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Side-by-side financial comparison of Paylocity Holding Corp (PCTY) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
Paylocity Holding Corp is the larger business by last-quarter revenue ($387.0M vs $382.7M, roughly 1.0× INNOVATE Corp.). Paylocity Holding Corp runs the higher net margin — 13.0% vs -1.9%, a 14.9% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 11.3%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs 2.7%).
Paylocity Holding Corporation is an American provider of cloud-based payroll, , spend management, and human capital management (HCM) software.
Innovate Corp. is an American public financial services company founded in 1994.
PCTY vs VATE — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $387.0M | $382.7M |
| Net Profit | $50.2M | $-7.4M |
| Gross Margin | 72.9% | 15.4% |
| Operating Margin | 18.2% | 3.7% |
| Net Margin | 13.0% | -1.9% |
| Revenue YoY | 11.3% | 61.7% |
| Net Profit YoY | 34.0% | 55.4% |
| EPS (diluted) | $0.92 | $-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 | $387.0M | $382.7M | ||
| Q3 25 | $378.9M | $347.1M | ||
| Q2 25 | $369.9M | $242.0M | ||
| Q1 25 | $421.1M | $274.2M | ||
| Q4 24 | $347.7M | $236.6M | ||
| Q3 24 | $333.1M | $242.2M | ||
| Q2 24 | $324.7M | $313.1M | ||
| Q1 24 | $366.8M | $315.2M |
| Q4 25 | $50.2M | $-7.4M | ||
| Q3 25 | $48.0M | $-8.9M | ||
| Q2 25 | $48.6M | $-19.8M | ||
| Q1 25 | $91.5M | $-24.5M | ||
| Q4 24 | $37.5M | $-16.6M | ||
| Q3 24 | $49.6M | $-15.0M | ||
| Q2 24 | $48.8M | $14.4M | ||
| Q1 24 | $85.3M | $-17.4M |
| Q4 25 | 72.9% | 15.4% | ||
| Q3 25 | 73.9% | 14.3% | ||
| Q2 25 | 73.5% | 18.8% | ||
| Q1 25 | 77.1% | 16.6% | ||
| Q4 24 | 72.6% | 19.6% | ||
| Q3 24 | 74.4% | 19.9% | ||
| Q2 24 | 74.0% | 21.0% | ||
| Q1 24 | 77.8% | 15.4% |
| Q4 25 | 18.2% | 3.7% | ||
| Q3 25 | 19.6% | 1.8% | ||
| Q2 25 | 17.9% | 2.0% | ||
| Q1 25 | 30.2% | 1.2% | ||
| Q4 24 | 13.4% | 1.1% | ||
| Q3 24 | 19.3% | 2.4% | ||
| Q2 24 | 19.4% | 9.2% | ||
| Q1 24 | 29.0% | 0.9% |
| Q4 25 | 13.0% | -1.9% | ||
| Q3 25 | 12.7% | -2.6% | ||
| Q2 25 | 13.1% | -8.2% | ||
| Q1 25 | 21.7% | -8.9% | ||
| Q4 24 | 10.8% | -7.0% | ||
| Q3 24 | 14.9% | -6.2% | ||
| Q2 24 | 15.0% | 4.6% | ||
| Q1 24 | 23.3% | -5.5% |
| Q4 25 | $0.92 | $-0.57 | ||
| Q3 25 | $0.86 | $-0.71 | ||
| Q2 25 | $0.87 | $-1.67 | ||
| Q1 25 | $1.61 | $-1.89 | ||
| Q4 24 | $0.66 | $-0.72 | ||
| Q3 24 | $0.88 | $-1.18 | ||
| Q2 24 | $0.85 | $1.03 | ||
| Q1 24 | $1.50 | $-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 | $162.5M | $112.1M |
| Total DebtLower is stronger | $81.3M | $80.3M |
| Stockholders' EquityBook value | $1.1B | $-240.1M |
| Total Assets | $7.0B | $950.1M |
| Debt / EquityLower = less leverage | 0.07× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $162.5M | $112.1M | ||
| Q3 25 | $165.2M | $35.5M | ||
| Q2 25 | $398.1M | $33.4M | ||
| Q1 25 | $477.8M | $33.3M | ||
| Q4 24 | $482.4M | $48.8M | ||
| Q3 24 | $778.5M | $51.0M | ||
| Q2 24 | $401.8M | $80.2M | ||
| Q1 24 | $492.7M | $38.4M |
| Q4 25 | $81.3M | $80.3M | ||
| Q3 25 | $81.3M | $97.3M | ||
| Q2 25 | $162.5M | $160.1M | ||
| Q1 25 | $243.8M | $139.9M | ||
| Q4 24 | $325.0M | $500.6M | ||
| Q3 24 | $325.0M | $502.4M | ||
| Q2 24 | $0 | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $1.1B | $-240.1M | ||
| Q3 25 | $1.1B | $-233.3M | ||
| Q2 25 | $1.2B | $-224.8M | ||
| Q1 25 | $1.2B | $-204.2M | ||
| Q4 24 | $1.2B | $-180.4M | ||
| Q3 24 | $1.1B | $-163.1M | ||
| Q2 24 | $1.0B | $-149.0M | ||
| Q1 24 | $1.1B | $-184.4M |
| Q4 25 | $7.0B | $950.1M | ||
| Q3 25 | $4.2B | $913.2M | ||
| Q2 25 | $4.4B | $890.9M | ||
| Q1 25 | $5.2B | $868.0M | ||
| Q4 24 | $5.3B | $891.1M | ||
| Q3 24 | $4.0B | $897.2M | ||
| Q2 24 | $4.2B | $898.9M | ||
| Q1 24 | $5.0B | $943.5M |
| Q4 25 | 0.07× | — | ||
| Q3 25 | 0.07× | — | ||
| Q2 25 | 0.13× | — | ||
| Q1 25 | 0.20× | — | ||
| Q4 24 | 0.28× | — | ||
| Q3 24 | 0.29× | — | ||
| Q2 24 | 0.00× | — | ||
| 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 | $117.0M | $101.1M |
| Free Cash FlowOCF − Capex | $113.6M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 0.9% | — |
| Cash ConversionOCF / Net Profit | 2.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | $461.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $117.0M | $101.1M | ||
| Q3 25 | $86.5M | $19.2M | ||
| Q2 25 | $86.6M | $40.4M | ||
| Q1 25 | $186.0M | $-14.1M | ||
| Q4 24 | $54.2M | $41.4M | ||
| Q3 24 | $91.5M | $-28.4M | ||
| Q2 24 | $79.9M | $21.5M | ||
| Q1 24 | $167.5M | $-25.4M |
| Q4 25 | $113.6M | — | ||
| Q3 25 | $82.7M | $19.0M | ||
| Q2 25 | $81.1M | — | ||
| Q1 25 | $183.7M | $-18.8M | ||
| Q4 24 | $51.2M | $34.2M | ||
| Q3 24 | $89.1M | $-31.5M | ||
| Q2 24 | $73.6M | $18.4M | ||
| Q1 24 | $162.0M | $-31.0M |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 21.8% | 5.5% | ||
| Q2 25 | 21.9% | — | ||
| Q1 25 | 43.6% | -6.9% | ||
| Q4 24 | 14.7% | 14.5% | ||
| Q3 24 | 26.8% | -13.0% | ||
| Q2 24 | 22.7% | 5.9% | ||
| Q1 24 | 44.2% | -9.8% |
| Q4 25 | 0.9% | — | ||
| Q3 25 | 1.0% | 0.1% | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 0.5% | 1.7% | ||
| Q4 24 | 0.9% | 3.0% | ||
| Q3 24 | 0.7% | 1.3% | ||
| Q2 24 | 1.9% | 1.0% | ||
| Q1 24 | 1.5% | 1.8% |
| Q4 25 | 2.33× | — | ||
| Q3 25 | 1.80× | — | ||
| Q2 25 | 1.78× | — | ||
| Q1 25 | 2.03× | — | ||
| Q4 24 | 1.45× | — | ||
| Q3 24 | 1.84× | — | ||
| Q2 24 | 1.64× | 1.49× | ||
| Q1 24 | 1.96× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 4% |
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% |
