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Side-by-side financial comparison of INNOVATE Corp. (VATE) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $340.0M, roughly 1.1× Walker & Dunlop, Inc.). INNOVATE Corp. runs the higher net margin — -1.9% vs -12.9%, a 11.0% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -0.4%). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% CAGR vs 10.2%).
Innovate Corp. is an American public financial services company founded in 1994.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
VATE vs WD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $382.7M | $340.0M |
| Net Profit | $-7.4M | $-13.9M |
| Gross Margin | 15.4% | — |
| Operating Margin | 3.7% | -17.2% |
| Net Margin | -1.9% | -12.9% |
| Revenue YoY | 61.7% | -0.4% |
| Net Profit YoY | 55.4% | -131.0% |
| EPS (diluted) | $-0.57 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $347.1M | $337.7M | ||
| Q2 25 | $242.0M | $319.2M | ||
| Q1 25 | $274.2M | $237.4M | ||
| Q4 24 | $236.6M | $341.5M | ||
| Q3 24 | $242.2M | $292.3M | ||
| Q2 24 | $313.1M | $270.7M | ||
| Q1 24 | $315.2M | $228.1M |
| Q4 25 | $-7.4M | $-13.9M | ||
| Q3 25 | $-8.9M | $33.5M | ||
| Q2 25 | $-19.8M | $34.0M | ||
| Q1 25 | $-24.5M | $2.8M | ||
| Q4 24 | $-16.6M | $44.8M | ||
| Q3 24 | $-15.0M | $28.8M | ||
| Q2 24 | $14.4M | $22.7M | ||
| Q1 24 | $-17.4M | $11.9M |
| 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% | -17.2% | ||
| Q3 25 | 1.8% | 13.6% | ||
| Q2 25 | 2.0% | 14.5% | ||
| Q1 25 | 1.2% | 2.2% | ||
| Q4 24 | 1.1% | 15.3% | ||
| Q3 24 | 2.4% | 12.8% | ||
| Q2 24 | 9.2% | 10.4% | ||
| Q1 24 | 0.9% | 6.0% |
| Q4 25 | -1.9% | -12.9% | ||
| Q3 25 | -2.6% | 9.9% | ||
| Q2 25 | -8.2% | 10.6% | ||
| Q1 25 | -8.9% | 1.2% | ||
| Q4 24 | -7.0% | 13.1% | ||
| Q3 24 | -6.2% | 9.9% | ||
| Q2 24 | 4.6% | 8.4% | ||
| Q1 24 | -5.5% | 5.2% |
| Q4 25 | $-0.57 | $-0.41 | ||
| Q3 25 | $-0.71 | $0.98 | ||
| Q2 25 | $-1.67 | $0.99 | ||
| Q1 25 | $-1.89 | $0.08 | ||
| Q4 24 | $-0.72 | $1.32 | ||
| Q3 24 | $-1.18 | $0.85 | ||
| Q2 24 | $1.03 | $0.67 | ||
| Q1 24 | $-2.21 | $0.35 |
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 | $299.3M |
| Total DebtLower is stronger | $80.3M | — |
| Stockholders' EquityBook value | $-240.1M | $1.7B |
| Total Assets | $950.1M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $112.1M | $299.3M | ||
| Q3 25 | $35.5M | $274.8M | ||
| Q2 25 | $33.4M | $233.7M | ||
| Q1 25 | $33.3M | $181.0M | ||
| Q4 24 | $48.8M | $279.3M | ||
| Q3 24 | $51.0M | $179.8M | ||
| Q2 24 | $80.2M | $208.1M | ||
| Q1 24 | $38.4M | $216.5M |
| 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 | $1.7B | ||
| Q3 25 | $-233.3M | $1.8B | ||
| Q2 25 | $-224.8M | $1.8B | ||
| Q1 25 | $-204.2M | $1.7B | ||
| Q4 24 | $-180.4M | $1.7B | ||
| Q3 24 | $-163.1M | $1.7B | ||
| Q2 24 | $-149.0M | $1.7B | ||
| Q1 24 | $-184.4M | $1.7B |
| Q4 25 | $950.1M | $5.1B | ||
| Q3 25 | $913.2M | $5.8B | ||
| Q2 25 | $890.9M | $4.7B | ||
| Q1 25 | $868.0M | $4.5B | ||
| Q4 24 | $891.1M | $4.4B | ||
| Q3 24 | $897.2M | $4.6B | ||
| Q2 24 | $898.9M | $4.2B | ||
| Q1 24 | $943.5M | $3.8B |
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 | $-664.3M |
| Free Cash FlowOCF − Capex | — | $-680.1M |
| FCF MarginFCF / Revenue | — | -200.0% |
| Capex IntensityCapex / Revenue | — | 4.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $101.1M | $-664.3M | ||
| Q3 25 | $19.2M | $-948.1M | ||
| Q2 25 | $40.4M | $-238.5M | ||
| Q1 25 | $-14.1M | $-281.1M | ||
| Q4 24 | $41.4M | $129.4M | ||
| Q3 24 | $-28.4M | $-202.0M | ||
| Q2 24 | $21.5M | $-237.8M | ||
| Q1 24 | $-25.4M | $38.4M |
| Q4 25 | — | $-680.1M | ||
| Q3 25 | $19.0M | $-950.4M | ||
| Q2 25 | — | $-241.0M | ||
| Q1 25 | $-18.8M | $-284.7M | ||
| Q4 24 | $34.2M | $116.4M | ||
| Q3 24 | $-31.5M | $-204.0M | ||
| Q2 24 | $18.4M | $-241.7M | ||
| Q1 24 | $-31.0M | $35.2M |
| Q4 25 | — | -200.0% | ||
| Q3 25 | 5.5% | -281.5% | ||
| Q2 25 | — | -75.5% | ||
| Q1 25 | -6.9% | -120.0% | ||
| Q4 24 | 14.5% | 34.1% | ||
| Q3 24 | -13.0% | -69.8% | ||
| Q2 24 | 5.9% | -89.3% | ||
| Q1 24 | -9.8% | 15.4% |
| Q4 25 | — | 4.6% | ||
| Q3 25 | 0.1% | 0.7% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | 1.7% | 1.5% | ||
| Q4 24 | 3.0% | 3.8% | ||
| Q3 24 | 1.3% | 0.7% | ||
| Q2 24 | 1.0% | 1.4% | ||
| Q1 24 | 1.8% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | -28.34× | ||
| Q2 25 | — | -7.02× | ||
| Q1 25 | — | -102.07× | ||
| Q4 24 | — | 2.89× | ||
| Q3 24 | — | -7.01× | ||
| Q2 24 | 1.49× | -10.49× | ||
| Q1 24 | — | 3.24× |
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% |
WD
Segment breakdown not available.
