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Side-by-side financial comparison of Utz Brands, Inc. (UTZ) 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 $341.0M, roughly 1.1× Utz Brands, Inc.). Utz Brands, Inc. runs the higher net margin — 0.7% vs -1.9%, a 2.6% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -3.1%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs -1.5%).
Utz Brands, Inc., more commonly known as Utz, is an American snack food company based in Hanover, Pennsylvania. The company produces a variety of potato chips, pretzels, and other snacks, with most products sold under their family of brands. Utz is also a snack supplier to warehouse clubs and merchandisers.
Innovate Corp. is an American public financial services company founded in 1994.
UTZ vs VATE — Head-to-Head
Income Statement — Q4 FY2024 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $341.0M | $382.7M |
| Net Profit | $2.3M | $-7.4M |
| Gross Margin | 25.5% | 15.4% |
| Operating Margin | 2.1% | 3.7% |
| Net Margin | 0.7% | -1.9% |
| Revenue YoY | -3.1% | 61.7% |
| Net Profit YoY | 108.3% | 55.4% |
| EPS (diluted) | $0.04 | $-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 | — | $347.1M | ||
| Q2 25 | — | $242.0M | ||
| Q1 25 | — | $274.2M | ||
| Q4 24 | $341.0M | $236.6M | ||
| Q3 24 | $365.5M | $242.2M | ||
| Q2 24 | $356.2M | $313.1M | ||
| Q1 24 | $346.5M | $315.2M |
| Q4 25 | — | $-7.4M | ||
| Q3 25 | — | $-8.9M | ||
| Q2 25 | — | $-19.8M | ||
| Q1 25 | — | $-24.5M | ||
| Q4 24 | $2.3M | $-16.6M | ||
| Q3 24 | $-2.2M | $-15.0M | ||
| Q2 24 | $19.8M | $14.4M | ||
| Q1 24 | $-4.0M | $-17.4M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | 25.5% | 19.6% | ||
| Q3 24 | 26.9% | 19.9% | ||
| Q2 24 | 26.7% | 21.0% | ||
| Q1 24 | 25.5% | 15.4% |
| Q4 25 | — | 3.7% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | 2.1% | 1.1% | ||
| Q3 24 | 5.3% | 2.4% | ||
| Q2 24 | 6.3% | 9.2% | ||
| Q1 24 | 2.8% | 0.9% |
| Q4 25 | — | -1.9% | ||
| Q3 25 | — | -2.6% | ||
| Q2 25 | — | -8.2% | ||
| Q1 25 | — | -8.9% | ||
| Q4 24 | 0.7% | -7.0% | ||
| Q3 24 | -0.6% | -6.2% | ||
| Q2 24 | 5.6% | 4.6% | ||
| Q1 24 | -1.2% | -5.5% |
| Q4 25 | — | $-0.57 | ||
| Q3 25 | — | $-0.71 | ||
| Q2 25 | — | $-1.67 | ||
| Q1 25 | — | $-1.89 | ||
| Q4 24 | $0.04 | $-0.72 | ||
| Q3 24 | $-0.03 | $-1.18 | ||
| Q2 24 | $0.23 | $1.03 | ||
| Q1 24 | $-0.05 | $-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 | $56.1M | $112.1M |
| Total DebtLower is stronger | $768.6M | $80.3M |
| Stockholders' EquityBook value | $696.9M | $-240.1M |
| Total Assets | $2.7B | $950.1M |
| Debt / EquityLower = less leverage | 1.10× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $112.1M | ||
| Q3 25 | — | $35.5M | ||
| Q2 25 | — | $33.4M | ||
| Q1 25 | — | $33.3M | ||
| Q4 24 | $56.1M | $48.8M | ||
| Q3 24 | $64.9M | $51.0M | ||
| Q2 24 | $66.6M | $80.2M | ||
| Q1 24 | $47.0M | $38.4M |
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | $768.6M | $500.6M | ||
| Q3 24 | $780.8M | $502.4M | ||
| Q2 24 | $797.6M | $638.3M | ||
| Q1 24 | $756.9M | $641.5M |
| Q4 25 | — | $-240.1M | ||
| Q3 25 | — | $-233.3M | ||
| Q2 25 | — | $-224.8M | ||
| Q1 25 | — | $-204.2M | ||
| Q4 24 | $696.9M | $-180.4M | ||
| Q3 24 | $685.7M | $-163.1M | ||
| Q2 24 | $686.0M | $-149.0M | ||
| Q1 24 | $671.1M | $-184.4M |
| Q4 25 | — | $950.1M | ||
| Q3 25 | — | $913.2M | ||
| Q2 25 | — | $890.9M | ||
| Q1 25 | — | $868.0M | ||
| Q4 24 | $2.7B | $891.1M | ||
| Q3 24 | $2.6B | $897.2M | ||
| Q2 24 | $2.7B | $898.9M | ||
| Q1 24 | $2.6B | $943.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.10× | — | ||
| Q3 24 | 1.14× | — | ||
| Q2 24 | 1.16× | — | ||
| Q1 24 | 1.13× | — |
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 | $54.2M | $101.1M |
| Free Cash FlowOCF − Capex | $16.5M | — |
| FCF MarginFCF / Revenue | 4.8% | — |
| Capex IntensityCapex / Revenue | 11.1% | — |
| Cash ConversionOCF / Net Profit | 23.67× | — |
| TTM Free Cash FlowTrailing 4 quarters | $7.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $101.1M | ||
| Q3 25 | — | $19.2M | ||
| Q2 25 | — | $40.4M | ||
| Q1 25 | — | $-14.1M | ||
| Q4 24 | $54.2M | $41.4M | ||
| Q3 24 | $52.2M | $-28.4M | ||
| Q2 24 | $8.9M | $21.5M | ||
| Q1 24 | $-9.1M | $-25.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | $19.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-18.8M | ||
| Q4 24 | $16.5M | $34.2M | ||
| Q3 24 | $29.1M | $-31.5M | ||
| Q2 24 | $-15.3M | $18.4M | ||
| Q1 24 | $-22.7M | $-31.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -6.9% | ||
| Q4 24 | 4.8% | 14.5% | ||
| Q3 24 | 8.0% | -13.0% | ||
| Q2 24 | -4.3% | 5.9% | ||
| Q1 24 | -6.5% | -9.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | 11.1% | 3.0% | ||
| Q3 24 | 6.3% | 1.3% | ||
| Q2 24 | 6.8% | 1.0% | ||
| Q1 24 | 3.9% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 23.67× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.45× | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
UTZ
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% |
