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Side-by-side financial comparison of Perion Network Ltd. (PERI) 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 $368.7M, roughly 1.0× Perion Network Ltd.). Perion Network Ltd. runs the higher net margin — 2.1% vs -1.9%, a 4.0% gap on every dollar of revenue. Over the past eight quarters, Perion Network Ltd.'s revenue compounded faster (16.4% CAGR vs 10.2%).
Perion Network Ltd. is a publicly traded advertising technology company that provides digital advertising technology solutions to advertisers, agencies, retailers, and publishers. Its core offerings are delivered through Perion One, a unified omnichannel advertising platform designed to support campaign planning, activation, optimisation, and measurement across channels and verticals including connected television (CTV), digital out-of-home (DOOH), display, video advertising, as well as retai...
Innovate Corp. is an American public financial services company founded in 1994.
PERI vs VATE — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $368.7M | $382.7M |
| Net Profit | $7.7M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 2.0% | 3.7% |
| Net Margin | 2.1% | -1.9% |
| Revenue YoY | — | 61.7% |
| Net Profit YoY | — | 55.4% |
| EPS (diluted) | — | $-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 | — | $382.7M | ||
| Q3 25 | $368.7M | $347.1M | ||
| Q2 25 | $266.5M | $242.0M | ||
| Q1 25 | $157.8M | $274.2M | ||
| Q4 24 | — | $236.6M | ||
| Q3 24 | $508.9M | $242.2M | ||
| Q2 24 | $323.6M | $313.1M | ||
| Q1 24 | $145.2M | $315.2M |
| Q4 25 | — | $-7.4M | ||
| Q3 25 | $7.7M | $-8.9M | ||
| Q2 25 | $5.6M | $-19.8M | ||
| Q1 25 | $11.8M | $-24.5M | ||
| Q4 24 | — | $-16.6M | ||
| Q3 24 | $78.0M | $-15.0M | ||
| Q2 24 | $45.2M | $14.4M | ||
| Q1 24 | $23.8M | $-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 | — | 3.7% | ||
| Q3 25 | 2.0% | 1.8% | ||
| Q2 25 | -1.7% | 2.0% | ||
| Q1 25 | 5.4% | 1.2% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 15.1% | 2.4% | ||
| Q2 24 | 13.7% | 9.2% | ||
| Q1 24 | 16.9% | 0.9% |
| Q4 25 | — | -1.9% | ||
| Q3 25 | 2.1% | -2.6% | ||
| Q2 25 | 2.1% | -8.2% | ||
| Q1 25 | 7.5% | -8.9% | ||
| Q4 24 | — | -7.0% | ||
| Q3 24 | 15.3% | -6.2% | ||
| Q2 24 | 14.0% | 4.6% | ||
| Q1 24 | 16.4% | -5.5% |
| Q4 25 | — | $-0.57 | ||
| Q3 25 | — | $-0.71 | ||
| Q2 25 | — | $-1.67 | ||
| Q1 25 | — | $-1.89 | ||
| Q4 24 | — | $-0.72 | ||
| Q3 24 | — | $-1.18 | ||
| Q2 24 | — | $1.03 | ||
| Q1 24 | — | $-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 | $156.2M | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $722.9M | $-240.1M |
| Total Assets | $915.5M | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $112.1M | ||
| Q3 25 | $156.2M | $35.5M | ||
| Q2 25 | $156.2M | $33.4M | ||
| Q1 25 | $156.2M | $33.3M | ||
| Q4 24 | — | $48.8M | ||
| Q3 24 | $187.6M | $51.0M | ||
| Q2 24 | $187.6M | $80.2M | ||
| Q1 24 | $187.6M | $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 | — | $-240.1M | ||
| Q3 25 | $722.9M | $-233.3M | ||
| Q2 25 | $722.9M | $-224.8M | ||
| Q1 25 | $722.9M | $-204.2M | ||
| Q4 24 | — | $-180.4M | ||
| Q3 24 | $718.1M | $-163.1M | ||
| Q2 24 | $718.1M | $-149.0M | ||
| Q1 24 | $718.1M | $-184.4M |
| Q4 25 | — | $950.1M | ||
| Q3 25 | $915.5M | $913.2M | ||
| Q2 25 | $915.5M | $890.9M | ||
| Q1 25 | $915.5M | $868.0M | ||
| Q4 24 | — | $891.1M | ||
| Q3 24 | $1.1B | $897.2M | ||
| Q2 24 | $1.1B | $898.9M | ||
| Q1 24 | $1.1B | $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 | $2.6M | $101.1M |
| Free Cash FlowOCF − Capex | $-2.9M | — |
| FCF MarginFCF / Revenue | -0.8% | — |
| Capex IntensityCapex / Revenue | 1.5% | — |
| Cash ConversionOCF / Net Profit | 0.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $101.1M | ||
| Q3 25 | $2.6M | $19.2M | ||
| Q2 25 | — | $40.4M | ||
| Q1 25 | — | $-14.1M | ||
| Q4 24 | — | $41.4M | ||
| Q3 24 | $105.2M | $-28.4M | ||
| Q2 24 | — | $21.5M | ||
| Q1 24 | $17.8M | $-25.4M |
| Q4 25 | — | — | ||
| Q3 25 | $-2.9M | $19.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-18.8M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | $104.7M | $-31.5M | ||
| Q2 24 | — | $18.4M | ||
| Q1 24 | $17.6M | $-31.0M |
| Q4 25 | — | — | ||
| Q3 25 | -0.8% | 5.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -6.9% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | 20.6% | -13.0% | ||
| Q2 24 | — | 5.9% | ||
| Q1 24 | 12.2% | -9.8% |
| Q4 25 | — | — | ||
| Q3 25 | 1.5% | 0.1% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | 0.1% | 1.3% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | 0.1% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | 0.34× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.35× | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | 0.75× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PERI
| Advertising Solutions | $231.4M | 63% |
| Search Advertising | $137.3M | 37% |
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% |
