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Side-by-side financial comparison of Life Time Group Holdings, Inc. (LTH) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
Life Time Group Holdings, Inc. is the larger business by last-quarter revenue ($745.1M vs $382.7M, roughly 1.9× INNOVATE Corp.). Life Time Group Holdings, Inc. runs the higher net margin — 16.5% vs -1.9%, a 18.4% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 12.3%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs 5.6%).
Life Time Group Holdings, Inc. operates a network of premium athletic, fitness and wellness destinations across the United States. It offers diverse services including state-of-the-art gym facilities, group exercise classes, personal training, spa treatments, nutrition coaching, youth programs and co-working spaces for consumers pursuing holistic healthy lifestyles.
Innovate Corp. is an American public financial services company founded in 1994.
LTH vs VATE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $745.1M | $382.7M |
| Net Profit | $123.0M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 17.4% | 3.7% |
| Net Margin | 16.5% | -1.9% |
| Revenue YoY | 12.3% | 61.7% |
| Net Profit YoY | 230.6% | 55.4% |
| EPS (diluted) | $0.54 | $-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.
| Q1 26 | $745.1M | — | ||
| Q4 25 | $745.1M | $382.7M | ||
| Q3 25 | $782.6M | $347.1M | ||
| Q2 25 | $761.5M | $242.0M | ||
| Q1 25 | $706.0M | $274.2M | ||
| Q4 24 | $663.3M | $236.6M | ||
| Q3 24 | $693.2M | $242.2M | ||
| Q2 24 | $667.8M | $313.1M |
| Q1 26 | $123.0M | — | ||
| Q4 25 | $123.0M | $-7.4M | ||
| Q3 25 | $102.4M | $-8.9M | ||
| Q2 25 | $72.1M | $-19.8M | ||
| Q1 25 | $76.1M | $-24.5M | ||
| Q4 24 | $37.2M | $-16.6M | ||
| Q3 24 | $41.4M | $-15.0M | ||
| Q2 24 | $52.8M | $14.4M |
| Q1 26 | — | — | ||
| Q4 25 | 49.1% | 15.4% | ||
| Q3 25 | 47.1% | 14.3% | ||
| Q2 25 | 47.0% | 18.8% | ||
| Q1 25 | 47.5% | 16.6% | ||
| Q4 24 | 48.2% | 19.6% | ||
| Q3 24 | 46.5% | 19.9% | ||
| Q2 24 | 46.8% | 21.0% |
| Q1 26 | 17.4% | — | ||
| Q4 25 | 17.4% | 3.7% | ||
| Q3 25 | 17.3% | 1.8% | ||
| Q2 25 | 14.2% | 2.0% | ||
| Q1 25 | 15.2% | 1.2% | ||
| Q4 24 | 13.1% | 1.1% | ||
| Q3 24 | 13.5% | 2.4% | ||
| Q2 24 | 15.7% | 9.2% |
| Q1 26 | 16.5% | — | ||
| Q4 25 | 16.5% | -1.9% | ||
| Q3 25 | 13.1% | -2.6% | ||
| Q2 25 | 9.5% | -8.2% | ||
| Q1 25 | 10.8% | -8.9% | ||
| Q4 24 | 5.6% | -7.0% | ||
| Q3 24 | 6.0% | -6.2% | ||
| Q2 24 | 7.9% | 4.6% |
| Q1 26 | $0.54 | — | ||
| Q4 25 | $0.55 | $-0.57 | ||
| Q3 25 | $0.45 | $-0.71 | ||
| Q2 25 | $0.32 | $-1.67 | ||
| Q1 25 | $0.34 | $-1.89 | ||
| Q4 24 | $0.17 | $-0.72 | ||
| Q3 24 | $0.19 | $-1.18 | ||
| Q2 24 | $0.26 | $1.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $204.8M | $112.1M |
| Total DebtLower is stronger | $1.5B | $80.3M |
| Stockholders' EquityBook value | $3.1B | $-240.1M |
| Total Assets | $8.0B | $950.1M |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $204.8M | — | ||
| Q4 25 | $204.8M | $112.1M | ||
| Q3 25 | $218.9M | $35.5M | ||
| Q2 25 | $175.5M | $33.4M | ||
| Q1 25 | $59.0M | $33.3M | ||
| Q4 24 | $10.9M | $48.8M | ||
| Q3 24 | $120.9M | $51.0M | ||
| Q2 24 | $34.5M | $80.2M |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $1.5B | $80.3M | ||
| Q3 25 | $1.5B | $97.3M | ||
| Q2 25 | $1.5B | $160.1M | ||
| Q1 25 | $1.5B | $139.9M | ||
| Q4 24 | $1.5B | $500.6M | ||
| Q3 24 | $1.7B | $502.4M | ||
| Q2 24 | $1.8B | $638.3M |
| Q1 26 | $3.1B | — | ||
| Q4 25 | $3.1B | $-240.1M | ||
| Q3 25 | $3.0B | $-233.3M | ||
| Q2 25 | $2.9B | $-224.8M | ||
| Q1 25 | $2.7B | $-204.2M | ||
| Q4 24 | $2.6B | $-180.4M | ||
| Q3 24 | $2.6B | $-163.1M | ||
| Q2 24 | $2.4B | $-149.0M |
| Q1 26 | $8.0B | — | ||
| Q4 25 | $8.0B | $950.1M | ||
| Q3 25 | $7.8B | $913.2M | ||
| Q2 25 | $7.6B | $890.9M | ||
| Q1 25 | $7.3B | $868.0M | ||
| Q4 24 | $7.2B | $891.1M | ||
| Q3 24 | $7.2B | $897.2M | ||
| Q2 24 | $7.1B | $898.9M |
| Q1 26 | 0.48× | — | ||
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 0.78× | — |
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 | $870.5M | $101.1M |
| Free Cash FlowOCF − Capex | $-9.9M | — |
| FCF MarginFCF / Revenue | -1.3% | — |
| Capex IntensityCapex / Revenue | 32.2% | — |
| Cash ConversionOCF / Net Profit | 7.08× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-72.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $870.5M | — | ||
| Q4 25 | $239.9M | $101.1M | ||
| Q3 25 | $251.1M | $19.2M | ||
| Q2 25 | $195.7M | $40.4M | ||
| Q1 25 | $183.9M | $-14.1M | ||
| Q4 24 | $163.1M | $41.4M | ||
| Q3 24 | $151.1M | $-28.4M | ||
| Q2 24 | $170.4M | $21.5M |
| Q1 26 | $-9.9M | — | ||
| Q4 25 | $-64.6M | — | ||
| Q3 25 | $28.6M | $19.0M | ||
| Q2 25 | $-26.3M | — | ||
| Q1 25 | $41.4M | $-18.8M | ||
| Q4 24 | $26.8M | $34.2M | ||
| Q3 24 | $64.0M | $-31.5M | ||
| Q2 24 | $26.1M | $18.4M |
| Q1 26 | -1.3% | — | ||
| Q4 25 | -8.7% | — | ||
| Q3 25 | 3.7% | 5.5% | ||
| Q2 25 | -3.5% | — | ||
| Q1 25 | 5.9% | -6.9% | ||
| Q4 24 | 4.0% | 14.5% | ||
| Q3 24 | 9.2% | -13.0% | ||
| Q2 24 | 3.9% | 5.9% |
| Q1 26 | 32.2% | — | ||
| Q4 25 | 40.9% | — | ||
| Q3 25 | 28.4% | 0.1% | ||
| Q2 25 | 29.2% | — | ||
| Q1 25 | 20.2% | 1.7% | ||
| Q4 24 | 20.6% | 3.0% | ||
| Q3 24 | 12.6% | 1.3% | ||
| Q2 24 | 21.6% | 1.0% |
| Q1 26 | 7.08× | — | ||
| Q4 25 | 1.95× | — | ||
| Q3 25 | 2.45× | — | ||
| Q2 25 | 2.71× | — | ||
| Q1 25 | 2.41× | — | ||
| Q4 24 | 4.39× | — | ||
| Q3 24 | 3.65× | — | ||
| Q2 24 | 3.23× | 1.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LTH
| Center revenue | $726.3M | 97% |
| Other revenue | $18.8M | 3% |
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% |
