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Side-by-side financial comparison of INNOVATE Corp. (VATE) and WOLVERINE WORLD WIDE INC (WWW). Click either name above to swap in a different company.
WOLVERINE WORLD WIDE INC is the larger business by last-quarter revenue ($517.5M vs $382.7M, roughly 1.4× INNOVATE Corp.). WOLVERINE WORLD WIDE INC runs the higher net margin — 6.1% vs -1.9%, a 8.1% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 25.5%). Over the past eight quarters, WOLVERINE WORLD WIDE INC's revenue compounded faster (14.5% CAGR vs 10.2%).
Innovate Corp. is an American public financial services company founded in 1994.
Wolverine World Wide is a global designer, manufacturer and marketer of branded footwear, apparel and accessories. It owns popular brands including Merrell, Sperry, Saucony and Hush Puppies, serving outdoor, casual, workwear and athletic segments via e-commerce, retail stores and global wholesale networks.
VATE vs WWW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $382.7M | $517.5M |
| Net Profit | $-7.4M | $31.8M |
| Gross Margin | 15.4% | 47.3% |
| Operating Margin | 3.7% | 9.7% |
| Net Margin | -1.9% | 6.1% |
| Revenue YoY | 61.7% | 25.5% |
| Net Profit YoY | 55.4% | 162.8% |
| EPS (diluted) | $-0.57 | $0.37 |
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 | — | $517.5M | ||
| Q4 25 | $382.7M | — | ||
| Q3 25 | $347.1M | $470.3M | ||
| Q2 25 | $242.0M | $474.2M | ||
| Q1 25 | $274.2M | $412.3M | ||
| Q4 24 | $236.6M | $494.7M | ||
| Q3 24 | $242.2M | $440.2M | ||
| Q2 24 | $313.1M | $425.2M |
| Q1 26 | — | $31.8M | ||
| Q4 25 | $-7.4M | — | ||
| Q3 25 | $-8.9M | $25.1M | ||
| Q2 25 | $-19.8M | $26.8M | ||
| Q1 25 | $-24.5M | $12.1M | ||
| Q4 24 | $-16.6M | $23.1M | ||
| Q3 24 | $-15.0M | $23.2M | ||
| Q2 24 | $14.4M | $13.8M |
| Q1 26 | — | 47.3% | ||
| Q4 25 | 15.4% | — | ||
| Q3 25 | 14.3% | 47.5% | ||
| Q2 25 | 18.8% | 47.2% | ||
| Q1 25 | 16.6% | 47.2% | ||
| Q4 24 | 19.6% | 43.4% | ||
| Q3 24 | 19.9% | 45.1% | ||
| Q2 24 | 21.0% | 43.1% |
| Q1 26 | — | 9.7% | ||
| Q4 25 | 3.7% | — | ||
| Q3 25 | 1.8% | 8.4% | ||
| Q2 25 | 2.0% | 8.6% | ||
| Q1 25 | 1.2% | 4.8% | ||
| Q4 24 | 1.1% | 7.4% | ||
| Q3 24 | 2.4% | 7.9% | ||
| Q2 24 | 9.2% | 6.8% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | -1.9% | — | ||
| Q3 25 | -2.6% | 5.3% | ||
| Q2 25 | -8.2% | 5.7% | ||
| Q1 25 | -8.9% | 2.9% | ||
| Q4 24 | -7.0% | 4.7% | ||
| Q3 24 | -6.2% | 5.3% | ||
| Q2 24 | 4.6% | 3.2% |
| Q1 26 | — | $0.37 | ||
| Q4 25 | $-0.57 | — | ||
| Q3 25 | $-0.71 | $0.30 | ||
| Q2 25 | $-1.67 | $0.32 | ||
| Q1 25 | $-1.89 | $0.15 | ||
| Q4 24 | $-0.72 | $0.29 | ||
| Q3 24 | $-1.18 | $0.28 | ||
| Q2 24 | $1.03 | $0.17 |
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 | — |
| Total DebtLower is stronger | $80.3M | $621.7M |
| Stockholders' EquityBook value | $-240.1M | $408.0M |
| Total Assets | $950.1M | $1.7B |
| Debt / EquityLower = less leverage | — | 1.52× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $112.1M | — | ||
| Q3 25 | $35.5M | — | ||
| Q2 25 | $33.4M | — | ||
| Q1 25 | $33.3M | — | ||
| Q4 24 | $48.8M | — | ||
| Q3 24 | $51.0M | — | ||
| Q2 24 | $80.2M | — |
| Q1 26 | — | $621.7M | ||
| Q4 25 | $80.3M | — | ||
| Q3 25 | $97.3M | $676.4M | ||
| Q2 25 | $160.1M | $708.5M | ||
| Q1 25 | $139.9M | $710.8M | ||
| Q4 24 | $500.6M | $648.0M | ||
| Q3 24 | $502.4M | $702.8M | ||
| Q2 24 | $638.3M | $814.7M |
| Q1 26 | — | $408.0M | ||
| Q4 25 | $-240.1M | — | ||
| Q3 25 | $-233.3M | $376.7M | ||
| Q2 25 | $-224.8M | $344.0M | ||
| Q1 25 | $-204.2M | $310.6M | ||
| Q4 24 | $-180.4M | $312.9M | ||
| Q3 24 | $-163.1M | $295.2M | ||
| Q2 24 | $-149.0M | $262.1M |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $950.1M | — | ||
| Q3 25 | $913.2M | $1.7B | ||
| Q2 25 | $890.9M | $1.8B | ||
| Q1 25 | $868.0M | $1.7B | ||
| Q4 24 | $891.1M | $1.7B | ||
| Q3 24 | $897.2M | $1.8B | ||
| Q2 24 | $898.9M | $1.8B |
| Q1 26 | — | 1.52× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.80× | ||
| Q2 25 | — | 2.06× | ||
| Q1 25 | — | 2.29× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | — | 2.38× | ||
| Q2 24 | — | 3.11× |
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 | $146.2M |
| Free Cash FlowOCF − Capex | — | $145.6M |
| FCF MarginFCF / Revenue | — | 28.1% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | 4.60× |
| TTM Free Cash FlowTrailing 4 quarters | — | $125.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $146.2M | ||
| Q4 25 | $101.1M | — | ||
| Q3 25 | $19.2M | $33.0M | ||
| Q2 25 | $40.4M | $44.6M | ||
| Q1 25 | $-14.1M | $-83.8M | ||
| Q4 24 | $41.4M | $82.4M | ||
| Q3 24 | $-28.4M | $108.2M | ||
| Q2 24 | $21.5M | $26.7M |
| Q1 26 | — | $145.6M | ||
| Q4 25 | — | — | ||
| Q3 25 | $19.0M | $30.1M | ||
| Q2 25 | — | $41.2M | ||
| Q1 25 | $-18.8M | $-91.4M | ||
| Q4 24 | $34.2M | $74.4M | ||
| Q3 24 | $-31.5M | $104.1M | ||
| Q2 24 | $18.4M | $23.7M |
| Q1 26 | — | 28.1% | ||
| Q4 25 | — | — | ||
| Q3 25 | 5.5% | 6.4% | ||
| Q2 25 | — | 8.7% | ||
| Q1 25 | -6.9% | -22.2% | ||
| Q4 24 | 14.5% | 15.0% | ||
| Q3 24 | -13.0% | 23.6% | ||
| Q2 24 | 5.9% | 5.6% |
| Q1 26 | — | 0.1% | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.1% | 0.6% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | 1.7% | 1.8% | ||
| Q4 24 | 3.0% | 1.6% | ||
| Q3 24 | 1.3% | 0.9% | ||
| Q2 24 | 1.0% | 0.7% |
| Q1 26 | — | 4.60× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.31× | ||
| Q2 25 | — | 1.66× | ||
| Q1 25 | — | -6.93× | ||
| Q4 24 | — | 3.57× | ||
| Q3 24 | — | 4.66× | ||
| Q2 24 | 1.49× | 1.93× |
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% |
WWW
| Sales Channel Through Intermediary | $230.2M | 44% |
| Sales Channel Directly To Consumer | $142.6M | 28% |
| Work Group | $134.0M | 26% |
| Other | $10.7M | 2% |
