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Side-by-side financial comparison of IHS Holding Ltd (IHS) 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 $254.0M, roughly 1.5× IHS Holding Ltd). On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 0.1%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs -22.0%).
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world, with operations across Africa and Latin America. It is the fifth-largest independent multinational tower company in the world.
Innovate Corp. is an American public financial services company founded in 1994.
IHS vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $254.0M | $382.7M |
| Net Profit | — | $-7.4M |
| Gross Margin | 83.6% | 15.4% |
| Operating Margin | — | 3.7% |
| Net Margin | — | -1.9% |
| Revenue YoY | 0.1% | 61.7% |
| Net Profit YoY | — | 55.4% |
| EPS (diluted) | — | $-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 | $254.0M | $382.7M | ||
| Q3 25 | $455.1M | $347.1M | ||
| Q2 25 | $433.3M | $242.0M | ||
| Q1 25 | $439.6M | $274.2M | ||
| Q4 24 | $253.8M | $236.6M | ||
| Q3 24 | $420.3M | $242.2M | ||
| Q2 24 | $435.4M | $313.1M | ||
| Q1 24 | $417.7M | $315.2M |
| Q4 25 | — | $-7.4M | ||
| Q3 25 | $147.4M | $-8.9M | ||
| Q2 25 | $32.3M | $-19.8M | ||
| Q1 25 | $30.7M | $-24.5M | ||
| Q4 24 | — | $-16.6M | ||
| Q3 24 | $-205.7M | $-15.0M | ||
| Q2 24 | $-124.3M | $14.4M | ||
| Q1 24 | $-1.6B | $-17.4M |
| Q4 25 | 83.6% | 15.4% | ||
| Q3 25 | 47.5% | 14.3% | ||
| Q2 25 | 51.3% | 18.8% | ||
| Q1 25 | 51.4% | 16.6% | ||
| Q4 24 | 72.1% | 19.6% | ||
| Q3 24 | 52.0% | 19.9% | ||
| Q2 24 | 52.5% | 21.0% | ||
| Q1 24 | 39.1% | 15.4% |
| Q4 25 | — | 3.7% | ||
| Q3 25 | 35.1% | 1.8% | ||
| Q2 25 | 33.8% | 2.0% | ||
| Q1 25 | 37.1% | 1.2% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 29.9% | 2.4% | ||
| Q2 24 | 34.0% | 9.2% | ||
| Q1 24 | -1.7% | 0.9% |
| Q4 25 | — | -1.9% | ||
| Q3 25 | 32.4% | -2.6% | ||
| Q2 25 | 7.5% | -8.2% | ||
| Q1 25 | 7.0% | -8.9% | ||
| Q4 24 | — | -7.0% | ||
| Q3 24 | -48.9% | -6.2% | ||
| Q2 24 | -28.5% | 4.6% | ||
| Q1 24 | -372.8% | -5.5% |
| Q4 25 | — | $-0.57 | ||
| Q3 25 | $0.44 | $-0.71 | ||
| Q2 25 | $0.10 | $-1.67 | ||
| Q1 25 | $0.10 | $-1.89 | ||
| Q4 24 | — | $-0.72 | ||
| Q3 24 | $-0.61 | $-1.18 | ||
| Q2 24 | $-0.36 | $1.03 | ||
| Q1 24 | $-4.67 | $-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 | $825.7M | $112.1M |
| Total DebtLower is stronger | $3.1B | $80.3M |
| Stockholders' EquityBook value | $-89.8M | $-240.1M |
| Total Assets | $4.5B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.7M | $112.1M | ||
| Q3 25 | $647.6M | $35.5M | ||
| Q2 25 | $531.8M | $33.4M | ||
| Q1 25 | $629.0M | $33.3M | ||
| Q4 24 | $578.0M | $48.8M | ||
| Q3 24 | $397.5M | $51.0M | ||
| Q2 24 | $445.7M | $80.2M | ||
| Q1 24 | $333.2M | $38.4M |
| Q4 25 | $3.1B | $80.3M | ||
| Q3 25 | $3.3B | $97.3M | ||
| Q2 25 | $3.2B | $160.1M | ||
| Q1 25 | $3.4B | $139.9M | ||
| Q4 24 | $3.3B | $500.6M | ||
| Q3 24 | $3.5B | $502.4M | ||
| Q2 24 | $3.6B | $638.3M | ||
| Q1 24 | $3.5B | $641.5M |
| Q4 25 | $-89.8M | $-240.1M | ||
| Q3 25 | $38.1M | $-233.3M | ||
| Q2 25 | $-98.4M | $-224.8M | ||
| Q1 25 | $-184.4M | $-204.2M | ||
| Q4 24 | $-314.4M | $-180.4M | ||
| Q3 24 | $-284.7M | $-163.1M | ||
| Q2 24 | $-308.3M | $-149.0M | ||
| Q1 24 | $-163.2M | $-184.4M |
| Q4 25 | $4.5B | $950.1M | ||
| Q3 25 | $4.7B | $913.2M | ||
| Q2 25 | $4.5B | $890.9M | ||
| Q1 25 | $4.4B | $868.0M | ||
| Q4 24 | $4.2B | $891.1M | ||
| Q3 24 | $4.6B | $897.2M | ||
| Q2 24 | $4.5B | $898.9M | ||
| Q1 24 | $4.6B | $943.5M |
| Q4 25 | — | — | ||
| Q3 25 | 85.85× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $246.9M | $101.1M |
| Free Cash FlowOCF − Capex | $178.6M | — |
| FCF MarginFCF / Revenue | 70.3% | — |
| Capex IntensityCapex / Revenue | 26.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $718.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $246.9M | $101.1M | ||
| Q3 25 | $251.3M | $19.2M | ||
| Q2 25 | $237.7M | $40.4M | ||
| Q1 25 | $200.3M | $-14.1M | ||
| Q4 24 | $344.4M | $41.4M | ||
| Q3 24 | $174.5M | $-28.4M | ||
| Q2 24 | $134.7M | $21.5M | ||
| Q1 24 | $75.8M | $-25.4M |
| Q4 25 | $178.6M | — | ||
| Q3 25 | $189.2M | $19.0M | ||
| Q2 25 | $197.7M | — | ||
| Q1 25 | $153.2M | $-18.8M | ||
| Q4 24 | $282.9M | $34.2M | ||
| Q3 24 | $122.3M | $-31.5M | ||
| Q2 24 | $74.2M | $18.4M | ||
| Q1 24 | $14.8M | $-31.0M |
| Q4 25 | 70.3% | — | ||
| Q3 25 | 41.6% | 5.5% | ||
| Q2 25 | 45.6% | — | ||
| Q1 25 | 34.8% | -6.9% | ||
| Q4 24 | 111.5% | 14.5% | ||
| Q3 24 | 29.1% | -13.0% | ||
| Q2 24 | 17.0% | 5.9% | ||
| Q1 24 | 3.5% | -9.8% |
| Q4 25 | 26.9% | — | ||
| Q3 25 | 13.6% | 0.1% | ||
| Q2 25 | 9.2% | — | ||
| Q1 25 | 10.7% | 1.7% | ||
| Q4 24 | 24.2% | 3.0% | ||
| Q3 24 | 12.4% | 1.3% | ||
| Q2 24 | 13.9% | 1.0% | ||
| Q1 24 | 14.6% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 7.36× | — | ||
| Q1 25 | 6.52× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IHS
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% |
