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Side-by-side financial comparison of ONE Group Hospitality, Inc. (STKS) 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 $207.0M, roughly 1.8× ONE Group Hospitality, Inc.). INNOVATE Corp. runs the higher net margin — -1.9% vs -3.1%, a 1.1% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -6.7%). Over the past eight quarters, ONE Group Hospitality, Inc.'s revenue compounded faster (56.1% CAGR vs 10.2%).
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
Innovate Corp. is an American public financial services company founded in 1994.
STKS vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $207.0M | $382.7M |
| Net Profit | $-6.4M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 2.2% | 3.7% |
| Net Margin | -3.1% | -1.9% |
| Revenue YoY | -6.7% | 61.7% |
| Net Profit YoY | -531.8% | 55.4% |
| EPS (diluted) | $-0.50 | $-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 | $207.0M | $382.7M | ||
| Q3 25 | $180.2M | $347.1M | ||
| Q2 25 | $207.4M | $242.0M | ||
| Q1 25 | $211.1M | $274.2M | ||
| Q4 24 | $221.9M | $236.6M | ||
| Q3 24 | $194.0M | $242.2M | ||
| Q2 24 | $172.5M | $313.1M | ||
| Q1 24 | $85.0M | $315.2M |
| Q4 25 | $-6.4M | $-7.4M | ||
| Q3 25 | $-76.7M | $-8.9M | ||
| Q2 25 | $-10.1M | $-19.8M | ||
| Q1 25 | $975.0K | $-24.5M | ||
| Q4 24 | $1.5M | $-16.6M | ||
| Q3 24 | $-9.3M | $-15.0M | ||
| Q2 24 | $-7.3M | $14.4M | ||
| Q1 24 | $-2.1M | $-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 | 2.2% | 3.7% | ||
| Q3 25 | -4.4% | 1.8% | ||
| Q2 25 | 0.3% | 2.0% | ||
| Q1 25 | 5.1% | 1.2% | ||
| Q4 24 | 5.5% | 1.1% | ||
| Q3 24 | -1.9% | 2.4% | ||
| Q2 24 | 0.6% | 9.2% | ||
| Q1 24 | -0.7% | 0.9% |
| Q4 25 | -3.1% | -1.9% | ||
| Q3 25 | -42.6% | -2.6% | ||
| Q2 25 | -4.9% | -8.2% | ||
| Q1 25 | 0.5% | -8.9% | ||
| Q4 24 | 0.7% | -7.0% | ||
| Q3 24 | -4.8% | -6.2% | ||
| Q2 24 | -4.3% | 4.6% | ||
| Q1 24 | -2.4% | -5.5% |
| Q4 25 | $-0.50 | $-0.57 | ||
| Q3 25 | $-2.75 | $-0.71 | ||
| Q2 25 | $-0.59 | $-1.67 | ||
| Q1 25 | $-0.21 | $-1.89 | ||
| Q4 24 | $-0.18 | $-0.72 | ||
| Q3 24 | $-0.53 | $-1.18 | ||
| Q2 24 | $-0.38 | $1.03 | ||
| Q1 24 | $-0.07 | $-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 | $4.2M | $112.1M |
| Total DebtLower is stronger | $354.2M | $80.3M |
| Stockholders' EquityBook value | $-75.8M | $-240.1M |
| Total Assets | $884.2M | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.2M | $112.1M | ||
| Q3 25 | $5.5M | $35.5M | ||
| Q2 25 | $4.7M | $33.4M | ||
| Q1 25 | $21.4M | $33.3M | ||
| Q4 24 | $27.6M | $48.8M | ||
| Q3 24 | $28.2M | $51.0M | ||
| Q2 24 | $32.2M | $80.2M | ||
| Q1 24 | $15.4M | $38.4M |
| Q4 25 | $354.2M | $80.3M | ||
| Q3 25 | $355.0M | $97.3M | ||
| Q2 25 | $347.4M | $160.1M | ||
| Q1 25 | $348.3M | $139.9M | ||
| Q4 24 | $348.3M | $500.6M | ||
| Q3 24 | $349.1M | $502.4M | ||
| Q2 24 | $350.0M | $638.3M | ||
| Q1 24 | $73.5M | $641.5M |
| Q4 25 | $-75.8M | $-240.1M | ||
| Q3 25 | $-61.5M | $-233.3M | ||
| Q2 25 | $23.0M | $-224.8M | ||
| Q1 25 | $40.5M | $-204.2M | ||
| Q4 24 | $45.9M | $-180.4M | ||
| Q3 24 | $51.4M | $-163.1M | ||
| Q2 24 | $68.1M | $-149.0M | ||
| Q1 24 | $68.3M | $-184.4M |
| Q4 25 | $884.2M | $950.1M | ||
| Q3 25 | $879.5M | $913.2M | ||
| Q2 25 | $935.7M | $890.9M | ||
| Q1 25 | $956.0M | $868.0M | ||
| Q4 24 | $960.1M | $891.1M | ||
| Q3 24 | $953.5M | $897.2M | ||
| Q2 24 | $945.9M | $898.9M | ||
| Q1 24 | $309.3M | $943.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 15.07× | — | ||
| Q1 25 | 8.61× | — | ||
| Q4 24 | 7.59× | — | ||
| Q3 24 | 6.79× | — | ||
| Q2 24 | 5.14× | — | ||
| Q1 24 | 1.08× | — |
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 | $13.1M | $101.1M |
| Free Cash FlowOCF − Capex | $-329.0K | — |
| FCF MarginFCF / Revenue | -0.2% | — |
| Capex IntensityCapex / Revenue | 6.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-27.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.1M | $101.1M | ||
| Q3 25 | $5.9M | $19.2M | ||
| Q2 25 | $2.8M | $40.4M | ||
| Q1 25 | $8.5M | $-14.1M | ||
| Q4 24 | $18.5M | $41.4M | ||
| Q3 24 | $19.1M | $-28.4M | ||
| Q2 24 | $-3.8M | $21.5M | ||
| Q1 24 | $10.4M | $-25.4M |
| Q4 25 | $-329.0K | — | ||
| Q3 25 | $-6.1M | $19.0M | ||
| Q2 25 | $-15.0M | — | ||
| Q1 25 | $-5.8M | $-18.8M | ||
| Q4 24 | $733.0K | $34.2M | ||
| Q3 24 | $287.0K | $-31.5M | ||
| Q2 24 | $-23.0M | $18.4M | ||
| Q1 24 | $-5.4M | $-31.0M |
| Q4 25 | -0.2% | — | ||
| Q3 25 | -3.4% | 5.5% | ||
| Q2 25 | -7.2% | — | ||
| Q1 25 | -2.7% | -6.9% | ||
| Q4 24 | 0.3% | 14.5% | ||
| Q3 24 | 0.1% | -13.0% | ||
| Q2 24 | -13.3% | 5.9% | ||
| Q1 24 | -6.4% | -9.8% |
| Q4 25 | 6.5% | — | ||
| Q3 25 | 6.7% | 0.1% | ||
| Q2 25 | 8.6% | — | ||
| Q1 25 | 6.8% | 1.7% | ||
| Q4 24 | 8.0% | 3.0% | ||
| Q3 24 | 9.7% | 1.3% | ||
| Q2 24 | 11.1% | 1.0% | ||
| Q1 24 | 18.6% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 8.76× | — | ||
| Q4 24 | 12.54× | — | ||
| 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
STKS
| Benihanas | $111.3M | 54% |
| Steakhouse Restaurant | $59.2M | 29% |
| Grill Concepts | $32.3M | 16% |
| Other | $4.2M | 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% |
