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Side-by-side financial comparison of INNOVATE Corp. (VATE) and VALMONT INDUSTRIES INC (VMI). Click either name above to swap in a different company.
VALMONT INDUSTRIES INC is the larger business by last-quarter revenue ($1.0B vs $382.7M, roughly 2.7× INNOVATE Corp.). VALMONT INDUSTRIES INC runs the higher net margin — 10.5% vs -1.9%, a 12.4% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 6.2%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs -0.5%).
Innovate Corp. is an American public financial services company founded in 1994.
Valmont Industries, Inc. is a large, publicly held American manufacturer of Valley center pivot and linear irrigation equipment, windmill support structures, lighting and traffic poles and steel utility poles.
VATE vs VMI — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $382.7M | $1.0B |
| Net Profit | $-7.4M | $108.0M |
| Gross Margin | 15.4% | 30.8% |
| Operating Margin | 3.7% | 15.1% |
| Net Margin | -1.9% | 10.5% |
| Revenue YoY | 61.7% | 6.2% |
| Net Profit YoY | 55.4% | 23.8% |
| EPS (diluted) | $-0.57 | $5.51 |
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 | — | $1.0B | ||
| Q4 25 | $382.7M | $1.0B | ||
| Q3 25 | $347.1M | $1.0B | ||
| Q2 25 | $242.0M | $1.1B | ||
| Q1 25 | $274.2M | $969.3M | ||
| Q4 24 | $236.6M | $1.0B | ||
| Q3 24 | $242.2M | $1.0B | ||
| Q2 24 | $313.1M | $1.0B |
| Q1 26 | — | $108.0M | ||
| Q4 25 | $-7.4M | $168.0M | ||
| Q3 25 | $-8.9M | $99.0M | ||
| Q2 25 | $-19.8M | $-4.0M | ||
| Q1 25 | $-24.5M | $87.3M | ||
| Q4 24 | $-16.6M | $77.7M | ||
| Q3 24 | $-15.0M | $83.1M | ||
| Q2 24 | $14.4M | $99.7M |
| Q1 26 | — | 30.8% | ||
| Q4 25 | 15.4% | 29.8% | ||
| Q3 25 | 14.3% | 30.4% | ||
| Q2 25 | 18.8% | 30.6% | ||
| Q1 25 | 16.6% | 30.0% | ||
| Q4 24 | 19.6% | 30.2% | ||
| Q3 24 | 19.9% | 29.6% | ||
| Q2 24 | 21.0% | 30.8% |
| Q1 26 | — | 15.1% | ||
| Q4 25 | 3.7% | 11.2% | ||
| Q3 25 | 1.8% | 13.5% | ||
| Q2 25 | 2.0% | 2.8% | ||
| Q1 25 | 1.2% | 13.2% | ||
| Q4 24 | 1.1% | 11.6% | ||
| Q3 24 | 2.4% | 12.3% | ||
| Q2 24 | 9.2% | 14.2% |
| Q1 26 | — | 10.5% | ||
| Q4 25 | -1.9% | 16.2% | ||
| Q3 25 | -2.6% | 9.5% | ||
| Q2 25 | -8.2% | -0.4% | ||
| Q1 25 | -8.9% | 9.0% | ||
| Q4 24 | -7.0% | 7.5% | ||
| Q3 24 | -6.2% | 8.1% | ||
| Q2 24 | 4.6% | 9.6% |
| Q1 26 | — | $5.51 | ||
| Q4 25 | $-0.57 | $9.02 | ||
| Q3 25 | $-0.71 | $4.98 | ||
| Q2 25 | $-1.67 | $-1.53 | ||
| Q1 25 | $-1.89 | $4.32 | ||
| Q4 24 | $-0.72 | $3.85 | ||
| Q3 24 | $-1.18 | $4.11 | ||
| Q2 24 | $1.03 | $4.91 |
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 | $160.2M |
| Total DebtLower is stronger | $80.3M | — |
| Stockholders' EquityBook value | $-240.1M | $1.7B |
| Total Assets | $950.1M | $3.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $160.2M | ||
| Q4 25 | $112.1M | $187.1M | ||
| Q3 25 | $35.5M | $226.1M | ||
| Q2 25 | $33.4M | $208.5M | ||
| Q1 25 | $33.3M | $184.4M | ||
| Q4 24 | $48.8M | $164.3M | ||
| Q3 24 | $51.0M | $200.5M | ||
| Q2 24 | $80.2M | $163.1M |
| Q1 26 | — | — | ||
| Q4 25 | $80.3M | $795.7M | ||
| Q3 25 | $97.3M | — | ||
| Q2 25 | $160.1M | — | ||
| Q1 25 | $139.9M | — | ||
| Q4 24 | $500.6M | $730.6M | ||
| Q3 24 | $502.4M | — | ||
| Q2 24 | $638.3M | — |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $-240.1M | $1.6B | ||
| Q3 25 | $-233.3M | $1.6B | ||
| Q2 25 | $-224.8M | $1.5B | ||
| Q1 25 | $-204.2M | $1.6B | ||
| Q4 24 | $-180.4M | $1.5B | ||
| Q3 24 | $-163.1M | $1.5B | ||
| Q2 24 | $-149.0M | $1.5B |
| Q1 26 | — | $3.4B | ||
| Q4 25 | $950.1M | $3.4B | ||
| Q3 25 | $913.2M | $3.4B | ||
| Q2 25 | $890.9M | $3.3B | ||
| Q1 25 | $868.0M | $3.4B | ||
| Q4 24 | $891.1M | $3.3B | ||
| Q3 24 | $897.2M | $3.5B | ||
| Q2 24 | $898.9M | $3.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.49× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | — | ||
| Q2 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 | $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 | $101.1M | $111.2M | ||
| Q3 25 | $19.2M | $112.5M | ||
| Q2 25 | $40.4M | $167.6M | ||
| Q1 25 | $-14.1M | $65.1M | ||
| Q4 24 | $41.4M | $193.4M | ||
| Q3 24 | $-28.4M | $225.1M | ||
| Q2 24 | $21.5M | $130.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $70.4M | ||
| Q3 25 | $19.0M | $70.6M | ||
| Q2 25 | — | $135.6M | ||
| Q1 25 | $-18.8M | $34.8M | ||
| Q4 24 | $34.2M | $167.8M | ||
| Q3 24 | $-31.5M | $204.6M | ||
| Q2 24 | $18.4M | $112.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 6.8% | ||
| Q3 25 | 5.5% | 6.7% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | -6.9% | 3.6% | ||
| Q4 24 | 14.5% | 16.2% | ||
| Q3 24 | -13.0% | 20.1% | ||
| Q2 24 | 5.9% | 10.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.9% | ||
| Q3 25 | 0.1% | 4.0% | ||
| Q2 25 | — | 3.0% | ||
| Q1 25 | 1.7% | 3.1% | ||
| Q4 24 | 3.0% | 2.5% | ||
| Q3 24 | 1.3% | 2.0% | ||
| Q2 24 | 1.0% | 1.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.66× | ||
| Q3 25 | — | 1.14× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 2.49× | ||
| Q3 24 | — | 2.71× | ||
| Q2 24 | 1.49× | 1.31× |
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% |
VMI
| Infrastructure | $803.2M | 78% |
| Agriculture | $226.0M | 22% |
