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Side-by-side financial comparison of NERDWALLET, INC. (NRDS) 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 $225.4M, roughly 1.7× NERDWALLET, INC.). NERDWALLET, INC. runs the higher net margin — 6.2% vs -1.9%, a 8.1% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 22.6%). Over the past eight quarters, NERDWALLET, INC.'s revenue compounded faster (18.0% CAGR vs 10.2%).
NerdWallet is an American personal finance company, founded in 2009 by Tim Chen and Jacob Gibson. It has a website and app that earns money by promoting financial products to its users.
Innovate Corp. is an American public financial services company founded in 1994.
NRDS vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $225.4M | $382.7M |
| Net Profit | $14.0M | $-7.4M |
| Gross Margin | 94.0% | 15.4% |
| Operating Margin | 8.6% | 3.7% |
| Net Margin | 6.2% | -1.9% |
| Revenue YoY | 22.6% | 61.7% |
| Net Profit YoY | -63.7% | 55.4% |
| EPS (diluted) | $0.19 | $-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 | $225.4M | $382.7M | ||
| Q3 25 | $215.1M | $347.1M | ||
| Q2 25 | $186.9M | $242.0M | ||
| Q1 25 | $209.2M | $274.2M | ||
| Q4 24 | $183.8M | $236.6M | ||
| Q3 24 | $191.3M | $242.2M | ||
| Q2 24 | $150.6M | $313.1M | ||
| Q1 24 | $161.9M | $315.2M |
| Q4 25 | $14.0M | $-7.4M | ||
| Q3 25 | $26.3M | $-8.9M | ||
| Q2 25 | $8.2M | $-19.8M | ||
| Q1 25 | $200.0K | $-24.5M | ||
| Q4 24 | $38.6M | $-16.6M | ||
| Q3 24 | $100.0K | $-15.0M | ||
| Q2 24 | $-9.4M | $14.4M | ||
| Q1 24 | $1.1M | $-17.4M |
| Q4 25 | 94.0% | 15.4% | ||
| Q3 25 | 92.9% | 14.3% | ||
| Q2 25 | 91.1% | 18.8% | ||
| Q1 25 | 91.3% | 16.6% | ||
| Q4 24 | 90.9% | 19.6% | ||
| Q3 24 | 90.7% | 19.9% | ||
| Q2 24 | 90.1% | 21.0% | ||
| Q1 24 | 91.2% | 15.4% |
| Q4 25 | 8.6% | 3.7% | ||
| Q3 25 | 16.0% | 1.8% | ||
| Q2 25 | 5.7% | 2.0% | ||
| Q1 25 | 0.3% | 1.2% | ||
| Q4 24 | 4.7% | 1.1% | ||
| Q3 24 | 3.5% | 2.4% | ||
| Q2 24 | -6.4% | 9.2% | ||
| Q1 24 | 2.3% | 0.9% |
| Q4 25 | 6.2% | -1.9% | ||
| Q3 25 | 12.2% | -2.6% | ||
| Q2 25 | 4.4% | -8.2% | ||
| Q1 25 | 0.1% | -8.9% | ||
| Q4 24 | 21.0% | -7.0% | ||
| Q3 24 | 0.1% | -6.2% | ||
| Q2 24 | -6.2% | 4.6% | ||
| Q1 24 | 0.7% | -5.5% |
| Q4 25 | $0.19 | $-0.57 | ||
| Q3 25 | $0.34 | $-0.71 | ||
| Q2 25 | $0.11 | $-1.67 | ||
| Q1 25 | $0.00 | $-1.89 | ||
| Q4 24 | $0.49 | $-0.72 | ||
| Q3 24 | $0.00 | $-1.18 | ||
| Q2 24 | $-0.12 | $1.03 | ||
| Q1 24 | $0.01 | $-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 | $98.3M | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $374.5M | $-240.1M |
| Total Assets | $461.1M | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $98.3M | $112.1M | ||
| Q3 25 | $120.6M | $35.5M | ||
| Q2 25 | $105.3M | $33.4M | ||
| Q1 25 | $92.2M | $33.3M | ||
| Q4 24 | $66.3M | $48.8M | ||
| Q3 24 | $71.7M | $51.0M | ||
| Q2 24 | $113.8M | $80.2M | ||
| Q1 24 | $110.9M | $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 | $374.5M | $-240.1M | ||
| Q3 25 | $402.4M | $-233.3M | ||
| Q2 25 | $390.0M | $-224.8M | ||
| Q1 25 | $371.6M | $-204.2M | ||
| Q4 24 | $364.2M | $-180.4M | ||
| Q3 24 | $322.4M | $-163.1M | ||
| Q2 24 | $379.4M | $-149.0M | ||
| Q1 24 | $378.7M | $-184.4M |
| Q4 25 | $461.1M | $950.1M | ||
| Q3 25 | $492.8M | $913.2M | ||
| Q2 25 | $476.0M | $890.9M | ||
| Q1 25 | $475.0M | $868.0M | ||
| Q4 24 | $437.6M | $891.1M | ||
| Q3 24 | $402.4M | $897.2M | ||
| Q2 24 | $446.2M | $898.9M | ||
| Q1 24 | $446.1M | $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 | $38.9M | $101.1M |
| Free Cash FlowOCF − Capex | $38.6M | — |
| FCF MarginFCF / Revenue | 17.1% | — |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | 2.78× | — |
| TTM Free Cash FlowTrailing 4 quarters | $130.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $38.9M | $101.1M | ||
| Q3 25 | $48.5M | $19.2M | ||
| Q2 25 | $17.5M | $40.4M | ||
| Q1 25 | $26.7M | $-14.1M | ||
| Q4 24 | $9.9M | $41.4M | ||
| Q3 24 | $29.0M | $-28.4M | ||
| Q2 24 | $10.2M | $21.5M | ||
| Q1 24 | $22.7M | $-25.4M |
| Q4 25 | $38.6M | — | ||
| Q3 25 | $48.4M | $19.0M | ||
| Q2 25 | $16.8M | — | ||
| Q1 25 | $26.5M | $-18.8M | ||
| Q4 24 | $9.7M | $34.2M | ||
| Q3 24 | $28.9M | $-31.5M | ||
| Q2 24 | $9.9M | $18.4M | ||
| Q1 24 | — | $-31.0M |
| Q4 25 | 17.1% | — | ||
| Q3 25 | 22.5% | 5.5% | ||
| Q2 25 | 9.0% | — | ||
| Q1 25 | 12.7% | -6.9% | ||
| Q4 24 | 5.3% | 14.5% | ||
| Q3 24 | 15.1% | -13.0% | ||
| Q2 24 | 6.6% | 5.9% | ||
| Q1 24 | — | -9.8% |
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | 0.1% | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 0.1% | 1.7% | ||
| Q4 24 | 0.1% | 3.0% | ||
| Q3 24 | 0.1% | 1.3% | ||
| Q2 24 | 0.2% | 1.0% | ||
| Q1 24 | 0.0% | 1.8% |
| Q4 25 | 2.78× | — | ||
| Q3 25 | 1.84× | — | ||
| Q2 25 | 2.13× | — | ||
| Q1 25 | 133.50× | — | ||
| Q4 24 | 0.26× | — | ||
| Q3 24 | 290.00× | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | 20.64× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NRDS
| Insurance | $81.2M | 36% |
| Emerging Verticals | $52.9M | 23% |
| Loans | $42.3M | 19% |
| Credit Card | $26.5M | 12% |
| SMB Products | $22.5M | 10% |
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% |
