VATE
INNOVATE Corp.
VATE's outlook is improving, though it still trails on the overall score.
VRT
Vertiv Holdings Co
VRT has the edge over VATE overall, supported by stronger valuation and lower modeled downside.
VATE Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Stable | |
| Healthy | |
| Weak |
VATE's revenue and cash flow are currently healthy, and its profitability is stable, but its balance sheet is weak.
VRT Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
VRT's revenue, profitability, cash flow and balance sheet are all currently strong.
VATE PE Valuation
VATE has no meaningful PE right now: it lost money over the past year.
VRT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 23x | $210 | — |
| Current | 39x | $210 | — |
| Cheap | 58x | $308 | +47% |
| Fair | 72x | $383 | +83% |
| Expensive | 88x | $472 | +125% |
Historical ranges are pointers, not guarantees.
VRT's PE is in its cheap range at 39x. If earnings grow as analysts expect, today's price would be 23x next year's earnings.
VATE Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect VATE's losses to shrink, with revenue growing.
VRT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect strong earnings and revenue growth for VRT, with profitability improving.
VATE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.05 | +$6.00 |
| Q2 2026 | -$1.86 | +$4.66 |
| Q1 2026 | -$4.24 | -$0.39 |
| Q4 2025 | -$4.84 | -$0.68 |
| Q3 2025 | -$6.05 | -$2.37 |
| Q2 2025 | -$6.52 | -$3.12 |
| Q1 2025 | -$3.85 | +$1.85 |
| Q4 2024 | -$4.16 | +$0.64 |
VATE lost $0.05 per share over the past year, a smaller loss than the year before.
VRT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.14 | +71% |
| Q3 2026 | $5.35 | +102% |
| Q2 2026 | $4.42 | +111% |
| Q1 2026 | $3.98 | +131% |
| Q4 2025 | $3.41 | +166% |
| Q3 2025 | $2.65 | +75% |
| Q2 2025 | $2.09 | +62% |
| Q1 2025 | $1.72 | +64% |
| Q4 2024 | $1.28 | +7.6% |
VRT has the edge over VATE on earnings quality, reporting a profit while its opponent remains loss making.
VATE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $495.5M | +43% |
| Q2 2026 | $421.6M | +74% |
| Q1 2026 | $364.8M | +33% |
| Q4 2025 | $382.7M | +62% |
| Q3 2025 | $347.1M | +43% |
| Q2 2025 | $242M | -23% |
| Q1 2025 | $274.2M | -13% |
| Q4 2024 | $236.6M | -34% |
VATE's revenue has grown year over year for five quarters in a row: $496M last quarter, up 43% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 6% | +4.2 points |
| Q2 2026 | 8.2% | +6.2 points |
| Q1 2026 | 2.7% | +1.5 points |
| Q4 2025 | 3.7% | +2.7 points |
| Q3 2025 | 1.8% | -0.7 points |
| Q2 2025 | 2% | -7.2 points |
| Q1 2025 | 1.2% | +0.3 points |
| Q4 2024 | 1.1% | -2.8 points |
VATE's operating margin was 6% last quarter, up 4.2 points from the same quarter a year ago.
VRT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.3B | +61% |
| Q2 2026 | $3.3B | +24% |
| Q1 2026 | $2.6B | +30% |
| Q4 2025 | $2.9B | +23% |
| Q3 2025 | $2.7B | +29% |
| Q2 2025 | $2.6B | +35% |
| Q1 2025 | $2B | +24% |
| Q4 2024 | $2.3B | +26% |
VRT's revenue has grown year over year every quarter since late 2020: $4.3B last quarter, up 61% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 23% | +3.5 points |
| Q2 2026 | 19% | +2.7 points |
| Q1 2026 | 17% | +2.3 points |
| Q4 2025 | 20% | +0.7 points |
| Q3 2025 | 19% | +1.4 points |
| Q2 2025 | 17% | -0.4 points |
| Q1 2025 | 14% | +1.9 points |
| Q4 2024 | 19% | +4.2 points |
VRT has the edge over VATE on profitability, with a higher operating margin.
VATE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $34.8M | +83% |
| Q2 2026 | -$24.7M | -155% |
| Q1 2026 | $45.3M | +$64.1M |
| Q4 2025 | $101.1M | +196% |
| Q3 2025 | $19M | +$50.5M |
| Q2 2025 | $44.8M | +143% |
| Q1 2025 | -$18.8M | +$12.2M |
| Q4 2024 | $34.2M | -40% |
VATE generated $157M in free cash flow over the past year, up 98% from the year before.
VRT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $654.9M | +41% |
| Q2 2026 | $926.5M | +233% |
| Q1 2026 | $654.2M | +145% |
| Q4 2025 | $885.6M | +143% |
| Q3 2025 | $463.5M | +36% |
| Q2 2025 | $277.9M | -19% |
| Q1 2025 | $266.8M | +162% |
| Q4 2024 | $364.5M | +18% |
VRT has the edge over VATE on cash flow, with more consistent year-over-year improvement.
VATE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.9% | -264K shares |
| 1 year | +3.3% | +440K shares |
| 3 years | +75% | +5.9M shares |
| 5 years | +78% | +6M shares |
| Available history | +206% | +9.2M shares |
VATE has 14M diluted shares, up 3.3% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
VRT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -64.9K shares |
| 1 year | +0.4% | +1.8M shares |
| 3 years | +1.1% | +4.4M shares |
| 5 years | +10% | +36M shares |
| Available history | +63% | +152M shares |
VRT has the edge over VATE on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | $599.9M |
VATE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.3x | High |
| Q2 2026 | 6.0x | High |
| Q1 2026 | 9.2x | High |
| Q4 2025 | 10.4x | High |
| Q3 2025 | 15.2x | High |
| Q2 2025 | 14.6x | High |
| Q1 2025 | 9.6x | High |
| Q4 2024 | 9.4x | High |
VATE's net debt is about 5.3 years of its operating earnings (EBITDA), down from 15 years a year ago.
VRT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.2x | Net Cash |
| Q2 2026 | 0.1x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.8x | Very low |
| Q2 2025 | 0.7x | Very low |
| Q1 2025 | 0.8x | Very low |
| Q4 2024 | 1.0x | Healthy |
VRT has the edge over VATE on leverage, with a lower net debt burden relative to earnings.
VATE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.5 | Neutral |
| Stochastic | 2.3 | Oversold |
VATE's weekly RSI is 38 (neutral) and its Stochastic is 2 (oversold).
VRT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 26.4 | Neutral |
VRT's weekly RSI is 43 (neutral) and its Stochastic is 26 (neutral).
VATE PE vs Industrials Sector
VATE has no meaningful PE right now: it lost money over the past year.
VRT PE vs Industrials Sector
| Metric | VRT | Sector median | Relative |
|---|---|---|---|
| PE | 39x | 24x | 63% above |
| PE % | 3 | 58 | 55 pts below |
VRT is trading at 39x earnings, a 63% premium to the Industrials sector's median of 24x.
VATE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.21 | 22% below |
| 20 week MA | $7.91 | 39% below |
| 50 week MA | $8.41 | 42% below |
| 100 week MA | $7.38 | 34% below |
| 200 week MA | $10.2 | 52% below |
VATE is in a downtrend: it's below all five of its weekly moving averages, and 52% below its 200-week average.
VRT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $221.8 | 5.5% below |
| 20 week MA | $254.4 | 18% below |
| 50 week MA | $253.9 | 17% below |
| 100 week MA | $189.1 | 11% above |
| 200 week MA | $123.5 | 70% above |
VRT has the edge over VATE on trend strength, trading above more of its moving averages.
VATE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $21.1 | $36.8 | +74% |
| 2021 | $36.8 | $37.3 | +1.4% |
| 2022 | $37.3 | $14.2 | -62% |
| 2023 | $14.2 | $12.3 | -13% |
| 2024 | $12.3 | $5.33 | -57% |
| 2025 | $5.33 | $4.92 | -7.7% |
| 2026 YTD | $4.92 | $4.86 | -1.2% |
VATE has finished four years in a row lower, and it's down 1.2% so far in 2026.
VRT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.9 | $18.9 | +73% |
| 2021 | $18.9 | $24.9 | +31% |
| 2022 | $24.9 | $12.8 | -48% |
| 2023 | $12.8 | $48.0 | +275% |
| 2024 | $48.0 | $115.1 | +140% |
| 2025 | $115.1 | $167.6 | +46% |
| 2026 YTD | $167.6 | $209.6 | +25% |
VRT has the edge over VATE on returns for 2026, with the stronger performance.