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Side-by-side financial comparison of KILROY REALTY CORP (KRC) 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 $272.2M, roughly 1.4× KILROY REALTY CORP). KILROY REALTY CORP runs the higher net margin — 6.3% vs -1.9%, a 8.2% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -5.0%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs -1.2%).
Kilroy Realty Corp is a leading U.S. real estate investment trust that develops, owns, and operates premium office, life science, and mixed-use properties primarily across high-growth West Coast markets including Los Angeles, San Francisco, Seattle, and San Diego. It serves tenants across the technology, life sciences, media, and creative sectors, with a core focus on delivering sustainable, future-ready workspaces tailored to modern business needs.
Innovate Corp. is an American public financial services company founded in 1994.
KRC vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $272.2M | $382.7M |
| Net Profit | $17.1M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | — | 3.7% |
| Net Margin | 6.3% | -1.9% |
| Revenue YoY | -5.0% | 61.7% |
| Net Profit YoY | -73.7% | 55.4% |
| EPS (diluted) | $0.11 | $-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 | $272.2M | $382.7M | ||
| Q3 25 | $279.7M | $347.1M | ||
| Q2 25 | $289.9M | $242.0M | ||
| Q1 25 | $270.8M | $274.2M | ||
| Q4 24 | $286.4M | $236.6M | ||
| Q3 24 | $289.9M | $242.2M | ||
| Q2 24 | $280.7M | $313.1M | ||
| Q1 24 | $278.6M | $315.2M |
| Q4 25 | $17.1M | $-7.4M | ||
| Q3 25 | $162.3M | $-8.9M | ||
| Q2 25 | $79.6M | $-19.8M | ||
| Q1 25 | $43.7M | $-24.5M | ||
| Q4 24 | $65.0M | $-16.6M | ||
| Q3 24 | $57.7M | $-15.0M | ||
| Q2 24 | $54.5M | $14.4M | ||
| Q1 24 | $55.7M | $-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 | — | 3.7% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 9.2% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | 6.3% | -1.9% | ||
| Q3 25 | 58.0% | -2.6% | ||
| Q2 25 | 27.4% | -8.2% | ||
| Q1 25 | 16.1% | -8.9% | ||
| Q4 24 | 22.7% | -7.0% | ||
| Q3 24 | 19.9% | -6.2% | ||
| Q2 24 | 19.4% | 4.6% | ||
| Q1 24 | 20.0% | -5.5% |
| Q4 25 | $0.11 | $-0.57 | ||
| Q3 25 | $1.31 | $-0.71 | ||
| Q2 25 | $0.57 | $-1.67 | ||
| Q1 25 | $0.33 | $-1.89 | ||
| Q4 24 | $0.50 | $-0.72 | ||
| Q3 24 | $0.44 | $-1.18 | ||
| Q2 24 | $0.41 | $1.03 | ||
| Q1 24 | $0.42 | $-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 | $179.3M | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $5.4B | $-240.1M |
| Total Assets | $10.9B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $179.3M | $112.1M | ||
| Q3 25 | $372.4M | $35.5M | ||
| Q2 25 | $193.1M | $33.4M | ||
| Q1 25 | $146.7M | $33.3M | ||
| Q4 24 | $165.7M | $48.8M | ||
| Q3 24 | $625.4M | $51.0M | ||
| Q2 24 | $835.9M | $80.2M | ||
| Q1 24 | $855.0M | $38.4M |
| 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 24 | — | $641.5M |
| Q4 25 | $5.4B | $-240.1M | ||
| Q3 25 | $5.5B | $-233.3M | ||
| Q2 25 | $5.4B | $-224.8M | ||
| Q1 25 | $5.4B | $-204.2M | ||
| Q4 24 | $5.4B | $-180.4M | ||
| Q3 24 | $5.4B | $-163.1M | ||
| Q2 24 | $5.4B | $-149.0M | ||
| Q1 24 | $5.4B | $-184.4M |
| Q4 25 | $10.9B | $950.1M | ||
| Q3 25 | $11.0B | $913.2M | ||
| Q2 25 | $10.9B | $890.9M | ||
| Q1 25 | $10.9B | $868.0M | ||
| Q4 24 | $10.9B | $891.1M | ||
| Q3 24 | $11.4B | $897.2M | ||
| Q2 24 | $11.5B | $898.9M | ||
| Q1 24 | $11.6B | $943.5M |
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 | $566.3M | $101.1M |
| Free Cash FlowOCF − Capex | $450.3M | — |
| FCF MarginFCF / Revenue | 165.4% | — |
| Capex IntensityCapex / Revenue | 42.6% | — |
| Cash ConversionOCF / Net Profit | 33.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $833.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $566.3M | $101.1M | ||
| Q3 25 | $176.6M | $19.2M | ||
| Q2 25 | $143.7M | $40.4M | ||
| Q1 25 | $136.9M | $-14.1M | ||
| Q4 24 | $541.1M | $41.4M | ||
| Q3 24 | $176.3M | $-28.4M | ||
| Q2 24 | $88.7M | $21.5M | ||
| Q1 24 | $167.9M | $-25.4M |
| Q4 25 | $450.3M | — | ||
| Q3 25 | $148.7M | $19.0M | ||
| Q2 25 | $118.4M | — | ||
| Q1 25 | $115.6M | $-18.8M | ||
| Q4 24 | $440.8M | $34.2M | ||
| Q3 24 | $147.2M | $-31.5M | ||
| Q2 24 | $69.5M | $18.4M | ||
| Q1 24 | $151.9M | $-31.0M |
| Q4 25 | 165.4% | — | ||
| Q3 25 | 53.1% | 5.5% | ||
| Q2 25 | 40.9% | — | ||
| Q1 25 | 42.7% | -6.9% | ||
| Q4 24 | 153.9% | 14.5% | ||
| Q3 24 | 50.8% | -13.0% | ||
| Q2 24 | 24.7% | 5.9% | ||
| Q1 24 | 54.5% | -9.8% |
| Q4 25 | 42.6% | — | ||
| Q3 25 | 10.0% | 0.1% | ||
| Q2 25 | 8.7% | — | ||
| Q1 25 | 7.9% | 1.7% | ||
| Q4 24 | 35.0% | 3.0% | ||
| Q3 24 | 10.1% | 1.3% | ||
| Q2 24 | 6.8% | 1.0% | ||
| Q1 24 | 5.7% | 1.8% |
| Q4 25 | 33.10× | — | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 1.81× | — | ||
| Q1 25 | 3.13× | — | ||
| Q4 24 | 8.32× | — | ||
| Q3 24 | 3.06× | — | ||
| Q2 24 | 1.63× | 1.49× | ||
| Q1 24 | 3.01× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KRC
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% |
