INNOVATE Corp.
VATE · Fabricated Structural Metal Products · 13.6M shares · -32%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: -$3M (gross $378K, SBC $3M)
Grade
D48Leveraged holding company (steel fabrication, life sciences, spectrum) posting a net loss with weak liquidity.
Strengths
- Infrastructure (DBMG) revenue growing (+13%) with positive segment operating income and consolidated revenue up 13%
- Positive OCF margin (11.8%, 60th pct)
Risks
- Net loss of $64M with negative ROA (-6.4%); heavy interest burden ($89M) and very weak liquidity (current 0.44x, 13th)
- Low gross margin (16%, 14th pct); reported ROE (81st) is a thin/negative-equity artifact, not real profitability
Notable findings
- Net lossNet loss (net margin -4.9%)
- Weak liquidityCurrent ratio 0.44 (<1)
- Strong balance sheetStrong balance sheet — $112M cash & investments
- Buying back stockNet buyback — share count -32%/yr over 4y
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
16.0%
Operating margin
2.3%
Net margin
-4.9%
Return on equity
25.2%
Return on assets
-6.4%
Revenue growth (QoQ)
-4.7%
Current ratio
0.4×
EBITDA
$59M
Tangible book value
-$532M
Cash & investments
$112M
Stock comp / revenue
0.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-15 | Sena Michael J. | Tax withheld | 1.2K | $4.22 |
| 2026-03-14 | Sena Michael J. | Tax withheld | 4.9K | $4.22 |
| 2026-03-13 | Sena Michael J. | Tax withheld | 1.8K | $4.35 |
| 2025-08-06 | Voigt Paul | Grant | 176K | $5.68 |
| 2025-06-12 | GLAZER AVRAM A | Grant | 16K | — |
| 2025-06-12 | Wilkinson Amy Marie | Grant | 16K | — |
| 2025-06-12 | GFELLER WARREN H | Grant | 16K | — |
| 2025-06-12 | Goldstein Brian Steven | Grant | 16K | — |
| 2025-03-15 | Sena Michael J. | Tax withheld | 1.1K | $7.81 |
| 2025-03-14 | Sena Michael J. | Tax withheld | 4.3K | $7.66 |
| 2025-03-13 | Sena Michael J. | Grant | 13K | — |
| 2025-03-11 | Sena Michael J. | Tax withheld | 862 | $7.23 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-11 | Shareholder voteExhibits | filing ↗ |
| 2026-06-01 | Material agreementDebt obligationReg FDExhibits | filing ↗ |
| 2026-05-14 | ResultsReg FDExhibits | filing ↗ |
| 2026-04-06 | OtherExhibits | filing ↗ |
| 2026-03-31 | OtherExhibits | filing ↗ |
| 2026-03-26 | ResultsReg FDExhibits | filing ↗ |
| 2026-02-10 | OtherExhibits | filing ↗ |
| 2026-02-02 | OtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-11 | 2026-06-11 | 0001006837-26-000048 ↗ |
| 8-K | 2026-06-01 | 2026-05-29 | 0001006837-26-000045 ↗ |
| 10-Q | 2026-05-14 | 2026-03-31 | 0001006837-26-000039 ↗ |
| 8-K | 2026-05-14 | 2026-05-14 | 0001006837-26-000038 ↗ |
| 8-K | 2026-04-06 | 2026-04-06 | 0001006837-26-000021 ↗ |
| 8-K | 2026-03-31 | 2026-03-31 | 0001006837-26-000019 ↗ |
| 10-K | 2026-03-26 | 2025-12-31 | 0001006837-26-000014 ↗ |
| 8-K | 2026-03-26 | 2026-03-26 | 0001006837-26-000013 ↗ |
| 8-K | 2026-02-10 | 2026-02-10 | 0001006837-26-000005 ↗ |
| 8-K | 2026-02-02 | 2026-02-02 | 0001006837-26-000002 ↗ |
| 8-K | 2025-12-16 | 2025-12-16 | 0001006837-25-000134 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001006837-25-000126 ↗ |