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Side-by-side financial comparison of Park Hotels & Resorts Inc. (PK) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
Park Hotels & Resorts Inc. is the larger business by last-quarter revenue ($630.0M vs $382.7M, roughly 1.6× INNOVATE Corp.). Park Hotels & Resorts Inc. runs the higher net margin — 1.9% vs -1.9%, a 3.8% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -1.3%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs -4.2%).
Park Hotels & Resorts is an American real estate investment trust (REIT) focused on hotel properties, based in Tysons, Virginia. It was formed in 2017 as a spin-off from Hilton Worldwide.
Innovate Corp. is an American public financial services company founded in 1994.
PK vs VATE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $630.0M | $382.7M |
| Net Profit | $12.0M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 9.8% | 3.7% |
| Net Margin | 1.9% | -1.9% |
| Revenue YoY | -1.3% | 61.7% |
| Net Profit YoY | 121.1% | 55.4% |
| EPS (diluted) | $0.05 | $-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.
| Q1 26 | $630.0M | — | ||
| Q4 25 | $629.0M | $382.7M | ||
| Q3 25 | $610.0M | $347.1M | ||
| Q2 25 | $672.0M | $242.0M | ||
| Q1 25 | $630.0M | $274.2M | ||
| Q4 24 | $625.0M | $236.6M | ||
| Q3 24 | $649.0M | $242.2M | ||
| Q2 24 | $686.0M | $313.1M |
| Q1 26 | $12.0M | — | ||
| Q4 25 | $-205.0M | $-7.4M | ||
| Q3 25 | $-16.0M | $-8.9M | ||
| Q2 25 | $-5.0M | $-19.8M | ||
| Q1 25 | $-57.0M | $-24.5M | ||
| Q4 24 | $66.0M | $-16.6M | ||
| Q3 24 | $54.0M | $-15.0M | ||
| Q2 24 | $64.0M | $14.4M |
| Q1 26 | — | — | ||
| 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 26 | 9.8% | — | ||
| Q4 25 | -26.1% | 3.7% | ||
| Q3 25 | 9.7% | 1.8% | ||
| Q2 25 | 9.7% | 2.0% | ||
| Q1 25 | 1.1% | 1.2% | ||
| Q4 24 | 13.3% | 1.1% | ||
| Q3 24 | 14.6% | 2.4% | ||
| Q2 24 | 17.6% | 9.2% |
| Q1 26 | 1.9% | — | ||
| Q4 25 | -32.6% | -1.9% | ||
| Q3 25 | -2.6% | -2.6% | ||
| Q2 25 | -0.7% | -8.2% | ||
| Q1 25 | -9.0% | -8.9% | ||
| Q4 24 | 10.6% | -7.0% | ||
| Q3 24 | 8.3% | -6.2% | ||
| Q2 24 | 9.3% | 4.6% |
| Q1 26 | $0.05 | — | ||
| Q4 25 | $-1.04 | $-0.57 | ||
| Q3 25 | $-0.08 | $-0.71 | ||
| Q2 25 | $-0.02 | $-1.67 | ||
| Q1 25 | $-0.29 | $-1.89 | ||
| Q4 24 | $0.32 | $-0.72 | ||
| Q3 24 | $0.26 | $-1.18 | ||
| Q2 24 | $0.30 | $1.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $156.0M | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $3.1B | $-240.1M |
| Total Assets | — | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $156.0M | — | ||
| Q4 25 | $232.0M | $112.1M | ||
| Q3 25 | $278.0M | $35.5M | ||
| Q2 25 | $319.0M | $33.4M | ||
| Q1 25 | $233.0M | $33.3M | ||
| Q4 24 | $402.0M | $48.8M | ||
| Q3 24 | $480.0M | $51.0M | ||
| Q2 24 | $449.0M | $80.2M |
| Q1 26 | — | — | ||
| Q4 25 | $3.9B | $80.3M | ||
| Q3 25 | $3.9B | $97.3M | ||
| Q2 25 | $3.9B | $160.1M | ||
| Q1 25 | $3.9B | $139.9M | ||
| Q4 24 | $3.9B | $500.6M | ||
| Q3 24 | $3.9B | $502.4M | ||
| Q2 24 | $3.9B | $638.3M |
| Q1 26 | $3.1B | — | ||
| Q4 25 | $3.1B | $-240.1M | ||
| Q3 25 | $3.4B | $-233.3M | ||
| Q2 25 | $3.4B | $-224.8M | ||
| Q1 25 | $3.5B | $-204.2M | ||
| Q4 24 | $3.6B | $-180.4M | ||
| Q3 24 | $3.8B | $-163.1M | ||
| Q2 24 | $3.8B | $-149.0M |
| Q1 26 | — | — | ||
| Q4 25 | $7.7B | $950.1M | ||
| Q3 25 | $8.8B | $913.2M | ||
| Q2 25 | $8.9B | $890.9M | ||
| Q1 25 | $8.9B | $868.0M | ||
| Q4 24 | $9.2B | $891.1M | ||
| Q3 24 | $9.2B | $897.2M | ||
| Q2 24 | $9.2B | $898.9M |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.14× | — | ||
| Q2 25 | 1.12× | — | ||
| Q1 25 | 1.11× | — | ||
| Q4 24 | 1.06× | — | ||
| Q3 24 | 1.03× | — | ||
| Q2 24 | 1.03× | — |
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 | — | $101.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $105.0M | $101.1M | ||
| Q3 25 | $99.0M | $19.2M | ||
| Q2 25 | $108.0M | $40.4M | ||
| Q1 25 | $86.0M | $-14.1M | ||
| Q4 24 | $80.0M | $41.4M | ||
| Q3 24 | $140.0M | $-28.4M | ||
| Q2 24 | $117.0M | $21.5M |
| Q1 26 | — | — | ||
| Q4 25 | $-3.0M | — | ||
| Q3 25 | $31.0M | $19.0M | ||
| Q2 25 | $65.0M | — | ||
| Q1 25 | $9.0M | $-18.8M | ||
| Q4 24 | $17.0M | $34.2M | ||
| Q3 24 | $97.0M | $-31.5M | ||
| Q2 24 | $66.0M | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | -0.5% | — | ||
| Q3 25 | 5.1% | 5.5% | ||
| Q2 25 | 9.7% | — | ||
| Q1 25 | 1.4% | -6.9% | ||
| Q4 24 | 2.7% | 14.5% | ||
| Q3 24 | 14.9% | -13.0% | ||
| Q2 24 | 9.6% | 5.9% |
| Q1 26 | — | — | ||
| Q4 25 | 17.2% | — | ||
| Q3 25 | 11.1% | 0.1% | ||
| Q2 25 | 6.4% | — | ||
| Q1 25 | 12.2% | 1.7% | ||
| Q4 24 | 10.1% | 3.0% | ||
| Q3 24 | 6.6% | 1.3% | ||
| Q2 24 | 7.4% | 1.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.21× | — | ||
| Q3 24 | 2.59× | — | ||
| Q2 24 | 1.83× | 1.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PK
| Comparable Hotel Revenues | $617.0M | 98% |
| Other | $13.0M | 2% |
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% |
