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Side-by-side financial comparison of Strategic Education, Inc. (STRA) 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 $305.9M, roughly 1.3× Strategic Education, Inc.). Strategic Education, Inc. runs the higher net margin — 10.7% vs -1.9%, a 12.7% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 0.8%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs -1.0%).
Strategic Education, Inc. (SEI) is an education services holding company and is formerly known as Strayer Education, Inc. The company owns for-profit, online Capella University and Strayer University, as well as non-degree programs schools such as DevMountain, Hackbright Academy, and Sophia Learning.
Innovate Corp. is an American public financial services company founded in 1994.
STRA vs VATE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $305.9M | $382.7M |
| Net Profit | $32.8M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 13.4% | 3.7% |
| Net Margin | 10.7% | -1.9% |
| Revenue YoY | 0.8% | 61.7% |
| Net Profit YoY | 10.3% | 55.4% |
| EPS (diluted) | $1.48 | $-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.
| Q1 26 | $305.9M | — | ||
| Q4 25 | $323.2M | $382.7M | ||
| Q3 25 | $319.9M | $347.1M | ||
| Q2 25 | $321.5M | $242.0M | ||
| Q1 25 | $303.6M | $274.2M | ||
| Q4 24 | $311.5M | $236.6M | ||
| Q3 24 | $306.0M | $242.2M | ||
| Q2 24 | $312.3M | $313.1M |
| Q1 26 | $32.8M | — | ||
| Q4 25 | $37.9M | $-7.4M | ||
| Q3 25 | $26.6M | $-8.9M | ||
| Q2 25 | $32.3M | $-19.8M | ||
| Q1 25 | $29.7M | $-24.5M | ||
| Q4 24 | $25.3M | $-16.6M | ||
| Q3 24 | $27.7M | $-15.0M | ||
| Q2 24 | $29.9M | $14.4M |
| Q1 26 | — | — | ||
| 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 26 | 13.4% | — | ||
| Q4 25 | 16.0% | 3.7% | ||
| Q3 25 | 11.6% | 1.8% | ||
| Q2 25 | 14.2% | 2.0% | ||
| Q1 25 | 13.1% | 1.2% | ||
| Q4 24 | 11.6% | 1.1% | ||
| Q3 24 | 11.9% | 2.4% | ||
| Q2 24 | 13.4% | 9.2% |
| Q1 26 | 10.7% | — | ||
| Q4 25 | 11.7% | -1.9% | ||
| Q3 25 | 8.3% | -2.6% | ||
| Q2 25 | 10.1% | -8.2% | ||
| Q1 25 | 9.8% | -8.9% | ||
| Q4 24 | 8.1% | -7.0% | ||
| Q3 24 | 9.1% | -6.2% | ||
| Q2 24 | 9.6% | 4.6% |
| Q1 26 | $1.48 | — | ||
| Q4 25 | $1.65 | $-0.57 | ||
| Q3 25 | $1.15 | $-0.71 | ||
| Q2 25 | $1.37 | $-1.67 | ||
| Q1 25 | $1.24 | $-1.89 | ||
| Q4 24 | $1.05 | $-0.72 | ||
| Q3 24 | $1.15 | $-1.18 | ||
| Q2 24 | $1.24 | $1.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $150.3M | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $1.6B | $-240.1M |
| Total Assets | $2.1B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $150.3M | — | ||
| Q4 25 | $148.1M | $112.1M | ||
| Q3 25 | $172.6M | $35.5M | ||
| Q2 25 | $164.9M | $33.4M | ||
| Q1 25 | $182.6M | $33.3M | ||
| Q4 24 | $184.0M | $48.8M | ||
| Q3 24 | $222.1M | $51.0M | ||
| Q2 24 | $256.2M | $80.2M |
| Q1 26 | — | — | ||
| 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 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $-240.1M | ||
| Q3 25 | $1.7B | $-233.3M | ||
| Q2 25 | $1.7B | $-224.8M | ||
| Q1 25 | $1.6B | $-204.2M | ||
| Q4 24 | $1.7B | $-180.4M | ||
| Q3 24 | $1.7B | $-163.1M | ||
| Q2 24 | $1.7B | $-149.0M |
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.0B | $950.1M | ||
| Q3 25 | $2.1B | $913.2M | ||
| Q2 25 | $2.1B | $890.9M | ||
| Q1 25 | $2.1B | $868.0M | ||
| Q4 24 | $2.0B | $891.1M | ||
| Q3 24 | $2.2B | $897.2M | ||
| Q2 24 | $2.2B | $898.9M |
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 | $87.4M | $101.1M |
| Free Cash FlowOCF − Capex | $77.3M | — |
| FCF MarginFCF / Revenue | 25.3% | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 2.66× | — |
| TTM Free Cash FlowTrailing 4 quarters | $173.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $87.4M | — | ||
| Q4 25 | $39.2M | $101.1M | ||
| Q3 25 | $60.1M | $19.2M | ||
| Q2 25 | $31.2M | $40.4M | ||
| Q1 25 | $67.7M | $-14.1M | ||
| Q4 24 | $15.9M | $41.4M | ||
| Q3 24 | $51.5M | $-28.4M | ||
| Q2 24 | $24.3M | $21.5M |
| Q1 26 | $77.3M | — | ||
| Q4 25 | $27.0M | — | ||
| Q3 25 | $49.3M | $19.0M | ||
| Q2 25 | $20.4M | — | ||
| Q1 25 | $57.3M | $-18.8M | ||
| Q4 24 | $4.7M | $34.2M | ||
| Q3 24 | $42.1M | $-31.5M | ||
| Q2 24 | $13.6M | $18.4M |
| Q1 26 | 25.3% | — | ||
| Q4 25 | 8.3% | — | ||
| Q3 25 | 15.4% | 5.5% | ||
| Q2 25 | 6.3% | — | ||
| Q1 25 | 18.9% | -6.9% | ||
| Q4 24 | 1.5% | 14.5% | ||
| Q3 24 | 13.8% | -13.0% | ||
| Q2 24 | 4.3% | 5.9% |
| Q1 26 | — | — | ||
| Q4 25 | 3.8% | — | ||
| Q3 25 | 3.4% | 0.1% | ||
| Q2 25 | 3.4% | — | ||
| Q1 25 | 3.4% | 1.7% | ||
| Q4 24 | 3.6% | 3.0% | ||
| Q3 24 | 3.1% | 1.3% | ||
| Q2 24 | 3.4% | 1.0% |
| Q1 26 | 2.66× | — | ||
| Q4 25 | 1.03× | — | ||
| Q3 25 | 2.26× | — | ||
| Q2 25 | 0.97× | — | ||
| Q1 25 | 2.27× | — | ||
| Q4 24 | 0.63× | — | ||
| Q3 24 | 1.86× | — | ||
| Q2 24 | 0.81× | 1.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
STRA
| U.S. Higher Education | $212.6M | 69% |
| Australia/New Zealand | $51.8M | 17% |
| Education Technology Services | $41.5M | 14% |
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% |
