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Side-by-side financial comparison of INNOVATE Corp. (VATE) and WATTS WATER TECHNOLOGIES INC (WTS). Click either name above to swap in a different company.
WATTS WATER TECHNOLOGIES INC is the larger business by last-quarter revenue ($625.1M vs $382.7M, roughly 1.6× INNOVATE Corp.). WATTS WATER TECHNOLOGIES INC runs the higher net margin — 13.4% vs -1.9%, a 15.3% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 15.7%). 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.
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
VATE vs WTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $382.7M | $625.1M |
| Net Profit | $-7.4M | $83.7M |
| Gross Margin | 15.4% | 49.5% |
| Operating Margin | 3.7% | 18.2% |
| Net Margin | -1.9% | 13.4% |
| Revenue YoY | 61.7% | 15.7% |
| Net Profit YoY | 55.4% | 24.0% |
| EPS (diluted) | $-0.57 | $2.50 |
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 | $625.1M | ||
| Q3 25 | $347.1M | $611.7M | ||
| Q2 25 | $242.0M | $643.7M | ||
| Q1 25 | $274.2M | $558.0M | ||
| Q4 24 | $236.6M | $540.4M | ||
| Q3 24 | $242.2M | $543.6M | ||
| Q2 24 | $313.1M | $597.3M | ||
| Q1 24 | $315.2M | $570.9M |
| Q4 25 | $-7.4M | $83.7M | ||
| Q3 25 | $-8.9M | $82.2M | ||
| Q2 25 | $-19.8M | $100.9M | ||
| Q1 25 | $-24.5M | $74.0M | ||
| Q4 24 | $-16.6M | $67.5M | ||
| Q3 24 | $-15.0M | $69.1M | ||
| Q2 24 | $14.4M | $82.0M | ||
| Q1 24 | $-17.4M | $72.6M |
| Q4 25 | 15.4% | 49.5% | ||
| Q3 25 | 14.3% | 48.8% | ||
| Q2 25 | 18.8% | 50.6% | ||
| Q1 25 | 16.6% | 48.8% | ||
| Q4 24 | 19.6% | 46.7% | ||
| Q3 24 | 19.9% | 47.3% | ||
| Q2 24 | 21.0% | 47.7% | ||
| Q1 24 | 15.4% | 46.9% |
| Q4 25 | 3.7% | 18.2% | ||
| Q3 25 | 1.8% | 18.2% | ||
| Q2 25 | 2.0% | 21.0% | ||
| Q1 25 | 1.2% | 15.7% | ||
| Q4 24 | 1.1% | 16.5% | ||
| Q3 24 | 2.4% | 17.1% | ||
| Q2 24 | 9.2% | 18.7% | ||
| Q1 24 | 0.9% | 16.9% |
| Q4 25 | -1.9% | 13.4% | ||
| Q3 25 | -2.6% | 13.4% | ||
| Q2 25 | -8.2% | 15.7% | ||
| Q1 25 | -8.9% | 13.3% | ||
| Q4 24 | -7.0% | 12.5% | ||
| Q3 24 | -6.2% | 12.7% | ||
| Q2 24 | 4.6% | 13.7% | ||
| Q1 24 | -5.5% | 12.7% |
| Q4 25 | $-0.57 | $2.50 | ||
| Q3 25 | $-0.71 | $2.45 | ||
| Q2 25 | $-1.67 | $3.01 | ||
| Q1 25 | $-1.89 | $2.21 | ||
| Q4 24 | $-0.72 | $2.02 | ||
| Q3 24 | $-1.18 | $2.06 | ||
| Q2 24 | $1.03 | $2.44 | ||
| Q1 24 | $-2.21 | $2.17 |
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 | $405.5M |
| Total DebtLower is stronger | $80.3M | — |
| Stockholders' EquityBook value | $-240.1M | $2.0B |
| Total Assets | $950.1M | $2.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $112.1M | $405.5M | ||
| Q3 25 | $35.5M | $457.7M | ||
| Q2 25 | $33.4M | $369.3M | ||
| Q1 25 | $33.3M | $336.8M | ||
| Q4 24 | $48.8M | $386.9M | ||
| Q3 24 | $51.0M | $303.9M | ||
| Q2 24 | $80.2M | $279.4M | ||
| Q1 24 | $38.4M | $237.1M |
| 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 | $2.0B | ||
| Q3 25 | $-233.3M | $2.0B | ||
| Q2 25 | $-224.8M | $1.9B | ||
| Q1 25 | $-204.2M | $1.8B | ||
| Q4 24 | $-180.4M | $1.7B | ||
| Q3 24 | $-163.1M | $1.7B | ||
| Q2 24 | $-149.0M | $1.6B | ||
| Q1 24 | $-184.4M | $1.6B |
| Q4 25 | $950.1M | $2.9B | ||
| Q3 25 | $913.2M | $2.7B | ||
| Q2 25 | $890.9M | $2.6B | ||
| Q1 25 | $868.0M | $2.5B | ||
| Q4 24 | $891.1M | $2.4B | ||
| Q3 24 | $897.2M | $2.4B | ||
| Q2 24 | $898.9M | $2.4B | ||
| Q1 24 | $943.5M | $2.3B |
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 | $154.7M |
| Free Cash FlowOCF − Capex | — | $140.3M |
| FCF MarginFCF / Revenue | — | 22.4% |
| Capex IntensityCapex / Revenue | — | 2.3% |
| Cash ConversionOCF / Net Profit | — | 1.85× |
| TTM Free Cash FlowTrailing 4 quarters | — | $356.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $101.1M | $154.7M | ||
| Q3 25 | $19.2M | $122.4M | ||
| Q2 25 | $40.4M | $69.7M | ||
| Q1 25 | $-14.1M | $55.2M | ||
| Q4 24 | $41.4M | $139.5M | ||
| Q3 24 | $-28.4M | $90.7M | ||
| Q2 24 | $21.5M | $85.3M | ||
| Q1 24 | $-25.4M | $45.6M |
| Q4 25 | — | $140.3M | ||
| Q3 25 | $19.0M | $110.9M | ||
| Q2 25 | — | $59.5M | ||
| Q1 25 | $-18.8M | $45.6M | ||
| Q4 24 | $34.2M | $127.5M | ||
| Q3 24 | $-31.5M | $84.3M | ||
| Q2 24 | $18.4M | $78.5M | ||
| Q1 24 | $-31.0M | $35.5M |
| Q4 25 | — | 22.4% | ||
| Q3 25 | 5.5% | 18.1% | ||
| Q2 25 | — | 9.2% | ||
| Q1 25 | -6.9% | 8.2% | ||
| Q4 24 | 14.5% | 23.6% | ||
| Q3 24 | -13.0% | 15.5% | ||
| Q2 24 | 5.9% | 13.1% | ||
| Q1 24 | -9.8% | 6.2% |
| Q4 25 | — | 2.3% | ||
| Q3 25 | 0.1% | 1.9% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | 1.7% | 1.7% | ||
| Q4 24 | 3.0% | 2.2% | ||
| Q3 24 | 1.3% | 1.2% | ||
| Q2 24 | 1.0% | 1.1% | ||
| Q1 24 | 1.8% | 1.8% |
| Q4 25 | — | 1.85× | ||
| Q3 25 | — | 1.49× | ||
| Q2 25 | — | 0.69× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | 1.49× | 1.04× | ||
| Q1 24 | — | 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% |
WTS
Segment breakdown not available.
