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Side-by-side financial comparison of TripAdvisor, Inc. (TRIP) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
TripAdvisor, Inc. is the larger business by last-quarter revenue ($411.0M vs $382.7M, roughly 1.1× INNOVATE Corp.). INNOVATE Corp. runs the higher net margin — -1.9% vs -9.2%, a 7.3% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 0.0%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs 2.0%).
Tripadvisor is an American company that operates online travel agencies, comparison shopping websites, and mobile apps with user-generated content.
Innovate Corp. is an American public financial services company founded in 1994.
TRIP vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $411.0M | $382.7M |
| Net Profit | $-38.0M | $-7.4M |
| Gross Margin | 91.5% | 15.4% |
| Operating Margin | -8.3% | 3.7% |
| Net Margin | -9.2% | -1.9% |
| Revenue YoY | 0.0% | 61.7% |
| Net Profit YoY | -3900.0% | 55.4% |
| EPS (diluted) | $-0.32 | $-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 | $411.0M | $382.7M | ||
| Q3 25 | $553.0M | $347.1M | ||
| Q2 25 | $529.0M | $242.0M | ||
| Q1 25 | $398.0M | $274.2M | ||
| Q4 24 | $411.0M | $236.6M | ||
| Q3 24 | $532.0M | $242.2M | ||
| Q2 24 | $497.0M | $313.1M | ||
| Q1 24 | $395.0M | $315.2M |
| Q4 25 | $-38.0M | $-7.4M | ||
| Q3 25 | $53.0M | $-8.9M | ||
| Q2 25 | $36.0M | $-19.8M | ||
| Q1 25 | $-11.0M | $-24.5M | ||
| Q4 24 | $1.0M | $-16.6M | ||
| Q3 24 | $39.0M | $-15.0M | ||
| Q2 24 | $24.0M | $14.4M | ||
| Q1 24 | $-59.0M | $-17.4M |
| Q4 25 | 91.5% | 15.4% | ||
| Q3 25 | 92.6% | 14.3% | ||
| Q2 25 | 92.1% | 18.8% | ||
| Q1 25 | 93.2% | 16.6% | ||
| Q4 24 | 93.4% | 19.6% | ||
| Q3 24 | 92.5% | 19.9% | ||
| Q2 24 | 92.8% | 21.0% | ||
| Q1 24 | 93.7% | 15.4% |
| Q4 25 | -8.3% | 3.7% | ||
| Q3 25 | 12.7% | 1.8% | ||
| Q2 25 | 11.2% | 2.0% | ||
| Q1 25 | -3.8% | 1.2% | ||
| Q4 24 | 0.2% | 1.1% | ||
| Q3 24 | 13.2% | 2.4% | ||
| Q2 24 | 7.2% | 9.2% | ||
| Q1 24 | -3.8% | 0.9% |
| Q4 25 | -9.2% | -1.9% | ||
| Q3 25 | 9.6% | -2.6% | ||
| Q2 25 | 6.8% | -8.2% | ||
| Q1 25 | -2.8% | -8.9% | ||
| Q4 24 | 0.2% | -7.0% | ||
| Q3 24 | 7.3% | -6.2% | ||
| Q2 24 | 4.8% | 4.6% | ||
| Q1 24 | -14.9% | -5.5% |
| Q4 25 | $-0.32 | $-0.57 | ||
| Q3 25 | $0.43 | $-0.71 | ||
| Q2 25 | $0.28 | $-1.67 | ||
| Q1 25 | $-0.08 | $-1.89 | ||
| Q4 24 | $0.03 | $-0.72 | ||
| Q3 24 | $0.27 | $-1.18 | ||
| Q2 24 | $0.17 | $1.03 | ||
| Q1 24 | $-0.43 | $-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 | $1.0B | $112.1M |
| Total DebtLower is stronger | $819.0M | $80.3M |
| Stockholders' EquityBook value | $645.0M | $-240.1M |
| Total Assets | $2.6B | $950.1M |
| Debt / EquityLower = less leverage | 1.27× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $112.1M | ||
| Q3 25 | $1.2B | $35.5M | ||
| Q2 25 | $1.2B | $33.4M | ||
| Q1 25 | $1.2B | $33.3M | ||
| Q4 24 | $1.1B | $48.8M | ||
| Q3 24 | $1.1B | $51.0M | ||
| Q2 24 | $1.2B | $80.2M | ||
| Q1 24 | $1.2B | $38.4M |
| Q4 25 | $819.0M | $80.3M | ||
| Q3 25 | $821.0M | $97.3M | ||
| Q2 25 | $822.0M | $160.1M | ||
| Q1 25 | $1.2B | $139.9M | ||
| Q4 24 | $831.0M | $500.6M | ||
| Q3 24 | $832.0M | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $645.0M | $-240.1M | ||
| Q3 25 | $707.0M | $-233.3M | ||
| Q2 25 | $627.0M | $-224.8M | ||
| Q1 25 | $643.0M | $-204.2M | ||
| Q4 24 | $943.0M | $-180.4M | ||
| Q3 24 | $944.0M | $-163.1M | ||
| Q2 24 | $857.0M | $-149.0M | ||
| Q1 24 | $825.0M | $-184.4M |
| Q4 25 | $2.6B | $950.1M | ||
| Q3 25 | $2.8B | $913.2M | ||
| Q2 25 | $2.9B | $890.9M | ||
| Q1 25 | $2.8B | $868.0M | ||
| Q4 24 | $2.6B | $891.1M | ||
| Q3 24 | $2.7B | $897.2M | ||
| Q2 24 | $2.8B | $898.9M | ||
| Q1 24 | $2.7B | $943.5M |
| Q4 25 | 1.27× | — | ||
| Q3 25 | 1.16× | — | ||
| Q2 25 | 1.31× | — | ||
| Q1 25 | 1.81× | — | ||
| Q4 24 | 0.88× | — | ||
| Q3 24 | 0.88× | — | ||
| Q2 24 | — | — | ||
| 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 | $-103.0M | $101.1M |
| Free Cash FlowOCF − Capex | $-122.0M | — |
| FCF MarginFCF / Revenue | -29.7% | — |
| Capex IntensityCapex / Revenue | 4.6% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $163.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-103.0M | $101.1M | ||
| Q3 25 | $44.0M | $19.2M | ||
| Q2 25 | $202.0M | $40.4M | ||
| Q1 25 | $102.0M | $-14.1M | ||
| Q4 24 | $-3.0M | $41.4M | ||
| Q3 24 | $-43.0M | $-28.4M | ||
| Q2 24 | $51.0M | $21.5M | ||
| Q1 24 | $139.0M | $-25.4M |
| Q4 25 | $-122.0M | — | ||
| Q3 25 | $25.0M | $19.0M | ||
| Q2 25 | $177.0M | — | ||
| Q1 25 | $83.0M | $-18.8M | ||
| Q4 24 | $-26.0M | $34.2M | ||
| Q3 24 | $-63.0M | $-31.5M | ||
| Q2 24 | $36.0M | $18.4M | ||
| Q1 24 | $123.0M | $-31.0M |
| Q4 25 | -29.7% | — | ||
| Q3 25 | 4.5% | 5.5% | ||
| Q2 25 | 33.5% | — | ||
| Q1 25 | 20.9% | -6.9% | ||
| Q4 24 | -6.3% | 14.5% | ||
| Q3 24 | -11.8% | -13.0% | ||
| Q2 24 | 7.2% | 5.9% | ||
| Q1 24 | 31.1% | -9.8% |
| Q4 25 | 4.6% | — | ||
| Q3 25 | 3.4% | 0.1% | ||
| Q2 25 | 4.7% | — | ||
| Q1 25 | 4.8% | 1.7% | ||
| Q4 24 | 5.6% | 3.0% | ||
| Q3 24 | 3.8% | 1.3% | ||
| Q2 24 | 3.0% | 1.0% | ||
| Q1 24 | 4.1% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | 0.83× | — | ||
| Q2 25 | 5.61× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -3.00× | — | ||
| Q3 24 | -1.10× | — | ||
| Q2 24 | 2.13× | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TRIP
| Third Party | $327.0M | 80% |
| The Fork | $58.0M | 14% |
| Other | $26.0M | 6% |
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% |
