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Side-by-side financial comparison of INNOVATE Corp. (VATE) and EXPRO GROUP HOLDINGS N.V. (XPRO). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $382.1M, roughly 1.0× EXPRO GROUP HOLDINGS N.V.). EXPRO GROUP HOLDINGS N.V. runs the higher net margin — 1.5% vs -1.9%, a 3.4% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -12.5%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs -0.2%).
Innovate Corp. is an American public financial services company founded in 1994.
Expro is an energy services provider headquartered in Houston, Texas, United States.
VATE vs XPRO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $382.7M | $382.1M |
| Net Profit | $-7.4M | $5.8M |
| Gross Margin | 15.4% | — |
| Operating Margin | 3.7% | 3.1% |
| Net Margin | -1.9% | 1.5% |
| Revenue YoY | 61.7% | -12.5% |
| Net Profit YoY | 55.4% | -74.9% |
| EPS (diluted) | $-0.57 | $0.05 |
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 | $382.1M | ||
| Q3 25 | $347.1M | $411.4M | ||
| Q2 25 | $242.0M | $422.7M | ||
| Q1 25 | $274.2M | $390.9M | ||
| Q4 24 | $236.6M | $436.8M | ||
| Q3 24 | $242.2M | $422.8M | ||
| Q2 24 | $313.1M | $469.6M | ||
| Q1 24 | $315.2M | $383.5M |
| Q4 25 | $-7.4M | $5.8M | ||
| Q3 25 | $-8.9M | $14.0M | ||
| Q2 25 | $-19.8M | $18.0M | ||
| Q1 25 | $-24.5M | $13.9M | ||
| Q4 24 | $-16.6M | $23.0M | ||
| Q3 24 | $-15.0M | $16.3M | ||
| Q2 24 | $14.4M | $15.3M | ||
| Q1 24 | $-17.4M | $-2.7M |
| 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 24 | 15.4% | — |
| Q4 25 | 3.7% | 3.1% | ||
| Q3 25 | 1.8% | 6.4% | ||
| Q2 25 | 2.0% | 7.7% | ||
| Q1 25 | 1.2% | 2.6% | ||
| Q4 24 | 1.1% | 7.3% | ||
| Q3 24 | 2.4% | 6.2% | ||
| Q2 24 | 9.2% | 5.9% | ||
| Q1 24 | 0.9% | 2.2% |
| Q4 25 | -1.9% | 1.5% | ||
| Q3 25 | -2.6% | 3.4% | ||
| Q2 25 | -8.2% | 4.3% | ||
| Q1 25 | -8.9% | 3.6% | ||
| Q4 24 | -7.0% | 5.3% | ||
| Q3 24 | -6.2% | 3.8% | ||
| Q2 24 | 4.6% | 3.3% | ||
| Q1 24 | -5.5% | -0.7% |
| Q4 25 | $-0.57 | $0.05 | ||
| Q3 25 | $-0.71 | $0.12 | ||
| Q2 25 | $-1.67 | $0.16 | ||
| Q1 25 | $-1.89 | $0.12 | ||
| Q4 24 | $-0.72 | $0.20 | ||
| Q3 24 | $-1.18 | $0.14 | ||
| Q2 24 | $1.03 | $0.13 | ||
| Q1 24 | $-2.21 | $-0.02 |
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 | $196.1M |
| Total DebtLower is stronger | $80.3M | $79.1M |
| Stockholders' EquityBook value | $-240.1M | $1.5B |
| Total Assets | $950.1M | $2.3B |
| Debt / EquityLower = less leverage | — | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $112.1M | $196.1M | ||
| Q3 25 | $35.5M | $197.9M | ||
| Q2 25 | $33.4M | $206.8M | ||
| Q1 25 | $33.3M | $179.3M | ||
| Q4 24 | $48.8M | $183.0M | ||
| Q3 24 | $51.0M | $165.7M | ||
| Q2 24 | $80.2M | $133.5M | ||
| Q1 24 | $38.4M | $163.2M |
| Q4 25 | $80.3M | $79.1M | ||
| Q3 25 | $97.3M | $99.1M | ||
| Q2 25 | $160.1M | $121.1M | ||
| Q1 25 | $139.9M | $121.1M | ||
| Q4 24 | $500.6M | $121.1M | ||
| Q3 24 | $502.4M | $121.1M | ||
| Q2 24 | $638.3M | $121.1M | ||
| Q1 24 | $641.5M | $40.0M |
| Q4 25 | $-240.1M | $1.5B | ||
| Q3 25 | $-233.3M | $1.5B | ||
| Q2 25 | $-224.8M | $1.5B | ||
| Q1 25 | $-204.2M | $1.5B | ||
| Q4 24 | $-180.4M | $1.5B | ||
| Q3 24 | $-163.1M | $1.5B | ||
| Q2 24 | $-149.0M | $1.5B | ||
| Q1 24 | $-184.4M | $1.3B |
| Q4 25 | $950.1M | $2.3B | ||
| Q3 25 | $913.2M | $2.3B | ||
| Q2 25 | $890.9M | $2.3B | ||
| Q1 25 | $868.0M | $2.3B | ||
| Q4 24 | $891.1M | $2.3B | ||
| Q3 24 | $897.2M | $2.3B | ||
| Q2 24 | $898.9M | $2.3B | ||
| Q1 24 | $943.5M | $2.0B |
| Q4 25 | — | 0.05× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.08× | ||
| Q1 25 | — | 0.08× | ||
| Q4 24 | — | 0.08× | ||
| Q3 24 | — | 0.08× | ||
| Q2 24 | — | 0.08× | ||
| Q1 24 | — | 0.03× |
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 | $57.1M |
| Free Cash FlowOCF − Capex | — | $23.2M |
| FCF MarginFCF / Revenue | — | 6.1% |
| Capex IntensityCapex / Revenue | — | 8.9% |
| Cash ConversionOCF / Net Profit | — | 9.89× |
| TTM Free Cash FlowTrailing 4 quarters | — | $97.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $101.1M | $57.1M | ||
| Q3 25 | $19.2M | $63.2M | ||
| Q2 25 | $40.4M | $48.4M | ||
| Q1 25 | $-14.1M | $41.5M | ||
| Q4 24 | $41.4M | $97.4M | ||
| Q3 24 | $-28.4M | $55.3M | ||
| Q2 24 | $21.5M | $-13.2M | ||
| Q1 24 | $-25.4M | $29.9M |
| Q4 25 | — | $23.2M | ||
| Q3 25 | $19.0M | $39.0M | ||
| Q2 25 | — | $27.2M | ||
| Q1 25 | $-18.8M | $8.4M | ||
| Q4 24 | $34.2M | $53.0M | ||
| Q3 24 | $-31.5M | $23.3M | ||
| Q2 24 | $18.4M | $-49.5M | ||
| Q1 24 | $-31.0M | $-801.0K |
| Q4 25 | — | 6.1% | ||
| Q3 25 | 5.5% | 9.5% | ||
| Q2 25 | — | 6.4% | ||
| Q1 25 | -6.9% | 2.1% | ||
| Q4 24 | 14.5% | 12.1% | ||
| Q3 24 | -13.0% | 5.5% | ||
| Q2 24 | 5.9% | -10.5% | ||
| Q1 24 | -9.8% | -0.2% |
| Q4 25 | — | 8.9% | ||
| Q3 25 | 0.1% | 5.9% | ||
| Q2 25 | — | 5.0% | ||
| Q1 25 | 1.7% | 8.5% | ||
| Q4 24 | 3.0% | 10.2% | ||
| Q3 24 | 1.3% | 7.6% | ||
| Q2 24 | 1.0% | 7.7% | ||
| Q1 24 | 1.8% | 8.0% |
| Q4 25 | — | 9.89× | ||
| Q3 25 | — | 4.52× | ||
| Q2 25 | — | 2.69× | ||
| Q1 25 | — | 2.98× | ||
| Q4 24 | — | 4.23× | ||
| Q3 24 | — | 3.40× | ||
| Q2 24 | 1.49× | -0.86× | ||
| Q1 24 | — | — |
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% |
XPRO
| NLA | $130.3M | 34% |
| ESSA | $116.3M | 30% |
| MENA | $93.0M | 24% |
| Other | $42.5M | 11% |
