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Side-by-side financial comparison of Soho House & Co Inc. (SHCO) 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 $370.8M, roughly 1.0× Soho House & Co Inc.). INNOVATE Corp. runs the higher net margin — -1.9% vs -5.0%, a 3.1% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 11.2%). Over the past eight quarters, Soho House & Co Inc.'s revenue compounded faster (13.5% CAGR vs 10.2%).
Soho House is an international private members’ club with a focus on the media, arts and fashion industries.
Innovate Corp. is an American public financial services company founded in 1994.
SHCO vs VATE — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $370.8M | $382.7M |
| Net Profit | $-18.7M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | -1.6% | 3.7% |
| Net Margin | -5.0% | -1.9% |
| Revenue YoY | 11.2% | 61.7% |
| Net Profit YoY | -10790.3% | 55.4% |
| EPS (diluted) | $-0.10 | $-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 | $370.8M | $347.1M | ||
| Q2 25 | $329.8M | $242.0M | ||
| Q1 25 | $282.9M | $274.2M | ||
| Q4 24 | $305.6M | $236.6M | ||
| Q3 24 | $333.4M | $242.2M | ||
| Q2 24 | $302.9M | $313.1M | ||
| Q1 24 | $261.9M | $315.2M |
| Q4 25 | — | $-7.4M | ||
| Q3 25 | $-18.7M | $-8.9M | ||
| Q2 25 | $24.9M | $-19.8M | ||
| Q1 25 | $8.2M | $-24.5M | ||
| Q4 24 | $-91.7M | $-16.6M | ||
| Q3 24 | $175.0K | $-15.0M | ||
| Q2 24 | $-29.9M | $14.4M | ||
| Q1 24 | $-41.6M | $-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 | -1.6% | 1.8% | ||
| Q2 25 | 18.1% | 2.0% | ||
| Q1 25 | 12.3% | 1.2% | ||
| Q4 24 | -23.1% | 1.1% | ||
| Q3 24 | 11.4% | 2.4% | ||
| Q2 24 | -4.3% | 9.2% | ||
| Q1 24 | -9.3% | 0.9% |
| Q4 25 | — | -1.9% | ||
| Q3 25 | -5.0% | -2.6% | ||
| Q2 25 | 7.5% | -8.2% | ||
| Q1 25 | 2.9% | -8.9% | ||
| Q4 24 | -30.0% | -7.0% | ||
| Q3 24 | 0.1% | -6.2% | ||
| Q2 24 | -9.9% | 4.6% | ||
| Q1 24 | -15.9% | -5.5% |
| Q4 25 | — | $-0.57 | ||
| Q3 25 | $-0.10 | $-0.71 | ||
| Q2 25 | $0.13 | $-1.67 | ||
| Q1 25 | $0.04 | $-1.89 | ||
| Q4 24 | $-0.48 | $-0.72 | ||
| Q3 24 | $0.00 | $-1.18 | ||
| Q2 24 | $-0.15 | $1.03 | ||
| Q1 24 | $-0.21 | $-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 | $142.5M | $112.1M |
| Total DebtLower is stronger | $735.8M | $80.3M |
| Stockholders' EquityBook value | $-351.6M | $-240.1M |
| Total Assets | $2.7B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $112.1M | ||
| Q3 25 | $142.5M | $35.5M | ||
| Q2 25 | $150.3M | $33.4M | ||
| Q1 25 | $150.1M | $33.3M | ||
| Q4 24 | $152.7M | $48.8M | ||
| Q3 24 | $142.8M | $51.0M | ||
| Q2 24 | $148.5M | $80.2M | ||
| Q1 24 | $139.8M | $38.4M |
| Q4 25 | — | $80.3M | ||
| Q3 25 | $735.8M | $97.3M | ||
| Q2 25 | $729.8M | $160.1M | ||
| Q1 25 | $705.1M | $139.9M | ||
| Q4 24 | $691.5M | $500.6M | ||
| Q3 24 | $694.8M | $502.4M | ||
| Q2 24 | $682.1M | $638.3M | ||
| Q1 24 | $671.7M | $641.5M |
| Q4 25 | — | $-240.1M | ||
| Q3 25 | $-351.6M | $-233.3M | ||
| Q2 25 | $-348.6M | $-224.8M | ||
| Q1 25 | $-340.1M | $-204.2M | ||
| Q4 24 | $-335.1M | $-180.4M | ||
| Q3 24 | $-279.4M | $-163.1M | ||
| Q2 24 | $-231.7M | $-149.0M | ||
| Q1 24 | $-193.0M | $-184.4M |
| Q4 25 | — | $950.1M | ||
| Q3 25 | $2.7B | $913.2M | ||
| Q2 25 | $2.6B | $890.9M | ||
| Q1 25 | $2.5B | $868.0M | ||
| Q4 24 | $2.4B | $891.1M | ||
| Q3 24 | $2.6B | $897.2M | ||
| Q2 24 | $2.6B | $898.9M | ||
| Q1 24 | $2.5B | $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 | $34.9M | $101.1M |
| Free Cash FlowOCF − Capex | $3.5M | — |
| FCF MarginFCF / Revenue | 0.9% | — |
| Capex IntensityCapex / Revenue | 8.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $41.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $101.1M | ||
| Q3 25 | $34.9M | $19.2M | ||
| Q2 25 | $41.0M | $40.4M | ||
| Q1 25 | $22.8M | $-14.1M | ||
| Q4 24 | $26.9M | $41.4M | ||
| Q3 24 | $20.6M | $-28.4M | ||
| Q2 24 | $36.0M | $21.5M | ||
| Q1 24 | $6.2M | $-25.4M |
| Q4 25 | — | — | ||
| Q3 25 | $3.5M | $19.0M | ||
| Q2 25 | $12.4M | — | ||
| Q1 25 | $7.5M | $-18.8M | ||
| Q4 24 | $18.5M | $34.2M | ||
| Q3 24 | $10.3M | $-31.5M | ||
| Q2 24 | $10.2M | $18.4M | ||
| Q1 24 | $-13.5M | $-31.0M |
| Q4 25 | — | — | ||
| Q3 25 | 0.9% | 5.5% | ||
| Q2 25 | 3.8% | — | ||
| Q1 25 | 2.7% | -6.9% | ||
| Q4 24 | 6.1% | 14.5% | ||
| Q3 24 | 3.1% | -13.0% | ||
| Q2 24 | 3.4% | 5.9% | ||
| Q1 24 | -5.2% | -9.8% |
| Q4 25 | — | — | ||
| Q3 25 | 8.5% | 0.1% | ||
| Q2 25 | 8.7% | — | ||
| Q1 25 | 5.4% | 1.7% | ||
| Q4 24 | 2.7% | 3.0% | ||
| Q3 24 | 3.1% | 1.3% | ||
| Q2 24 | 8.5% | 1.0% | ||
| Q1 24 | 7.5% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.65× | — | ||
| Q1 25 | 2.79× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 117.70× | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SHCO
| Membership | $122.7M | 33% |
| Other | $122.0M | 33% |
| Membership Revenue | $58.5M | 16% |
| Other Revenue | $28.5M | 8% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $24.8M | 7% |
| Elimination Of Equity Accounted Revenue | $13.4M | 4% |
| Related Party | $2.0M | 1% |
| Soho House | $1.0M | 0% |
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% |
