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Side-by-side financial comparison of INNOVATE Corp. (VATE) and Bristow Group Inc. (VTOL). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $377.3M, roughly 1.0× Bristow Group Inc.). Bristow Group Inc. runs the higher net margin — 4.9% vs -1.9%, a 6.8% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 6.7%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs 5.8%).
Innovate Corp. is an American public financial services company founded in 1994.
Bristow Helicopters Limited is a British civil helicopter operator originally based at Aberdeen Airport, Scotland, which is currently a part of the U.S.-based Bristow Group which in turn has its corporate headquarters in Houston, Texas, U.S. In 2020, Bristow Group was merged with Era Helicopters, a large U.S.-based commercial helicopter operator that was previously a division of Era Aviation, with the two companies then continuing to use the Bristow name.
VATE vs VTOL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $382.7M | $377.3M |
| Net Profit | $-7.4M | $18.4M |
| Gross Margin | 15.4% | — |
| Operating Margin | 3.7% | 8.5% |
| Net Margin | -1.9% | 4.9% |
| Revenue YoY | 61.7% | 6.7% |
| Net Profit YoY | 55.4% | -42.1% |
| EPS (diluted) | $-0.57 | $0.61 |
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 | $377.3M | ||
| Q3 25 | $347.1M | $386.3M | ||
| Q2 25 | $242.0M | $376.4M | ||
| Q1 25 | $274.2M | $350.5M | ||
| Q4 24 | $236.6M | $353.5M | ||
| Q3 24 | $242.2M | $365.1M | ||
| Q2 24 | $313.1M | $359.7M | ||
| Q1 24 | $315.2M | $337.1M |
| Q4 25 | $-7.4M | $18.4M | ||
| Q3 25 | $-8.9M | $51.5M | ||
| Q2 25 | $-19.8M | $31.7M | ||
| Q1 25 | $-24.5M | $27.4M | ||
| Q4 24 | $-16.6M | $31.8M | ||
| Q3 24 | $-15.0M | $28.2M | ||
| Q2 24 | $14.4M | $28.2M | ||
| Q1 24 | $-17.4M | $6.6M |
| 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 24 | 15.4% | — |
| Q4 25 | 3.7% | 8.5% | ||
| Q3 25 | 1.8% | 13.1% | ||
| Q2 25 | 2.0% | 11.3% | ||
| Q1 25 | 1.2% | 9.6% | ||
| Q4 24 | 1.1% | 9.0% | ||
| Q3 24 | 2.4% | 9.1% | ||
| Q2 24 | 9.2% | 12.4% | ||
| Q1 24 | 0.9% | 6.8% |
| Q4 25 | -1.9% | 4.9% | ||
| Q3 25 | -2.6% | 13.3% | ||
| Q2 25 | -8.2% | 8.4% | ||
| Q1 25 | -8.9% | 7.8% | ||
| Q4 24 | -7.0% | 9.0% | ||
| Q3 24 | -6.2% | 7.7% | ||
| Q2 24 | 4.6% | 7.8% | ||
| Q1 24 | -5.5% | 2.0% |
| Q4 25 | $-0.57 | $0.61 | ||
| Q3 25 | $-0.71 | $1.72 | ||
| Q2 25 | $-1.67 | $1.07 | ||
| Q1 25 | $-1.89 | $0.92 | ||
| Q4 24 | $-0.72 | $1.07 | ||
| Q3 24 | $-1.18 | $0.95 | ||
| Q2 24 | $1.03 | $0.96 | ||
| Q1 24 | $-2.21 | $0.23 |
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 | $286.2M |
| Total DebtLower is stronger | $80.3M | $671.5M |
| Stockholders' EquityBook value | $-240.1M | $1.1B |
| Total Assets | $950.1M | $2.3B |
| Debt / EquityLower = less leverage | — | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $112.1M | $286.2M | ||
| Q3 25 | $35.5M | $245.5M | ||
| Q2 25 | $33.4M | $251.8M | ||
| Q1 25 | $33.3M | $191.1M | ||
| Q4 24 | $48.8M | $247.5M | ||
| Q3 24 | $51.0M | $200.3M | ||
| Q2 24 | $80.2M | $178.6M | ||
| Q1 24 | $38.4M | $140.6M |
| Q4 25 | $80.3M | $671.5M | ||
| Q3 25 | $97.3M | $675.0M | ||
| Q2 25 | $160.1M | $705.2M | ||
| Q1 25 | $139.9M | $701.9M | ||
| Q4 24 | $500.6M | $689.8M | ||
| Q3 24 | $502.4M | $629.1M | ||
| Q2 24 | $638.3M | $594.2M | ||
| Q1 24 | $641.5M | $544.1M |
| Q4 25 | $-240.1M | $1.1B | ||
| Q3 25 | $-233.3M | $1.0B | ||
| Q2 25 | $-224.8M | $984.4M | ||
| Q1 25 | $-204.2M | $931.7M | ||
| Q4 24 | $-180.4M | $891.7M | ||
| Q3 24 | $-163.1M | $899.2M | ||
| Q2 24 | $-149.0M | $849.1M | ||
| Q1 24 | $-184.4M | $820.7M |
| Q4 25 | $950.1M | $2.3B | ||
| Q3 25 | $913.2M | $2.3B | ||
| Q2 25 | $890.9M | $2.3B | ||
| Q1 25 | $868.0M | $2.2B | ||
| Q4 24 | $891.1M | $2.1B | ||
| Q3 24 | $897.2M | $2.1B | ||
| Q2 24 | $898.9M | $2.0B | ||
| Q1 24 | $943.5M | $1.9B |
| Q4 25 | — | 0.63× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 0.77× | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.66× |
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 | $76.9M |
| Free Cash FlowOCF − Capex | — | $47.8M |
| FCF MarginFCF / Revenue | — | 12.7% |
| Capex IntensityCapex / Revenue | — | 7.7% |
| Cash ConversionOCF / Net Profit | — | 4.17× |
| TTM Free Cash FlowTrailing 4 quarters | — | $56.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $101.1M | $76.9M | ||
| Q3 25 | $19.2M | $23.1M | ||
| Q2 25 | $40.4M | $99.0M | ||
| Q1 25 | $-14.1M | $-603.0K | ||
| Q4 24 | $41.4M | $51.1M | ||
| Q3 24 | $-28.4M | $66.0M | ||
| Q2 24 | $21.5M | $33.7M | ||
| Q1 24 | $-25.4M | $26.7M |
| Q4 25 | — | $47.8M | ||
| Q3 25 | $19.0M | $-6.2M | ||
| Q2 25 | — | $67.4M | ||
| Q1 25 | $-18.8M | $-52.7M | ||
| Q4 24 | $34.2M | $-32.4M | ||
| Q3 24 | $-31.5M | $9.0M | ||
| Q2 24 | $18.4M | $-16.7M | ||
| Q1 24 | $-31.0M | $-37.9M |
| Q4 25 | — | 12.7% | ||
| Q3 25 | 5.5% | -1.6% | ||
| Q2 25 | — | 17.9% | ||
| Q1 25 | -6.9% | -15.0% | ||
| Q4 24 | 14.5% | -9.2% | ||
| Q3 24 | -13.0% | 2.5% | ||
| Q2 24 | 5.9% | -4.6% | ||
| Q1 24 | -9.8% | -11.2% |
| Q4 25 | — | 7.7% | ||
| Q3 25 | 0.1% | 7.6% | ||
| Q2 25 | — | 8.4% | ||
| Q1 25 | 1.7% | 14.9% | ||
| Q4 24 | 3.0% | 23.6% | ||
| Q3 24 | 1.3% | 15.6% | ||
| Q2 24 | 1.0% | 14.0% | ||
| Q1 24 | 1.8% | 19.2% |
| Q4 25 | — | 4.17× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 3.12× | ||
| Q1 25 | — | -0.02× | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | — | 2.34× | ||
| Q2 24 | 1.49× | 1.20× | ||
| Q1 24 | — | 4.04× |
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% |
VTOL
| Offshore Energy Services | $247.5M | 66% |
| Government Services | $100.1M | 27% |
| Other | $21.9M | 6% |
| Related Party | $7.8M | 2% |
