Innovate Corp. (VATE) intrinsic value & 10-year financials
Innovate Corp. (VATE) has a Graham intrinsic value of $16.96 per share. At $6.00 on Oct 17, 2026, the stock trades 65% below that value. Over the last 10 fiscal years revenue shrank 1.4% a year to $1.2B, with an average return on invested capital of 1.3%.
- Graham intrinsic value
- $16.96
- Share price (Oct 17, 2026)
- $6.00
- Price vs Graham value
- 65% below
- Market cap
- $79.3M
- Revenue (FY2025)
- $1.2B
- Revenue growth (10-yr CAGR)
- -1.4%
- ROIC (10-yr avg)
- 1.3%
- Free cash flow (FY2025)
- $146.1M
VATE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.2B | -$60.6M | -$4.84 | $146.1M | 2.3% | 7.4% |
| FY2024 | $1.1B | -$34.6M | -$3.08 | -$9.9M | 3.6% | 8.7% |
| FY2023 | $1.4B | -$35.2M | -$0.48 | $8.1M | 1.9% | 5.3% |
| FY2022 | $1.6B | -$35.9M | -$0.53 | -$30.2M | 0.8% | 2.6% |
| FY2021 | $1.2B | -$227.5M | -$2.98 | $2.9M | -0.9% | -1.5% |
| FY2020 | $716.9M | -$92.0M | -$1.88 | $23.9M | -0.6% | -0.4% |
| FY2019 | $1.7B | -$31.5M | -$0.70 | $69.1M | 1.8% | 2.1% |
| FY2018 | $1.8B | $162.0M | — | $301.7M | -3.1% | -10.2% |
| FY2017 | $1.5B | -$46.9M | — | -$25.8M | -0.1% | -0.2% |
| FY2016 | $1.4B | -$94.5M | -$2.83 | $50.1M | -0.1% | -0.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
INNOVATE Corp. is facing top-line stagnation, with revenue contracting over the decade.
INNOVATE Corp. has historically struggled to out-earn its cost of capital, averaging just 1.3% ROIC.
Over the decade, INNOVATE Corp. shows that management has aggressively returned capital to shareholders by retiring 64.5% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, INNOVATE Corp. is modeled at -1.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $16.96 per share.