | $15.6B | $913.2M | ||
| Q2 25 | $15.4B | $890.9M | ||
| Q1 25 | $15.8B | $868.0M | ||
| Q4 24 | $16.3B | $891.1M | ||
| Q3 24 | $15.9B | $897.2M | ||
| Q2 24 | $15.6B | $898.9M |
| Q1 26 | 0.46× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — | $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.
| Q1 26 | — | — | ||
| Q4 25 | $-38.7M | $101.1M | ||
| Q3 25 | $273.0M | $19.2M | ||
| Q2 25 | $-234.6M | $40.4M | ||
| Q1 25 | $5.8M | $-14.1M | ||
| Q4 24 | $273.9M | $41.4M | ||
| Q3 24 | $515.6M | $-28.4M | ||
| Q2 24 | $-435.3M | $21.5M |
| Q1 26 | — | — | ||
| Q4 25 | $-55.5M | — | ||
| Q3 25 | $271.0M | $19.0M | ||
| Q2 25 | $-234.6M | — | ||
| Q1 25 | $5.0M | $-18.8M | ||
| Q4 24 | $266.8M | $34.2M | ||
| Q3 24 | $513.8M | $-31.5M | ||
| Q2 24 | $-437.3M | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | -16.8% | — | ||
| Q3 25 | 82.1% | 5.5% | ||
| Q2 25 | -77.4% | — | ||
| Q1 25 | 1.6% | -6.9% | ||
| Q4 24 | 88.6% | 14.5% | ||
| Q3 24 | 168.2% | -13.0% | ||
| Q2 24 | -147.2% | 5.9% |
| Q1 26 | — | — | ||
| Q4 25 | 5.1% | — | ||
| Q3 25 | 0.6% | 0.1% | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.3% | 1.7% | ||
| Q4 24 | 2.4% | 3.0% | ||
| Q3 24 | 0.6% | 1.3% | ||
| Q2 24 | 0.7% | 1.0% |
| Q1 26 | — | — | ||
| Q4 25 | -0.93× | — | ||
| Q3 25 | 5.96× | — | ||
| Q2 25 | -6.50× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 7.71× | — | ||
| Q3 24 | 17.36× | — | ||
| Q2 24 | -21.41× | 1.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HTH
| Noninterest Income | $188.4M | 63% |
| Net Interest Income | $112.1M | 37% |
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% |
