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Side-by-side financial comparison of Perella Weinberg Partners (PWP) 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 $219.2M, roughly 1.7× Perella Weinberg Partners). Perella Weinberg Partners runs the higher net margin — 6.3% vs -1.9%, a 8.2% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -2.9%). Over the past eight quarters, Perella Weinberg Partners's revenue compounded faster (46.5% CAGR vs 10.2%).
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
Innovate Corp. is an American public financial services company founded in 1994.
PWP vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $219.2M | $382.7M |
| Net Profit | $13.8M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 8.5% | 3.7% |
| Net Margin | 6.3% | -1.9% |
| Revenue YoY | -2.9% | 61.7% |
| Net Profit YoY | — | 55.4% |
| EPS (diluted) | $0.11 | $-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 | $219.2M | $382.7M | ||
| Q3 25 | $164.6M | $347.1M | ||
| Q2 25 | $155.3M | $242.0M | ||
| Q1 25 | $211.8M | $274.2M | ||
| Q4 24 | $225.7M | $236.6M | ||
| Q3 24 | $278.2M | $242.2M | ||
| Q2 24 | $272.0M | $313.1M | ||
| Q1 24 | $102.1M | $315.2M |
| Q4 25 | $13.8M | $-7.4M | ||
| Q3 25 | $6.0M | $-8.9M | ||
| Q2 25 | $2.7M | $-19.8M | ||
| Q1 25 | $17.3M | $-24.5M | ||
| Q4 24 | — | $-16.6M | ||
| Q3 24 | $16.4M | $-15.0M | ||
| Q2 24 | $-66.0M | $14.4M | ||
| Q1 24 | $-35.8M | $-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 | 8.5% | 3.7% | ||
| Q3 25 | 5.4% | 1.8% | ||
| Q2 25 | 5.8% | 2.0% | ||
| Q1 25 | 5.5% | 1.2% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 12.9% | 2.4% | ||
| Q2 24 | -30.2% | 9.2% | ||
| Q1 24 | -52.4% | 0.9% |
| Q4 25 | 6.3% | -1.9% | ||
| Q3 25 | 3.6% | -2.6% | ||
| Q2 25 | 1.8% | -8.2% | ||
| Q1 25 | 8.2% | -8.9% | ||
| Q4 24 | — | -7.0% | ||
| Q3 24 | 5.9% | -6.2% | ||
| Q2 24 | -24.3% | 4.6% | ||
| Q1 24 | -35.1% | -5.5% |
| Q4 25 | $0.11 | $-0.57 | ||
| Q3 25 | $0.08 | $-0.71 | ||
| Q2 25 | $0.04 | $-1.67 | ||
| Q1 25 | $0.24 | $-1.89 | ||
| Q4 24 | — | $-0.72 | ||
| Q3 24 | $0.24 | $-1.18 | ||
| Q2 24 | $-1.21 | $1.03 | ||
| Q1 24 | $-0.91 | $-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 | $255.9M | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $-127.4M | $-240.1M |
| Total Assets | $797.6M | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $255.9M | $112.1M | ||
| Q3 25 | $185.5M | $35.5M | ||
| Q2 25 | $145.0M | $33.4M | ||
| Q1 25 | $111.2M | $33.3M | ||
| Q4 24 | $407.4M | $48.8M | ||
| Q3 24 | $335.1M | $51.0M | ||
| Q2 24 | $185.3M | $80.2M | ||
| Q1 24 | $156.7M | $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 | $-127.4M | $-240.1M | ||
| Q3 25 | $-302.4M | $-233.3M | ||
| Q2 25 | $-318.4M | $-224.8M | ||
| Q1 25 | $-323.1M | $-204.2M | ||
| Q4 24 | $-421.4M | $-180.4M | ||
| Q3 24 | $-360.8M | $-163.1M | ||
| Q2 24 | $-283.0M | $-149.0M | ||
| Q1 24 | $161.9M | $-184.4M |
| Q4 25 | $797.6M | $950.1M | ||
| Q3 25 | $650.2M | $913.2M | ||
| Q2 25 | $606.7M | $890.9M | ||
| Q1 25 | $570.5M | $868.0M | ||
| Q4 24 | $876.8M | $891.1M | ||
| Q3 24 | $810.9M | $897.2M | ||
| Q2 24 | $645.5M | $898.9M | ||
| Q1 24 | $583.6M | $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 | $34.8M | $101.1M |
| Free Cash FlowOCF − Capex | $30.5M | — |
| FCF MarginFCF / Revenue | 13.9% | — |
| Capex IntensityCapex / Revenue | 2.0% | — |
| Cash ConversionOCF / Net Profit | 2.52× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.8M | $101.1M | ||
| Q3 25 | $59.2M | $19.2M | ||
| Q2 25 | $56.1M | $40.4M | ||
| Q1 25 | $-176.5M | $-14.1M | ||
| Q4 24 | $223.4M | $41.4M | ||
| Q3 24 | $200.3M | $-28.4M | ||
| Q2 24 | $90.0M | $21.5M | ||
| Q1 24 | $-206.3M | $-25.4M |
| Q4 25 | $30.5M | — | ||
| Q3 25 | $57.6M | $19.0M | ||
| Q2 25 | $55.3M | — | ||
| Q1 25 | $-177.6M | $-18.8M | ||
| Q4 24 | $207.0M | $34.2M | ||
| Q3 24 | $199.3M | $-31.5M | ||
| Q2 24 | $83.7M | $18.4M | ||
| Q1 24 | $-214.8M | $-31.0M |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 35.0% | 5.5% | ||
| Q2 25 | 35.6% | — | ||
| Q1 25 | -83.8% | -6.9% | ||
| Q4 24 | 91.7% | 14.5% | ||
| Q3 24 | 71.6% | -13.0% | ||
| Q2 24 | 30.8% | 5.9% | ||
| Q1 24 | -210.3% | -9.8% |
| Q4 25 | 2.0% | — | ||
| Q3 25 | 0.9% | 0.1% | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.5% | 1.7% | ||
| Q4 24 | 7.3% | 3.0% | ||
| Q3 24 | 0.4% | 1.3% | ||
| Q2 24 | 2.3% | 1.0% | ||
| Q1 24 | 8.3% | 1.8% |
| Q4 25 | 2.52× | — | ||
| Q3 25 | 9.85× | — | ||
| Q2 25 | 20.50× | — | ||
| Q1 25 | -10.18× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 12.23× | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PWP
Segment breakdown not available.
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% |
