Innovate (VATE)
Market Price (8/23/2026): $7.78 | Market Cap: $104.1 MilSector: Industrials | Industry: Construction & Engineering
Innovate (VATE)
Market Price (8/23/2026): $7.78Market Cap: $104.1 MilSector: IndustrialsIndustry: Construction & Engineering
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 52% Attractive yieldFCF Yield is 101% | Weak multi-year price returns3Y Excs Rtn is -127% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 566% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -26% High stock price volatilityVol 12M is 113% Key risksVATE key risks include [1] significant "going concern" doubt from its auditor due to poor financial strength and ongoing profitability issues and [2] high stock volatility. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 52% |
| Attractive yieldFCF Yield is 101% |
| Weak multi-year price returns3Y Excs Rtn is -127% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 566% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -26% |
| High stock price volatilityVol 12M is 113% |
| Key risksVATE key risks include [1] significant "going concern" doubt from its auditor due to poor financial strength and ongoing profitability issues and [2] high stock volatility. |
Qualitative Assessment
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Innovate (VATE) stock has lost about 35% since 4/30/2026 because of the following key factors:
1. Divate's agreement to sell DBM Global, its primary revenue-generating Infrastructure segment, for $650 million created significant uncertainty regarding the company's future revenue base and strategic direction. Innovate announced on August 10, 2026, that it entered into an agreement to sell DBM Global to IES Holdings, Inc. for cash and stock consideration valued at $650 million. Innovate, as the majority owner, expects to receive approximately $453 million in cash and 215,487 shares of IES common stock valued at $140 million. This divestment is significant as DBM Global generated $414.0 million in revenue for fiscal Q2 2026 (ended June 30, 2026), representing a 77.6% year-over-year increase for the segment. Analysts noted that this sale removes approximately 98% of VATE's revenue base, contributing to market skepticism about the company's prospects.
2. The strategic shift to focus on the less mature Life Sciences segment, coupled with persistent high leverage, introduced significant investor uncertainty and risk. Innovate stated its intention to use the net proceeds from the DBM Global sale to reduce its outstanding debt. However, this divestment signals a strategic pivot towards its Life Sciences segment and the commercialization of MediBeacon, a move an analyst described as "betting all its chips." This shift is viewed with caution, as the Life Sciences segment's revenue declined year-over-year in fiscal Q2 2026 and still requires substantial funding, posing execution and dilution risks. Furthermore, the company's total debt was reported at $626.4 million, with a current ratio of just 0.4 and total liabilities around $1.17 billion as of August 7, 2026, indicating a stretched balance sheet that concerned investors.
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Innovate (VATE) stock has lost about 35% since 4/30/2026 because of the following key factors:
1. Divate's agreement to sell DBM Global, its primary revenue-generating Infrastructure segment, for $650 million created significant uncertainty regarding the company's future revenue base and strategic direction. Innovate announced on August 10, 2026, that it entered into an agreement to sell DBM Global to IES Holdings, Inc. for cash and stock consideration valued at $650 million. Innovate, as the majority owner, expects to receive approximately $453 million in cash and 215,487 shares of IES common stock valued at $140 million. This divestment is significant as DBM Global generated $414.0 million in revenue for fiscal Q2 2026 (ended June 30, 2026), representing a 77.6% year-over-year increase for the segment. Analysts noted that this sale removes approximately 98% of VATE's revenue base, contributing to market skepticism about the company's prospects.
2. The strategic shift to focus on the less mature Life Sciences segment, coupled with persistent high leverage, introduced significant investor uncertainty and risk. Innovate stated its intention to use the net proceeds from the DBM Global sale to reduce its outstanding debt. However, this divestment signals a strategic pivot towards its Life Sciences segment and the commercialization of MediBeacon, a move an analyst described as "betting all its chips." This shift is viewed with caution, as the Life Sciences segment's revenue declined year-over-year in fiscal Q2 2026 and still requires substantial funding, posing execution and dilution risks. Furthermore, the company's total debt was reported at $626.4 million, with a current ratio of just 0.4 and total liabilities around $1.17 billion as of August 7, 2026, indicating a stretched balance sheet that concerned investors.
3. Despite strong fiscal Q2 2026 earnings, the market's initial positive reaction was short-lived, as concerns over the company's future structure and risks overshadowed the quarterly performance. Innovate reported robust fiscal Q2 2026 (ended June 30, 2026) results on August 6, 2026, showing a return to profitability with net income of $10.4 million ($0.71 diluted EPS) compared to a loss of $22.0 million in the prior year's quarter. Revenue surged 74.2% year-over-year to $421.6 million. The stock initially reacted positively, rising by 63% in a single session and briefly spiking to $14 following the earnings release. However, these gains were quickly reversed, with the stock falling back below $8 shortly after, indicating that the strong performance, largely driven by the divested Infrastructure segment, was overshadowed by the implications of the strategic changes and the uncertainties surrounding the remaining business.
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Stock Movement Drivers
Fundamental Drivers
The -34.5% change in VATE stock from 4/30/2026 to 8/22/2026 was primarily driven by a -46.0% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.00 | 7.86 | -34.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,246 | 1,516 | 21.7% |
| P/S Multiple | 0.1 | 0.1 | -46.0% |
| Shares Outstanding (Mil) | 13 | 13 | -0.2% |
| Cumulative Contribution | -34.5% |
Market Drivers
4/30/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| VATE | -34.5% | |
| Market (SPY) | 6.5% | 3.3% |
| Sector (XLI) | 3.2% | 12.7% |
Fundamental Drivers
The 40.6% change in VATE stock from 1/31/2026 to 8/22/2026 was primarily driven by a 37.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.59 | 7.86 | 40.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,100 | 1,516 | 37.8% |
| P/S Multiple | 0.1 | 0.1 | 2.8% |
| Shares Outstanding (Mil) | 13 | 13 | -0.8% |
| Cumulative Contribution | 40.6% |
Market Drivers
1/31/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| VATE | 40.6% | |
| Market (SPY) | 11.0% | 9.0% |
| Sector (XLI) | 9.3% | 10.5% |
Fundamental Drivers
The 38.9% change in VATE stock from 7/31/2025 to 8/22/2026 was primarily driven by a 42.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.66 | 7.86 | 38.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,066 | 1,516 | 42.2% |
| P/S Multiple | 0.1 | 0.1 | -0.4% |
| Shares Outstanding (Mil) | 13 | 13 | -1.9% |
| Cumulative Contribution | 38.9% |
Market Drivers
7/31/2025 to 8/22/2026| Return | Correlation | |
|---|---|---|
| VATE | 38.9% | |
| Market (SPY) | 22.2% | 6.9% |
| Sector (XLI) | 19.8% | 10.2% |
Fundamental Drivers
The -52.0% change in VATE stock from 7/31/2023 to 8/22/2026 was primarily driven by a -41.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312023 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.38 | 7.86 | -52.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,542 | 1,516 | -1.7% |
| P/S Multiple | 0.1 | 0.1 | -16.6% |
| Shares Outstanding (Mil) | 8 | 13 | -41.5% |
| Cumulative Contribution | -52.0% |
Market Drivers
7/31/2023 to 8/22/2026| Return | Correlation | |
|---|---|---|
| VATE | -52.0% | |
| Market (SPY) | 73.2% | 16.9% |
| Sector (XLI) | 70.0% | 18.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VATE Return | 13% | -49% | -34% | -60% | -9% | 77% | -75% |
| Peers Return | 37% | 11% | 27% | 40% | 28% | 11% | 284% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| VATE Win Rate | 50% | 50% | 42% | 25% | 25% | 62% | |
| Peers Win Rate | 45% | 48% | 53% | 48% | 47% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| VATE Max Drawdown | -23% | -83% | -71% | -73% | -69% | -64% | |
| Peers Max Drawdown | -21% | -23% | -21% | -13% | -27% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DY, FLR, GVA, ITG, PWR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | VATE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -56.0% | -18.8% |
| % Gain to Breakeven | 127.4% | 23.1% |
| Time to Breakeven | 315 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -27.2% | -7.8% |
| % Gain to Breakeven | 37.3% | 8.5% |
| Time to Breakeven | 64 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -42.3% | -9.5% |
| % Gain to Breakeven | 73.3% | 10.5% |
| Time to Breakeven | 928 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -67.7% | -33.7% |
| % Gain to Breakeven | 209.6% | 50.9% |
| Time to Breakeven | 365 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -22.6% | -3.7% |
| % Gain to Breakeven | 29.3% | 3.9% |
| Time to Breakeven | 28 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -52.6% | -12.2% |
| % Gain to Breakeven | 111.1% | 13.9% |
| Time to Breakeven | 343 days | 62 days |
In The Past
Innovate's stock fell -56.0% during the 2025 US Tariff Shock. Such a loss loss requires a 127.4% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | VATE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -56.0% | -18.8% |
| % Gain to Breakeven | 127.4% | 23.1% |
| Time to Breakeven | 315 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -27.2% | -7.8% |
| % Gain to Breakeven | 37.3% | 8.5% |
| Time to Breakeven | 64 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -42.3% | -9.5% |
| % Gain to Breakeven | 73.3% | 10.5% |
| Time to Breakeven | 928 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -67.7% | -33.7% |
| % Gain to Breakeven | 209.6% | 50.9% |
| Time to Breakeven | 365 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -22.6% | -3.7% |
| % Gain to Breakeven | 29.3% | 3.9% |
| Time to Breakeven | 28 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -52.6% | -12.2% |
| % Gain to Breakeven | 111.1% | 13.9% |
| Time to Breakeven | 343 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -33.0% | -0.2% |
| % Gain to Breakeven | 49.3% | 0.2% |
| Time to Breakeven | 71 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -33.2% | -17.9% |
| % Gain to Breakeven | 49.7% | 21.8% |
| Time to Breakeven | 167 days | 123 days |
In The Past
Innovate's stock fell -56.0% during the 2025 US Tariff Shock. Such a loss loss requires a 127.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Innovate (VATE)
Innovate Corp. (VATE) is a diversified holding company primarily operating across three distinct segments: infrastructure, life sciences, and spectrum (media). Its most significant operations center on the infrastructure sector, where it provides extensive industrial construction, structural steel fabrication, and facility maintenance services. The company serves a wide array of large-scale commercial, industrial, and public works projects, including buildings, hotels, stadiums, hospitals, dams, bridges, mines, refineries, and power plants across the United States.
Within its infrastructure segment, Innovate fabricates specialized products such as trusses, girders, water storage tanks, pressure vessels, and equipment for the oil, gas, petrochemical, and pipeline industries. It also offers integrated solutions including digital engineering, heavy equipment installation, and BIM modeling services. Beyond infrastructure, Innovate's life sciences division is dedicated to developing products for early osteoarthritis of the knee, as well as various aesthetic and medical technologies for skin treatment. Additionally, the company operates in the media space, managing over-the-air broadcasting stations and the Azteca America Spanish-language broadcast network.
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Here are a few brief analogies to describe Innovate (VATE):
-
A mini-Berkshire Hathaway, holding diverse investments in heavy construction, life sciences, and broadcast media.
-
Imagine a scaled-down 3M or General Electric, with a unique portfolio spanning heavy industrial construction, medical technology, and broadcast media.
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- Industrial and Infrastructure Construction Services: Provides comprehensive services including industrial construction, structural steel fabrication, facility maintenance, digital engineering, and BIM modeling for diverse projects.
- Specialized Fabrication: Fabricates large-scale components such as trusses, girders, water pipes, storage tanks, tunnel liners, and pressure vessels.
- Heavy Equipment & Industry Solutions: Supplies equipment and offers integrated solutions for the oil, gas, petrochemical, and pipeline industries.
- Life Sciences Products: Develops products for early osteoarthritis of the knee and offers aesthetic and medical technologies for skin treatment.
- Broadcasting and Media Services: Operates over-the-air broadcasting stations and manages Azteca America, a Spanish-language broadcast network.
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1. Commercial, Industrial, and Infrastructure Project Owners, Developers, and Contractors: This category includes various entities undertaking large-scale construction and infrastructure projects. Innovate provides services for projects such as:
- Buildings and office complexes, hotels, casinos, convention centers, sports arenas, stadiums, shopping malls, and hospitals.
- Dams, bridges, mines, metal processing facilities, refineries, pulp and paper mills, and power plants.
- Companies in the oil, gas, petrochemical, and pipeline industries.
2. Healthcare Providers and Distributors: For its life sciences segment, Innovate develops products for early osteoarthritis of the knee and aesthetic and medical technologies for the skin. These products are typically sold to:
- Hospitals, clinics, dermatologists, and other medical practices.
- Distributors of medical devices and aesthetic technologies.
3. Advertisers: Innovate's spectrum segment operates over-the-air broadcasting stations and the Azteca America Spanish-language broadcast network. The customers for this segment are businesses that purchase advertising time and services to reach their target audiences.
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Paul K. Voigt, Interim Chief Executive Officer
Paul K. Voigt was named Interim Chief Executive Officer of INNOVATE Corp. effective July 25, 2023. Prior to this role, he served as Senior Managing Director of Investments at Lancer Capital starting in 2019. From 2014 to 2018, Mr. Voigt was Senior Managing Director of Investments at INNOVATE (formerly HC2), where he was instrumental in capital raising and transaction sourcing. His earlier career includes serving as Executive Vice President on the sales and trading desk at Jefferies from 1996 to 2013 and as Managing Director on the high yield sales desk at Prudential Securities from 1988 to 1996. Mr. Voigt earned a B.S. in electrical engineering from the University of Virginia and an MBA from the University of Southern California.
Michael J. Sena, Chief Financial Officer, Corporate Secretary
Michael J. Sena serves as the Chief Financial Officer and Corporate Secretary for INNOVATE Corp. He has held the position of Director of Finance/CFO since May 31, 2015. Mr. Sena is actively involved in the company's financial operations, including discussions on earnings calls regarding revenue and adjusted EBITDA for segments like Infrastructure, and refinancing transactions to extend debt maturities.
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The key risks to Innovate (VATE) include significant liquidity concerns and upcoming debt maturities, the cyclical and margin-pressured nature of its infrastructure business, and challenges in divesting non-core assets and the declining performance of its spectrum segment.
- Liquidity and Debt Maturity Risk: Innovate Corp. faces substantial liquidity challenges and a highly leveraged capital structure. S&P Global Ratings downgraded the company's credit rating, citing weak liquidity and concerns about its ability to fund interest payments on corporate debt, with significant maturities looming in 2025 and 2026. More recently, in March 2026, S&P Global Ratings further lowered Innovate's rating to 'CCC-', indicating an elevated risk of a near-term default or distressed exchange due to limited financial flexibility and insufficient liquidity to meet upcoming obligations. The company has initiated a formal sale process for DBM Global, its key operating subsidiary, to comply with debt covenants, and there is uncertainty whether the proceeds from this sale would be sufficient to cover all of Innovate's outstanding debt obligations.
- Economic Sensitivity, Cyclicality, and Margin Compression in the Infrastructure Segment: Innovate's Infrastructure business, primarily DBM Global, is susceptible to revenue fluctuations influenced by project timing and broader economic cycles. This segment experienced revenue decreases in Q1 and Q2 2025. Despite a strong project backlog, the segment has reported gross margin compression, indicating pressure on profitability within its core operations.
- Challenges in Divesting Non-Core Assets and Declining Performance in the Spectrum Segment: Innovate is actively pursuing an exit strategy for its Life Sciences segment, which, despite having FDA-approved products and growth from a small base, is considered a non-core asset. Regulatory and market pressures could potentially depress the sale price or prolong the divestiture process. Additionally, the Spectrum segment continues to grapple with a challenging advertising environment, impacting its financial performance.
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For Innovate's spectrum/media segment (over-the-air broadcasting stations and Azteca America, a Spanish-language broadcast network), the clearest emerging threat is the continued growth and dominance of digital streaming services and online content platforms. These services compete directly for viewers and advertising revenue, leading to cord-cutting and a fundamental shift in media consumption habits away from traditional linear television broadcasting.
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The addressable markets for INNOVATE Corp.'s main products and services are primarily within the U.S. and can be sized as follows:
Infrastructure
- Industrial Building Construction: The U.S. Industrial Building Construction Market was valued at approximately USD 43.8 billion in 2024.
- Commercial Construction: The U.S. commercial construction market size is estimated at USD 567.05 billion in 2026.
- Structural Steel Fabrication: The U.S. structural steel market generated a revenue of approximately USD 7.6 billion in 2024. The broader Fabricated Structural Metal Manufacturing market in the U.S. was approximately USD 65.4 billion in 2024.
- Facility Management Services: The United States facility management market was valued at approximately USD 365.93 billion in 2025.
Life Sciences
- Early Osteoarthritis of the Knee Treatments: The U.S. knee osteoarthritis market size reached approximately USD 4.7 billion in 2023.
- Aesthetic and Medical Technologies for the Skin: The U.S. medical aesthetics market is projected to reach USD 16.38 billion by 2030, growing from USD 7.62 billion in 2024.
Spectrum
- Over-the-Air Broadcasting Stations: The U.S. television broadcast industry, including networks and individual stations, had combined annual revenue of about USD 60 billion.
- Spanish-Language Broadcast Network (Azteca America): While a specific market size for Spanish-language broadcast networks is not distinctly separated from the broader broadcasting market, advertising revenue for linear Spanish-language networks in the U.S. reached approximately USD 1.5 billion between October 2021 and July 2022. The larger U.S. Television Services market was USD 117.68 billion in 2024.
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1. Continued Expansion of Life Sciences Segment through R2 Technologies' Glacial Systems
Growth in the Life Sciences segment is anticipated to be driven by the increasing sales and global expansion of R2 Technologies' Glacial systems, particularly the Glacial fx system. The company has reported strong increases in North American system sales, with significant year-over-year growth in 2023. Additionally, R2 Technologies is expanding its global reach, having received market approvals in new territories such as Saudi Arabia and the UAE. This expansion, coupled with a substantial increase in market awareness, social media impressions, provider location searches, and lead generation, is expected to fuel further sales of Glacial systems and consumables.
2. Conversion and Growth of Infrastructure Segment's Backlog and New Project Opportunities
The Infrastructure segment, primarily through DBM Global, is poised for revenue growth due to its expanding adjusted backlog. DBM Global's adjusted backlog, which includes awarded but not yet signed contracts, has shown significant growth, increasing by approximately $500 million to over $1.6 billion since the end of 2024. This substantial backlog indicates a pipeline of future revenue. The company also expects opportunities in industrial and modularization sectors of the market, as well as continued activity in large commercial construction projects and commercial structural steel fabrication and erection businesses.
3. Strategic Network Launches and Commercialization of ATSC 3.0 in the Spectrum Segment
The Spectrum segment is expected to contribute to revenue growth through strategic network launches and the commercial application of ATSC 3.0 technology. Recent initiatives include the January 1st network launches of The 365 and Outlaw, along with subsequent launches of new sports networks like Outdoor America, MTRSPT1, and SPEED SPORT TV. Furthermore, the company is engaging in operating and revenue share agreements with Public Broadcast stations to provide "lighthousing" and commercial applications for ATSC 3.0, driving increased network distribution revenues.
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Share Repurchases
- Innovate (VATE) reported no share buybacks for both 2025 and 2026.
Share Issuance
- Innovate Corp. conducted a $19.0 million rights offering for its common stock, announced in February 2024 and extended through April 2024.
- A 1-for-10 reverse stock split for Innovate's common stock became effective on August 2, 2024, reclassifying every ten shares into one new share.
- The number of outstanding shares decreased from approximately 77.8 million in early 2022 to about 13.3 million as of February 2026, primarily due to the reverse stock split.
Inbound Investments
- The company's $19.0 million rights offering in 2024 was backstopped by Lancer Capital LLC, an investment fund led by Avram A. Glazer, who is also the Chairman of Innovate's Board and its largest stockholder.
Outbound Investments
- Innovate operates as a diversified holding company with key segments including Infrastructure (DBM Global), Life Sciences (Pansend), and Spectrum (HC2 Broadcasting).
- In December 2025, MediBeacon® Next Generation TGFR™ System, a product from its Pansend Life Sciences segment, received FDA approval.
- Azteca América, part of Innovate's Spectrum segment, ceased operations in October 2022.
Capital Expenditures
- Innovate (VATE) reported $0 in Capital Expenditures for both 2025 and 2026.
Peer Outperformance in Construction & Engineering
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| VATE | Innovate | 5.0% | -4.7x | 61.1% | -53.2% | -78.4% | — |
| FLR | Fluor | 1.2% | -3.7x | 26.2% | 58.3% | 223.6% | +302pp |
| MYRG | MYR | 6.3% | 29.3x | 67.5% | 117.8% | 213.5% | +292pp |
| ACA | Arcosa | 7.1% | 14.5x | 46.1% | 90.4% | 187.4% | +266pp |
| APG | APi | 7.5% | 51.5x | 15.1% | 122.0% | 169.1% | +248pp |
| TTEK | Tetra Tech | 7.5% | 21.9x | 1.3% | 18.9% | 38.3% | +117pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering ← | 31 | 25.2% | 124.1% | 212.2% | CDNL 3246% · STRL 2222% · FIX 2131% |
| Marine Transportation | 4 | 57.9% | 63.7% | 157.4% | MATX 216% · KEX 161% · SFL 154% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 12.3% | 66.1% | 122.9% | CAT 331% · ALSN 288% · WAB 250% |
| Aerospace & Defense | 55 | 11.1% | 64.4% | 80.5% | DFNS 2451% · ATI 1049% · FTAI 981% |
| Passenger Ground Transportation | 3 | -5.7% | 63.0% | 69.8% | UBER 92% · CAR 70% · LYFT -63% |
| Industrial Machinery & Supplies & Components | 71 | 11.5% | 54.1% | 52.8% | CRS 1464% · PSIX 846% · GHM 746% |
| Rail Transportation | 7 | 38.3% | 73.7% | 47.8% | FSTR 119% · CSX 63% · UNP 54% |
| Cargo Ground Transportation | 16 | 35.7% | 14.2% | 45.8% | XPO 275% · R 270% · CVLG 222% |
| Trading Companies & Distributors | 18 | 2.2% | 36.1% | 42.3% | DXPE 524% · AIT 305% · URI 238% |
| Diversified Support Services | 34 | 8.9% | 35.0% | 36.3% | LIME 4674% · TH 422% · WLFC 348% |
| Electrical Components & Equipment | 40 | 26.1% | 45.5% | 34.9% | POWL 2415% · BE 869% · VRT 864% |
| Building Products | 33 | -8.8% | 13.6% | 29.1% | LMB 434% · GFF 422% · PPIH 292% |
| Industrial Conglomerates | 17 | 15.8% | 24.1% | 7.1% | RCMT 755% · CSW 151% · TTI 149% |
| Environmental & Facilities Services | 28 | -8.3% | 17.9% | 4.7% | CECO 888% · ADUR 661% · GEO 327% |
| Office Services & Supplies | 10 | 14.0% | 24.2% | 4.0% | TILE 192% · PBI 166% · EBF 55% |
| Research & Consulting Services | 13 | -7.2% | -18.7% | -4.2% | HURN 227% · CRAI 95% · GRNQ 18% |
| Agricultural & Farm Machinery | 17 | -1.2% | -6.2% | -15.7% | BLBD 202% · DE 91% · GENC 67% |
| Data Processing & Outsourced Services | 6 | -30.4% | -9.6% | -25.0% | EXLS 56% · BR 15% · G -23% |
| Passenger Airlines | 11 | 5.9% | -5.9% | -26.7% | LTM 2282% · UAL 149% · SKYW 144% |
| Human Resource & Employment Services | 20 | 4.5% | -19.0% | -35.2% | BBSI 88% · ADP 48% · KFY 35% |
| Air Freight & Logistics | 12 | -16.2% | -24.2% | -37.3% | CHRW 78% · FDX 68% · EXPD 61% |
| Security & Alarm Services | 10 | -36.2% | -18.0% | -43.5% | CIX 112% · MG 91% · BCO 52% |
| Airport Services | 3 | -69.1% | -72.2% | -59.7% | JOBY -27% · ASLE -60% · UP -100% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Innovate Earnings Notes | 12/16/2025 | |
| Can Innovate Stock Hold Up When Markets Turn? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 88.08 |
| Mkt Cap | 6.4 |
| Rev LTM | 5,610 |
| Op Inc LTM | 181 |
| FCF LTM | 273 |
| FCF 3Y Avg | 191 |
| CFO LTM | 373 |
| CFO 3Y Avg | 437 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 26.3% |
| Rev Chg 3Y Avg | 15.3% |
| Rev Chg Q | 41.1% |
| QoQ Delta Rev Chg LTM | 9.2% |
| Op Inc Chg LTM | 38.3% |
| Op Inc Chg 3Y Avg | 87.9% |
| Op Mgn LTM | 5.6% |
| Op Mgn 3Y Avg | 4.7% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 9.5% |
| CFO/Rev 3Y Avg | 8.3% |
| FCF/Rev LTM | 7.0% |
| FCF/Rev 3Y Avg | 4.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Infrastructure | 1,210 | 1,072 | 1,397 | 1,594 | 1,160 |
| Spectrum | 23 | 26 | 22 | 39 | 42 |
| Life Sciences | 12 | 10 | 3 | 4 | 4 |
| Non-operating Corporate | 0 | 0 | 0 | ||
| Other and Eliminations | 0 | 0 | 0 | ||
| Total | 1,246 | 1,107 | 1,423 | 1,637 | 1,205 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Infrastructure | 55 | 66 | 64 | 58 | 35 |
| Other and Eliminations | -0 | 0 | -3 | ||
| Spectrum | -0 | 1 | -3 | -4 | -1 |
| Life Sciences | -11 | -14 | -15 | -20 | -20 |
| Non-operating Corporate | -16 | -13 | -16 | -20 | -23 |
| Other | -1 | -2 | |||
| Total | 29 | 40 | 27 | 13 | -11 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Infrastructure | 759 | 684 | 851 | 879 | 786 |
| Spectrum | 174 | 179 | 177 | 188 | 199 |
| Life Sciences | 10 | 12 | 8 | 15 | 22 |
| Non-operating Corporate | 7 | 17 | 7 | 15 | 25 |
| Other and Eliminations | 0 | 0 | 0 | ||
| Other | 54 | 48 | |||
| Total | 950 | 891 | 1,044 | 1,152 | 1,081 |
Price Behavior
| Market Price | $7.86 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 07/13/2009 | |
| Distance from 52W High | -60.8% | |
| 50 Days | 200 Days | |
| DMA Price | $11.48 | $8.46 |
| DMA Trend | up | down |
| Distance from DMA | -31.5% | -7.1% |
| 3M | 1YR | |
| Volatility | 179.7% | 113.8% |
| Downside Capture | 525.06 | 119.05 |
| Upside Capture | 231.51 | 149.95 |
| Correlation (SPY) | 4.3% | 6.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.47 | -0.54 | -0.24 | 0.67 | 0.46 | 1.21 |
| Up Beta | 2.18 | 1.10 | 0.66 | 0.42 | 0.61 | 1.32 |
| Down Beta | -7.86 | -6.71 | -4.16 | -0.98 | -1.19 | 0.55 |
| Up Capture | -313% | -57% | -1% | 185% | 126% | 163% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 5 | 18 | 27 | 61 | 124 | 344 |
| Down Capture | 723% | 279% | 188% | 101% | 99% | 110% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 16 | 24 | 35 | 60 | 119 | 390 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VATE | |
|---|---|---|---|---|
| VATE | 66.5% | 113.4% | 0.95 | - |
| Sector ETF (XLI) | 20.5% | 17.1% | 0.92 | 10.1% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 6.0% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 7.3% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -10.9% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 9.5% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 1.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VATE | |
|---|---|---|---|---|
| VATE | -25.8% | 101.0% | 0.13 | - |
| Sector ETF (XLI) | 13.1% | 17.6% | 0.57 | 22.4% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 21.2% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 6.9% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 1.7% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 18.9% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 5.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VATE | |
|---|---|---|---|---|
| VATE | -10.8% | 86.3% | 0.24 | - |
| Sector ETF (XLI) | 13.8% | 20.0% | 0.60 | 26.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 25.4% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 5.9% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 8.0% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 22.8% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 3.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/18/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 63.4% | 1.3% | |
| 5/14/2026 | -8.7% | 12.3% | 42.0% |
| 3/26/2026 | 13.9% | 92.8% | 198.3% |
| 11/12/2025 | 2.4% | -8.4% | -21.0% |
| 8/5/2025 | -1.4% | -18.8% | -3.8% |
| 5/6/2025 | -1.4% | 2.9% | -9.3% |
| 11/6/2024 | 0.4% | -25.7% | 21.4% |
| 8/7/2024 | -7.0% | -10.8% | -36.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 9 |
| # Negative | 14 | 14 | 14 |
| Median Positive | 6.2% | 3.3% | 21.4% |
| Median Negative | -4.6% | -8.9% | -12.3% |
| Max Positive | 63.4% | 92.8% | 198.3% |
| Max Negative | -26.4% | -43.2% | -43.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 63.4% | 1.3% | |
| 5/14/2026 | -8.7% | 12.3% | 42.0% |
| 3/26/2026 | 13.9% | 92.8% | 198.3% |
| 11/12/2025 | 2.4% | -8.4% | -21.0% |
| 8/5/2025 | -1.4% | -18.8% | -3.8% |
| 5/6/2025 | -1.4% | 2.9% | -9.3% |
| 11/6/2024 | 0.4% | -25.7% | 21.4% |
| 8/7/2024 | -7.0% | -10.8% | -36.6% |
| 5/7/2024 | -4.5% | 6.7% | -11.5% |
| 3/4/2024 | 21.1% | -5.7% | -7.2% |
| 11/9/2023 | 6.5% | 0.0% | 8.4% |
| 8/9/2023 | 7.7% | -1.2% | -12.5% |
| 5/10/2023 | -26.4% | -43.2% | -43.2% |
| 3/14/2023 | -1.3% | 2.7% | -0.7% |
| 11/2/2022 | -1.3% | 1.0% | 77.5% |
| 8/3/2022 | -5.0% | -9.4% | -13.9% |
| 5/4/2022 | -4.8% | -21.0% | -18.2% |
| 3/9/2022 | 0.6% | 3.7% | 4.5% |
| 11/4/2021 | 5.8% | 7.7% | -12.1% |
| 8/6/2021 | -1.8% | -2.5% | -7.9% |
| 5/7/2021 | -9.5% | -6.1% | 8.7% |
| 3/10/2021 | -4.5% | -2.6% | 9.7% |
| 11/9/2020 | 4.2% | -2.9% | 62.6% |
| 8/10/2020 | -8.5% | -11.4% | -21.5% |
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 9 |
| # Negative | 14 | 14 | 14 |
| Median Positive | 6.2% | 3.3% | 21.4% |
| Median Negative | -4.6% | -8.9% | -12.3% |
| Max Positive | 63.4% | 92.8% | 198.3% |
| Max Negative | -26.4% | -43.2% | -43.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/26/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/14/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/26/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/14/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 03/09/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/10/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/16/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Construction & Engineering Resources |
| Engineering News-Record (ENR) |
| Construction Dive |
| Civil Engineering Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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