INNOVATE Corp.
VATENYSEIndustrials · Fabricated Structural Metal Products · DE · SEC filings ↗ · Compare ⊕
View price & chart on Yahoo Finance ↗Financials
SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $1.25B | $1.11B | $1.42B | $1.64B | $1.21B | $716.9M |
| Operating income | $28.7M | $40.0M | $26.5M | $13.4M | −$10.6M | −$28.3M |
| Net income | −$60.6M | −$34.6M | −$35.2M | −$35.9M | −$227.5M | −$92.0M |
| Total assets | $950.1M | $891.1M | $1.04B | $1.15B | $1.08B | $6.72B |
| Total liabilities | $1.17B | $1.03B | $1.18B | $1.18B | $1.07B | $6.11B |
| Equity | −$240.1M | −$180.4M | −$165.5M | −$121.3M | −$84.3M | $559.8M |
| EPS (diluted) | $-4.84 | $-3.08 | $-4.81 | $-0.53 | $-2.98 | $-1.88 |
| Shares out. | 13.3M | 79.2M | 78.8M | 77.8M | 76.8M | 46.2M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- 2.3%
- Net margin
- −4.9%
- Return on equity
- 25.2%
- Return on assets
- −6.4%
- Return on capital (ROCE)
- —
- Liabilities / assets
- 122.7%
- Debt / equity
- —
- Book value / share
- $-18.08
- Revenue growth (YoY)
- 12.5%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- -6.03distress
- Accruals / assets
- −21.8%clean
- Piotroski F-Score
- 4/9mixed
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast. What these scores mean →
Signs
● 3 severe● 2 warning● 5 good- Negative shareholder equity
- Altman Z″ in the distress zone
- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Reported a net loss
- High leverage (liabilities > 70% of assets)
- Operating margin is positive
- Strong return on equity (>15%)
- Revenue is growing year-over-year
- Positive operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Kmissed a reporting deadline ↗Mar 18, 2014
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Whitefort Capital Management, LpPassive (13G)Nov 14, 2025
- Glazer Avram AActivist (13D)Dec 18, 2024
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 265,664 | 4.7 | -0.9% |
| Apr 30, 2026 | 268,123 | 4.3 | -10.5% |
| Apr 15, 2026 | 299,574 | 5.0 | +4.1% |
| Mar 31, 2026 | 287,776 | 9.3 | +1.6% |
| Mar 13, 2026 | 283,391 | 21.1 | -0.8% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Entered a material agreement · New financial obligation · Regulation FD disclosureJun 1, 2026
- Results of operations · Regulation FD disclosureMay 14, 2026
- Other material eventApr 6, 2026
- Other material eventMar 31, 2026
- Results of operations · Regulation FD disclosureMar 26, 2026
- Other material eventFeb 10, 2026
- Other material eventFeb 2, 2026
- Other material eventDec 16, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗Event-driven situations (3)
Spot an error in this record? Report it. Every correction is verified against the source filing before we change anything.