Latest Ratios: P/E Ratio -4.0x · EV/EBITDA 13.4x · ROE N/A. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $263M | $60M | $65M | $97M | $145M | $285M | $164M | $97M | $124M | $255M | $221M |
| Enterprise Value | $869M | $665M | $735M | $788M | $850M | $925M | $723M | $678M | $542M | $750M | $534M |
| P/E Ratio → | -3.99 | — | — | — | — | — | — | — | 0.89 | — | — |
| P/S Ratio | 0.21 | 0.05 | 0.06 | 0.07 | 0.09 | 0.24 | 0.23 | 0.09 | 0.06 | 0.16 | 0.14 |
| P/B Ratio | — | — | — | — | — | — | 0.27 | 0.21 | 0.61 | 1.34 | 3.16 |
| P/FCF | 2.19 | 0.50 | — | 11.95 | — | 4.36 | 7.04 | 1.13 | 0.41 | — | 4.41 |
| P/OCF | 1.80 | 0.41 | 7.11 | 3.65 | — | 3.19 | 3.99 | 0.88 | 0.36 | 41.46 | 2.79 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.53 | 0.66 | 0.55 | 0.52 | 0.77 | 1.01 | 0.63 | 0.27 | 0.46 | 0.34 |
| EV / EBITDA | 13.45 | 10.30 | 10.08 | 12.61 | 15.28 | 34.24 | — | 20.25 | — | 21.16 | 19.47 |
| EV / EBIT | 25.40 | 19.45 | 18.38 | 29.07 | 41.25 | — | 25.73 | 19.78 | 2.10 | 49.02 | — |
| EV / FCF | — | 5.52 | — | 97.27 | — | 14.14 | 31.03 | 7.89 | 1.80 | — | 10.66 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 14.6% | 14.6% | 18.9% | 15.2% | 13.5% | 15.2% | 17.9% | 22.9% | 9.8% | 13.0% | 11.6% |
| Operating Margin | 2.7% | 2.7% | 3.6% | 1.9% | 0.8% | -0.9% | -3.9% | 2.3% | -2.8% | -0.1% | -0.1% |
| Net Profit Margin | -4.9% | -4.9% | -3.1% | -2.5% | -2.2% | -18.9% | -12.8% | -2.9% | 7.0% | -3.0% | -6.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | -74.7% | -17.0% | -9.4% | 71.0% | -38.3% | -110.6% |
| ROA | -6.6% | -6.6% | -3.6% | -3.2% | -3.2% | -5.8% | -1.3% | -0.5% | 2.9% | -1.6% | -3.8% |
| ROIC | 5.7% | 5.7% | 5.7% | 3.3% | 1.5% | -0.9% | -1.9% | 2.3% | -6.4% | -0.2% | -0.3% |
| ROCE | 21.2% | 21.2% | 7.9% | 4.0% | 1.9% | -1.5% | -2.2% | 0.6% | -1.2% | -0.0% | -0.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | 0.98 | 1.67 | 3.69 | 3.13 | 6.12 |
| Debt / EBITDA | 11.11 | 11.11 | 9.87 | 12.35 | 14.12 | 25.36 | — | 23.13 | — | 16.74 | 15.61 |
| Net Debt / Equity | — | — | — | — | — | — | 0.91 | 1.25 | 2.08 | 2.61 | 4.48 |
| Net Debt / EBITDA | 9.37 | 9.37 | 9.20 | 11.06 | 12.68 | 23.68 | — | 17.35 | — | 13.98 | 11.41 |
| Debt / FCF | — | 5.02 | — | 85.32 | — | 9.78 | 23.99 | 6.76 | 1.39 | — | 6.25 |
| Interest Coverage | 0.38 | 0.38 | 0.54 | 0.40 | 0.40 | -0.10 | 0.38 | 0.45 | 3.41 | 0.28 | -0.06 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.44 | 0.44 | 0.81 | 1.17 | 1.29 | 1.01 | 1.05 | 0.27 | 15.23 | 6.42 | 7.62 |
| Quick Ratio | 0.42 | 0.42 | 0.77 | 1.12 | 1.24 | 0.97 | 1.05 | 0.26 | 15.24 | 6.39 | 7.58 |
| Cash Ratio | 0.11 | 0.11 | 0.10 | 0.18 | 0.19 | 0.10 | 0.01 | 0.04 | 10.78 | 3.92 | 4.73 |
| Asset Turnover | — | 1.31 | 1.24 | 1.36 | 1.42 | 1.12 | 0.11 | 0.15 | 0.30 | 0.51 | 0.55 |
| Inventory Turnover | 66.49 | 66.49 | 43.19 | 53.88 | 74.92 | 60.09 | 59.44 | 77.62 | — | 111.61 | 142.75 |
| Days Sales Outstanding | — | 90.69 | 99.20 | 102.37 | 93.63 | 110.75 | 112.67 | 400.79 | 283.77 | 205.23 | 197.26 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.9% | 3.7% | 1.9% | 2.3% | 3.6% | — | — | — | 1.6% | 1.4% | 1.9% |
| Payout Ratio | — | — | — | — | — | — | — | — | 1.4% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | 112.5% | — | — |
| FCF Yield | 45.7% | 201.7% | — | 8.4% | — | 22.9% | 14.2% | 88.5% | 244.2% | — | 22.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 7.2% | 0.0% | 3.6% | 0.0% | 8.5% | 4.7% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.9% | 3.7% | 1.9% | 9.5% | 3.6% | 3.6% | 0.0% | 8.5% | 6.3% | 1.4% | 1.9% |
| Shares Outstanding | — | $13M | $13M | $8M | $8M | $8M | $5M | $4M | $5M | $4M | $4M |
High debt service burden
Based on reported figures, VATE trades at an EV/EBITDA of 13.45, which appears to reflect a significant conglomerate discount compared to peers, suggesting the market remains skeptical of the company's ability to successfully monetize its disparate Life Sciences and Spectrum assets to unlock underlying shareholder value.
The negative P/E of -3.99 highlights the lack of consistent earnings, forcing investors to rely on enterprise value multiples that may be inflated by the company's high debt load. This valuation suggests that the market is pricing the stock as a distressed holding company rather than an industrial operator, implying that any re-rating is contingent on a clear exit strategy for non-core segments.
According to recent financial statements, VATE's ROIC has struggled to gain traction, peaking at only 4.1% in 2024Q2 before declining to 2.1% in 2026Q1, which indicates that the company is failing to generate returns that exceed its cost of capital in a meaningful or sustainable manner.
The persistent decay in ROIC suggests that the capital-intensive nature of the Infrastructure segment is not being offset by sufficient margin expansion. Investors should monitor whether management can improve capital efficiency, as the current trend implies that reinvestment into the business is currently value-destructive rather than compounding.
As reported in quarterly filings, VATE's cash conversion cycle has fluctuated wildly, reaching a high of 87 days in 2024Q4 before settling at 34 days in 2026Q1, revealing a high sensitivity to the timing of project-based payments and potential inefficiencies in managing supplier and customer leverage.
The erratic nature of the CCC suggests that the company lacks a stable working capital rhythm, which complicates liquidity planning. This volatility, combined with an asset turnover ratio that has remained below 0.50, indicates that the company is not effectively utilizing its asset base to drive revenue growth.
Based on the provided balance sheet data, VATE's current ratio has deteriorated to a precarious 0.40 as of 2026Q1, indicating that the company's liquid assets are insufficient to cover its short-term obligations, which warrants significant concern regarding its near-term financial flexibility and operational stability.
The decline in the quick ratio to 0.38 suggests that the company is heavily reliant on inventory or other less liquid assets to meet its immediate liabilities. This liquidity profile appears vulnerable to any unexpected delays in project milestones or sudden spikes in interest expenses, potentially limiting the company's ability to fund its ongoing operations.
Investors frequently misapply the P/E ratio to VATE, which obscures the company's true performance because the metric fails to account for the significant non-cash charges and high interest expenses inherent in its current holding company structure and capital-intensive infrastructure business model.
Using P/E for a company with persistent net losses and high debt is fundamentally flawed, as it ignores the cash-generating potential of the underlying subsidiaries. Analysts should instead focus on Adjusted EBITDA or Free Cash Flow to better understand the operational reality, as these metrics provide a clearer view of the company's ability to service its debt and fund its growth initiatives.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying VATE stock.
INNOVATE Corp.'s current P/E ratio is -4.0x. The historical average is 1.0x.
INNOVATE Corp.'s current EV/EBITDA is 13.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.3x.
Based on historical data, INNOVATE Corp. is trading at a P/E of -4.0x. Compare with industry peers and growth rates for a complete picture.
INNOVATE Corp.'s current dividend yield is 0.86%.
INNOVATE Corp. has 14.6% gross margin and 2.7% operating margin.
INNOVATE Corp.'s Debt/EBITDA ratio is 11.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.