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Side-by-side financial comparison of INNOVATE Corp. (VATE) and WYNDHAM HOTELS & RESORTS, INC. (WH). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $334.0M, roughly 1.1× WYNDHAM HOTELS & RESORTS, INC.). INNOVATE Corp. runs the higher net margin — -1.9% vs -18.0%, a 16.0% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -76.3%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs -4.6%).
Innovate Corp. is an American public financial services company founded in 1994.
Wyndham Hotels & Resorts, Inc., is an American hospitality company based in Parsippany, New Jersey, United States. It describes itself as the largest hotel franchisor in the world, with 9,100 locations.
VATE vs WH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $382.7M | $334.0M |
| Net Profit | $-7.4M | $-60.0M |
| Gross Margin | 15.4% | — |
| Operating Margin | 3.7% | — |
| Net Margin | -1.9% | -18.0% |
| Revenue YoY | 61.7% | -76.3% |
| Net Profit YoY | 55.4% | -170.6% |
| EPS (diluted) | $-0.57 | $-0.80 |
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 | — | $334.0M | ||
| Q4 25 | $382.7M | $334.0M | ||
| Q3 25 | $347.1M | $382.0M | ||
| Q2 25 | $242.0M | $397.0M | ||
| Q1 25 | $274.2M | $316.0M | ||
| Q4 24 | $236.6M | $336.0M | ||
| Q3 24 | $242.2M | $396.0M | ||
| Q2 24 | $313.1M | $367.0M |
| Q1 26 | — | $-60.0M | ||
| Q4 25 | $-7.4M | $-60.0M | ||
| Q3 25 | $-8.9M | $105.0M | ||
| Q2 25 | $-19.8M | $87.0M | ||
| Q1 25 | $-24.5M | $61.0M | ||
| Q4 24 | $-16.6M | $85.0M | ||
| Q3 24 | $-15.0M | $102.0M | ||
| Q2 24 | $14.4M | $86.0M |
| 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 | — | — | ||
| Q4 25 | 3.7% | -11.4% | ||
| Q3 25 | 1.8% | 46.6% | ||
| Q2 25 | 2.0% | 37.8% | ||
| Q1 25 | 1.2% | 35.4% | ||
| Q4 24 | 1.1% | 38.4% | ||
| Q3 24 | 2.4% | 43.2% | ||
| Q2 24 | 9.2% | 39.5% |
| Q1 26 | — | -18.0% | ||
| Q4 25 | -1.9% | -18.0% | ||
| Q3 25 | -2.6% | 27.5% | ||
| Q2 25 | -8.2% | 21.9% | ||
| Q1 25 | -8.9% | 19.3% | ||
| Q4 24 | -7.0% | 25.3% | ||
| Q3 24 | -6.2% | 25.8% | ||
| Q2 24 | 4.6% | 23.4% |
| Q1 26 | — | $-0.80 | ||
| Q4 25 | $-0.57 | $-0.77 | ||
| Q3 25 | $-0.71 | $1.36 | ||
| Q2 25 | $-1.67 | $1.13 | ||
| Q1 25 | $-1.89 | $0.78 | ||
| Q4 24 | $-0.72 | $1.06 | ||
| Q3 24 | $-1.18 | $1.29 | ||
| Q2 24 | $1.03 | $1.07 |
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 | $64.0M |
| Total DebtLower is stronger | $80.3M | — |
| Stockholders' EquityBook value | $-240.1M | $468.0M |
| Total Assets | $950.1M | $4.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $64.0M | ||
| Q4 25 | $112.1M | $64.0M | ||
| Q3 25 | $35.5M | $70.0M | ||
| Q2 25 | $33.4M | $50.0M | ||
| Q1 25 | $33.3M | $48.0M | ||
| Q4 24 | $48.8M | $103.0M | ||
| Q3 24 | $51.0M | $72.0M | ||
| Q2 24 | $80.2M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $80.3M | $2.5B | ||
| Q3 25 | $97.3M | $2.6B | ||
| Q2 25 | $160.1M | $2.5B | ||
| Q1 25 | $139.9M | $2.5B | ||
| Q4 24 | $500.6M | $2.4B | ||
| Q3 24 | $502.4M | $2.4B | ||
| Q2 24 | $638.3M | $2.4B |
| Q1 26 | — | $468.0M | ||
| Q4 25 | $-240.1M | $468.0M | ||
| Q3 25 | $-233.3M | $583.0M | ||
| Q2 25 | $-224.8M | $570.0M | ||
| Q1 25 | $-204.2M | $579.0M | ||
| Q4 24 | $-180.4M | $650.0M | ||
| Q3 24 | $-163.1M | $583.0M | ||
| Q2 24 | $-149.0M | $623.0M |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $950.1M | $4.2B | ||
| Q3 25 | $913.2M | $4.3B | ||
| Q2 25 | $890.9M | $4.3B | ||
| Q1 25 | $868.0M | $4.2B | ||
| Q4 24 | $891.1M | $4.2B | ||
| Q3 24 | $897.2M | $4.2B | ||
| Q2 24 | $898.9M | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.37× | ||
| Q3 25 | — | 4.43× | ||
| Q2 25 | — | 4.44× | ||
| Q1 25 | — | 4.29× | ||
| Q4 24 | — | 3.72× | ||
| Q3 24 | — | 4.19× | ||
| Q2 24 | — | 3.83× |
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 | $367.0M |
| Free Cash FlowOCF − Capex | — | $168.0M |
| FCF MarginFCF / Revenue | — | 50.3% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $437.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $367.0M | ||
| Q4 25 | $101.1M | $152.0M | ||
| Q3 25 | $19.2M | $86.0M | ||
| Q2 25 | $40.4M | $70.0M | ||
| Q1 25 | $-14.1M | $59.0M | ||
| Q4 24 | $41.4M | $134.0M | ||
| Q3 24 | $-28.4M | $79.0M | ||
| Q2 24 | $21.5M | $1.0M |
| Q1 26 | — | $168.0M | ||
| Q4 25 | — | $136.0M | ||
| Q3 25 | $19.0M | $75.0M | ||
| Q2 25 | — | $58.0M | ||
| Q1 25 | $-18.8M | $52.0M | ||
| Q4 24 | $34.2M | $109.0M | ||
| Q3 24 | $-31.5M | $71.0M | ||
| Q2 24 | $18.4M | $-6.0M |
| Q1 26 | — | 50.3% | ||
| Q4 25 | — | 40.7% | ||
| Q3 25 | 5.5% | 19.6% | ||
| Q2 25 | — | 14.6% | ||
| Q1 25 | -6.9% | 16.5% | ||
| Q4 24 | 14.5% | 32.4% | ||
| Q3 24 | -13.0% | 17.9% | ||
| Q2 24 | 5.9% | -1.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.8% | ||
| Q3 25 | 0.1% | 2.9% | ||
| Q2 25 | — | 3.0% | ||
| Q1 25 | 1.7% | 2.2% | ||
| Q4 24 | 3.0% | 7.4% | ||
| Q3 24 | 1.3% | 2.0% | ||
| Q2 24 | 1.0% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.82× | ||
| Q2 25 | — | 0.80× | ||
| Q1 25 | — | 0.97× | ||
| Q4 24 | — | 1.58× | ||
| Q3 24 | — | 0.77× | ||
| Q2 24 | 1.49× | 0.01× |
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% |
WH
| Fee-related and other revenues | $334.0M | 100% |
| Management and other fees | $2.0M | 1% |
