INNOVATE Corp. VATE

Competitive advantage analysis · industrials

Corporate Default
Overall moat score
39/100
Developing

Ranked against 48 peers in Engineering & Construction

About INNOVATE Corp.

INNOVATE Corp., through its subsidiaries, operates in infrastructure, life sciences, and spectrum areas in the United States. The Infrastructure segment provides industrial construction, structural steel, and facility maintenance services, such as fabrication and erection of structural steel and heavy steel plate services, and large-diameter water pipes and water storage tanks; fabrication of trusses and girders; and 3-D building information modeling … Full VATE analysis →

Key strengths

  • Margins Stable Across Cycles Operating margin volatility is low (stability score 0.71), demonstrating pricing resilience across cycles.
  • Cash Generation Consistent Cash generation is consistent (score 0.79), indicating reliable business model.

Key risks

  • ROIC Below WACC or Peers ROIC at 36.4th percentile suggests inefficient capital deployment.
  • Elevated Debt Risk Debt serviceability is weak (score 0.18), raising refinancing risk.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Pricing Power

Developing
47
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Signals, strengths and risks for Pricing Power

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Signals, strengths and risks for Cost Advantage

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Signals, strengths and risks for Customer Stickiness

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Signals, strengths and risks for Capital Efficiency

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Signals, strengths and risks for Resilience

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Signals, strengths and risks for Scale & Market Position

Where VATE ranks in Engineering & Construction

INNOVATE Corp. ranks #32 of 49 scored companies in Engineering & Construction by moat score — the top 65%. The widest moat in the group is Sterling Infrastructure, Inc. (STRL) at 79/100.

# Company Moat score Rating
28 Bowman Consulting Group Ltd. BWMN 46/100 Developing
29 Ameresco, Inc. AMRC 45/100 Developing
30 Skyline Builders Group Holding SKBL 42/100 Developing
31 Orion Group Holdings, Inc. ORN 42/100 Developing
32 INNOVATE Corp. VATE 39/100 Developing
33 Fluor Corporation FLR 39/100 Developing
34 Matrix Service Company MTRX 38/100 Developing
35 Energy Services of America Corp ESOA 32/100 Developing
36 Shimmick Corporation SHIM 25/100 Developing

See every General Corporate company ranked by moat score →

How VATE scores on the Corporate Default defenses

Pricing Power

Score 47 · 20% of the moat score

Pricing power is the ability to raise prices without losing volume.

Cost Advantage

Score 34 · 15% of the moat score

A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.

Customer Stickiness

Score 55 · 15% of the moat score

Stickiness is what makes revenue repeat without being re-won every year.

Capital Efficiency

Score 26 · 18% of the moat score

Capital efficiency asks what the company earns on the money tied up in the business.

Resilience

Score 25 · 17% of the moat score

Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.

Scale & Market Position

Score 52 · 15% of the moat score

Scale matters only when it converts into economics.

How each Corporate Default defense is measured, in full →

Understanding VATE's moat

What is INNOVATE Corp.'s moat score?

INNOVATE Corp. (VATE) scores 39 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #32 of 49 scored companies in Engineering & Construction, the top 65%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 48 companies in Engineering & Construction. Its strongest defense is Customer Stickiness (55/100) and its weakest is Resilience (25/100).

How does INNOVATE Corp. compare with other Engineering & Construction companies?

INNOVATE Corp. ranks #32 of 49 scored companies in Engineering & Construction by moat score. The widest moat in Engineering & Construction is Sterling Infrastructure, Inc. (STRL) at 79/100. The companies ranked closest are Orion Group Holdings, Inc. (ORN) at 42 just above it and Fluor Corporation (FLR) at 39 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 48 companies in Engineering & Construction. The defenses are then weighted to produce the overall score out of 100.

Why is INNOVATE Corp. scored with the Corporate Default template?

Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.

Which competitive defenses are measured for INNOVATE Corp.?

The Corporate Default template measures 6 defenses, and VATE scores: Pricing Power (47), Cost Advantage (34), Customer Stickiness (55), Capital Efficiency (26), Resilience (25), Scale & Market Position (52). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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