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Side-by-side financial comparison of SOLAREDGE TECHNOLOGIES, INC. (SEDG) 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 $335.4M, roughly 1.1× SOLAREDGE TECHNOLOGIES, INC.). INNOVATE Corp. runs the higher net margin — -1.9% vs -39.4%, a 37.5% gap on every dollar of revenue. On growth, SOLAREDGE TECHNOLOGIES, INC. posted the faster year-over-year revenue change (70.9% vs 61.7%). Over the past eight quarters, SOLAREDGE TECHNOLOGIES, INC.'s revenue compounded faster (28.1% CAGR vs 10.2%).
SolarEdge Technologies, Inc. is an Israeli company that developed a DC optimized inverter system.
Innovate Corp. is an American public financial services company founded in 1994.
SEDG vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $335.4M | $382.7M |
| Net Profit | $-132.1M | $-7.4M |
| Gross Margin | 22.2% | 15.4% |
| Operating Margin | -14.4% | 3.7% |
| Net Margin | -39.4% | -1.9% |
| Revenue YoY | 70.9% | 61.7% |
| Net Profit YoY | 54.0% | 55.4% |
| EPS (diluted) | $-2.21 | $-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 | $335.4M | $382.7M | ||
| Q3 25 | $340.2M | $347.1M | ||
| Q2 25 | $289.4M | $242.0M | ||
| Q1 25 | $219.5M | $274.2M | ||
| Q4 24 | $196.2M | $236.6M | ||
| Q3 24 | $235.4M | $242.2M | ||
| Q2 24 | $265.4M | $313.1M | ||
| Q1 24 | $204.4M | $315.2M |
| Q4 25 | $-132.1M | $-7.4M | ||
| Q3 25 | $-50.1M | $-8.9M | ||
| Q2 25 | $-124.7M | $-19.8M | ||
| Q1 25 | $-98.5M | $-24.5M | ||
| Q4 24 | $-287.4M | $-16.6M | ||
| Q3 24 | $-1.2B | $-15.0M | ||
| Q2 24 | $-130.8M | $14.4M | ||
| Q1 24 | $-157.3M | $-17.4M |
| Q4 25 | 22.2% | 15.4% | ||
| Q3 25 | 21.2% | 14.3% | ||
| Q2 25 | 11.1% | 18.8% | ||
| Q1 25 | 8.0% | 16.6% | ||
| Q4 24 | -57.2% | 19.6% | ||
| Q3 24 | -309.1% | 19.9% | ||
| Q2 24 | -4.1% | 21.0% | ||
| Q1 24 | -12.8% | 15.4% |
| Q4 25 | -14.4% | 3.7% | ||
| Q3 25 | -10.3% | 1.8% | ||
| Q2 25 | -39.9% | 2.0% | ||
| Q1 25 | -46.8% | 1.2% | ||
| Q4 24 | -134.4% | 1.1% | ||
| Q3 24 | -471.8% | 2.4% | ||
| Q2 24 | -60.4% | 9.2% | ||
| Q1 24 | -85.0% | 0.9% |
| Q4 25 | -39.4% | -1.9% | ||
| Q3 25 | -14.7% | -2.6% | ||
| Q2 25 | -43.1% | -8.2% | ||
| Q1 25 | -44.9% | -8.9% | ||
| Q4 24 | -146.5% | -7.0% | ||
| Q3 24 | -522.8% | -6.2% | ||
| Q2 24 | -49.3% | 4.6% | ||
| Q1 24 | -77.0% | -5.5% |
| Q4 25 | $-2.21 | $-0.57 | ||
| Q3 25 | $-0.84 | $-0.71 | ||
| Q2 25 | $-2.13 | $-1.67 | ||
| Q1 25 | $-1.70 | $-1.89 | ||
| Q4 24 | $-5.00 | $-0.72 | ||
| Q3 24 | $-21.58 | $-1.18 | ||
| Q2 24 | $-2.31 | $1.03 | ||
| Q1 24 | $-2.75 | $-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 | $493.2M | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $427.5M | $-240.1M |
| Total Assets | $2.2B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $493.2M | $112.1M | ||
| Q3 25 | $498.6M | $35.5M | ||
| Q2 25 | $758.0M | $33.4M | ||
| Q1 25 | $651.6M | $33.3M | ||
| Q4 24 | $585.9M | $48.8M | ||
| Q3 24 | $678.8M | $51.0M | ||
| Q2 24 | $689.8M | $80.2M | ||
| Q1 24 | $680.6M | $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 | $427.5M | $-240.1M | ||
| Q3 25 | $479.8M | $-233.3M | ||
| Q2 25 | $513.2M | $-224.8M | ||
| Q1 25 | $594.2M | $-204.2M | ||
| Q4 24 | $658.3M | $-180.4M | ||
| Q3 24 | $930.9M | $-163.1M | ||
| Q2 24 | $2.1B | $-149.0M | ||
| Q1 24 | $2.2B | $-184.4M |
| Q4 25 | $2.2B | $950.1M | ||
| Q3 25 | $2.2B | $913.2M | ||
| Q2 25 | $2.5B | $890.9M | ||
| Q1 25 | $2.5B | $868.0M | ||
| Q4 24 | $2.6B | $891.1M | ||
| Q3 24 | $2.8B | $897.2M | ||
| Q2 24 | $3.9B | $898.9M | ||
| Q1 24 | $4.2B | $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 | $52.6M | $101.1M |
| Free Cash FlowOCF − Capex | $43.3M | — |
| FCF MarginFCF / Revenue | 12.9% | — |
| Capex IntensityCapex / Revenue | 2.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $80.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $52.6M | $101.1M | ||
| Q3 25 | $25.6M | $19.2M | ||
| Q2 25 | $-7.8M | $40.4M | ||
| Q1 25 | $33.8M | $-14.1M | ||
| Q4 24 | $37.8M | $41.4M | ||
| Q3 24 | $-89.3M | $-28.4M | ||
| Q2 24 | $-44.8M | $21.5M | ||
| Q1 24 | $-217.0M | $-25.4M |
| Q4 25 | $43.3M | — | ||
| Q3 25 | $22.8M | $19.0M | ||
| Q2 25 | $-9.1M | — | ||
| Q1 25 | $23.7M | $-18.8M | ||
| Q4 24 | $25.5M | $34.2M | ||
| Q3 24 | $-136.7M | $-31.5M | ||
| Q2 24 | $-67.0M | $18.4M | ||
| Q1 24 | $-243.4M | $-31.0M |
| Q4 25 | 12.9% | — | ||
| Q3 25 | 6.7% | 5.5% | ||
| Q2 25 | -3.1% | — | ||
| Q1 25 | 10.8% | -6.9% | ||
| Q4 24 | 13.0% | 14.5% | ||
| Q3 24 | -58.1% | -13.0% | ||
| Q2 24 | -25.2% | 5.9% | ||
| Q1 24 | -119.1% | -9.8% |
| Q4 25 | 2.8% | — | ||
| Q3 25 | 0.8% | 0.1% | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 4.6% | 1.7% | ||
| Q4 24 | 6.2% | 3.0% | ||
| Q3 24 | 20.1% | 1.3% | ||
| Q2 24 | 8.4% | 1.0% | ||
| Q1 24 | 12.9% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SEDG
| Other | $197.7M | 59% |
| Europe Except Netherlands | $99.4M | 30% |
| Others | $38.2M | 11% |
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% |
