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Side-by-side financial comparison of Grand Canyon Education, Inc. (LOPE) 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 $308.1M, roughly 1.2× Grand Canyon Education, Inc.). Grand Canyon Education, Inc. runs the higher net margin — 28.1% vs -1.9%, a 30.1% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 5.3%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs 5.9%).
Grand Canyon Education, Inc. (GCE) is an American for-profit corporation that provides services to universities, specializing in program development, online education, and operational support. Formerly affiliated with Grand Canyon University (GCU), a Christian university in Arizona, GCE became a separate publicly traded company in 2008.
Innovate Corp. is an American public financial services company founded in 1994.
LOPE vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $308.1M | $382.7M |
| Net Profit | $86.7M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 35.1% | 3.7% |
| Net Margin | 28.1% | -1.9% |
| Revenue YoY | 5.3% | 61.7% |
| Net Profit YoY | 5.9% | 55.4% |
| EPS (diluted) | $3.13 | $-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 | $308.1M | $382.7M | ||
| Q3 25 | $261.1M | $347.1M | ||
| Q2 25 | $247.5M | $242.0M | ||
| Q1 25 | $289.3M | $274.2M | ||
| Q4 24 | $292.6M | $236.6M | ||
| Q3 24 | $238.3M | $242.2M | ||
| Q2 24 | $227.5M | $313.1M | ||
| Q1 24 | $274.7M | $315.2M |
| Q4 25 | $86.7M | $-7.4M | ||
| Q3 25 | $16.3M | $-8.9M | ||
| Q2 25 | $41.5M | $-19.8M | ||
| Q1 25 | $71.6M | $-24.5M | ||
| Q4 24 | $81.9M | $-16.6M | ||
| Q3 24 | $41.5M | $-15.0M | ||
| Q2 24 | $34.9M | $14.4M | ||
| Q1 24 | $68.0M | $-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 | 35.1% | 3.7% | ||
| Q3 25 | 6.9% | 1.8% | ||
| Q2 25 | 20.9% | 2.0% | ||
| Q1 25 | 30.4% | 1.2% | ||
| Q4 24 | 34.2% | 1.1% | ||
| Q3 24 | 20.2% | 2.4% | ||
| Q2 24 | 18.8% | 9.2% | ||
| Q1 24 | 30.8% | 0.9% |
| Q4 25 | 28.1% | -1.9% | ||
| Q3 25 | 6.2% | -2.6% | ||
| Q2 25 | 16.8% | -8.2% | ||
| Q1 25 | 24.8% | -8.9% | ||
| Q4 24 | 28.0% | -7.0% | ||
| Q3 24 | 17.4% | -6.2% | ||
| Q2 24 | 15.3% | 4.6% | ||
| Q1 24 | 24.8% | -5.5% |
| Q4 25 | $3.13 | $-0.57 | ||
| Q3 25 | $0.58 | $-0.71 | ||
| Q2 25 | $1.48 | $-1.67 | ||
| Q1 25 | $2.52 | $-1.89 | ||
| Q4 24 | $2.83 | $-0.72 | ||
| Q3 24 | $1.42 | $-1.18 | ||
| Q2 24 | $1.19 | $1.03 | ||
| Q1 24 | $2.29 | $-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 | $111.8M | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $746.9M | $-240.1M |
| Total Assets | $992.3M | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $111.8M | $112.1M | ||
| Q3 25 | $97.3M | $35.5M | ||
| Q2 25 | $192.3M | $33.4M | ||
| Q1 25 | $144.5M | $33.3M | ||
| Q4 24 | $324.6M | $48.8M | ||
| Q3 24 | $263.6M | $51.0M | ||
| Q2 24 | $241.3M | $80.2M | ||
| Q1 24 | $196.2M | $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 | $746.9M | $-240.1M | ||
| Q3 25 | $758.0M | $-233.3M | ||
| Q2 25 | $778.0M | $-224.8M | ||
| Q1 25 | $780.7M | $-204.2M | ||
| Q4 24 | $783.9M | $-180.4M | ||
| Q3 24 | $764.1M | $-163.1M | ||
| Q2 24 | $759.2M | $-149.0M | ||
| Q1 24 | $759.4M | $-184.4M |
| Q4 25 | $992.3M | $950.1M | ||
| Q3 25 | $1.0B | $913.2M | ||
| Q2 25 | $1.0B | $890.9M | ||
| Q1 25 | $1.0B | $868.0M | ||
| Q4 24 | $1.0B | $891.1M | ||
| Q3 24 | $992.9M | $897.2M | ||
| Q2 24 | $992.7M | $898.9M | ||
| Q1 24 | $1.0B | $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 | $130.5M | $101.1M |
| Free Cash FlowOCF − Capex | $122.9M | — |
| FCF MarginFCF / Revenue | 39.9% | — |
| Capex IntensityCapex / Revenue | 2.5% | — |
| Cash ConversionOCF / Net Profit | 1.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | $238.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $130.5M | $101.1M | ||
| Q3 25 | $-48.6M | $19.2M | ||
| Q2 25 | $124.0M | $40.4M | ||
| Q1 25 | $67.6M | $-14.1M | ||
| Q4 24 | $135.8M | $41.4M | ||
| Q3 24 | $-29.4M | $-28.4M | ||
| Q2 24 | $98.6M | $21.5M | ||
| Q1 24 | $85.0M | $-25.4M |
| Q4 25 | $122.9M | — | ||
| Q3 25 | $-58.3M | $19.0M | ||
| Q2 25 | $115.4M | — | ||
| Q1 25 | $58.7M | $-18.8M | ||
| Q4 24 | $126.1M | $34.2M | ||
| Q3 24 | $-39.0M | $-31.5M | ||
| Q2 24 | $89.6M | $18.4M | ||
| Q1 24 | $76.0M | $-31.0M |
| Q4 25 | 39.9% | — | ||
| Q3 25 | -22.3% | 5.5% | ||
| Q2 25 | 46.6% | — | ||
| Q1 25 | 20.3% | -6.9% | ||
| Q4 24 | 43.1% | 14.5% | ||
| Q3 24 | -16.3% | -13.0% | ||
| Q2 24 | 39.4% | 5.9% | ||
| Q1 24 | 27.7% | -9.8% |
| Q4 25 | 2.5% | — | ||
| Q3 25 | 3.7% | 0.1% | ||
| Q2 25 | 3.5% | — | ||
| Q1 25 | 3.1% | 1.7% | ||
| Q4 24 | 3.3% | 3.0% | ||
| Q3 24 | 4.0% | 1.3% | ||
| Q2 24 | 3.9% | 1.0% | ||
| Q1 24 | 3.3% | 1.8% |
| Q4 25 | 1.50× | — | ||
| Q3 25 | -2.99× | — | ||
| Q2 25 | 2.98× | — | ||
| Q1 25 | 0.94× | — | ||
| Q4 24 | 1.66× | — | ||
| Q3 24 | -0.71× | — | ||
| Q2 24 | 2.83× | 1.49× | ||
| Q1 24 | 1.25× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LOPE
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% |
