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Side-by-side financial comparison of STARZ ENTERTAINMENT CORP (STRZ) 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 $320.9M, roughly 1.2× STARZ ENTERTAINMENT CORP). INNOVATE Corp. runs the higher net margin — -1.9% vs -16.4%, a 14.5% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -7.5%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs -40.6%).
Starz Entertainment Corp., formerly known as Lions Gate Entertainment Corporation, or simply Lionsgate, is a Canadian-American entertainment company currently headquartered in Santa Monica, California. Founded by Frank Giustra on July 10, 1997, it is/was domiciled and incorporated in Vancouver, British Columbia.
Innovate Corp. is an American public financial services company founded in 1994.
STRZ vs VATE — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $320.9M | $382.7M |
| Net Profit | $-52.6M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | -10.8% | 3.7% |
| Net Margin | -16.4% | -1.9% |
| Revenue YoY | -7.5% | 61.7% |
| Net Profit YoY | -71.9% | 55.4% |
| EPS (diluted) | $-3.15 | $-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 | $320.9M | $347.1M | ||
| Q2 25 | $319.7M | $242.0M | ||
| Q1 25 | — | $274.2M | ||
| Q4 24 | $970.5M | $236.6M | ||
| Q3 24 | $346.9M | $242.2M | ||
| Q2 24 | $347.6M | $313.1M | ||
| Q1 24 | — | $315.2M |
| Q4 25 | — | $-7.4M | ||
| Q3 25 | $-52.6M | $-8.9M | ||
| Q2 25 | $-42.5M | $-19.8M | ||
| Q1 25 | — | $-24.5M | ||
| Q4 24 | $-21.9M | $-16.6M | ||
| Q3 24 | $-30.6M | $-15.0M | ||
| Q2 24 | $4.2M | $14.4M | ||
| Q1 24 | — | $-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 | -10.8% | 1.8% | ||
| Q2 25 | -8.4% | 2.0% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | 3.7% | 1.1% | ||
| Q3 24 | -4.9% | 2.4% | ||
| Q2 24 | 2.9% | 9.2% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | — | -1.9% | ||
| Q3 25 | -16.4% | -2.6% | ||
| Q2 25 | -13.3% | -8.2% | ||
| Q1 25 | — | -8.9% | ||
| Q4 24 | -2.3% | -7.0% | ||
| Q3 24 | -8.8% | -6.2% | ||
| Q2 24 | 1.2% | 4.6% | ||
| Q1 24 | — | -5.5% |
| Q4 25 | — | $-0.57 | ||
| Q3 25 | $-3.15 | $-0.71 | ||
| Q2 25 | $-2.54 | $-1.67 | ||
| Q1 25 | — | $-1.89 | ||
| Q4 24 | $-0.09 | $-0.72 | ||
| Q3 24 | $-1.83 | $-1.18 | ||
| Q2 24 | $0.26 | $1.03 | ||
| Q1 24 | — | $-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 | $37.0M | $112.1M |
| Total DebtLower is stronger | $608.7M | $80.3M |
| Stockholders' EquityBook value | $663.2M | $-240.1M |
| Total Assets | $2.0B | $950.1M |
| Debt / EquityLower = less leverage | 0.92× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $112.1M | ||
| Q3 25 | $37.0M | $35.5M | ||
| Q2 25 | $51.6M | $33.4M | ||
| Q1 25 | — | $33.3M | ||
| Q4 24 | $200.5M | $48.8M | ||
| Q3 24 | $229.6M | $51.0M | ||
| Q2 24 | $192.5M | $80.2M | ||
| Q1 24 | — | $38.4M |
| Q4 25 | — | $80.3M | ||
| Q3 25 | $608.7M | $97.3M | ||
| Q2 25 | $611.7M | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | $2.4B | $500.6M | ||
| Q3 24 | $2.1B | $502.4M | ||
| Q2 24 | $1.5B | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | — | $-240.1M | ||
| Q3 25 | $663.2M | $-233.3M | ||
| Q2 25 | $712.3M | $-224.8M | ||
| Q1 25 | — | $-204.2M | ||
| Q4 24 | $-168.3M | $-180.4M | ||
| Q3 24 | $935.9M | $-163.1M | ||
| Q2 24 | $973.1M | $-149.0M | ||
| Q1 24 | — | $-184.4M |
| Q4 25 | — | $950.1M | ||
| Q3 25 | $2.0B | $913.2M | ||
| Q2 25 | $2.1B | $890.9M | ||
| Q1 25 | — | $868.0M | ||
| Q4 24 | $7.2B | $891.1M | ||
| Q3 24 | $7.1B | $897.2M | ||
| Q2 24 | $7.2B | $898.9M | ||
| Q1 24 | — | $943.5M |
| Q4 25 | — | — | ||
| Q3 25 | 0.92× | — | ||
| Q2 25 | 0.86× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.24× | — | ||
| Q2 24 | 1.59× | — | ||
| Q1 24 | — | — |
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 | $-26.1M | $101.1M |
| Free Cash FlowOCF − Capex | $-31.3M | — |
| FCF MarginFCF / Revenue | -9.8% | — |
| Capex IntensityCapex / Revenue | 1.6% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-317.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $101.1M | ||
| Q3 25 | $-26.1M | $19.2M | ||
| Q2 25 | $65.4M | $40.4M | ||
| Q1 25 | — | $-14.1M | ||
| Q4 24 | $-335.3M | $41.4M | ||
| Q3 24 | $9.1M | $-28.4M | ||
| Q2 24 | $-33.5M | $21.5M | ||
| Q1 24 | — | $-25.4M |
| Q4 25 | — | — | ||
| Q3 25 | $-31.3M | $19.0M | ||
| Q2 25 | $58.5M | — | ||
| Q1 25 | — | $-18.8M | ||
| Q4 24 | $-349.3M | $34.2M | ||
| Q3 24 | $4.4M | $-31.5M | ||
| Q2 24 | $-38.4M | $18.4M | ||
| Q1 24 | — | $-31.0M |
| Q4 25 | — | — | ||
| Q3 25 | -9.8% | 5.5% | ||
| Q2 25 | 18.3% | — | ||
| Q1 25 | — | -6.9% | ||
| Q4 24 | -36.0% | 14.5% | ||
| Q3 24 | 1.3% | -13.0% | ||
| Q2 24 | -11.0% | 5.9% | ||
| Q1 24 | — | -9.8% |
| Q4 25 | — | — | ||
| Q3 25 | 1.6% | 0.1% | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | 1.4% | 3.0% | ||
| Q3 24 | 1.4% | 1.3% | ||
| Q2 24 | 1.4% | 1.0% | ||
| Q1 24 | — | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -7.98× | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
STRZ
| Over The Top Subscription Service OTT | $222.8M | 69% |
| Linear Subscription Service | $98.1M | 31% |
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% |
