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Side-by-side financial comparison of INNOVATE Corp. (VATE) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $199.5M, roughly 1.9× VIRTUS INVESTMENT PARTNERS, INC.). VIRTUS INVESTMENT PARTNERS, INC. runs the higher net margin — 3.6% vs -1.9%, a 5.5% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -4.1%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs -5.7%).
Innovate Corp. is an American public financial services company founded in 1994.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
VATE vs VRTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $382.7M | $199.5M |
| Net Profit | $-7.4M | $7.1M |
| Gross Margin | 15.4% | — |
| Operating Margin | 3.7% | 7.7% |
| Net Margin | -1.9% | 3.6% |
| Revenue YoY | 61.7% | -4.1% |
| Net Profit YoY | 55.4% | -78.1% |
| EPS (diluted) | $-0.57 | $1.05 |
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 | — | $199.5M | ||
| Q4 25 | $382.7M | $208.0M | ||
| Q3 25 | $347.1M | $216.4M | ||
| Q2 25 | $242.0M | $210.5M | ||
| Q1 25 | $274.2M | $217.9M | ||
| Q4 24 | $236.6M | $233.5M | ||
| Q3 24 | $242.2M | $227.0M | ||
| Q2 24 | $313.1M | $224.4M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $-7.4M | $33.9M | ||
| Q3 25 | $-8.9M | $31.3M | ||
| Q2 25 | $-19.8M | $42.7M | ||
| Q1 25 | $-24.5M | $28.1M | ||
| Q4 24 | $-16.6M | $39.5M | ||
| Q3 24 | $-15.0M | $49.1M | ||
| Q2 24 | $14.4M | $26.0M |
| Q1 26 | — | — | ||
| Q4 25 | 15.4% | — | ||
| Q3 25 | 14.3% | — | ||
| Q2 25 | 18.8% | — | ||
| Q1 25 | 16.6% | — | ||
| Q4 24 | 19.6% | — | ||
| Q3 24 | 19.9% | — | ||
| Q2 24 | 21.0% | — |
| Q1 26 | — | 7.7% | ||
| Q4 25 | 3.7% | 19.1% | ||
| Q3 25 | 1.8% | 21.7% | ||
| Q2 25 | 2.0% | 21.5% | ||
| Q1 25 | 1.2% | 16.8% | ||
| Q4 24 | 1.1% | 21.7% | ||
| Q3 24 | 2.4% | 24.3% | ||
| Q2 24 | 9.2% | 19.7% |
| Q1 26 | — | 3.6% | ||
| Q4 25 | -1.9% | 16.3% | ||
| Q3 25 | -2.6% | 14.5% | ||
| Q2 25 | -8.2% | 20.3% | ||
| Q1 25 | -8.9% | 12.9% | ||
| Q4 24 | -7.0% | 16.9% | ||
| Q3 24 | -6.2% | 21.6% | ||
| Q2 24 | 4.6% | 11.6% |
| Q1 26 | — | $1.05 | ||
| Q4 25 | $-0.57 | $5.15 | ||
| Q3 25 | $-0.71 | $4.65 | ||
| Q2 25 | $-1.67 | $6.12 | ||
| Q1 25 | $-1.89 | $4.05 | ||
| Q4 24 | $-0.72 | $4.65 | ||
| Q3 24 | $-1.18 | $5.71 | ||
| Q2 24 | $1.03 | $2.43 |
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 | $136.6M |
| Total DebtLower is stronger | $80.3M | — |
| Stockholders' EquityBook value | $-240.1M | $93.6B |
| Total Assets | $950.1M | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $136.6M | ||
| Q4 25 | $112.1M | — | ||
| Q3 25 | $35.5M | — | ||
| Q2 25 | $33.4M | — | ||
| Q1 25 | $33.3M | — | ||
| Q4 24 | $48.8M | — | ||
| Q3 24 | $51.0M | — | ||
| Q2 24 | $80.2M | — |
| Q1 26 | — | — | ||
| Q4 25 | $80.3M | $390.0M | ||
| Q3 25 | $97.3M | $390.6M | ||
| Q2 25 | $160.1M | $231.3M | ||
| Q1 25 | $139.9M | $231.7M | ||
| Q4 24 | $500.6M | $232.1M | ||
| Q3 24 | $502.4M | $237.5M | ||
| Q2 24 | $638.3M | $247.6M |
| Q1 26 | — | $93.6B | ||
| Q4 25 | $-240.1M | $934.0M | ||
| Q3 25 | $-233.3M | $918.7M | ||
| Q2 25 | $-224.8M | $896.4M | ||
| Q1 25 | $-204.2M | $893.7M | ||
| Q4 24 | $-180.4M | $897.5M | ||
| Q3 24 | $-163.1M | $889.0M | ||
| Q2 24 | $-149.0M | $868.7M |
| Q1 26 | — | — | ||
| Q4 25 | $950.1M | $4.3B | ||
| Q3 25 | $913.2M | $3.9B | ||
| Q2 25 | $890.9M | $3.7B | ||
| Q1 25 | $868.0M | $3.7B | ||
| Q4 24 | $891.1M | $4.0B | ||
| Q3 24 | $897.2M | $3.6B | ||
| Q2 24 | $898.9M | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× |
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 | $-67.2M | ||
| Q3 25 | $19.2M | $108.3M | ||
| Q2 25 | $40.4M | $75.8M | ||
| Q1 25 | $-14.1M | $-3.8M | ||
| Q4 24 | $41.4M | $1.8M | ||
| Q3 24 | $-28.4M | $69.1M | ||
| Q2 24 | $21.5M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-74.1M | ||
| Q3 25 | $19.0M | $106.9M | ||
| Q2 25 | — | $74.2M | ||
| Q1 25 | $-18.8M | $-6.8M | ||
| Q4 24 | $34.2M | $-3.8M | ||
| Q3 24 | $-31.5M | $68.7M | ||
| Q2 24 | $18.4M | $68.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | -35.6% | ||
| Q3 25 | 5.5% | 49.4% | ||
| Q2 25 | — | 35.2% | ||
| Q1 25 | -6.9% | -3.1% | ||
| Q4 24 | 14.5% | -1.6% | ||
| Q3 24 | -13.0% | 30.3% | ||
| Q2 24 | 5.9% | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.3% | ||
| Q3 25 | 0.1% | 0.7% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | 1.7% | 1.4% | ||
| Q4 24 | 3.0% | 2.4% | ||
| Q3 24 | 1.3% | 0.2% | ||
| Q2 24 | 1.0% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | -1.99× | ||
| Q3 25 | — | 3.45× | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | -0.13× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | 1.49× | 2.69× |
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% |
VRTS
| Investment management fees | $169.1M | 85% |
| Administration and shareholder service fees | $17.3M | 9% |
| Distribution and service fees | $11.6M | 6% |
