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Side-by-side financial comparison of Noble Corp plc (NE) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
Noble Corp plc is the larger business by last-quarter revenue ($764.4M vs $382.7M, roughly 2.0× INNOVATE Corp.). Noble Corp plc runs the higher net margin — 11.3% vs -1.9%, a 13.3% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -17.6%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs 9.5%).
Barnes & Noble Booksellers is an American bookseller with the largest number of retail outlets in the United States. The company operates approximately 700+ retail stores across the United States.
Innovate Corp. is an American public financial services company founded in 1994.
NE vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $764.4M | $382.7M |
| Net Profit | $86.6M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 5.6% | 3.7% |
| Net Margin | 11.3% | -1.9% |
| Revenue YoY | -17.6% | 61.7% |
| Net Profit YoY | -10.4% | 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.
| Q4 25 | $764.4M | $382.7M | ||
| Q3 25 | $798.0M | $347.1M | ||
| Q2 25 | $848.7M | $242.0M | ||
| Q1 25 | $874.5M | $274.2M | ||
| Q4 24 | $927.3M | $236.6M | ||
| Q3 24 | $800.5M | $242.2M | ||
| Q2 24 | $692.8M | $313.1M | ||
| Q1 24 | $637.1M | $315.2M |
| Q4 25 | $86.6M | $-7.4M | ||
| Q3 25 | $-21.1M | $-8.9M | ||
| Q2 25 | $42.9M | $-19.8M | ||
| Q1 25 | $108.3M | $-24.5M | ||
| Q4 24 | $96.6M | $-16.6M | ||
| Q3 24 | $61.2M | $-15.0M | ||
| Q2 24 | $195.0M | $14.4M | ||
| Q1 24 | $95.5M | $-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 | 5.6% | 3.7% | ||
| Q3 25 | 6.3% | 1.8% | ||
| Q2 25 | 15.9% | 2.0% | ||
| Q1 25 | 21.4% | 1.2% | ||
| Q4 24 | 18.4% | 1.1% | ||
| Q3 24 | 14.4% | 2.4% | ||
| Q2 24 | 30.3% | 9.2% | ||
| Q1 24 | 16.9% | 0.9% |
| Q4 25 | 11.3% | -1.9% | ||
| Q3 25 | -2.6% | -2.6% | ||
| Q2 25 | 5.1% | -8.2% | ||
| Q1 25 | 12.4% | -8.9% | ||
| Q4 24 | 10.4% | -7.0% | ||
| Q3 24 | 7.6% | -6.2% | ||
| Q2 24 | 28.1% | 4.6% | ||
| Q1 24 | 15.0% | -5.5% |
| Q4 25 | $0.54 | $-0.57 | ||
| Q3 25 | $-0.13 | $-0.71 | ||
| Q2 25 | $0.27 | $-1.67 | ||
| Q1 25 | $0.67 | $-1.89 | ||
| Q4 24 | $0.56 | $-0.72 | ||
| Q3 24 | $0.40 | $-1.18 | ||
| Q2 24 | $1.34 | $1.03 | ||
| Q1 24 | $0.66 | $-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 | $471.4M | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $4.5B | $-240.1M |
| Total Assets | $7.5B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $471.4M | $112.1M | ||
| Q3 25 | $477.9M | $35.5M | ||
| Q2 25 | $338.2M | $33.4M | ||
| Q1 25 | $303.8M | $33.3M | ||
| Q4 24 | $247.3M | $48.8M | ||
| Q3 24 | $391.9M | $51.0M | ||
| Q2 24 | $162.9M | $80.2M | ||
| Q1 24 | $212.5M | $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 | $4.5B | $-240.1M | ||
| Q3 25 | $4.5B | $-233.3M | ||
| Q2 25 | $4.6B | $-224.8M | ||
| Q1 25 | $4.7B | $-204.2M | ||
| Q4 24 | $4.7B | $-180.4M | ||
| Q3 24 | $4.7B | $-163.1M | ||
| Q2 24 | $4.0B | $-149.0M | ||
| Q1 24 | $3.9B | $-184.4M |
| Q4 25 | $7.5B | $950.1M | ||
| Q3 25 | $7.6B | $913.2M | ||
| Q2 25 | $7.7B | $890.9M | ||
| Q1 25 | $7.9B | $868.0M | ||
| Q4 24 | $8.0B | $891.1M | ||
| Q3 24 | $8.0B | $897.2M | ||
| Q2 24 | $5.6B | $898.9M | ||
| Q1 24 | $5.4B | $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 | $187.1M | $101.1M |
| Free Cash FlowOCF − Capex | $35.4M | — |
| FCF MarginFCF / Revenue | 4.6% | — |
| Capex IntensityCapex / Revenue | 19.9% | — |
| Cash ConversionOCF / Net Profit | 2.16× | — |
| TTM Free Cash FlowTrailing 4 quarters | $432.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.1M | $101.1M | ||
| Q3 25 | $277.1M | $19.2M | ||
| Q2 25 | $216.4M | $40.4M | ||
| Q1 25 | $271.1M | $-14.1M | ||
| Q4 24 | $136.2M | $41.4M | ||
| Q3 24 | $283.8M | $-28.4M | ||
| Q2 24 | $106.8M | $21.5M | ||
| Q1 24 | $128.7M | $-25.4M |
| Q4 25 | $35.4M | — | ||
| Q3 25 | $139.5M | $19.0M | ||
| Q2 25 | $99.8M | — | ||
| Q1 25 | $157.5M | $-18.8M | ||
| Q4 24 | $-4.4M | $34.2M | ||
| Q3 24 | $156.8M | $-31.5M | ||
| Q2 24 | $-34.3M | $18.4M | ||
| Q1 24 | $-37.9M | $-31.0M |
| Q4 25 | 4.6% | — | ||
| Q3 25 | 17.5% | 5.5% | ||
| Q2 25 | 11.8% | — | ||
| Q1 25 | 18.0% | -6.9% | ||
| Q4 24 | -0.5% | 14.5% | ||
| Q3 24 | 19.6% | -13.0% | ||
| Q2 24 | -4.9% | 5.9% | ||
| Q1 24 | -6.0% | -9.8% |
| Q4 25 | 19.9% | — | ||
| Q3 25 | 17.3% | 0.1% | ||
| Q2 25 | 13.7% | — | ||
| Q1 25 | 13.0% | 1.7% | ||
| Q4 24 | 15.2% | 3.0% | ||
| Q3 24 | 15.9% | 1.3% | ||
| Q2 24 | 20.4% | 1.0% | ||
| Q1 24 | 26.2% | 1.8% |
| Q4 25 | 2.16× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 5.05× | — | ||
| Q1 25 | 2.50× | — | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 4.64× | — | ||
| Q2 24 | 0.55× | 1.49× | ||
| Q1 24 | 1.35× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NE
| Floaters | $559.8M | 73% |
| Jackups | $145.5M | 19% |
| Service Other | $59.1M | 8% |
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% |
