vs
Side-by-side financial comparison of IDACORP INC (IDA) 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 $360.1M, roughly 1.1× IDACORP INC). IDACORP INC runs the higher net margin — 12.1% vs -1.9%, a 14.0% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -4.2%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs -7.2%).
IDACORP, Inc is an electricity holding company, incorporated in Idaho with headquarters in Boise. It comprises Idaho Power Company, IDACORP Financial and Ida-West Energy. It was formed on October 1, 1998.
Innovate Corp. is an American public financial services company founded in 1994.
IDA vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $360.1M | $382.7M |
| Net Profit | $43.6M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 14.9% | 3.7% |
| Net Margin | 12.1% | -1.9% |
| Revenue YoY | -4.2% | 61.7% |
| Net Profit YoY | 15.1% | 55.4% |
| EPS (diluted) | $0.78 | $-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 | $360.1M | $382.7M | ||
| Q3 25 | $526.4M | $347.1M | ||
| Q2 25 | $449.3M | $242.0M | ||
| Q1 25 | $411.1M | $274.2M | ||
| Q4 24 | $375.9M | $236.6M | ||
| Q3 24 | $532.5M | $242.2M | ||
| Q2 24 | $442.6M | $313.1M | ||
| Q1 24 | $417.9M | $315.2M |
| Q4 25 | $43.6M | $-7.4M | ||
| Q3 25 | $124.4M | $-8.9M | ||
| Q2 25 | $95.8M | $-19.8M | ||
| Q1 25 | $59.6M | $-24.5M | ||
| Q4 24 | $37.9M | $-16.6M | ||
| Q3 24 | $113.6M | $-15.0M | ||
| Q2 24 | $89.5M | $14.4M | ||
| Q1 24 | $48.2M | $-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 | 14.9% | 3.7% | ||
| Q3 25 | 27.5% | 1.8% | ||
| Q2 25 | 22.4% | 2.0% | ||
| Q1 25 | 13.4% | 1.2% | ||
| Q4 24 | 11.0% | 1.1% | ||
| Q3 24 | 25.1% | 2.4% | ||
| Q2 24 | 23.3% | 9.2% | ||
| Q1 24 | 11.9% | 0.9% |
| Q4 25 | 12.1% | -1.9% | ||
| Q3 25 | 23.6% | -2.6% | ||
| Q2 25 | 21.3% | -8.2% | ||
| Q1 25 | 14.5% | -8.9% | ||
| Q4 24 | 10.1% | -7.0% | ||
| Q3 24 | 21.3% | -6.2% | ||
| Q2 24 | 20.2% | 4.6% | ||
| Q1 24 | 11.5% | -5.5% |
| Q4 25 | $0.78 | $-0.57 | ||
| Q3 25 | $2.26 | $-0.71 | ||
| Q2 25 | $1.76 | $-1.67 | ||
| Q1 25 | $1.10 | $-1.89 | ||
| Q4 24 | $0.72 | $-0.72 | ||
| Q3 24 | $2.12 | $-1.18 | ||
| Q2 24 | $1.71 | $1.03 | ||
| Q1 24 | $0.95 | $-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 | $215.7M | $112.1M |
| Total DebtLower is stronger | $3.3B | $80.3M |
| Stockholders' EquityBook value | $3.6B | $-240.1M |
| Total Assets | $10.2B | $950.1M |
| Debt / EquityLower = less leverage | 0.93× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $215.7M | $112.1M | ||
| Q3 25 | $333.2M | $35.5M | ||
| Q2 25 | $474.5M | $33.4M | ||
| Q1 25 | $634.5M | $33.3M | ||
| Q4 24 | $368.9M | $48.8M | ||
| Q3 24 | $427.9M | $51.0M | ||
| Q2 24 | $169.6M | $80.2M | ||
| Q1 24 | $157.6M | $38.4M |
| Q4 25 | $3.3B | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | $3.1B | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $3.6B | $-240.1M | ||
| Q3 25 | $3.5B | $-233.3M | ||
| Q2 25 | $3.4B | $-224.8M | ||
| Q1 25 | $3.3B | $-204.2M | ||
| Q4 24 | $3.3B | $-180.4M | ||
| Q3 24 | $3.3B | $-163.1M | ||
| Q2 24 | $3.2B | $-149.0M | ||
| Q1 24 | $2.9B | $-184.4M |
| Q4 25 | $10.2B | $950.1M | ||
| Q3 25 | $10.1B | $913.2M | ||
| Q2 25 | $9.9B | $890.9M | ||
| Q1 25 | $9.6B | $868.0M | ||
| Q4 24 | $9.2B | $891.1M | ||
| Q3 24 | $9.1B | $897.2M | ||
| Q2 24 | $8.7B | $898.9M | ||
| Q1 24 | $8.3B | $943.5M |
| Q4 25 | 0.93× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.92× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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 | $137.8M | $101.1M |
| Free Cash FlowOCF − Capex | $-216.2M | — |
| FCF MarginFCF / Revenue | -60.0% | — |
| Capex IntensityCapex / Revenue | 98.3% | — |
| Cash ConversionOCF / Net Profit | 3.16× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-577.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $137.8M | $101.1M | ||
| Q3 25 | $162.8M | $19.2M | ||
| Q2 25 | $176.9M | $40.4M | ||
| Q1 25 | $124.3M | $-14.1M | ||
| Q4 24 | $136.4M | $41.4M | ||
| Q3 24 | $201.9M | $-28.4M | ||
| Q2 24 | $146.4M | $21.5M | ||
| Q1 24 | $109.7M | $-25.4M |
| Q4 25 | $-216.2M | — | ||
| Q3 25 | $-127.9M | $19.0M | ||
| Q2 25 | $-156.4M | — | ||
| Q1 25 | $-77.0M | $-18.8M | ||
| Q4 24 | $-48.9M | $34.2M | ||
| Q3 24 | $-16.1M | $-31.5M | ||
| Q2 24 | $-199.6M | $18.4M | ||
| Q1 24 | $-150.3M | $-31.0M |
| Q4 25 | -60.0% | — | ||
| Q3 25 | -24.3% | 5.5% | ||
| Q2 25 | -34.8% | — | ||
| Q1 25 | -18.7% | -6.9% | ||
| Q4 24 | -13.0% | 14.5% | ||
| Q3 24 | -3.0% | -13.0% | ||
| Q2 24 | -45.1% | 5.9% | ||
| Q1 24 | -36.0% | -9.8% |
| Q4 25 | 98.3% | — | ||
| Q3 25 | 55.2% | 0.1% | ||
| Q2 25 | 74.2% | — | ||
| Q1 25 | 49.0% | 1.7% | ||
| Q4 24 | 49.3% | 3.0% | ||
| Q3 24 | 41.0% | 1.3% | ||
| Q2 24 | 78.2% | 1.0% | ||
| Q1 24 | 62.2% | 1.8% |
| Q4 25 | 3.16× | — | ||
| Q3 25 | 1.31× | — | ||
| Q2 25 | 1.85× | — | ||
| Q1 25 | 2.08× | — | ||
| Q4 24 | 3.60× | — | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | 1.63× | 1.49× | ||
| Q1 24 | 2.28× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IDA
| Retailrevenues | $323.0M | 90% |
| Transmissionserviceswheeling | $18.6M | 5% |
| Energyefficiencyprogramrevenues | $11.7M | 3% |
| Wholesaleenergysales | $10.5M | 3% |
| Otherrevenues | $9.5M | 3% |
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% |
