Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Innovate Corp.VATE · manufacturing | |
|---|---|
| Grade |  D/Eon the D/E boundary of 255 graded peers; percentile 82.3, sampling error 3.0 points; lower is stronger |
| Rank | 210 of 255 |
| Profitability | Bpercentile 32.2 |
| Solvency | Dpercentile 65.4 |
| Growth and financing | Epercentile 85.9 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $950.1M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none active · fortress balance sheetnot computable: distress |
| Inputs computable | 9 of 14 |
| Graded from | filings received through Mar 26, 2026197 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $7.212026-10-08; market equity $98.4M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 26, 2026; the document on sec.gov.
Unless the context otherwise requires, in this Annual Report on Form 10-K, "INNOVATE," means INNOVATE Corp. and the "Company," "we" and "our" mean INNOVATE together with its consolidated subsidiaries. This Annual Report on Form 10-K contains forward-looking statements. See "Management’s Discussion and Analysis of Financial Condition and Results of Operations - Special Note Regarding Forward-Looking Statements." INNOVATE is a diversified holding company that has a portfolio of subsidiaries in a variety of operating segments. We seek to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 32.2 | |||||||
| Gross profitability | 21.0% | [1,5] | 21.9% | 50.4 | 275 | 2025-12-31 | |
| Return on invested capital | not computable | 9.7% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Accruals ratio | (22.5%) | [1,6-8] | (3.6%) | 8.1 | 308 | 2025-12-31 | |
| Gross margin stability, five years | 1.7 pts | [2,5,9-16] | 2.1 pts | 38.2 | 229 | 2025-12-31 | |
| Solvency, sleeve percentile 65.4 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | (6.03) | [1,17-22] | 3.66 | 88.1 | 244 | 2025-12-31 | |
| Net debt to EBITDA | (0.54x) | [3-4,20,23] | 1.78x | 10.8 | 121 | 2025-12-31 | |
| Interest coverage | not computable | 5.09x | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 0.44x | [17-18] | 2.25x | 97.2 | 325 | 2025-12-31 | |
| Growth and financing, sleeve percentile 85.9 | |||||||
| Revenue growth, three-year compound | (8.7%) | [2,10,12,14] | 2.1% | 91.0 | 269 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 13.9% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 26.4% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | (6.2%) | [1,8,24-25] | 4.4% | 82.7 | 279 | 2025-12-31 | |
| Net share issuance, one year | 2.7% | [26-27] | 0.01% | 83.9 | 243 | 2026-03-23 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.250; sampling error 3.0 percentile points on 255 peers.
Among 255 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 205 | Regal Rexnord Corp. (RRX) Regal Rexnord Corp. (RRX) D/Eon the D/E boundary; percentile 80.3 NYSE · General Industrial Machinery & Equipment, NEC market equity $10.7B; last close $160.06 No active warnings; 11 of 14 inputs | 80.3 | D/E | |
| 206 | American Superconductor Corp. (AMSC) American Superconductor Corp. (AMSC) D/Eon the D/E boundary; percentile 80.7 Nasdaq · Motors & Generators market equity $1.5B; last close $30.95 No active warnings; 7 of 14 inputs | 80.7 | D/E | |
| 207 | Crane NXT, Co. (CXT) Crane NXT, Co. (CXT) D/Eon the D/E boundary; percentile 81.1 NYSE · Miscellaneous Fabricated Metal Products market equity $2.8B; last close $48.25 No active warnings; 12 of 14 inputs | 81.1 | D/E | |
| 208 | Fuelcell Energy Inc. (FCEL) Fuelcell Energy Inc. (FCEL) D/Eon the D/E boundary; percentile 81.5 Nasdaq · Electrical Industrial Apparatus last close $17.24 Warnings: fortress balance sheet; 8 of 14 inputs | 81.5 | D/E | fortress balance sheet |
| 209 | Broadwind, Inc. (BWEN) Broadwind, Inc. (BWEN) D/Eon the D/E boundary; percentile 81.9 Nasdaq · Nonferrous Foundries (Castings) market equity $91.3M; last close $3.85 No active warnings; 10 of 14 inputs | 81.9 | D/E | |
| 210 | Innovate Corp. (VATE) Innovate Corp. (VATE) D/Eon the D/E boundary; percentile 82.3 NYSE · Fabricated Structural Metal Products market equity $98.2M; last close $7.21 Warnings: fortress balance sheet; 9 of 14 inputs | 82.3 | D/E | fortress balance sheet |
| 211 | Polaris Inc. (PII) Polaris Inc. (PII) D/Eon the D/E boundary; percentile 82.7 NYSE · Miscellaneous Transportation Equipment market equity $3.0B; last close $52.90 No active warnings; 11 of 14 inputs | 82.7 | D/E | |
| 212 | Moving iMAGE Technologies Inc. (MITQ) Moving iMAGE Technologies Inc. (MITQ) Eweakest fifth; percentile 83.1 NYSE · Photographic Equipment & Supplies market equity $5.7M; last close $0.57 Warnings: fortress balance sheet; 8 of 14 inputs | 83.1 | E | fortress balance sheet |
| 213 | Millerknoll, Inc. (MLKN) Millerknoll, Inc. (MLKN) Eweakest fifth; percentile 83.5 Nasdaq · Office Furniture market equity $1.4B; last close $20.77 No active warnings; 11 of 14 inputs | 83.5 | E | |
| 214 | Hillman Solutions Corp. (HLMN) Hillman Solutions Corp. (HLMN) Eweakest fifth; percentile 83.9 Nasdaq · Cutlery, Handtools & General Hardware market equity $1.4B; last close $7.02 No active warnings; 10 of 14 inputs | 83.9 | E | |
| 215 | O-I Glass, Inc. (OI) O-I Glass, Inc. (OI) Eweakest fifth; percentile 84.3 NYSE · Glass Containers market equity $948.1M; last close $6.18 No active warnings; 7 of 14 inputs | 84.3 | E |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D | 73.4 | 2204 |
| sector peers, equal sleeves (the grade) | D/E | 82.3 | 255 |
| same exchange, equal sleeves | E | 82.6 | 984 |
| sector peers, equal inputs | D/E | 81.1 | 255 |
Each letter is one fifth of the 255 graded peers, about 51 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 182.0% | 13.7% | 98 | hotter than 98 of 100 peers |
| Distance from 52-week high | (64.1%) | (24.3%) | 6 | closer to its high than 6 of 100 peers |
| EBIT to enterprise value | 39.6% | 4.1% | 99 | pricier than 1 of 100 peers |
| Free cash flow yield | 148.7% | 3.4% | 99 | pricier than 1 of 100 peers |
| Book value to price | (2.48) | 0.34 | 0 | pricier than 100 of 100 peers |
| Sales to price | 12.69 | 0.54 | 98 | pricier than 2 of 100 peers |
| Composite equity issuance, five years | (88.4%) | (9.5%) | 1 | more equity-funded than 1 of 100 peers |
| Relative strength against the sector, log excess return | 0.90 | (0.00) | 98 | ahead of 98 of 100 peers |
Inputs: market equity $98.2M; EBIT $28.7M; free cash flow $146.1M; book equity -$243.2M; sales $1.2B; debt $62.1M; cash $87.8M[28].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 4 of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (6.8%) | ✗ fail[6,8] |
| Operating cash flow above zero | $146.6M | ✓ pass[7] |
| Return on assets improved | (3.5 pts) | ✗ fail[6,8,24,29] |
| Operating cash flow exceeds net income | $207.2M | ✓ pass[6-7] |
| Long-term leverage fell | (43.0 pts) | ✓ pass[1,4,8,24,30] |
| Current ratio improved | (37.3 pts) | ✗ fail[17-18,31-32] |
| No new shares issued | 2.7% | ✗ fail[26-27] |
| Gross margin improved | (2.8 pts) | ✗ fail[2,5,9-10] |
| Asset turnover improved | 33.7 pts | ✓ pass[2,8,10,24] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $87.8M[33] |
| Operating cash flow, four quarters | $141.2M[7,33-37] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 64 |
| 10-Q received Aug 6, 2026 | |
| Median daily dollar volume | $748,514 |
| 63 sessions | |
| Days since newest grade input | 197 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $950.1M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:Revenues | $1.2B | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 3 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $112.1M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 4 | total debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $80.3M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 5 | gross profit | us-gaap:GrossProfit | $199.7M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 6 | net income | us-gaap:NetIncomeLoss | -$60.6M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 7 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $146.6M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 8 | assets | us-gaap:Assets | $891.1M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 9 | gross profit | us-gaap:GrossProfit | $208.8M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:Revenues | $1.1B | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 11 | gross profit | us-gaap:GrossProfit | $216.0M | 2023-12-31 | 2025-03-31 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.4B | 2023-12-31 | 2024-03-06 | 10-K | filing · viewer · series |
| 13 | gross profit | us-gaap:GrossProfit | $221.4M | 2022-12-31 | 2024-03-06 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.6B | 2022-12-31 | 2024-03-06 | 10-K | filing · viewer · series |
| 15 | gross profit | us-gaap:GrossProfit | $183.7M | 2021-12-31 | 2023-03-14 | 10-K | filing · viewer · series |
| 16 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.2B | 2021-12-31 | 2023-03-14 | 10-K | filing · viewer · series |
| 17 | current assets | us-gaap:AssetsCurrent | $451.5M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 18 | current liabilities | us-gaap:LiabilitiesCurrent | $1.0B | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 19 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$582.5M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 20 | operating income | us-gaap:OperatingIncomeLoss | $28.7M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 21 | book equity | us-gaap:StockholdersEquity | -$240.1M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 22 | liabilities | us-gaap:Liabilities | $1.2B | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 23 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $30.4M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 24 | assets | us-gaap:Assets | $1.0B | 2023-12-31 | 2025-03-31 | 10-K | filing · viewer · series |
| 25 | assets | us-gaap:Assets | $1.2B | 2022-12-31 | 2024-03-06 | 10-K | filing · viewer · series |
| 26 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 13,645,127 | 2026-03-23 | 2026-03-26 | 10-K | filing · viewer · series |
| 27 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 13,283,218 | 2025-03-27 | 2025-03-31 | 10-K | filing · viewer · series |
| 28 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 13,641,866 | 2026-08-03 | 2026-08-06 | 10-Q | filing · viewer · series |
| 29 | net income | us-gaap:NetIncomeLoss | -$34.6M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 30 | long term debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $500.6M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 31 | current assets | us-gaap:AssetsCurrent | $390.9M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 32 | current liabilities | us-gaap:LiabilitiesCurrent | $483.0M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 33 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $87.8M | 2026-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
| 34 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $20.9M | 2026-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $45.5M | 2026-03-31 | 2026-05-14 | 10-Q | filing · viewer · series |
| 36 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $45.5M | 2025-09-30 | 2025-11-12 | 10-Q | filing · viewer · series |
| 37 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $26.3M | 2025-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 82.3 is 2.3 points from the nearest band edge; sampling error is 3.0 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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