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Side-by-side financial comparison of loanDepot, Inc. (LDI) 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 $310.3M, roughly 1.2× loanDepot, Inc.). INNOVATE Corp. runs the higher net margin — -1.9% vs -7.2%, a 5.3% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 20.5%). Over the past eight quarters, loanDepot, Inc.'s revenue compounded faster (18.0% CAGR vs 10.2%).
LoanDepot, sometimes stylized as loanDepot, is an Irvine, California-based nonbank holding company which sells mortgage and non-mortgage lending products.
Innovate Corp. is an American public financial services company founded in 1994.
LDI vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $310.3M | $382.7M |
| Net Profit | $-22.5M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | -10.3% | 3.7% |
| Net Margin | -7.2% | -1.9% |
| Revenue YoY | 20.5% | 61.7% |
| Net Profit YoY | 32.4% | 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 | $310.3M | $382.7M | ||
| Q3 25 | $323.3M | $347.1M | ||
| Q2 25 | $282.5M | $242.0M | ||
| Q1 25 | $273.6M | $274.2M | ||
| Q4 24 | $257.5M | $236.6M | ||
| Q3 24 | $314.6M | $242.2M | ||
| Q2 24 | $265.4M | $313.1M | ||
| Q1 24 | $222.8M | $315.2M |
| Q4 25 | $-22.5M | $-7.4M | ||
| Q3 25 | $-4.9M | $-8.9M | ||
| Q2 25 | $-13.4M | $-19.8M | ||
| Q1 25 | $-21.9M | $-24.5M | ||
| Q4 24 | $-33.2M | $-16.6M | ||
| Q3 24 | $1.4M | $-15.0M | ||
| Q2 24 | $-32.2M | $14.4M | ||
| Q1 24 | $-34.3M | $-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 | -10.3% | 3.7% | ||
| Q3 25 | -3.2% | 1.8% | ||
| Q2 25 | -11.4% | 2.0% | ||
| Q1 25 | -16.8% | 1.2% | ||
| Q4 24 | -32.7% | 1.1% | ||
| Q3 24 | 1.1% | 2.4% | ||
| Q2 24 | -29.1% | 9.2% | ||
| Q1 24 | -38.2% | 0.9% |
| Q4 25 | -7.2% | -1.9% | ||
| Q3 25 | -1.5% | -2.6% | ||
| Q2 25 | -4.7% | -8.2% | ||
| Q1 25 | -8.0% | -8.9% | ||
| Q4 24 | -12.9% | -7.0% | ||
| Q3 24 | 0.4% | -6.2% | ||
| Q2 24 | -12.1% | 4.6% | ||
| Q1 24 | -15.4% | -5.5% |
| Q4 25 | — | $-0.57 | ||
| Q3 25 | — | $-0.71 | ||
| Q2 25 | — | $-1.67 | ||
| Q1 25 | — | $-1.89 | ||
| Q4 24 | — | $-0.72 | ||
| Q3 24 | $0.01 | $-1.18 | ||
| Q2 24 | $-0.18 | $1.03 | ||
| Q1 24 | $-0.19 | $-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 | $337.2M | $112.1M |
| Total DebtLower is stronger | $2.1B | $80.3M |
| Stockholders' EquityBook value | $386.0M | $-240.1M |
| Total Assets | $6.9B | $950.1M |
| Debt / EquityLower = less leverage | 5.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $337.2M | $112.1M | ||
| Q3 25 | $459.2M | $35.5M | ||
| Q2 25 | $408.6M | $33.4M | ||
| Q1 25 | $371.5M | $33.3M | ||
| Q4 24 | $421.6M | $48.8M | ||
| Q3 24 | $483.0M | $51.0M | ||
| Q2 24 | $533.2M | $80.2M | ||
| Q1 24 | $603.7M | $38.4M |
| Q4 25 | $2.1B | $80.3M | ||
| Q3 25 | $2.1B | $97.3M | ||
| Q2 25 | $2.1B | $160.1M | ||
| Q1 25 | $2.0B | $139.9M | ||
| Q4 24 | $2.0B | $500.6M | ||
| Q3 24 | $2.0B | $502.4M | ||
| Q2 24 | $2.0B | $638.3M | ||
| Q1 24 | $2.3B | $641.5M |
| Q4 25 | $386.0M | $-240.1M | ||
| Q3 25 | $433.3M | $-233.3M | ||
| Q2 25 | $439.1M | $-224.8M | ||
| Q1 25 | $469.3M | $-204.2M | ||
| Q4 24 | $506.6M | $-180.4M | ||
| Q3 24 | $592.0M | $-163.1M | ||
| Q2 24 | $578.9M | $-149.0M | ||
| Q1 24 | $637.3M | $-184.4M |
| Q4 25 | $6.9B | $950.1M | ||
| Q3 25 | $6.2B | $913.2M | ||
| Q2 25 | $6.2B | $890.9M | ||
| Q1 25 | $6.4B | $868.0M | ||
| Q4 24 | $6.3B | $891.1M | ||
| Q3 24 | $6.4B | $897.2M | ||
| Q2 24 | $5.9B | $898.9M | ||
| Q1 24 | $6.2B | $943.5M |
| Q4 25 | 5.44× | — | ||
| Q3 25 | 4.83× | — | ||
| Q2 25 | 4.70× | — | ||
| Q1 25 | 4.30× | — | ||
| Q4 24 | 4.00× | — | ||
| Q3 24 | 3.31× | — | ||
| Q2 24 | 3.41× | — | ||
| Q1 24 | 3.63× | — |
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 | $-638.7M | $101.1M |
| Free Cash FlowOCF − Capex | $-648.0M | — |
| FCF MarginFCF / Revenue | -208.9% | — |
| Capex IntensityCapex / Revenue | 3.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-734.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-638.7M | $101.1M | ||
| Q3 25 | $43.4M | $19.2M | ||
| Q2 25 | $67.6M | $40.4M | ||
| Q1 25 | $-179.9M | $-14.1M | ||
| Q4 24 | $47.7M | $41.4M | ||
| Q3 24 | $-349.2M | $-28.4M | ||
| Q2 24 | $-278.3M | $21.5M | ||
| Q1 24 | $-278.5M | $-25.4M |
| Q4 25 | $-648.0M | — | ||
| Q3 25 | $38.7M | $19.0M | ||
| Q2 25 | $61.4M | — | ||
| Q1 25 | $-186.7M | $-18.8M | ||
| Q4 24 | $40.8M | $34.2M | ||
| Q3 24 | $-356.4M | $-31.5M | ||
| Q2 24 | $-285.7M | $18.4M | ||
| Q1 24 | $-283.3M | $-31.0M |
| Q4 25 | -208.9% | — | ||
| Q3 25 | 12.0% | 5.5% | ||
| Q2 25 | 21.7% | — | ||
| Q1 25 | -68.2% | -6.9% | ||
| Q4 24 | 15.8% | 14.5% | ||
| Q3 24 | -113.3% | -13.0% | ||
| Q2 24 | -107.7% | 5.9% | ||
| Q1 24 | -127.2% | -9.8% |
| Q4 25 | 3.0% | — | ||
| Q3 25 | 1.5% | 0.1% | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 2.5% | 1.7% | ||
| Q4 24 | 2.7% | 3.0% | ||
| Q3 24 | 2.3% | 1.3% | ||
| Q2 24 | 2.8% | 1.0% | ||
| Q1 24 | 2.1% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -255.05× | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LDI
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% |
