INNOVATE Corp.
INNOVATE Corp. operates as a diversified holding company managing a portfolio of subsidiaries across multiple operating segments. The company seeks to grow its businesses to generate long-term sustainable free cash flow and attractive returns for stakeholders. As of December 31, 2025, INNOVATE maintains three primary… From the company’s description.
Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.
What INNOVATE Corp. does
In the company’s own words
INNOVATE Corp. operates as a diversified holding company managing a portfolio of subsidiaries across multiple operating segments. The company seeks to grow its businesses to generate long-term sustainable free cash flow and attractive returns for stakeholders. As of December 31, 2025, INNOVATE maintains three primary operating platforms: Infrastructure, Life Sciences, and Spectrum, along with an Other segment for businesses that do not meet separately reportable thresholds.
The Infrastructure segment, operated through DBM Global Inc. (DBMG), provides fully integrated structural and steel construction services. DBMG generated $1,210.3 million in revenue during 2025, with Schuff Steel Company representing 56.8% of segment revenue, Banker Steel contributing 20.3%, and GrayWolf Industrial accounting for 19.6%. The company operates twelve fabrication shops across the United States and maintains thirty-three sales and management facilities in the United States, Australia, Canada, India, New Zealand, the Philippines, and the United Kingdom. DBMG's backlog totaled $1,723.9 million as of year-end 2025, with a sales pipeline including approximately $10.6 billion in potential revenue generation.
The Life Sciences segment comprises Pansend Life Sciences, LLC, which maintains controlling interests in R2 Technologies, Inc., a developer of aesthetic and medical devices for dermatology, and Genovel Orthopedics, Inc., focused on early osteoarthritis treatment. Pansend also holds significant investments in MediBeacon Inc., a medical technology company specializing in kidney function assessment, along with positions in Triple Ring Technologies and Scaled Cell Solutions.
The Spectrum segment operates through HC2 Broadcasting Holdings Inc., a strategic operator of over-the-air broadcasting stations across the United States and Puerto Rico.
As of December 31, 2025, INNOVATE employed 3,587 full-time employees and 151 part-time employees across its operating subsidiaries. The company is required to commence sales processes for its Infrastructure and Spectrum segments following refinancing transactions completed during the third quarter of 2025 that included new milestone covenants. Management has initiated these sales processes while continuing to evaluate strategic alternatives to optimize the company's operational and financial position.
Company details
- Sector
- Industrials
- Industry
- Fabricated Metal
- Headquarters
- NEW YORK, NY
- Fiscal year end
- December
- CIK
- 1006837
- SIC
- 3440
Financial performance, year by year
Fiscal 2013–2025 · USDThe full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.
Who owns INNOVATE Corp. — and what changed
Funds as of 2026Q2 · superinvestors as of 2026-06-30
Largest fund holders · INNOVATE Corp.’s weight in each
Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.
INNOVATE Corp.’s bonds, as funds hold them
Funds report holding 1 issues of INNOVATE Corp.’s debt, $2.22M at market value — what funds hold, not the company’s total debt. Weighted-average coupon 10.50%, maturing 2027 to 2027.
Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.
Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.
Recent filings
All filings →Each filing opens into its own statements and disclosures here.
Put this business in context.
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