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Side-by-side financial comparison of INNOVATE Corp. (VATE) and WORKIVA INC (WK). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $238.9M, roughly 1.6× WORKIVA INC). WORKIVA INC runs the higher net margin — 4.9% vs -1.9%, a 6.9% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 19.5%). Over the past eight quarters, WORKIVA INC's revenue compounded faster (16.0% CAGR vs 10.2%).
Innovate Corp. is an American public financial services company founded in 1994.
Workiva, Inc. is a global software-as-a-service (SaaS) company. It provides a cloud-based connected and reporting compliance platform that enables the use of connected data and automation of reporting across finance, accounting, risk, and compliance.
VATE vs WK — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $382.7M | $238.9M |
| Net Profit | $-7.4M | $11.8M |
| Gross Margin | 15.4% | 80.7% |
| Operating Margin | 3.7% | 22.6% |
| Net Margin | -1.9% | 4.9% |
| Revenue YoY | 61.7% | 19.5% |
| Net Profit YoY | 55.4% | — |
| EPS (diluted) | $-0.57 | $0.20 |
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 | — | $238.9M | ||
| Q4 25 | $382.7M | $238.9M | ||
| Q3 25 | $347.1M | $224.2M | ||
| Q2 25 | $242.0M | $215.2M | ||
| Q1 25 | $274.2M | $206.3M | ||
| Q4 24 | $236.6M | $199.9M | ||
| Q3 24 | $242.2M | $185.6M | ||
| Q2 24 | $313.1M | $177.5M |
| Q1 26 | — | $11.8M | ||
| Q4 25 | $-7.4M | $11.8M | ||
| Q3 25 | $-8.9M | $2.8M | ||
| Q2 25 | $-19.8M | $-19.4M | ||
| Q1 25 | $-24.5M | $-21.4M | ||
| Q4 24 | $-16.6M | $-8.8M | ||
| Q3 24 | $-15.0M | $-17.0M | ||
| Q2 24 | $14.4M | $-17.5M |
| Q1 26 | — | 80.7% | ||
| Q4 25 | 15.4% | 80.7% | ||
| Q3 25 | 14.3% | 79.3% | ||
| Q2 25 | 18.8% | 77.0% | ||
| Q1 25 | 16.6% | 76.6% | ||
| Q4 24 | 19.6% | 77.1% | ||
| Q3 24 | 19.9% | 76.5% | ||
| Q2 24 | 21.0% | 76.8% |
| Q1 26 | — | 22.6% | ||
| Q4 25 | 3.7% | 3.3% | ||
| Q3 25 | 1.8% | -1.5% | ||
| Q2 25 | 2.0% | -10.3% | ||
| Q1 25 | 1.2% | -12.0% | ||
| Q4 24 | 1.1% | -6.7% | ||
| Q3 24 | 2.4% | -11.7% | ||
| Q2 24 | 9.2% | -13.0% |
| Q1 26 | — | 4.9% | ||
| Q4 25 | -1.9% | 4.9% | ||
| Q3 25 | -2.6% | 1.2% | ||
| Q2 25 | -8.2% | -9.0% | ||
| Q1 25 | -8.9% | -10.4% | ||
| Q4 24 | -7.0% | -4.4% | ||
| Q3 24 | -6.2% | -9.2% | ||
| Q2 24 | 4.6% | -9.9% |
| Q1 26 | — | $0.20 | ||
| Q4 25 | $-0.57 | $0.21 | ||
| Q3 25 | $-0.71 | $0.05 | ||
| Q2 25 | $-1.67 | $-0.35 | ||
| Q1 25 | $-1.89 | $-0.38 | ||
| Q4 24 | $-0.72 | $-0.15 | ||
| Q3 24 | $-1.18 | $-0.31 | ||
| Q2 24 | $1.03 | $-0.32 |
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 | $338.8M |
| Total DebtLower is stronger | $80.3M | — |
| Stockholders' EquityBook value | $-240.1M | — |
| Total Assets | $950.1M | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $338.8M | ||
| Q4 25 | $112.1M | $338.8M | ||
| Q3 25 | $35.5M | $315.9M | ||
| Q2 25 | $33.4M | $284.3M | ||
| Q1 25 | $33.3M | $242.0M | ||
| Q4 24 | $48.8M | $301.8M | ||
| Q3 24 | $51.0M | $248.2M | ||
| Q2 24 | $80.2M | $267.9M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | $-240.1M | $-5.4M | ||
| Q3 25 | $-233.3M | $-36.9M | ||
| Q2 25 | $-224.8M | $-66.5M | ||
| Q1 25 | $-204.2M | $-75.7M | ||
| Q4 24 | $-180.4M | $-41.7M | ||
| Q3 24 | $-163.1M | $-50.8M | ||
| Q2 24 | $-149.0M | $-77.7M |
| Q1 26 | — | $1.5B | ||
| Q4 25 | $950.1M | $1.5B | ||
| Q3 25 | $913.2M | $1.4B | ||
| Q2 25 | $890.9M | $1.3B | ||
| Q1 25 | $868.0M | $1.3B | ||
| Q4 24 | $891.1M | $1.4B | ||
| Q3 24 | $897.2M | $1.3B | ||
| Q2 24 | $898.9M | $1.2B |
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 | $51.0M |
| Free Cash FlowOCF − Capex | — | $50.7M |
| FCF MarginFCF / Revenue | — | 21.2% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 4.31× |
| TTM Free Cash FlowTrailing 4 quarters | — | $196.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $51.0M | ||
| Q4 25 | $101.1M | $51.0M | ||
| Q3 25 | $19.2M | $46.2M | ||
| Q2 25 | $40.4M | $50.3M | ||
| Q1 25 | $-14.1M | $-7.4M | ||
| Q4 24 | $41.4M | $44.0M | ||
| Q3 24 | $-28.4M | $18.9M | ||
| Q2 24 | $21.5M | $-14.0K |
| Q1 26 | — | $50.7M | ||
| Q4 25 | — | $50.7M | ||
| Q3 25 | $19.0M | $46.1M | ||
| Q2 25 | — | $49.3M | ||
| Q1 25 | $-18.8M | $-8.1M | ||
| Q4 24 | $34.2M | $43.2M | ||
| Q3 24 | $-31.5M | $18.7M | ||
| Q2 24 | $18.4M | $-122.0K |
| Q1 26 | — | 21.2% | ||
| Q4 25 | — | 21.2% | ||
| Q3 25 | 5.5% | 20.5% | ||
| Q2 25 | — | 22.9% | ||
| Q1 25 | -6.9% | -3.9% | ||
| Q4 24 | 14.5% | 21.6% | ||
| Q3 24 | -13.0% | 10.1% | ||
| Q2 24 | 5.9% | -0.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.1% | ||
| Q3 25 | 0.1% | 0.0% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | 1.7% | 0.4% | ||
| Q4 24 | 3.0% | 0.4% | ||
| Q3 24 | 1.3% | 0.1% | ||
| Q2 24 | 1.0% | 0.1% |
| Q1 26 | — | 4.31× | ||
| Q4 25 | — | 4.31× | ||
| Q3 25 | — | 16.57× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.49× | — |
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% |
WK
| Subscription and support | $219.3M | 92% |
| Other | $19.6M | 8% |
