INNOVATE Corp. (VATE) Stock

INNOVATE Corp. (VATE) is a Materials stock trading at $7.98 (as of 2026-08-20), with a market capitalization of $108.86M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

INNOVATE Corp. operates businesses in infrastructure, life sciences, and spectrum-related activities in the United States. It provides industrial construction, structural steel, facility maintenance, and fabrication services, and also offers digital engineering/modeling and detailing services for construction and related industrial projects; it additionally develops medical technologies, including products for early knee osteoarthritis and skin-related aesthetic and medical technologies.

Understand INNOVATE Corp.: how it makes money

INNOVATE Corp. operates infrastructure construction and structural steel related services, and it also runs spectrum broadcasting and life sciences activities in the United States, generating revenue through these segment businesses and related operations.

The company has a three-part operating engine, infrastructure construction services plus spectrum broadcasting and life sciences activities, but at the consolidated level profits are thin (gross margin 14.7%, operating margin 2.7%), so performance depends on executing across multiple segments while keeping costs tightly controlled.

Revenue by segment (latest quarter)
Infra$0.4B
Spectrum$0.0B
LifeSci$0.0B

Business quality (Mixed): Most of the latest reported revenue comes from the Infrastructure segment, while Spectrum and Life Sciences are much smaller in the same period, and consolidated profitability is low based on reported gross and operating margins.

Bull case

  • Infrastructure is the dominant revenue contributor in the latest period: Infrastructure Segment Revenue (DBM Global) is 0.36B out of consolidated revenue of 0.36B for the period ending 2026-03-31.
  • Spectrum scale and expansion metrics are tracked and show broad coverage: For broadcasting, the company reports Megahertz-POP Spectrum Footprint of 2300000000, Megahertz of Spectrum Coverage of 2400000000, and 107 designated market areas covered, plus 22 new stations completed.
  • Life sciences operations show measurable throughput and patient progress: The company reports MetaBeacon Patient Enrollment Completion of 85% and Patient Treatments Performed of 15000.

Bear case

  • Consolidated profitability is low: For the period ending 2026-03-31, gross margin is 14.7% and operating margin is 2.7%.
  • Most segments other than Infrastructure appear small in revenue terms in the latest period: Spectrum Broadcasting Segment Revenue is 0.01B, and the Life Sciences provided figure in the candidates is segment adjusted EBITDA of 0.01B (no Life Sciences segment revenue is shown in the candidates for the period).
  • If segment performance relies on scale metrics, variability could impact results: Key operating metrics for Spectrum include station counts and coverage footprint, which can change with broadcasting progress (for example, 22 new stations completed and 107 DMAs covered in the latest period).
Valuation — source: SEC EDGAR (first-party)
Price$7.98
Market Cap$108.86M
EV / EBITDA6.1
Price / Sales0.07
FCF Yield129.2%
DCF Value (model)$35.32
DCF Upside vs Price342.6%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$1.25B
Net Margin-4.9%
Revenue Growth (YoY)74.2%
EPS Growth (YoY)-144.3%
FCF Growth (YoY)-155.1%
Financial Health — source: SEC EDGAR
Altman Z-Score-0.13 (distress)
Piotroski F-Score3/9 (weak)
Valuation vs Sector & Industry
Sector P/E (Materials)25.1
Industry P/E (Construction Materials)22.6
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderWhitefort Capital Management, LP ($4.22M)
Institutional Holders Tracked10
Company
SectorMaterials
IndustryConstruction Materials
CEOPaul Kenneth Voigt
Employees3,135
CountryUS
IPO Date2009-07-13

Related Companies (Business model: Industrials / Capital Goods (Heavy Machinery + Diversified Industrials); 8 closest by market cap; US-domiciled)

  • Proto Labs, Inc. (PRLB)
  • Janus International Group, Inc. (JBI)
  • Terrestrial Energy Inc. (IMSR)
  • Lifetime Brands, Inc. (LCUT)
  • The Eastern Company (EML)
  • Wrap Technologies, Inc. (WRAP)
  • Northern Technologies International Corporation (NTIC)
  • TechPrecision Corporation (TPCS)
VATE earnings history · VATE institutional & insider holders · VATE KPIs & operating metrics · VATE financials · VATE investor presentations & press releases · VATE SEC filings · VATE peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.