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Side-by-side financial comparison of Koppers Holdings Inc. (KOP) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
Koppers Holdings Inc. is the larger business by last-quarter revenue ($432.7M vs $382.7M, roughly 1.1× INNOVATE Corp.). Koppers Holdings Inc. runs the higher net margin — 6.9% vs -1.9%, a 8.8% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -9.3%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs -6.7%).
Koppers is a global chemical and materials company based in Pittsburgh, Pennsylvania, United States. Its headquarters is an art-deco 1920s skyscraper, the Koppers Tower.
Innovate Corp. is an American public financial services company founded in 1994.
KOP vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $432.7M | $382.7M |
| Net Profit | $29.7M | $-7.4M |
| Gross Margin | 25.6% | 15.4% |
| Operating Margin | 11.5% | 3.7% |
| Net Margin | 6.9% | -1.9% |
| Revenue YoY | -9.3% | 61.7% |
| Net Profit YoY | 391.2% | 55.4% |
| EPS (diluted) | $1.44 | $-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 | $432.7M | $382.7M | ||
| Q3 25 | $485.3M | $347.1M | ||
| Q2 25 | $504.8M | $242.0M | ||
| Q1 25 | $456.5M | $274.2M | ||
| Q4 24 | $477.0M | $236.6M | ||
| Q3 24 | $554.3M | $242.2M | ||
| Q2 24 | $563.2M | $313.1M | ||
| Q1 24 | $497.6M | $315.2M |
| Q4 25 | $29.7M | $-7.4M | ||
| Q3 25 | $23.8M | $-8.9M | ||
| Q2 25 | $16.4M | $-19.8M | ||
| Q1 25 | $-13.9M | $-24.5M | ||
| Q4 24 | $-10.2M | $-16.6M | ||
| Q3 24 | $22.8M | $-15.0M | ||
| Q2 24 | $26.8M | $14.4M | ||
| Q1 24 | $13.0M | $-17.4M |
| Q4 25 | 25.6% | 15.4% | ||
| Q3 25 | 24.1% | 14.3% | ||
| Q2 25 | 22.6% | 18.8% | ||
| Q1 25 | 23.2% | 16.6% | ||
| Q4 24 | 17.5% | 19.6% | ||
| Q3 24 | 21.9% | 19.9% | ||
| Q2 24 | 21.6% | 21.0% | ||
| Q1 24 | 19.3% | 15.4% |
| Q4 25 | 11.5% | 3.7% | ||
| Q3 25 | 10.7% | 1.8% | ||
| Q2 25 | 7.7% | 2.0% | ||
| Q1 25 | 5.9% | 1.2% | ||
| Q4 24 | 1.3% | 1.1% | ||
| Q3 24 | 9.0% | 2.4% | ||
| Q2 24 | 10.2% | 9.2% | ||
| Q1 24 | 7.0% | 0.9% |
| Q4 25 | 6.9% | -1.9% | ||
| Q3 25 | 4.9% | -2.6% | ||
| Q2 25 | 3.2% | -8.2% | ||
| Q1 25 | -3.0% | -8.9% | ||
| Q4 24 | -2.1% | -7.0% | ||
| Q3 24 | 4.1% | -6.2% | ||
| Q2 24 | 4.8% | 4.6% | ||
| Q1 24 | 2.6% | -5.5% |
| Q4 25 | $1.44 | $-0.57 | ||
| Q3 25 | $1.17 | $-0.71 | ||
| Q2 25 | $0.81 | $-1.67 | ||
| Q1 25 | $-0.68 | $-1.89 | ||
| Q4 24 | $-0.47 | $-0.72 | ||
| Q3 24 | $1.09 | $-1.18 | ||
| Q2 24 | $1.25 | $1.03 | ||
| Q1 24 | $0.59 | $-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 | — | $112.1M |
| Total DebtLower is stronger | $928.3M | $80.3M |
| Stockholders' EquityBook value | $574.0M | $-240.1M |
| Total Assets | $1.9B | $950.1M |
| Debt / EquityLower = less leverage | 1.62× | — |
8-quarter trend — quarters aligned by calendar period.
| 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 24 | — | $38.4M |
| Q4 25 | $928.3M | $80.3M | ||
| Q3 25 | $932.9M | $97.3M | ||
| Q2 25 | $977.5M | $160.1M | ||
| Q1 25 | $989.0M | $139.9M | ||
| Q4 24 | $939.5M | $500.6M | ||
| Q3 24 | $989.4M | $502.4M | ||
| Q2 24 | $1.0B | $638.3M | ||
| Q1 24 | $877.6M | $641.5M |
| Q4 25 | $574.0M | $-240.1M | ||
| Q3 25 | $545.6M | $-233.3M | ||
| Q2 25 | $526.8M | $-224.8M | ||
| Q1 25 | $498.0M | $-204.2M | ||
| Q4 24 | $488.7M | $-180.4M | ||
| Q3 24 | $532.3M | $-163.1M | ||
| Q2 24 | $509.2M | $-149.0M | ||
| Q1 24 | $505.8M | $-184.4M |
| Q4 25 | $1.9B | $950.1M | ||
| Q3 25 | $1.9B | $913.2M | ||
| Q2 25 | $1.9B | $890.9M | ||
| Q1 25 | $1.9B | $868.0M | ||
| Q4 24 | $1.9B | $891.1M | ||
| Q3 24 | $2.0B | $897.2M | ||
| Q2 24 | $1.9B | $898.9M | ||
| Q1 24 | $1.8B | $943.5M |
| Q4 25 | 1.62× | — | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 1.86× | — | ||
| Q1 25 | 1.99× | — | ||
| Q4 24 | 1.92× | — | ||
| Q3 24 | 1.86× | — | ||
| Q2 24 | 1.97× | — | ||
| Q1 24 | 1.74× | — |
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 | $45.1M | $101.1M |
| Free Cash FlowOCF − Capex | $28.5M | — |
| FCF MarginFCF / Revenue | 6.6% | — |
| Capex IntensityCapex / Revenue | 3.8% | — |
| Cash ConversionOCF / Net Profit | 1.52× | — |
| TTM Free Cash FlowTrailing 4 quarters | $67.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.1M | $101.1M | ||
| Q3 25 | $49.6M | $19.2M | ||
| Q2 25 | $50.5M | $40.4M | ||
| Q1 25 | $-22.7M | $-14.1M | ||
| Q4 24 | $74.7M | $41.4M | ||
| Q3 24 | $29.8M | $-28.4M | ||
| Q2 24 | $27.2M | $21.5M | ||
| Q1 24 | $-12.3M | $-25.4M |
| Q4 25 | $28.5M | — | ||
| Q3 25 | $37.6M | $19.0M | ||
| Q2 25 | $38.4M | — | ||
| Q1 25 | $-37.0M | $-18.8M | ||
| Q4 24 | $56.1M | $34.2M | ||
| Q3 24 | $14.4M | $-31.5M | ||
| Q2 24 | $10.1M | $18.4M | ||
| Q1 24 | $-38.6M | $-31.0M |
| Q4 25 | 6.6% | — | ||
| Q3 25 | 7.7% | 5.5% | ||
| Q2 25 | 7.6% | — | ||
| Q1 25 | -8.1% | -6.9% | ||
| Q4 24 | 11.8% | 14.5% | ||
| Q3 24 | 2.6% | -13.0% | ||
| Q2 24 | 1.8% | 5.9% | ||
| Q1 24 | -7.8% | -9.8% |
| Q4 25 | 3.8% | — | ||
| Q3 25 | 2.5% | 0.1% | ||
| Q2 25 | 2.4% | — | ||
| Q1 25 | 3.1% | 1.7% | ||
| Q4 24 | 3.9% | 3.0% | ||
| Q3 24 | 2.8% | 1.3% | ||
| Q2 24 | 3.0% | 1.0% | ||
| Q1 24 | 5.3% | 1.8% |
| Q4 25 | 1.52× | — | ||
| Q3 25 | 2.08× | — | ||
| Q2 25 | 3.08× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.31× | — | ||
| Q2 24 | 1.01× | 1.49× | ||
| Q1 24 | -0.95× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KOP
| Other | $127.8M | 30% |
| Railroad Treated Products | $119.0M | 28% |
| Utility Poles | $79.8M | 18% |
| Pitch And Related Products | $74.1M | 17% |
| Carbon Black Feedstock And Distillates | $14.4M | 3% |
| Railroad Infrastructure Products And Services | $9.9M | 2% |
| Phthalic Anhydride Naphthalene And Other Chemicals | $7.7M | 2% |
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% |
