INNOVATE CORP (VATE)
Industrials · Diversified industrial holding company with construction, life sciences support, and broadcasting segments · NYSE
A diversified industrial holding company assembling construction, life sciences, and broadcasting businesses, facing forced asset sales due to debt covenants.
What INNOVATE CORP does
INNOVATE Corp is a diversified industrial holding company operating through three main segments: Infrastructure (structural and steel construction services via DBM Global Inc.), Life Sciences (healthcare and biotechnology product development support via Pansend Life Sciences), and Spectrum (over-the-air broadcasting stations via HC2 Broadcasting Holdings). The company seeks to generate sustainable free cash flow and attractive returns across its portfolio, though it is currently operating under debt milestone covenants requiring active sales processes for its Infrastructure and Spectrum segments.
Themes: ["Construction and infrastructure services","Life sciences / biotech support services","Broadcasting and media","Diversified holding company / portfolio investments"]
Fundamentals
- Price$10.16 as of 2026-07-09 close
- Market cap$148M as of 2026-07-10
- 1-year return+78.9% as of 2026-07-09 close
- Net margin-4.0% as of 2026-07-10
- Gross margin+15.5% as of 2026-07-10
- ROE-7.1% as of 2026-07-10
- Debt / equity1.39 as of 2026-07-10
- Revenue growth (YoY)+25.4% as of 2026-07-10
- Revenue CAGR (3y)-8.7% SEC XBRL
- Beta2.32 as of 2026-07-10
Dividend: yield +1.6%; pays a dividend.
Key risks (from latest filing)
["Mandatory asset sales: Company is under debt covenants requiring sales of Infrastructure and Spectrum segments, creating execution risk and potential distressed valuation pressure","High debt burden with significant near-term maturities: Current portion of debt obligations of $610.8M against total assets of $936.8M, indicating refinancing and liquidity risk","Persistent unprofitability: Company reported net loss of $16.8M in Q1 2026 and negative net margin of -3.96%, limiting ability to self-fund operations or debt service"]
Competitors & peers
- Turner Construction
- Bechtel
- Granite Construction
- Gray Television Group
- Nexstar Media Group
- Charles River Laboratories
- Parexel International
Fundamentals: Finnhub, as of 2026-07-10. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-09.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.