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Side-by-side financial comparison of INNOVATE Corp. (VATE) and Vital Farms, Inc. (VITL). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $213.6M, roughly 1.8× Vital Farms, Inc.). Vital Farms, Inc. runs the higher net margin — 7.6% vs -1.9%, a 9.6% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 28.7%). Over the past eight quarters, Vital Farms, Inc.'s revenue compounded faster (20.2% CAGR vs 10.2%).
Innovate Corp. is an American public financial services company founded in 1994.
Vital Tomosi Dairy Limited is a dairy processing company in Uganda. The company is a joint venture between Vital Capital Fund, "an impact investing fund primarily focused on Sub-Saharan Africa", and "Tomosi Dairy Farms, a Ugandan producer of dairy products".
VATE vs VITL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $382.7M | $213.6M |
| Net Profit | $-7.4M | $16.3M |
| Gross Margin | 15.4% | 35.8% |
| Operating Margin | 3.7% | 10.0% |
| Net Margin | -1.9% | 7.6% |
| Revenue YoY | 61.7% | 28.7% |
| Net Profit YoY | 55.4% | 54.3% |
| EPS (diluted) | $-0.57 | $0.35 |
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 | $213.6M | ||
| Q3 25 | $347.1M | $198.9M | ||
| Q2 25 | $242.0M | $184.8M | ||
| Q1 25 | $274.2M | $162.2M | ||
| Q4 24 | $236.6M | $166.0M | ||
| Q3 24 | $242.2M | $145.0M | ||
| Q2 24 | $313.1M | $147.4M | ||
| Q1 24 | $315.2M | $147.9M |
| Q4 25 | $-7.4M | $16.3M | ||
| Q3 25 | $-8.9M | $16.4M | ||
| Q2 25 | $-19.8M | $16.6M | ||
| Q1 25 | $-24.5M | $16.9M | ||
| Q4 24 | $-16.6M | $10.6M | ||
| Q3 24 | $-15.0M | $7.4M | ||
| Q2 24 | $14.4M | $16.3M | ||
| Q1 24 | $-17.4M | $19.0M |
| Q4 25 | 15.4% | 35.8% | ||
| Q3 25 | 14.3% | 37.7% | ||
| Q2 25 | 18.8% | 38.9% | ||
| Q1 25 | 16.6% | 38.5% | ||
| Q4 24 | 19.6% | 36.1% | ||
| Q3 24 | 19.9% | 36.9% | ||
| Q2 24 | 21.0% | 39.1% | ||
| Q1 24 | 15.4% | 39.8% |
| Q4 25 | 3.7% | 10.0% | ||
| Q3 25 | 1.8% | 10.8% | ||
| Q2 25 | 2.0% | 12.9% | ||
| Q1 25 | 1.2% | 13.4% | ||
| Q4 24 | 1.1% | 7.8% | ||
| Q3 24 | 2.4% | 6.4% | ||
| Q2 24 | 9.2% | 11.6% | ||
| Q1 24 | 0.9% | 16.3% |
| Q4 25 | -1.9% | 7.6% | ||
| Q3 25 | -2.6% | 8.3% | ||
| Q2 25 | -8.2% | 9.0% | ||
| Q1 25 | -8.9% | 10.4% | ||
| Q4 24 | -7.0% | 6.4% | ||
| Q3 24 | -6.2% | 5.1% | ||
| Q2 24 | 4.6% | 11.1% | ||
| Q1 24 | -5.5% | 12.9% |
| Q4 25 | $-0.57 | $0.35 | ||
| Q3 25 | $-0.71 | $0.36 | ||
| Q2 25 | $-1.67 | $0.36 | ||
| Q1 25 | $-1.89 | $0.37 | ||
| Q4 24 | $-0.72 | $0.23 | ||
| Q3 24 | $-1.18 | $0.16 | ||
| Q2 24 | $1.03 | $0.36 | ||
| Q1 24 | $-2.21 | $0.43 |
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 | $48.8M |
| Total DebtLower is stronger | $80.3M | — |
| Stockholders' EquityBook value | $-240.1M | $351.3M |
| Total Assets | $950.1M | $518.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $112.1M | $48.8M | ||
| Q3 25 | $35.5M | $93.8M | ||
| Q2 25 | $33.4M | $108.2M | ||
| Q1 25 | $33.3M | $156.3M | ||
| Q4 24 | $48.8M | $150.6M | ||
| Q3 24 | $51.0M | $149.5M | ||
| Q2 24 | $80.2M | $133.2M | ||
| Q1 24 | $38.4M | $113.8M |
| Q4 25 | $80.3M | — | ||
| Q3 25 | $97.3M | — | ||
| Q2 25 | $160.1M | — | ||
| Q1 25 | $139.9M | — | ||
| Q4 24 | $500.6M | — | ||
| Q3 24 | $502.4M | — | ||
| Q2 24 | $638.3M | — | ||
| Q1 24 | $641.5M | — |
| Q4 25 | $-240.1M | $351.3M | ||
| Q3 25 | $-233.3M | $331.2M | ||
| Q2 25 | $-224.8M | $309.8M | ||
| Q1 25 | $-204.2M | $288.9M | ||
| Q4 24 | $-180.4M | $269.3M | ||
| Q3 24 | $-163.1M | $253.4M | ||
| Q2 24 | $-149.0M | $238.4M | ||
| Q1 24 | $-184.4M | $213.3M |
| Q4 25 | $950.1M | $518.7M | ||
| Q3 25 | $913.2M | $481.5M | ||
| Q2 25 | $890.9M | $430.8M | ||
| Q1 25 | $868.0M | $376.9M | ||
| Q4 24 | $891.1M | $359.3M | ||
| Q3 24 | $897.2M | $344.7M | ||
| Q2 24 | $898.9M | $320.5M | ||
| Q1 24 | $943.5M | $300.2M |
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 | $5.8M |
| Free Cash FlowOCF − Capex | — | $-32.1M |
| FCF MarginFCF / Revenue | — | -15.1% |
| Capex IntensityCapex / Revenue | — | 17.8% |
| Cash ConversionOCF / Net Profit | — | 0.35× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-48.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $101.1M | $5.8M | ||
| Q3 25 | $19.2M | $23.4M | ||
| Q2 25 | $40.4M | $-761.0K | ||
| Q1 25 | $-14.1M | $5.3M | ||
| Q4 24 | $41.4M | $14.8M | ||
| Q3 24 | $-28.4M | $10.0M | ||
| Q2 24 | $21.5M | $16.1M | ||
| Q1 24 | $-25.4M | $23.9M |
| Q4 25 | — | $-32.1M | ||
| Q3 25 | $19.0M | $-10.6M | ||
| Q2 25 | — | $-7.6M | ||
| Q1 25 | $-18.8M | $2.1M | ||
| Q4 24 | $34.2M | $-3.4M | ||
| Q3 24 | $-31.5M | $6.4M | ||
| Q2 24 | $18.4M | $10.5M | ||
| Q1 24 | $-31.0M | $22.6M |
| Q4 25 | — | -15.1% | ||
| Q3 25 | 5.5% | -5.3% | ||
| Q2 25 | — | -4.1% | ||
| Q1 25 | -6.9% | 1.3% | ||
| Q4 24 | 14.5% | -2.0% | ||
| Q3 24 | -13.0% | 4.4% | ||
| Q2 24 | 5.9% | 7.2% | ||
| Q1 24 | -9.8% | 15.3% |
| Q4 25 | — | 17.8% | ||
| Q3 25 | 0.1% | 17.1% | ||
| Q2 25 | — | 3.7% | ||
| Q1 25 | 1.7% | 1.9% | ||
| Q4 24 | 3.0% | 10.9% | ||
| Q3 24 | 1.3% | 2.5% | ||
| Q2 24 | 1.0% | 3.8% | ||
| Q1 24 | 1.8% | 0.9% |
| Q4 25 | — | 0.35× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | -0.05× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.34× | ||
| Q2 24 | 1.49× | 0.99× | ||
| Q1 24 | — | 1.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
VITL
| Eggs And Egg Related Products | $205.8M | 96% |
| Butter And Butter Related Products | $7.7M | 4% |
