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Side-by-side financial comparison of PHOTRONICS INC (PLAB) 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 $210.4M, roughly 1.8× PHOTRONICS INC). PHOTRONICS INC runs the higher net margin — 10.9% vs -1.9%, a 12.8% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -5.5%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs -3.8%).
Photronics, Inc. is an American semiconductor photomask manufacturer. It was the third largest photomask supplier globally as of 2009. Photronics is a member of the eBeam Initiative.
Innovate Corp. is an American public financial services company founded in 1994.
PLAB vs VATE — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $210.4M | $382.7M |
| Net Profit | $22.9M | $-7.4M |
| Gross Margin | 33.7% | 15.4% |
| Operating Margin | 22.9% | 3.7% |
| Net Margin | 10.9% | -1.9% |
| Revenue YoY | -5.5% | 61.7% |
| Net Profit YoY | -32.4% | 55.4% |
| EPS (diluted) | $0.39 | $-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 | $210.4M | $347.1M | ||
| Q2 25 | $211.0M | $242.0M | ||
| Q1 25 | $212.1M | $274.2M | ||
| Q4 24 | $222.6M | $236.6M | ||
| Q3 24 | $211.0M | $242.2M | ||
| Q2 24 | $217.0M | $313.1M | ||
| Q1 24 | $216.3M | $315.2M |
| Q4 25 | — | $-7.4M | ||
| Q3 25 | $22.9M | $-8.9M | ||
| Q2 25 | $8.9M | $-19.8M | ||
| Q1 25 | $42.9M | $-24.5M | ||
| Q4 24 | $33.9M | $-16.6M | ||
| Q3 24 | $34.4M | $-15.0M | ||
| Q2 24 | $36.3M | $14.4M | ||
| Q1 24 | $26.2M | $-17.4M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | 33.7% | 14.3% | ||
| Q2 25 | 36.9% | 18.8% | ||
| Q1 25 | 35.6% | 16.6% | ||
| Q4 24 | 37.0% | 19.6% | ||
| Q3 24 | 35.6% | 19.9% | ||
| Q2 24 | 36.5% | 21.0% | ||
| Q1 24 | 36.6% | 15.4% |
| Q4 25 | — | 3.7% | ||
| Q3 25 | 22.9% | 1.8% | ||
| Q2 25 | 26.4% | 2.0% | ||
| Q1 25 | 24.6% | 1.2% | ||
| Q4 24 | 25.1% | 1.1% | ||
| Q3 24 | 24.7% | 2.4% | ||
| Q2 24 | 25.8% | 9.2% | ||
| Q1 24 | 26.6% | 0.9% |
| Q4 25 | — | -1.9% | ||
| Q3 25 | 10.9% | -2.6% | ||
| Q2 25 | 4.2% | -8.2% | ||
| Q1 25 | 20.2% | -8.9% | ||
| Q4 24 | 15.2% | -7.0% | ||
| Q3 24 | 16.3% | -6.2% | ||
| Q2 24 | 16.7% | 4.6% | ||
| Q1 24 | 12.1% | -5.5% |
| Q4 25 | — | $-0.57 | ||
| Q3 25 | $0.39 | $-0.71 | ||
| Q2 25 | $0.15 | $-1.67 | ||
| Q1 25 | $0.68 | $-1.89 | ||
| Q4 24 | $0.54 | $-0.72 | ||
| Q3 24 | $0.55 | $-1.18 | ||
| Q2 24 | $0.58 | $1.03 | ||
| Q1 24 | $0.42 | $-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 | $575.8M | $112.1M |
| Total DebtLower is stronger | $16.0K | $80.3M |
| Stockholders' EquityBook value | $1.1B | $-240.1M |
| Total Assets | $1.8B | $950.1M |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $112.1M | ||
| Q3 25 | $575.8M | $35.5M | ||
| Q2 25 | $558.4M | $33.4M | ||
| Q1 25 | $642.2M | $33.3M | ||
| Q4 24 | $640.7M | $48.8M | ||
| Q3 24 | $606.4M | $51.0M | ||
| Q2 24 | $559.9M | $80.2M | ||
| Q1 24 | $521.5M | $38.4M |
| Q4 25 | — | $80.3M | ||
| Q3 25 | $16.0K | $97.3M | ||
| Q2 25 | $19.0K | $160.1M | ||
| Q1 25 | $21.0K | $139.9M | ||
| Q4 24 | $25.0K | $500.6M | ||
| Q3 24 | $28.0K | $502.4M | ||
| Q2 24 | $2.5M | $638.3M | ||
| Q1 24 | $2.7M | $641.5M |
| Q4 25 | — | $-240.1M | ||
| Q3 25 | $1.1B | $-233.3M | ||
| Q2 25 | $1.1B | $-224.8M | ||
| Q1 25 | $1.1B | $-204.2M | ||
| Q4 24 | $1.1B | $-180.4M | ||
| Q3 24 | $1.1B | $-163.1M | ||
| Q2 24 | $1.0B | $-149.0M | ||
| Q1 24 | $1.0B | $-184.4M |
| Q4 25 | — | $950.1M | ||
| Q3 25 | $1.8B | $913.2M | ||
| Q2 25 | $1.7B | $890.9M | ||
| Q1 25 | $1.7B | $868.0M | ||
| Q4 24 | $1.7B | $891.1M | ||
| Q3 24 | $1.6B | $897.2M | ||
| Q2 24 | $1.6B | $898.9M | ||
| Q1 24 | $1.6B | $943.5M |
| Q4 25 | — | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | 0.00× | — |
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 | $50.1M | $101.1M |
| Free Cash FlowOCF − Capex | $25.2M | — |
| FCF MarginFCF / Revenue | 12.0% | — |
| Capex IntensityCapex / Revenue | 11.8% | — |
| Cash ConversionOCF / Net Profit | 2.19× | — |
| TTM Free Cash FlowTrailing 4 quarters | $64.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $101.1M | ||
| Q3 25 | $50.1M | $19.2M | ||
| Q2 25 | $31.5M | $40.4M | ||
| Q1 25 | $78.5M | $-14.1M | ||
| Q4 24 | $68.4M | $41.4M | ||
| Q3 24 | $75.1M | $-28.4M | ||
| Q2 24 | $76.5M | $21.5M | ||
| Q1 24 | $41.5M | $-25.4M |
| Q4 25 | — | — | ||
| Q3 25 | $25.2M | $19.0M | ||
| Q2 25 | $-29.1M | — | ||
| Q1 25 | $43.3M | $-18.8M | ||
| Q4 24 | $25.2M | $34.2M | ||
| Q3 24 | $50.7M | $-31.5M | ||
| Q2 24 | $56.5M | $18.4M | ||
| Q1 24 | $-1.8M | $-31.0M |
| Q4 25 | — | — | ||
| Q3 25 | 12.0% | 5.5% | ||
| Q2 25 | -13.8% | — | ||
| Q1 25 | 20.4% | -6.9% | ||
| Q4 24 | 11.3% | 14.5% | ||
| Q3 24 | 24.0% | -13.0% | ||
| Q2 24 | 26.0% | 5.9% | ||
| Q1 24 | -0.8% | -9.8% |
| Q4 25 | — | — | ||
| Q3 25 | 11.8% | 0.1% | ||
| Q2 25 | 28.7% | — | ||
| Q1 25 | 16.6% | 1.7% | ||
| Q4 24 | 19.4% | 3.0% | ||
| Q3 24 | 11.6% | 1.3% | ||
| Q2 24 | 9.2% | 1.0% | ||
| Q1 24 | 20.0% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | 2.19× | — | ||
| Q2 25 | 3.55× | — | ||
| Q1 25 | 1.83× | — | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 2.18× | — | ||
| Q2 24 | 2.11× | 1.49× | ||
| Q1 24 | 1.59× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PLAB
| High End Integrated Circuits | $53.6M | 25% |
| High End Flat Panel Displays | $53.5M | 25% |
| KR | $43.7M | 21% |
| Other | $42.1M | 20% |
| Mainstream Flat Panel Displays | $9.1M | 4% |
| Transferred At Point In Time | $8.4M | 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% |
