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Side-by-side financial comparison of Tecnoglass Inc. (TGLS) 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 $245.3M, roughly 1.6× Tecnoglass Inc.). Tecnoglass Inc. runs the higher net margin — 10.6% vs -1.9%, a 12.6% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 2.4%). Over the past eight quarters, Tecnoglass Inc.'s revenue compounded faster (12.8% CAGR vs 10.2%).
Tecnoglass Inc. is a leading manufacturer of high-performance architectural glass, aluminum windows, doors, and associated building components. It primarily caters to residential and commercial construction sectors across North America and Latin America, offering custom, energy-efficient solutions for new construction and renovation projects.
Innovate Corp. is an American public financial services company founded in 1994.
TGLS vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $245.3M | $382.7M |
| Net Profit | $26.1M | $-7.4M |
| Gross Margin | 40.0% | 15.4% |
| Operating Margin | 18.3% | 3.7% |
| Net Margin | 10.6% | -1.9% |
| Revenue YoY | 2.4% | 61.7% |
| Net Profit YoY | -44.5% | 55.4% |
| EPS (diluted) | $0.57 | $-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 | $245.3M | $382.7M | ||
| Q3 25 | $260.5M | $347.1M | ||
| Q2 25 | $255.5M | $242.0M | ||
| Q1 25 | $222.3M | $274.2M | ||
| Q4 24 | $239.6M | $236.6M | ||
| Q3 24 | $238.3M | $242.2M | ||
| Q2 24 | $219.7M | $313.1M | ||
| Q1 24 | $192.6M | $315.2M |
| Q4 25 | $26.1M | $-7.4M | ||
| Q3 25 | $47.2M | $-8.9M | ||
| Q2 25 | $44.1M | $-19.8M | ||
| Q1 25 | $42.2M | $-24.5M | ||
| Q4 24 | $47.0M | $-16.6M | ||
| Q3 24 | $49.5M | $-15.0M | ||
| Q2 24 | $35.0M | $14.4M | ||
| Q1 24 | $29.7M | $-17.4M |
| Q4 25 | 40.0% | 15.4% | ||
| Q3 25 | 42.7% | 14.3% | ||
| Q2 25 | 44.7% | 18.8% | ||
| Q1 25 | 43.9% | 16.6% | ||
| Q4 24 | 44.5% | 19.6% | ||
| Q3 24 | 45.8% | 19.9% | ||
| Q2 24 | 40.8% | 21.0% | ||
| Q1 24 | 38.8% | 15.4% |
| Q4 25 | 18.3% | 3.7% | ||
| Q3 25 | 25.1% | 1.8% | ||
| Q2 25 | 24.0% | 2.0% | ||
| Q1 25 | 26.7% | 1.2% | ||
| Q4 24 | 28.0% | 1.1% | ||
| Q3 24 | 28.4% | 2.4% | ||
| Q2 24 | 23.3% | 9.2% | ||
| Q1 24 | 21.3% | 0.9% |
| Q4 25 | 10.6% | -1.9% | ||
| Q3 25 | 18.1% | -2.6% | ||
| Q2 25 | 17.3% | -8.2% | ||
| Q1 25 | 19.0% | -8.9% | ||
| Q4 24 | 19.6% | -7.0% | ||
| Q3 24 | 20.8% | -6.2% | ||
| Q2 24 | 15.9% | 4.6% | ||
| Q1 24 | 15.4% | -5.5% |
| Q4 25 | $0.57 | $-0.57 | ||
| Q3 25 | $1.01 | $-0.71 | ||
| Q2 25 | $0.94 | $-1.67 | ||
| Q1 25 | $0.90 | $-1.89 | ||
| Q4 24 | $1.00 | $-0.72 | ||
| Q3 24 | $1.05 | $-1.18 | ||
| Q2 24 | $0.75 | $1.03 | ||
| Q1 24 | $0.63 | $-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 | $104.1M | $112.1M |
| Total DebtLower is stronger | $174.4M | $80.3M |
| Stockholders' EquityBook value | $713.1M | $-240.1M |
| Total Assets | $1.3B | $950.1M |
| Debt / EquityLower = less leverage | 0.24× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $104.1M | $112.1M | ||
| Q3 25 | $127.1M | $35.5M | ||
| Q2 25 | $140.9M | $33.4M | ||
| Q1 25 | $160.2M | $33.3M | ||
| Q4 24 | $137.5M | $48.8M | ||
| Q3 24 | $124.8M | $51.0M | ||
| Q2 24 | $129.5M | $80.2M | ||
| Q1 24 | $138.8M | $38.4M |
| Q4 25 | $174.4M | $80.3M | ||
| Q3 25 | $114.7M | $97.3M | ||
| Q2 25 | $110.6M | $160.1M | ||
| Q1 25 | $110.6M | $139.9M | ||
| Q4 24 | $111.1M | $500.6M | ||
| Q3 24 | $126.8M | $502.4M | ||
| Q2 24 | $144.7M | $638.3M | ||
| Q1 24 | $160.9M | $641.5M |
| Q4 25 | $713.1M | $-240.1M | ||
| Q3 25 | $764.0M | $-233.3M | ||
| Q2 25 | $736.0M | $-224.8M | ||
| Q1 25 | $685.1M | $-204.2M | ||
| Q4 24 | $631.2M | $-180.4M | ||
| Q3 24 | $613.3M | $-163.1M | ||
| Q2 24 | $574.8M | $-149.0M | ||
| Q1 24 | $573.6M | $-184.4M |
| Q4 25 | $1.3B | $950.1M | ||
| Q3 25 | $1.2B | $913.2M | ||
| Q2 25 | $1.2B | $890.9M | ||
| Q1 25 | $1.1B | $868.0M | ||
| Q4 24 | $1.0B | $891.1M | ||
| Q3 24 | $996.3M | $897.2M | ||
| Q2 24 | $942.5M | $898.9M | ||
| Q1 24 | $981.6M | $943.5M |
| Q4 25 | 0.24× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.15× | — | ||
| Q1 25 | 0.16× | — | ||
| Q4 24 | 0.18× | — | ||
| Q3 24 | 0.21× | — | ||
| Q2 24 | 0.25× | — | ||
| Q1 24 | 0.28× | — |
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 | $31.0M | $101.1M |
| Free Cash FlowOCF − Capex | $11.4M | — |
| FCF MarginFCF / Revenue | 4.7% | — |
| Capex IntensityCapex / Revenue | 8.0% | — |
| Cash ConversionOCF / Net Profit | 1.19× | — |
| TTM Free Cash FlowTrailing 4 quarters | $34.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.0M | $101.1M | ||
| Q3 25 | $40.0M | $19.2M | ||
| Q2 25 | $17.9M | $40.4M | ||
| Q1 25 | $46.9M | $-14.1M | ||
| Q4 24 | $61.1M | $41.4M | ||
| Q3 24 | $41.5M | $-28.4M | ||
| Q2 24 | $34.5M | $21.5M | ||
| Q1 24 | $33.4M | $-25.4M |
| Q4 25 | $11.4M | — | ||
| Q3 25 | $21.2M | $19.0M | ||
| Q2 25 | $-14.7M | — | ||
| Q1 25 | $16.5M | $-18.8M | ||
| Q4 24 | $35.4M | $34.2M | ||
| Q3 24 | $17.8M | $-31.5M | ||
| Q2 24 | $14.2M | $18.4M | ||
| Q1 24 | $23.6M | $-31.0M |
| Q4 25 | 4.7% | — | ||
| Q3 25 | 8.2% | 5.5% | ||
| Q2 25 | -5.7% | — | ||
| Q1 25 | 7.4% | -6.9% | ||
| Q4 24 | 14.8% | 14.5% | ||
| Q3 24 | 7.5% | -13.0% | ||
| Q2 24 | 6.5% | 5.9% | ||
| Q1 24 | 12.2% | -9.8% |
| Q4 25 | 8.0% | — | ||
| Q3 25 | 7.2% | 0.1% | ||
| Q2 25 | 12.7% | — | ||
| Q1 25 | 13.7% | 1.7% | ||
| Q4 24 | 10.7% | 3.0% | ||
| Q3 24 | 9.9% | 1.3% | ||
| Q2 24 | 9.2% | 1.0% | ||
| Q1 24 | 5.1% | 1.8% |
| Q4 25 | 1.19× | — | ||
| Q3 25 | 0.85× | — | ||
| Q2 25 | 0.41× | — | ||
| Q1 25 | 1.11× | — | ||
| Q4 24 | 1.30× | — | ||
| Q3 24 | 0.84× | — | ||
| Q2 24 | 0.98× | 1.49× | ||
| Q1 24 | 1.13× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TGLS
| Product Sales | $164.2M | 67% |
| Fixed Price Contracts | $81.1M | 33% |
| Related Party | $692.0K | 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% |
