INNOVATE Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data INNOVATE Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,558	1,634	1,977	1,077	717	1,205	1,637	1,423	1,107	1,246
Cost of revenue	1,254	1,313	1,585	596	589	1,022	1,416	1,207	898	1,046
Gross profit	304	321	392	481	128	184	221	216	209	200
Selling, general and administrative	153	183	218	177	146	168	180	168	160	153
Operating expenses	1,560	1,635	2,033
Operating income	-1.5	-1.1	-55.8	25.3	-28.3	-10.6	13.4	26.5	40	28.7
Interest expense	43.4	55.1	75.7	76.1	74.8	59.1	52	68.2	74.5	89
Interest income								1.3	2.6	0.7
Other non-operating income	-2.8	-12.8	77.9	6.3	69.2	4.3	-1.2	16.7	3.4	4.7
Pre-tax income	-45.8	-39.8	182	-41.8	-46.7	-80.7	-41.1	-34.4	-33.4	-61.5
Income tax	51.6	10.7	2.4	-19.6	7	5.6	0.9	4.5	6.3	2.5
Income from continuing operations				-17.8	-59.6	-78.5	-35.9
Net income to minority interests	-2.9	-3.6	17.9	-4.6	-10.1	-8.7	-6.1	-3.7	-5.1	-3.4
Net income	-94.5	-46.9	162	-31.5	-92	-228	-35.9	-35.2	-34.6	-60.6
EBITDA	27.4	35.5	-17.1	33.5	-1.5	27	55.6	62.5	72.9	59.1
EPS, basic	-28.36	-11.62		-7.01	-18.84	-29.86	-5.31	-4.81	-3.08	-4.84
EPS, diluted	-28.36	-11.62		-7.01	-18.84	-29.86	-5.31	-4.81	-3.08	-4.84
Shares, basic (weighted)	3.72	4.27	44.3	4.47	5.02	7.69	7.73	7.81	10.7	13.2
Shares, diluted (weighted)	3.72	4.27	46.8	4.47	5.02	7.69	7.73	7.81	10.7	13.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	115	97.9	301	23.3	43.8	45.5	80.4	80.8	41.8	108
Receivables	268	322	379	229	135	247	255	278	194	239
Inventory	9.65	12.7	21.3	10.7	9.9	17	18.9	22.4	20.8	16
Other current assets					8.7	10.9	17.1	17.7	21	16.9
Total current assets					6,227	443	536	518	391	451
Property, plant and equipment	286	375	376	224	113	170	165	155	134	132
Lease right-of-use assets				47.4	39.8	69.6	65.8	58	53.7	35.4
Goodwill	98.1	132	151	110	111	127	127	127	127	106
Intangible assets	39.7	117	219	211	172	208	190	179	172	47.3
Other non-current assets	74.8	102	208	181	42.2	73.3	71.9	61.3	62.3	42.7
Total assets	2,835	3,218	6,504	6,958	6,724	1,081	1,152	1,044	891	950
Accrued liabilities					77.1	93.4	65.4	70.8	110	64.8
Deferred revenue					33.2	79.1	98.6	154	109	172
Short-term debt					434	69.5	30.6	30.5	162	519
Total current liabilities					5,933	440	417	414	483	1,034
Long-term debt	428			1,025	128	557	684	679	501	80.3
Lease liabilities					31.6	58.5	53.8	48.6	43.5	28.3
Other non-current liabilities	92.9	70.1	111	138	39.8	63.3	71.2	82.7	46.8	29.5
Total liabilities	2,736	3,002	6,282	6,493	6,108	1,069	1,181	1,180	1,035	1,165
Total debt	389	593	744	724	128	557	684	679	501	80.3
Paid-in capital	241	255	261	281	356	331	330	328	350	350
Retained earnings	-174	-221	-57.2	-96.7	-189	-416	-452	-487	-522	-583
Treasury stock	-1.39	-2.1	-2.6	-3.3	-4.2	-5.2	-5.3	-5.4	-5.4	-5.6
Other comprehensive income	-21.6	41.7	-113	169	397	6.4	5.9	-1.1	-3.2	-2.1
Shareholders' equity	44.2	73.1	88.1	350	560	-84.3	-121	-166	-180	-240
Minority interests	23.2	115	106	93.8	40.4	28.1	30.7	13.8	21.1	13.9
Total equity	67.4	188	194	444	600	-56.2	-90.6	-152	-159	-226
Total liabilities and equity	2,835	3,218	6,504	6,958	6,724	1,081	1,152	1,044	891	950
Shares outstanding	4.17	4.41	44.9	4.6	7.66	7.77	7.86	7.92	13.3	13.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-97.4	-50.5	180	-36.1	-102	-236	-42	-38.9	-39.7	-64
Depreciation and amortization	28.9	36.6	38.7	8.2	26.8	37.6	42.2	36	32.9	30.4
Stock-based compensation	8.3	5.2	9	6.3	2.9	2.4	2.4	2.2	3.4	2.7
Deferred income tax	27.1	-10.5	-2.6	-27.2	-4.7	2	1.1	-5.3	0.5	-0.1
Change in receivables	-55.9	-47.1	-30.2	-11	92.9	-38.3	-5.5	-25.7	91.8	-48.7
Change in inventory	2.22					-1.4	-1.9	-3.5	1.9	4.8
Change in payables	11.8	54.3	6.6	-18	5.8	57.9	21.7	-60.2	-57.2	57.1
Cash from operations	79.1	6.6	341	111	41.1	27	-9.5	26.5	9.1	147
Capital expenditures	-29	-31.9	-39.7	-24.7	-17.8	-24.1	-20.7	-18.4	-19	-0.5
Acquisitions	-66.3	-57.8			0	-129	0
Purchases of investments	-230	-342	-1,185	-1,060	-997			0	-2	-0.3
Sales and maturities of investments	97.4	143	82.3				0	59.2
Cash from investing	-140	-139	-225	-264	162	-223	-22.5	39.1	-13.9	-22.6
Debt issued	56.1	187	851	88.9	-4.1	457	10.7	4.9
Debt repaid	-22.3	-51.6	-697	-29.5	-182	-458	-28.3	-37.1
Stock issued	0	0
Dividends paid	-1.3	-0.5	-0.5			-2.9	-5.2	-2.2	-1.2	-2.2
Cash from financing	18.8	115	115	62.4	-205	4.3	68.1	-65.3	-26.5	-61.2
Exchange rate effect	-1	0.3	-0.5	0.7	1.1	-1.3	-1.4	-0.2	-1.7	0.6
Net change in cash	-43.3	-17	232	-111	20.6	2.2	34.7	0.1	-33	63.4
Free cash flow	50.1	-25.3	302	86	23.3	2.9	-30.2	8.1	-9.9	146
Interest paid	39.2	47.6	69.9	70.9	65.1	32.6	42.5	49	48.6	30
Income taxes paid	20.9	19.2	13.1	7.5	0.2	5.4	5.9	6.7	3.5	6.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.77 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	15.9%	Gross profit / revenue.
Operating margin	4.3%	Operating income / revenue.
EBITDA margin	5.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.0%	Pre-tax income / revenue.
Net margin	-1.5%	Net income / revenue.
FCF margin	9.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.3%	Cash from operations / revenue.
Return on assets (ROA)	-2.2%	Net income / average total assets.
SG&A / revenue	10.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.0%	Capital expenditures / revenue.
D&A / revenue	1.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-8.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-4.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-28.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	28.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-18.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	2.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	1,511.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	29.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	44.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-32.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	23.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	19.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	21.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.44x	Current assets / current liabilities.
Quick ratio	0.34x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.08x	(Cash + short-term investments) / current liabilities.
Debt / assets	6.2%	Total debt / total assets.
Liabilities / assets	121.9%	Total liabilities / total assets.
Net debt	-$25.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.29x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.65x	Operating income / interest expense.
Working capital	-$604.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	14.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$392.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.51x	Revenue / average total assets.
Fixed asset turnover	11.1x	Revenue / average property, plant and equipment.
Inventory turnover	86.1x	Cost of revenue / average inventory.
Days inventory	4 days	365 x average inventory / cost of revenue.
Receivables turnover	5.33x	Revenue / average receivables.
Days sales outstanding	68 days	365 x average receivables / revenue.
Capex / operating cash flow	0.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.60	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$108.55	Revenue / diluted weighted shares.
FCF per share	$10.07	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.11	Cash from operations / diluted weighted shares.
Book value per share	-$17.83	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$28.80	Tangible book value / shares outstanding.
Cash per share	$6.44	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	1.3%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$106.0M	Share price x shares outstanding.
Enterprise value	$80.3M	Market cap + total debt - cash - short-term investments.
P/S	0.07x	Market cap / revenue.
P/FCF	0.75x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	0.75x	Market cap / cash from operations, when positive.
EV/Sales	0.05x	Enterprise value / revenue.
EV/EBIT	1.24x	Enterprise value / operating income, when both are positive.
EV/EBITDA	0.92x	Enterprise value / EBITDA, when both are positive.
EV/FCF	0.57x	Enterprise value / free cash flow, when both are positive.
FCF yield	132.7%	Free cash flow / market cap.
Earnings yield	-21.1%	Net income / market cap (the inverse of P/E).
Dividend yield	1.7%	Dividends paid over the period / market cap.
Shareholder yield	1.7%	(Dividends paid + share buybacks) / market cap.

What was INNOVATE Corp.'s revenue in fiscal 2025?

INNOVATE Corp. reported revenue of $1.25B for fiscal 2025, 12.5% higher than the year before.

Was INNOVATE Corp. profitable in fiscal 2025?

No. It reported a net loss of $60.6M.

How much free cash flow did INNOVATE Corp. generate in fiscal 2025?

Cash from operations of $146.6M minus capital expenditures of $500.0K left free cash flow of $146.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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