INNOVATE Corp. (VATE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-786.2%

-$37.47

vs $5.46 price

Levered DCF

-$9.26

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.28

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-0.93×	-1.81×	-2.57×	-3.56×	-3.57×	-3.54×	-5.52×	0.89×
P/B	-0.26×	-0.36×	-0.58×	-1.4×	-3.38×	0.29×	0.27×	1.4×
P/S	0.05×	0.06×	0.07×	0.09×	0.24×	0.23×	0.09×	0.06×
EV / EBITDA	11.49×	9.93×	12.49×	13.53×	29.07×	13.17×	10.31×	1.83×
Gross margin	14.6%	18.9%	15.2%	13.5%	15.2%	17.9%	22.9%	9.8%
Operating margin	2.7%	3.6%	1.9%	0.8%	-0.9%	-3.9%	2.3%	-2.8%
Net margin	-4.9%	-3.1%	-2.5%	-2.2%	-18.9%	-12.8%	-2.9%	7.0%
Current ratio	0.44×	0.81×	1.17×	1.29×	1.01×	1.05×	0.27×	15.23×
Debt / equity	-3.11×	-3.99×	-4.66×	-7.57×	-8.12×	1.06×	2.15×	8.44×
Interest coverage	0.38×	0.54×	0.39×	0.26×	-0.18×	-0.38×	0.33×	-0.74×
Dividend yield	3.7%	1.9%	2.3%	3.6%	0.0%	0.0%	0.0%	1.6%
Payout ratio	-3.6%	-3.5%	-6.3%	-14.5%	0.0%	0.0%	0.0%	1.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	26.3%	19.2%	21.3%	34.6%	269.9%	-16.1%	-8.7%	157.8%
Return on invested capital	6.7%	6.9%	4.1%	1.7%	-1.5%	-2.3%	0.8%	-0.9%
Return on assets	-6.4%	-3.9%	-3.4%	-3.1%	-21.1%	-1.4%	-0.5%	2.1%
Free cash flow yield	201.7%	-15.3%	8.4%	-20.8%	22.9%	14.2%	88.5%	244.2%
Earnings yield	-101.4%	-53.5%	-36.4%	-24.8%	-79.7%	-56.1%	-32.4%	112.5%
Enterprise value	$665.1M	$735.1M	$787.9M	$849.8M	$924.6M	$723M	$678.4M	$542.5M
Net debt / EBITDA	10.46×	9.06×	10.95×	11.22×	20.1×	10.18×	8.83×	1.41×
Cash conversion cycle (days)	48	73	66	46	53	76	-1,736	262