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INNOVATE

VATE
34
Engineering & Construction · Industrials
Exchange
New York Stock Exchange
Winston Score
34
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Good
Cash Flow
Weak
Stability
Weak
Valuation
Data not available
Dividends
Good
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Winston Score History

The full picture

INNOVATE Corp. is a holding company that owns businesses across several industries, with its largest segment being infrastructure construction. Its main subsidiary, DBM Global, builds structural steel and heavy construction projects like bridges, stadiums, and commercial buildings. Customers include government agencies, real estate developers, and large contractors across the United States.

The company earns most of its revenue from construction contracts, where it gets paid to complete specific projects rather than through recurring subscriptions or licenses. INNOVATE also has smaller stakes in life sciences and spectrum businesses, making it a diversified but complex conglomerate. With a market cap of around $100 million, it is a small company carrying meaningful debt, which is a key financial risk. Growth depends largely on winning new construction contracts and the overall health of US infrastructure spending, including any federal infrastructure funding that flows into steel-intensive projects.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+74.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+144.3% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

68.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$5M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

INNOVATE grew revenue 74% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
18.9%
Thin — 18.9% gross margin
Profit after running costs
Operating Margin
8.2%
Modest — 8.2% operating margin
Return on the money invested
ROCE
8.8%
Below par — 8.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+52.4%
Fast-growing sales (+52.4% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
9.4%
Modest free cash flow (9.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
—
Data not available
Covers its interest
Interest Cover
0.68x
Dangerous — barely covers interest (0.7x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
no trend
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
10.94%
no trend
Healthy income — 10.94% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
N/A
no trend
Data not available

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