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Side-by-side financial comparison of INNOVATE Corp. (VATE) and WESBANCO INC (WSBC). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $257.2M, roughly 1.5× WESBANCO INC). WESBANCO INC runs the higher net margin — 34.5% vs -1.9%, a 36.4% gap on every dollar of revenue. Over the past eight quarters, WESBANCO INC's revenue compounded faster (31.9% CAGR vs 10.2%).
Innovate Corp. is an American public financial services company founded in 1994.
WesBanco, Inc., is a bank holding company headquartered in Wheeling, West Virginia, United States. It has over 200 branches in West Virginia, Ohio, Western Pennsylvania, Kentucky, Maryland, and Southern Indiana.
VATE vs WSBC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $382.7M | $257.2M |
| Net Profit | $-7.4M | $88.6M |
| Gross Margin | 15.4% | — |
| Operating Margin | 3.7% | — |
| Net Margin | -1.9% | 34.5% |
| Revenue YoY | 61.7% | — |
| Net Profit YoY | 55.4% | 54.4% |
| EPS (diluted) | $-0.57 | $0.88 |
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 | — | $257.2M | ||
| Q4 25 | $382.7M | $265.6M | ||
| Q3 25 | $347.1M | $261.6M | ||
| Q2 25 | $242.0M | $260.7M | ||
| Q1 25 | $274.2M | $193.2M | ||
| Q4 24 | $236.6M | $162.9M | ||
| Q3 24 | $242.2M | $150.8M | ||
| Q2 24 | $313.1M | $147.9M |
| Q1 26 | — | $88.6M | ||
| Q4 25 | $-7.4M | $91.1M | ||
| Q3 25 | $-8.9M | $83.6M | ||
| Q2 25 | $-19.8M | $57.4M | ||
| Q1 25 | $-24.5M | $-9.0M | ||
| Q4 24 | $-16.6M | $49.6M | ||
| Q3 24 | $-15.0M | $37.3M | ||
| Q2 24 | $14.4M | $28.9M |
| 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% | 43.2% | ||
| Q3 25 | 1.8% | 39.5% | ||
| Q2 25 | 2.0% | 27.2% | ||
| Q1 25 | 1.2% | -5.0% | ||
| Q4 24 | 1.1% | 38.0% | ||
| Q3 24 | 2.4% | 29.7% | ||
| Q2 24 | 9.2% | 23.7% |
| Q1 26 | — | 34.5% | ||
| Q4 25 | -1.9% | 34.3% | ||
| Q3 25 | -2.6% | 31.9% | ||
| Q2 25 | -8.2% | 22.0% | ||
| Q1 25 | -8.9% | -4.7% | ||
| Q4 24 | -7.0% | 30.5% | ||
| Q3 24 | -6.2% | 24.7% | ||
| Q2 24 | 4.6% | 19.5% |
| Q1 26 | — | $0.88 | ||
| Q4 25 | $-0.57 | $0.97 | ||
| Q3 25 | $-0.71 | $0.84 | ||
| Q2 25 | $-1.67 | $0.57 | ||
| Q1 25 | $-1.89 | $-0.15 | ||
| Q4 24 | $-0.72 | $0.72 | ||
| Q3 24 | $-1.18 | $0.54 | ||
| Q2 24 | $1.03 | $0.44 |
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 | — |
| Total DebtLower is stronger | $80.3M | — |
| Stockholders' EquityBook value | $-240.1M | $4.1B |
| Total Assets | $950.1M | $27.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $112.1M | $956.1M | ||
| Q3 25 | $35.5M | $1.0B | ||
| Q2 25 | $33.4M | $1.2B | ||
| Q1 25 | $33.3M | $1.1B | ||
| Q4 24 | $48.8M | $568.1M | ||
| Q3 24 | $51.0M | $620.9M | ||
| Q2 24 | $80.2M | $486.8M |
| 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 | — | $4.1B | ||
| Q4 25 | $-240.1M | $4.0B | ||
| Q3 25 | $-233.3M | $4.1B | ||
| Q2 25 | $-224.8M | $3.8B | ||
| Q1 25 | $-204.2M | $3.8B | ||
| Q4 24 | $-180.4M | $2.8B | ||
| Q3 24 | $-163.1M | $2.8B | ||
| Q2 24 | $-149.0M | $2.5B |
| Q1 26 | — | $27.5B | ||
| Q4 25 | $950.1M | $27.7B | ||
| Q3 25 | $913.2M | $27.5B | ||
| Q2 25 | $890.9M | $27.6B | ||
| Q1 25 | $868.0M | $27.4B | ||
| Q4 24 | $891.1M | $18.7B | ||
| Q3 24 | $897.2M | $18.5B | ||
| Q2 24 | $898.9M | $18.1B |
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 | $290.4M | ||
| Q3 25 | $19.2M | $116.9M | ||
| Q2 25 | $40.4M | $105.0M | ||
| Q1 25 | $-14.1M | $-26.4M | ||
| Q4 24 | $41.4M | $211.0M | ||
| Q3 24 | $-28.4M | $60.7M | ||
| Q2 24 | $21.5M | $18.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $280.0M | ||
| Q3 25 | $19.0M | $114.9M | ||
| Q2 25 | — | $98.3M | ||
| Q1 25 | $-18.8M | $-30.7M | ||
| Q4 24 | $34.2M | $200.7M | ||
| Q3 24 | $-31.5M | $56.9M | ||
| Q2 24 | $18.4M | $17.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 105.4% | ||
| Q3 25 | 5.5% | 43.9% | ||
| Q2 25 | — | 37.7% | ||
| Q1 25 | -6.9% | -15.9% | ||
| Q4 24 | 14.5% | 123.2% | ||
| Q3 24 | -13.0% | 37.7% | ||
| Q2 24 | 5.9% | 11.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.9% | ||
| Q3 25 | 0.1% | 0.8% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | 1.7% | 2.2% | ||
| Q4 24 | 3.0% | 6.3% | ||
| Q3 24 | 1.3% | 2.5% | ||
| Q2 24 | 1.0% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.19× | ||
| Q3 25 | — | 1.40× | ||
| Q2 25 | — | 1.83× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.25× | ||
| Q3 24 | — | 1.63× | ||
| Q2 24 | 1.49× | 0.63× |
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% |
WSBC
| Net Interest Income | $215.4M | 84% |
| Noninterest Income | $41.8M | 16% |
