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Side-by-side financial comparison of New Fortress Energy Inc. (NFE) 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 $326.2M, roughly 1.2× New Fortress Energy Inc.). INNOVATE Corp. runs the higher net margin — -1.9% vs -259.7%, a 257.7% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -7.0%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs -26.8%).
New Fortress Energy Inc. is a global energy infrastructure firm developing, owning and operating LNG import/export terminals, natural gas supply networks and low-carbon projects. It serves utility, industrial and public sector clients across the Americas and Caribbean, delivering affordable, lower-emission energy resources.
Innovate Corp. is an American public financial services company founded in 1994.
NFE vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $326.2M | $382.7M |
| Net Profit | $-847.1M | $-7.4M |
| Gross Margin | 35.5% | 15.4% |
| Operating Margin | -193.0% | 3.7% |
| Net Margin | -259.7% | -1.9% |
| Revenue YoY | -7.0% | 61.7% |
| Net Profit YoY | -277.4% | 55.4% |
| EPS (diluted) | $-3.03 | $-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 | $326.2M | $382.7M | ||
| Q3 25 | $240.3M | $347.1M | ||
| Q2 25 | $228.1M | $242.0M | ||
| Q1 25 | $384.9M | $274.2M | ||
| Q4 24 | $350.7M | $236.6M | ||
| Q3 24 | $446.0M | $242.2M | ||
| Q2 24 | $291.2M | $313.1M | ||
| Q1 24 | $609.5M | $315.2M |
| Q4 25 | $-847.1M | $-7.4M | ||
| Q3 25 | $-263.0M | $-8.9M | ||
| Q2 25 | $-546.5M | $-19.8M | ||
| Q1 25 | $-175.4M | $-24.5M | ||
| Q4 24 | $-224.4M | $-16.6M | ||
| Q3 24 | $9.3M | $-15.0M | ||
| Q2 24 | $-88.9M | $14.4M | ||
| Q1 24 | $54.1M | $-17.4M |
| Q4 25 | 35.5% | 15.4% | ||
| Q3 25 | 18.1% | 14.3% | ||
| Q2 25 | 8.4% | 18.8% | ||
| Q1 25 | 21.4% | 16.6% | ||
| Q4 24 | 17.6% | 19.6% | ||
| Q3 24 | 27.1% | 19.9% | ||
| Q2 24 | 23.8% | 21.0% | ||
| Q1 24 | 62.4% | 15.4% |
| Q4 25 | -193.0% | 3.7% | ||
| Q3 25 | -37.4% | 1.8% | ||
| Q2 25 | -170.3% | 2.0% | ||
| Q1 25 | -3.3% | 1.2% | ||
| Q4 24 | 65.0% | 1.1% | ||
| Q3 24 | 17.8% | 2.4% | ||
| Q2 24 | 12.3% | 9.2% | ||
| Q1 24 | 30.4% | 0.9% |
| Q4 25 | -259.7% | -1.9% | ||
| Q3 25 | -109.4% | -2.6% | ||
| Q2 25 | -239.6% | -8.2% | ||
| Q1 25 | -45.6% | -8.9% | ||
| Q4 24 | -64.0% | -7.0% | ||
| Q3 24 | 2.1% | -6.2% | ||
| Q2 24 | -30.5% | 4.6% | ||
| Q1 24 | 8.9% | -5.5% |
| Q4 25 | $-3.03 | $-0.57 | ||
| Q3 25 | $-0.96 | $-0.71 | ||
| Q2 25 | $-1.99 | $-1.67 | ||
| Q1 25 | $-0.65 | $-1.89 | ||
| Q4 24 | $-1.10 | $-0.72 | ||
| Q3 24 | $0.03 | $-1.18 | ||
| Q2 24 | $-0.42 | $1.03 | ||
| Q1 24 | $0.23 | $-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 | $226.5M | $112.1M |
| Total DebtLower is stronger | $8.2B | $80.3M |
| Stockholders' EquityBook value | $182.6M | $-240.1M |
| Total Assets | $10.6B | $950.1M |
| Debt / EquityLower = less leverage | 44.78× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $226.5M | $112.1M | ||
| Q3 25 | $145.2M | $35.5M | ||
| Q2 25 | $551.1M | $33.4M | ||
| Q1 25 | $447.9M | $33.3M | ||
| Q4 24 | $492.9M | $48.8M | ||
| Q3 24 | $90.8M | $51.0M | ||
| Q2 24 | $133.0M | $80.2M | ||
| Q1 24 | $143.5M | $38.4M |
| Q4 25 | $8.2B | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | $8.9B | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $182.6M | $-240.1M | ||
| Q3 25 | $1.1B | $-233.3M | ||
| Q2 25 | $1.3B | $-224.8M | ||
| Q1 25 | $1.8B | $-204.2M | ||
| Q4 24 | $1.9B | $-180.4M | ||
| Q3 24 | $1.6B | $-163.1M | ||
| Q2 24 | $1.6B | $-149.0M | ||
| Q1 24 | $1.7B | $-184.4M |
| Q4 25 | $10.6B | $950.1M | ||
| Q3 25 | $12.0B | $913.2M | ||
| Q2 25 | $12.0B | $890.9M | ||
| Q1 25 | $13.1B | $868.0M | ||
| Q4 24 | $12.9B | $891.1M | ||
| Q3 24 | $12.0B | $897.2M | ||
| Q2 24 | $11.4B | $898.9M | ||
| Q1 24 | $10.9B | $943.5M |
| Q4 25 | 44.78× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.74× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-76.2M | $101.1M |
| Free Cash FlowOCF − Capex | $-134.8M | — |
| FCF MarginFCF / Revenue | -41.3% | — |
| Capex IntensityCapex / Revenue | 18.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-76.2M | $101.1M | ||
| Q3 25 | $-171.0M | $19.2M | ||
| Q2 25 | $-329.0M | $40.4M | ||
| Q1 25 | $-7.2M | $-14.1M | ||
| Q4 24 | $445.3M | $41.4M | ||
| Q3 24 | $-20.0M | $-28.4M | ||
| Q2 24 | $113.9M | $21.5M | ||
| Q1 24 | $63.0M | $-25.4M |
| Q4 25 | $-134.8M | — | ||
| Q3 25 | $-231.6M | $19.0M | ||
| Q2 25 | $-726.7M | — | ||
| Q1 25 | $-262.3M | $-18.8M | ||
| Q4 24 | $-210.3M | $34.2M | ||
| Q3 24 | $-367.0M | $-31.5M | ||
| Q2 24 | $-493.2M | $18.4M | ||
| Q1 24 | $-457.9M | $-31.0M |
| Q4 25 | -41.3% | — | ||
| Q3 25 | -96.4% | 5.5% | ||
| Q2 25 | -318.6% | — | ||
| Q1 25 | -68.2% | -6.9% | ||
| Q4 24 | -60.0% | 14.5% | ||
| Q3 24 | -82.3% | -13.0% | ||
| Q2 24 | -169.3% | 5.9% | ||
| Q1 24 | -75.1% | -9.8% |
| Q4 25 | 18.0% | — | ||
| Q3 25 | 25.2% | 0.1% | ||
| Q2 25 | 174.4% | — | ||
| Q1 25 | 66.3% | 1.7% | ||
| Q4 24 | 187.0% | 3.0% | ||
| Q3 24 | 77.8% | 1.3% | ||
| Q2 24 | 208.4% | 1.0% | ||
| Q1 24 | 85.5% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -2.15× | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | 1.16× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NFE
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% |
