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Side-by-side financial comparison of INNOVATE Corp. (VATE) and Zeta Global Holdings Corp. (ZETA). Click either name above to swap in a different company.
Zeta Global Holdings Corp. is the larger business by last-quarter revenue ($394.6M vs $382.7M, roughly 1.0× INNOVATE Corp.). Zeta Global Holdings Corp. runs the higher net margin — 1.7% vs -1.9%, a 3.6% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 25.4%). Over the past eight quarters, Zeta Global Holdings Corp.'s revenue compounded faster (42.3% CAGR vs 10.2%).
Innovate Corp. is an American public financial services company founded in 1994.
Zeta Global Holdings Corp. is an American marketing technology company which was founded in 2007. Zeta offers companies a suite of multichannel marketing tools focused on creating, maintaining, and monetizing customer relationships. The company went public on the New York Stock Exchange on June 10, 2021, at a US$1.7 billion valuation.
VATE vs ZETA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $382.7M | $394.6M |
| Net Profit | $-7.4M | $6.5M |
| Gross Margin | 15.4% | 59.5% |
| Operating Margin | 3.7% | 4.5% |
| Net Margin | -1.9% | 1.7% |
| Revenue YoY | 61.7% | 25.4% |
| Net Profit YoY | 55.4% | -57.1% |
| EPS (diluted) | $-0.57 | $0.04 |
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 | $394.6M | ||
| Q3 25 | $347.1M | $337.2M | ||
| Q2 25 | $242.0M | $308.4M | ||
| Q1 25 | $274.2M | $264.4M | ||
| Q4 24 | $236.6M | $314.7M | ||
| Q3 24 | $242.2M | $268.3M | ||
| Q2 24 | $313.1M | $227.8M | ||
| Q1 24 | $315.2M | $194.9M |
| Q4 25 | $-7.4M | $6.5M | ||
| Q3 25 | $-8.9M | $-3.6M | ||
| Q2 25 | $-19.8M | $-12.8M | ||
| Q1 25 | $-24.5M | $-21.6M | ||
| Q4 24 | $-16.6M | $15.2M | ||
| Q3 24 | $-15.0M | $-17.4M | ||
| Q2 24 | $14.4M | $-28.1M | ||
| Q1 24 | $-17.4M | $-39.6M |
| Q4 25 | 15.4% | 59.5% | ||
| Q3 25 | 14.3% | 60.5% | ||
| Q2 25 | 18.8% | 62.1% | ||
| Q1 25 | 16.6% | 60.9% | ||
| Q4 24 | 19.6% | 60.0% | ||
| Q3 24 | 19.9% | 60.6% | ||
| Q2 24 | 21.0% | 60.0% | ||
| Q1 24 | 15.4% | 60.6% |
| Q4 25 | 3.7% | 4.5% | ||
| Q3 25 | 1.8% | 2.6% | ||
| Q2 25 | 2.0% | -1.7% | ||
| Q1 25 | 1.2% | -6.1% | ||
| Q4 24 | 1.1% | 2.2% | ||
| Q3 24 | 2.4% | -4.6% | ||
| Q2 24 | 9.2% | -11.7% | ||
| Q1 24 | 0.9% | -18.4% |
| Q4 25 | -1.9% | 1.7% | ||
| Q3 25 | -2.6% | -1.1% | ||
| Q2 25 | -8.2% | -4.2% | ||
| Q1 25 | -8.9% | -8.2% | ||
| Q4 24 | -7.0% | 4.8% | ||
| Q3 24 | -6.2% | -6.5% | ||
| Q2 24 | 4.6% | -12.3% | ||
| Q1 24 | -5.5% | -20.3% |
| Q4 25 | $-0.57 | $0.04 | ||
| Q3 25 | $-0.71 | $-0.02 | ||
| Q2 25 | $-1.67 | $-0.06 | ||
| Q1 25 | $-1.89 | $-0.10 | ||
| Q4 24 | $-0.72 | $0.10 | ||
| Q3 24 | $-1.18 | $-0.09 | ||
| Q2 24 | $1.03 | $-0.16 | ||
| Q1 24 | $-2.21 | $-0.23 |
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 | $319.8M |
| Total DebtLower is stronger | $80.3M | $197.1M |
| Stockholders' EquityBook value | $-240.1M | $804.6M |
| Total Assets | $950.1M | $1.5B |
| Debt / EquityLower = less leverage | — | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $112.1M | $319.8M | ||
| Q3 25 | $35.5M | $385.2M | ||
| Q2 25 | $33.4M | $365.3M | ||
| Q1 25 | $33.3M | $364.4M | ||
| Q4 24 | $48.8M | $366.2M | ||
| Q3 24 | $51.0M | $418.5M | ||
| Q2 24 | $80.2M | $154.7M | ||
| Q1 24 | $38.4M | $141.6M |
| Q4 25 | $80.3M | $197.1M | ||
| Q3 25 | $97.3M | $196.9M | ||
| Q2 25 | $160.1M | $196.7M | ||
| Q1 25 | $139.9M | $196.5M | ||
| Q4 24 | $500.6M | $196.3M | ||
| Q3 24 | $502.4M | $196.1M | ||
| Q2 24 | $638.3M | $184.4M | ||
| Q1 24 | $641.5M | $184.2M |
| Q4 25 | $-240.1M | $804.6M | ||
| Q3 25 | $-233.3M | $689.2M | ||
| Q2 25 | $-224.8M | $673.3M | ||
| Q1 25 | $-204.2M | $676.6M | ||
| Q4 24 | $-180.4M | $676.8M | ||
| Q3 24 | $-163.1M | $474.9M | ||
| Q2 24 | $-149.0M | $217.0M | ||
| Q1 24 | $-184.4M | $191.6M |
| Q4 25 | $950.1M | $1.5B | ||
| Q3 25 | $913.2M | $1.2B | ||
| Q2 25 | $890.9M | $1.1B | ||
| Q1 25 | $868.0M | $1.1B | ||
| Q4 24 | $891.1M | $1.1B | ||
| Q3 24 | $897.2M | $869.1M | ||
| Q2 24 | $898.9M | $583.9M | ||
| Q1 24 | $943.5M | $550.3M |
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.29× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.29× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | 0.41× | ||
| Q2 24 | — | 0.85× | ||
| Q1 24 | — | 0.96× |
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 | $64.1M |
| Free Cash FlowOCF − Capex | — | $60.9M |
| FCF MarginFCF / Revenue | — | 15.4% |
| Capex IntensityCapex / Revenue | — | 0.8% |
| Cash ConversionOCF / Net Profit | — | 9.81× |
| TTM Free Cash FlowTrailing 4 quarters | — | $185.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $101.1M | $64.1M | ||
| Q3 25 | $19.2M | $57.9M | ||
| Q2 25 | $40.4M | $42.0M | ||
| Q1 25 | $-14.1M | $34.8M | ||
| Q4 24 | $41.4M | $43.7M | ||
| Q3 24 | $-28.4M | $34.4M | ||
| Q2 24 | $21.5M | $31.1M | ||
| Q1 24 | $-25.4M | $24.7M |
| Q4 25 | — | $60.9M | ||
| Q3 25 | $19.0M | $52.4M | ||
| Q2 25 | — | $39.7M | ||
| Q1 25 | $-18.8M | $32.1M | ||
| Q4 24 | $34.2M | $35.4M | ||
| Q3 24 | $-31.5M | $29.5M | ||
| Q2 24 | $18.4M | $24.4M | ||
| Q1 24 | $-31.0M | $18.9M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | 5.5% | 15.6% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | -6.9% | 12.1% | ||
| Q4 24 | 14.5% | 11.3% | ||
| Q3 24 | -13.0% | 11.0% | ||
| Q2 24 | 5.9% | 10.7% | ||
| Q1 24 | -9.8% | 9.7% |
| Q4 25 | — | 0.8% | ||
| Q3 25 | 0.1% | 1.6% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | 1.7% | 1.0% | ||
| Q4 24 | 3.0% | 2.6% | ||
| Q3 24 | 1.3% | 1.8% | ||
| Q2 24 | 1.0% | 3.0% | ||
| Q1 24 | 1.8% | 3.0% |
| Q4 25 | — | 9.81× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.49× | — | ||
| 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% |
ZETA
Segment breakdown not available.
