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Side-by-side financial comparison of Metallus Inc. (MTUS) 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 $267.3M, roughly 1.4× Metallus Inc.). INNOVATE Corp. runs the higher net margin — -1.9% vs -5.3%, a 3.4% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 11.1%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs -8.8%).
Innovate Corp. is an American public financial services company founded in 1994.
MTUS vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $267.3M | $382.7M |
| Net Profit | $-14.3M | $-7.4M |
| Gross Margin | 2.2% | 15.4% |
| Operating Margin | -7.7% | 3.7% |
| Net Margin | -5.3% | -1.9% |
| Revenue YoY | 11.1% | 61.7% |
| Net Profit YoY | 33.2% | 55.4% |
| EPS (diluted) | $-0.34 | $-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 | $267.3M | $382.7M | ||
| Q3 25 | $305.9M | $347.1M | ||
| Q2 25 | $304.6M | $242.0M | ||
| Q1 25 | $280.5M | $274.2M | ||
| Q4 24 | $240.5M | $236.6M | ||
| Q3 24 | $227.2M | $242.2M | ||
| Q2 24 | $294.7M | $313.1M | ||
| Q1 24 | $321.6M | $315.2M |
| Q4 25 | $-14.3M | $-7.4M | ||
| Q3 25 | $8.1M | $-8.9M | ||
| Q2 25 | $3.7M | $-19.8M | ||
| Q1 25 | $1.3M | $-24.5M | ||
| Q4 24 | $-21.4M | $-16.6M | ||
| Q3 24 | $-5.9M | $-15.0M | ||
| Q2 24 | $4.6M | $14.4M | ||
| Q1 24 | $24.0M | $-17.4M |
| Q4 25 | 2.2% | 15.4% | ||
| Q3 25 | 11.4% | 14.3% | ||
| Q2 25 | 10.6% | 18.8% | ||
| Q1 25 | 7.8% | 16.6% | ||
| Q4 24 | 4.5% | 19.6% | ||
| Q3 24 | 5.3% | 19.9% | ||
| Q2 24 | 8.2% | 21.0% | ||
| Q1 24 | 15.7% | 15.4% |
| Q4 25 | -7.7% | 3.7% | ||
| Q3 25 | 3.6% | 1.8% | ||
| Q2 25 | 2.8% | 2.0% | ||
| Q1 25 | 1.0% | 1.2% | ||
| Q4 24 | -10.1% | 1.1% | ||
| Q3 24 | -3.1% | 2.4% | ||
| Q2 24 | 2.1% | 9.2% | ||
| Q1 24 | 9.3% | 0.9% |
| Q4 25 | -5.3% | -1.9% | ||
| Q3 25 | 2.6% | -2.6% | ||
| Q2 25 | 1.2% | -8.2% | ||
| Q1 25 | 0.5% | -8.9% | ||
| Q4 24 | -8.9% | -7.0% | ||
| Q3 24 | -2.6% | -6.2% | ||
| Q2 24 | 1.6% | 4.6% | ||
| Q1 24 | 7.5% | -5.5% |
| Q4 25 | $-0.34 | $-0.57 | ||
| Q3 25 | $0.19 | $-0.71 | ||
| Q2 25 | $0.09 | $-1.67 | ||
| Q1 25 | $0.03 | $-1.89 | ||
| Q4 24 | $-0.46 | $-0.72 | ||
| Q3 24 | $-0.13 | $-1.18 | ||
| Q2 24 | $0.10 | $1.03 | ||
| Q1 24 | $0.52 | $-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 | $156.7M | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $686.0M | $-240.1M |
| Total Assets | $1.1B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $156.7M | $112.1M | ||
| Q3 25 | $191.5M | $35.5M | ||
| Q2 25 | $190.8M | $33.4M | ||
| Q1 25 | $180.3M | $33.3M | ||
| Q4 24 | $240.7M | $48.8M | ||
| Q3 24 | $254.6M | $51.0M | ||
| Q2 24 | $272.8M | $80.2M | ||
| Q1 24 | $278.1M | $38.4M |
| Q4 25 | — | $80.3M | ||
| Q3 25 | $0 | $97.3M | ||
| Q2 25 | $0 | $160.1M | ||
| Q1 25 | $5.4M | $139.9M | ||
| Q4 24 | $5.4M | $500.6M | ||
| Q3 24 | $13.2M | $502.4M | ||
| Q2 24 | $13.2M | $638.3M | ||
| Q1 24 | $13.2M | $641.5M |
| Q4 25 | $686.0M | $-240.1M | ||
| Q3 25 | $697.7M | $-233.3M | ||
| Q2 25 | $690.0M | $-224.8M | ||
| Q1 25 | $686.1M | $-204.2M | ||
| Q4 24 | $690.5M | $-180.4M | ||
| Q3 24 | $712.7M | $-163.1M | ||
| Q2 24 | $736.3M | $-149.0M | ||
| Q1 24 | $739.3M | $-184.4M |
| Q4 25 | $1.1B | $950.1M | ||
| Q3 25 | $1.2B | $913.2M | ||
| Q2 25 | $1.1B | $890.9M | ||
| Q1 25 | $1.1B | $868.0M | ||
| Q4 24 | $1.1B | $891.1M | ||
| Q3 24 | $1.1B | $897.2M | ||
| Q2 24 | $1.1B | $898.9M | ||
| Q1 24 | $1.2B | $943.5M |
| Q4 25 | — | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.01× | — | ||
| Q4 24 | 0.01× | — | ||
| Q3 24 | 0.02× | — | ||
| Q2 24 | 0.02× | — | ||
| Q1 24 | 0.02× | — |
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 | $-1.9M | $101.1M |
| Free Cash FlowOCF − Capex | $-37.2M | — |
| FCF MarginFCF / Revenue | -13.9% | — |
| Capex IntensityCapex / Revenue | 13.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-93.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.9M | $101.1M | ||
| Q3 25 | $22.0M | $19.2M | ||
| Q2 25 | $34.8M | $40.4M | ||
| Q1 25 | $-38.9M | $-14.1M | ||
| Q4 24 | $13.9M | $41.4M | ||
| Q3 24 | $-15.3M | $-28.4M | ||
| Q2 24 | $8.3M | $21.5M | ||
| Q1 24 | $33.4M | $-25.4M |
| Q4 25 | $-37.2M | — | ||
| Q3 25 | $-6.4M | $19.0M | ||
| Q2 25 | $17.0M | — | ||
| Q1 25 | $-66.4M | $-18.8M | ||
| Q4 24 | $-1.3M | $34.2M | ||
| Q3 24 | $-32.9M | $-31.5M | ||
| Q2 24 | $-5.8M | $18.4M | ||
| Q1 24 | $16.0M | $-31.0M |
| Q4 25 | -13.9% | — | ||
| Q3 25 | -2.1% | 5.5% | ||
| Q2 25 | 5.6% | — | ||
| Q1 25 | -23.7% | -6.9% | ||
| Q4 24 | -0.5% | 14.5% | ||
| Q3 24 | -14.5% | -13.0% | ||
| Q2 24 | -2.0% | 5.9% | ||
| Q1 24 | 5.0% | -9.8% |
| Q4 25 | 13.2% | — | ||
| Q3 25 | 9.3% | 0.1% | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | 9.8% | 1.7% | ||
| Q4 24 | 6.3% | 3.0% | ||
| Q3 24 | 7.7% | 1.3% | ||
| Q2 24 | 4.8% | 1.0% | ||
| Q1 24 | 5.4% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | 2.72× | — | ||
| Q2 25 | 9.41× | — | ||
| Q1 25 | -29.92× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.80× | 1.49× | ||
| Q1 24 | 1.39× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MTUS
| Industrial Market Sector | $95.3M | 36% |
| Manufactured Components | $67.8M | 25% |
| Aerospace And Defense | $39.6M | 15% |
| Seamless Mechanical Tubing | $31.3M | 12% |
| Energy Market Sector | $18.3M | 7% |
| Other | $11.3M | 4% |
| Other Market Sector | $3.7M | 1% |
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% |
