Innovate Corp VATE

IndustrialsConstruction & EngineeringUnited States of America

Last close 5.51 USD on Nov 1, 2026, +21.9% year to date

Quant rating

Quant rating D Rank 445 of 486 in Industrials

Growth D 417 of 486
Valuation B 173 of 486
Quality C 292 of 486
Revisions D 447 of 486
Momentum D 448 of 486

Historical valuation

Valuation history unavailable.

Key data

Market cap: 75M
Enterprise value: 628M
52-week range: 3.79 – 21.27
3-year range: 3.28 – 21.27
Dividend yield: –
Beta (5 years): 2.55
Shares outstanding: 13.6M
Next earnings: –

About the company

Innovate Corp. is a diversified holding company. The Company has a portfolio of subsidiaries in a variety of operating segments. Its segments include Infrastructure (DBMG), Life Sciences (Pansend), and Spectrum. The DBMG segment consists of DBM Global Inc., which is a fully integrated construction company offering both construction and professional services primarily through its core subsidiaries. It provides services, including design-assist, modularization, fabrication and erection of structural steel, heavy steel plate, trusses and girders, heavy equipment installation, as well as facility services for maintenance and shutdowns. The Life Sciences segment consists of Pansend Life Sciences, LLC, which is focused on supporting healthcare and biotechnology product development. The Spectrum segment holds a 25% interest in HC2 Broadcasting Holdings Inc., which operates broadcast television stations throughout the United States.

Growth and profitability

Growth and profitability by fiscal year
	2020	2019	2018	2017	2016	5Y avg
Revenue (mil)	1,246	1,107	1,423	1,637	1,205	–
Revenue growth	12.5%	−22.2%	−13.1%	35.9%	68.1%	11.7%
EPS (basic, normalized)	–	−6.60	8.60	−11.60	−17.00	–
EPS growth	–	–	–	–	–	–
Gross margin	16.0%	18.9%	15.2%	13.5%	15.2%	15.8%
Net margin	−5.1%	−3.2%	−2.6%	−2.5%	−6.6%	−4.0%
ROE	–	–	–	–	−30.8%	−30.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	87.8
Current ratio	0.44x
Long-term debt (mil)	62.1
Net debt (mil)	552
Total equity (mil)	−233
Net debt / equity	−2.37x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2020 actual	1,246	+12.5%	0.5x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2021	–	–	–	–	–	–	–	–
2022	–	–	–	–	–	–	–	–
2023	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	FQ0
Sales reported (mil)	501	525	491	519	476	498	445	378	393	248
Sales mean (mil)	479	487	480	490	511	509	461	420	400	–
Surprise	+4.7%	+7.7%	+2.4%	+5.8%	−6.9%	−2.1%	−3.5%	−10.1%	−1.6%	–
EPS reported	9.40	−5.00	−0.40	1.20	−1.60	−6.60	−8.50	2.60	−3.80	–
EPS mean	−3.80	−1.60	−5.50	−1.20	−2.30	−2.50	−4.90	−3.90	−3.50	–
Surprise	−347.4%	−212.5%	+92.7%	−200.0%	+30.4%	−164.0%	−73.5%	−166.7%	−8.6%	–

Peer comparison Construction & Engineering

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
VATE Innovate Corp	75M	–	−5.1%	−0.32x	–	–	–	–
STRL Sterling Infrastructure, Inc.	10.6B	−0.15x	11.7%	7.02x	18.9x	14.2x	11.2x	8.8x
SKBSY Skanska AB	11.5B	–	–	–	16.8x	15.3x	10.4x	9.6x
ACA Arcosa, Inc.	7.3B	1.72x	7.2%	2.45x	35.9x	30.6x	14.9x	13.7x
AGX Argan, Inc.	4.8B	−6.32x	14.6%	9.53x	25.8x	21.9x	16.5x	13.2x
MWH Solv Energy Inc	4.7B	–	6.0%	9.48x	19.5x	13.6x	9.9x	9.3x
Mean		−1.58x	6.9%	5.63x	23.4x	19.1x	12.6x	10.9x
Median		−0.15x	7.2%	7.02x	19.5x	15.3x	11.2x	9.6x

Technical analysis

1M−25.5%
3M−29.2%
1Y+5.4%
3Y−57.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Innovate Corp, fiscal years, most recent first
	2020	2019	2018	2017	2016	2015
Total revenue	1,246	1,107	1,423	1,637	1,205	717
Cost of revenue	1,046	898	1,207	1,416	1,022	588
Gross profit	200	209	216	221	184	128
Selling, general & administrative expenses	153	155	166	173	168	146
Research & development	–	–	–	–	–	–
Depreciation/amortization	17.5	17.6	20.2	27.2	25.4	17.7
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0.3	5.5	2.7	9.4	13.2	22.9
Other operating expenses	0.4	−9.0	0.7	−1.5	−0.1	−20.0
Operating income	28.4	39.7	26.5	13.4	−23.1	−37.7
Net interest income (expense)	−90.1	−72.9	−61.8	−53.3	−62.6	−9.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.2	−0.2	0.9	−1.2	5.0	0.8
Net income before taxes	−61.5	−33.4	−34.4	−41.1	−80.7	−46.7
Provision for taxes	2.5	6.3	4.5	0.9	5.6	7.0
Minority interest	3.4	5.1	3.7	6.1	8.7	10.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−60.6	−34.6	−35.2	−35.9	−77.6	−43.6
Extraordinary items	–	–	–	0	−150	−48.4
Net income	−60.6	−34.6	−35.2	−35.9	−228	−92.0
EBIT, normalized	35.0	46.3	33.2	26.3	6.8	19.5
EBITDA, normalized	65.6	79.6	69.2	68.5	44.4	46.3
Basic EPS, normalized	–	−6.60	8.60	−11.60	−17.00	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Innovate Corp, fiscal years, most recent first
	2020	2019	2018	2017	2016	2015
Assets
Cash & short-term investments	112	48.8	80.8	80.4	45.5	43.8
Receivables	310	301	399	420	366	221
Total inventory	16.0	20.8	22.4	18.9	17.0	9.9
Prepaid expenses	10.6	10.9	11.2	–	–	–
Other current assets	3.2	9.5	4.4	17.1	14.4	5,952
Total current assets	452	391	518	536	443	6,227
Property, plant & equipment	195	187	213	231	240	153
Goodwill	127	127	127	127	127	111
Intangibles	165	172	179	190	208	172
Long-term investments	1.8	3.6	1.8	59.5	56.0	55.4
Note receivable	–	–	–	–	–	–
Other long-term assets	9.9	10.2	5.3	7.8	6.7	5.4
Total assets	950	891	1,044	1,152	1,081	6,724
Liabilities
Accounts payable	141	84.8	143	202	179	69.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	135	122	83.9	82.1	108	87.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	581	162	30.5	30.6	69.5	434
Other current liabilities	176	114	156	145	132	5,348
Total current liabilities	1,034	483	414	461	489	5,938
Long-term debt	80.3	501	679	684	557	128
Minority interest	13.9	21.1	13.8	30.7	28.1	40.4
Other liabilities	51.0	51.2	86.8	80.3	72.4	46.8
Total liabilities	1,179	1,056	1,194	1,255	1,146	6,154
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0.1	0.1	0.1	0.1
Additional paid-in capital	350	350	328	330	331	356
Retained earnings (accumulated deficit)	−582	−522	−487	−452	−416	−189
Treasury stock	−5.6	−5.4	−5.4	−5.3	−5.2	−4.2
Other equity	7.2	12.9	15.3	23.5	25.2	407
Total equity	−231	−164	−149	−104	−65.5	570
Total liabilities & shareholders' equity	948	892	1,045	1,152	1,081	6,724

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Innovate Corp, fiscal years, most recent first
	2020	2019	2018	2017	2016	2015
Operating activities
Net income	−64.0	−39.7	−38.9	−42.0	−236	−102
Depreciation, depletion & amortization	30.4	32.9	36.0	42.2	37.6	26.8
Deferred taxes	−0.1	0.5	−5.3	1.1	2.0	−4.7
Non-cash items	29.6	3.3	6.6	9.2	210	106
Changes in working capital	151	12.1	28.1	−20.0	209	35.6
Cash from operations	147	9.1	26.5	−9.5	222	61.9
Investing activities
Capital expenditures	−26.1	−19.0	−18.4	−20.7	−24.1	−17.8
Other investing cash flows	3.5	5.1	57.5	−1.8	−199	180
Cash from investing	−22.6	−13.9	39.1	−22.5	−223	162
Financing activities
Financing cash flow items	−0.7	−0.3	−16.2	−0.7	−25.3	−93.7
Cash dividends paid	−2.2	−1.2	−2.2	−5.2	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−58.3	−25.0	−46.9	74.0	29.6	−111
Cash from financing	−61.2	−26.5	−65.3	68.1	4.3	−204
Foreign exchange effects	0.6	−1.7	−0.2	−1.4	−1.3	1.1
Net change in cash	63.4	−33.0	0.1	34.7	2.2	20.6
Free cash flow	120	−9.9	8.1	−30.2	198	44.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.