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Side-by-side financial comparison of ONESPAWORLD HOLDINGS Ltd (OSW) 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 $242.1M, roughly 1.6× ONESPAWORLD HOLDINGS Ltd). ONESPAWORLD HOLDINGS Ltd runs the higher net margin — 5.0% vs -1.9%, a 6.9% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 11.5%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs 7.1%).
Innovate Corp. is an American public financial services company founded in 1994.
OSW vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $242.1M | $382.7M |
| Net Profit | $12.1M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 6.8% | 3.7% |
| Net Margin | 5.0% | -1.9% |
| Revenue YoY | 11.5% | 61.7% |
| Net Profit YoY | -16.2% | 55.4% |
| EPS (diluted) | $0.12 | $-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 | $242.1M | $382.7M | ||
| Q3 25 | $258.5M | $347.1M | ||
| Q2 25 | $240.7M | $242.0M | ||
| Q1 25 | $219.6M | $274.2M | ||
| Q4 24 | $217.2M | $236.6M | ||
| Q3 24 | $241.7M | $242.2M | ||
| Q2 24 | $224.9M | $313.1M | ||
| Q1 24 | $211.2M | $315.2M |
| Q4 25 | $12.1M | $-7.4M | ||
| Q3 25 | $24.3M | $-8.9M | ||
| Q2 25 | $19.9M | $-19.8M | ||
| Q1 25 | $15.3M | $-24.5M | ||
| Q4 24 | $14.4M | $-16.6M | ||
| Q3 24 | $21.6M | $-15.0M | ||
| Q2 24 | $15.8M | $14.4M | ||
| Q1 24 | $21.2M | $-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 | 6.8% | 3.7% | ||
| Q3 25 | 10.2% | 1.8% | ||
| Q2 25 | 9.2% | 2.0% | ||
| Q1 25 | 7.7% | 1.2% | ||
| Q4 24 | 7.9% | 1.1% | ||
| Q3 24 | 10.3% | 2.4% | ||
| Q2 24 | 8.4% | 9.2% | ||
| Q1 24 | 8.0% | 0.9% |
| Q4 25 | 5.0% | -1.9% | ||
| Q3 25 | 9.4% | -2.6% | ||
| Q2 25 | 8.3% | -8.2% | ||
| Q1 25 | 7.0% | -8.9% | ||
| Q4 24 | 6.6% | -7.0% | ||
| Q3 24 | 8.9% | -6.2% | ||
| Q2 24 | 7.0% | 4.6% | ||
| Q1 24 | 10.0% | -5.5% |
| Q4 25 | $0.12 | $-0.57 | ||
| Q3 25 | $0.23 | $-0.71 | ||
| Q2 25 | $0.19 | $-1.67 | ||
| Q1 25 | $0.15 | $-1.89 | ||
| Q4 24 | $0.13 | $-0.72 | ||
| Q3 24 | $0.20 | $-1.18 | ||
| Q2 24 | $0.15 | $1.03 | ||
| Q1 24 | $0.21 | $-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 | $16.3M | $112.1M |
| Total DebtLower is stronger | $84.0M | $80.3M |
| Stockholders' EquityBook value | $542.6M | $-240.1M |
| Total Assets | $707.1M | $950.1M |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $16.3M | $112.1M | ||
| Q3 25 | $29.6M | $35.5M | ||
| Q2 25 | $35.0M | $33.4M | ||
| Q1 25 | $22.6M | $33.3M | ||
| Q4 24 | $57.4M | $48.8M | ||
| Q3 24 | $48.8M | $51.0M | ||
| Q2 24 | $62.5M | $80.2M | ||
| Q1 24 | $65.4M | $38.4M |
| Q4 25 | $84.0M | $80.3M | ||
| Q3 25 | $85.2M | $97.3M | ||
| Q2 25 | $96.2M | $160.1M | ||
| Q1 25 | $97.4M | $139.9M | ||
| Q4 24 | $98.6M | $500.6M | ||
| Q3 24 | $98.7M | $502.4M | ||
| Q2 24 | $123.8M | $638.3M | ||
| Q1 24 | $138.6M | $641.5M |
| Q4 25 | $542.6M | $-240.1M | ||
| Q3 25 | $552.8M | $-233.3M | ||
| Q2 25 | $548.3M | $-224.8M | ||
| Q1 25 | $530.6M | $-204.2M | ||
| Q4 24 | $554.5M | $-180.4M | ||
| Q3 24 | $540.1M | $-163.1M | ||
| Q2 24 | $532.7M | $-149.0M | ||
| Q1 24 | $515.5M | $-184.4M |
| Q4 25 | $707.1M | $950.1M | ||
| Q3 25 | $732.6M | $913.2M | ||
| Q2 25 | $731.8M | $890.9M | ||
| Q1 25 | $708.7M | $868.0M | ||
| Q4 24 | $746.4M | $891.1M | ||
| Q3 24 | $734.0M | $897.2M | ||
| Q2 24 | $756.8M | $898.9M | ||
| Q1 24 | $763.6M | $943.5M |
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.18× | — | ||
| Q1 25 | 0.18× | — | ||
| Q4 24 | 0.18× | — | ||
| Q3 24 | 0.18× | — | ||
| Q2 24 | 0.23× | — | ||
| Q1 24 | 0.27× | — |
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 | $20.0M | $101.1M |
| Free Cash FlowOCF − Capex | $14.9M | — |
| FCF MarginFCF / Revenue | 6.2% | — |
| Capex IntensityCapex / Revenue | 2.1% | — |
| Cash ConversionOCF / Net Profit | 1.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | $68.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.0M | $101.1M | ||
| Q3 25 | $33.2M | $19.2M | ||
| Q2 25 | $20.3M | $40.4M | ||
| Q1 25 | $10.1M | $-14.1M | ||
| Q4 24 | $16.6M | $41.4M | ||
| Q3 24 | $28.6M | $-28.4M | ||
| Q2 24 | $18.7M | $21.5M | ||
| Q1 24 | $15.0M | $-25.4M |
| Q4 25 | $14.9M | — | ||
| Q3 25 | $27.6M | $19.0M | ||
| Q2 25 | $17.6M | — | ||
| Q1 25 | $8.4M | $-18.8M | ||
| Q4 24 | $13.2M | $34.2M | ||
| Q3 24 | $27.5M | $-31.5M | ||
| Q2 24 | $17.6M | $18.4M | ||
| Q1 24 | $13.7M | $-31.0M |
| Q4 25 | 6.2% | — | ||
| Q3 25 | 10.7% | 5.5% | ||
| Q2 25 | 7.3% | — | ||
| Q1 25 | 3.8% | -6.9% | ||
| Q4 24 | 6.1% | 14.5% | ||
| Q3 24 | 11.4% | -13.0% | ||
| Q2 24 | 7.8% | 5.9% | ||
| Q1 24 | 6.5% | -9.8% |
| Q4 25 | 2.1% | — | ||
| Q3 25 | 2.2% | 0.1% | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 0.8% | 1.7% | ||
| Q4 24 | 1.5% | 3.0% | ||
| Q3 24 | 0.5% | 1.3% | ||
| Q2 24 | 0.5% | 1.0% | ||
| Q1 24 | 0.6% | 1.8% |
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.36× | — | ||
| Q2 25 | 1.02× | — | ||
| Q1 25 | 0.66× | — | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.19× | 1.49× | ||
| Q1 24 | 0.71× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
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% |
