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Side-by-side financial comparison of TEXAS CAPITAL BANCSHARES INC (TCBI) 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 $324.0M, roughly 1.2× TEXAS CAPITAL BANCSHARES INC). TEXAS CAPITAL BANCSHARES INC runs the higher net margin — 22.8% vs -1.9%, a 24.7% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 15.5%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs 10.2%).
Texas Capital Bank is a bank headquartered in Dallas, Texas. The bank has branches located in every major city in Texas. Its parent bank holding company is Texas Capital Bancshares. It also operates an online-only banking division, Bask Bank.
Innovate Corp. is an American public financial services company founded in 1994.
TCBI vs VATE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $324.0M | $382.7M |
| Net Profit | $73.8M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | — | 3.7% |
| Net Margin | 22.8% | -1.9% |
| Revenue YoY | 15.5% | 61.7% |
| Net Profit YoY | 56.8% | 55.4% |
| EPS (diluted) | $1.56 | $-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 | $324.0M | — | ||
| Q4 25 | $327.5M | $382.7M | ||
| Q3 25 | $340.4M | $347.1M | ||
| Q2 25 | $307.5M | $242.0M | ||
| Q1 25 | $280.5M | $274.2M | ||
| Q4 24 | $229.6M | $236.6M | ||
| Q3 24 | $125.3M | $242.2M | ||
| Q2 24 | $267.0M | $313.1M |
| Q1 26 | $73.8M | — | ||
| Q4 25 | $100.7M | $-7.4M | ||
| Q3 25 | $105.2M | $-8.9M | ||
| Q2 25 | $77.3M | $-19.8M | ||
| Q1 25 | $47.0M | $-24.5M | ||
| Q4 24 | $71.0M | $-16.6M | ||
| Q3 24 | $-61.3M | $-15.0M | ||
| Q2 24 | $41.7M | $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 | — | — | ||
| Q4 25 | 40.4% | 3.7% | ||
| Q3 25 | 40.5% | 1.8% | ||
| Q2 25 | 33.2% | 2.0% | ||
| Q1 25 | 21.6% | 1.2% | ||
| Q4 24 | 40.7% | 1.1% | ||
| Q3 24 | -63.8% | 2.4% | ||
| Q2 24 | 21.9% | 9.2% |
| Q1 26 | 22.8% | — | ||
| Q4 25 | 30.7% | -1.9% | ||
| Q3 25 | 30.9% | -2.6% | ||
| Q2 25 | 25.2% | -8.2% | ||
| Q1 25 | 16.8% | -8.9% | ||
| Q4 24 | 30.9% | -7.0% | ||
| Q3 24 | -48.9% | -6.2% | ||
| Q2 24 | 15.6% | 4.6% |
| Q1 26 | $1.56 | — | ||
| Q4 25 | $2.11 | $-0.57 | ||
| Q3 25 | $2.18 | $-0.71 | ||
| Q2 25 | $1.58 | $-1.67 | ||
| Q1 25 | $0.92 | $-1.89 | ||
| Q4 24 | $1.43 | $-0.72 | ||
| Q3 24 | $-1.41 | $-1.18 | ||
| Q2 24 | $0.80 | $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 | — | $112.1M |
| Total DebtLower is stronger | $878.3M | $80.3M |
| Stockholders' EquityBook value | $3.6B | $-240.1M |
| Total Assets | $33.5B | $950.1M |
| Debt / EquityLower = less leverage | 0.24× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $112.1M | ||
| Q3 25 | — | $35.5M | ||
| Q2 25 | — | $33.4M | ||
| Q1 25 | — | $33.3M | ||
| Q4 24 | — | $48.8M | ||
| Q3 24 | — | $51.0M | ||
| Q2 24 | — | $80.2M |
| Q1 26 | $878.3M | — | ||
| Q4 25 | $620.6M | $80.3M | ||
| Q3 25 | $620.4M | $97.3M | ||
| Q2 25 | $620.3M | $160.1M | ||
| Q1 25 | $660.5M | $139.9M | ||
| Q4 24 | $660.3M | $500.6M | ||
| Q3 24 | $660.2M | $502.4M | ||
| Q2 24 | $660.0M | $638.3M |
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.6B | $-240.1M | ||
| Q3 25 | $3.6B | $-233.3M | ||
| Q2 25 | $3.5B | $-224.8M | ||
| Q1 25 | $3.4B | $-204.2M | ||
| Q4 24 | $3.4B | $-180.4M | ||
| Q3 24 | $3.4B | $-163.1M | ||
| Q2 24 | $3.2B | $-149.0M |
| Q1 26 | $33.5B | — | ||
| Q4 25 | $31.5B | $950.1M | ||
| Q3 25 | $32.5B | $913.2M | ||
| Q2 25 | $31.9B | $890.9M | ||
| Q1 25 | $31.4B | $868.0M | ||
| Q4 24 | $30.7B | $891.1M | ||
| Q3 24 | $31.6B | $897.2M | ||
| Q2 24 | $29.9B | $898.9M |
| Q1 26 | 0.24× | — | ||
| Q4 25 | 0.17× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 0.18× | — | ||
| Q1 25 | 0.19× | — | ||
| Q4 24 | 0.20× | — | ||
| Q3 24 | 0.20× | — | ||
| Q2 24 | 0.21× | — |
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 | — | $101.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $360.2M | $101.1M | ||
| Q3 25 | $166.3M | $19.2M | ||
| Q2 25 | $63.0M | $40.4M | ||
| Q1 25 | $368.0K | $-14.1M | ||
| Q4 24 | $480.1M | $41.4M | ||
| Q3 24 | $332.8M | $-28.4M | ||
| Q2 24 | $33.3M | $21.5M |
| Q1 26 | — | — | ||
| Q4 25 | $347.6M | — | ||
| Q3 25 | $161.3M | $19.0M | ||
| Q2 25 | $57.5M | — | ||
| Q1 25 | $-2.0M | $-18.8M | ||
| Q4 24 | $415.2M | $34.2M | ||
| Q3 24 | $317.6M | $-31.5M | ||
| Q2 24 | $11.1M | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | 106.1% | — | ||
| Q3 25 | 47.4% | 5.5% | ||
| Q2 25 | 18.7% | — | ||
| Q1 25 | -0.7% | -6.9% | ||
| Q4 24 | 180.9% | 14.5% | ||
| Q3 24 | 253.4% | -13.0% | ||
| Q2 24 | 4.1% | 5.9% |
| Q1 26 | — | — | ||
| Q4 25 | 3.8% | — | ||
| Q3 25 | 1.5% | 0.1% | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 0.9% | 1.7% | ||
| Q4 24 | 28.2% | 3.0% | ||
| Q3 24 | 12.1% | 1.3% | ||
| Q2 24 | 8.3% | 1.0% |
| Q1 26 | — | — | ||
| Q4 25 | 3.58× | — | ||
| Q3 25 | 1.58× | — | ||
| Q2 25 | 0.81× | — | ||
| Q1 25 | 0.01× | — | ||
| Q4 24 | 6.76× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.80× | 1.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TCBI
Segment breakdown not available.
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% |
