VATE (VATE) financial statements
VATE reported revenue of $1.2B in fiscal 2025, down 1.4% a year over 9 years.
Net income was -$61M and the operating margin 2.3%, against -0.1% in 2016.
Free cash flow was $146M, and the company returned $2M in dividends.
The diluted share count rose 254% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from VATE's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4B | $1.5B | $1.8B | $756M | $717M | $1.2B | $1.6B | $1.4B | $1.1B | $1.2B |
| Cost of revenue | $1.3B | $1.3B | $1.6B | $596M | $588M | $1.0B | $1.4B | $1.2B | $898M | $1.0B |
| Gross profit | $162M | $169M | $189M | $160M | $128M | $184M | $221M | $216M | $209M | $200M |
| Selling, general and admin | $153M | $183M | $218M | $177M | $146M | $168M | $180M | $168M | $160M | $153M |
| Operating income | -$2M | -$1M | -$56M | $25M | -$28M | -$11M | $13M | $26M | $40M | $29M |
| Interest expense | $43M | $55M | $76M | $76M | $75M | $59M | $52M | $68M | $74M | $89M |
| Pre-tax income | -$46M | -$40M | $182M | -$42M | -$47M | -$81M | -$41M | -$34M | -$33M | -$62M |
| Income tax | $52M | $11M | $2M | -$20M | $7M | $6M | $900,000 | $4M | $6M | $2M |
| Net income | -$94M | -$47M | $162M | -$32M | -$92M | -$228M | -$36M | -$35M | -$35M | -$61M |
| EPS (diluted) | -$28.30 | -$11.60 | — | -$7.00 | -$18.80 | -$29.80 | -$5.30 | -$4.81 | -$3.08 | -$4.84 |
| Diluted shares | 4M | 4M | 5M | 4M | 5M | 8M | 8M | 8M | 11M | 13M |
| Gross margin | 11.4% | 11.4% | 10.6% | 21.1% | 17.9% | 15.2% | 13.5% | 15.2% | 18.9% | 16.0% |
| Operating margin | -0.1% | -0.1% | -3.1% | 3.3% | -3.9% | -0.9% | 0.8% | 1.9% | 3.6% | 2.3% |
| Net margin | -6.7% | -3.2% | 9.1% | -4.2% | -12.8% | -18.9% | -2.2% | -2.5% | -3.1% | -4.9% |
Balance sheet
Fiscal years, from VATE's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $115M | $98M | $301M | $23M | $44M | $46M | $80M | $81M | $42M | $108M |
| Receivables | $268M | $322M | $379M | $229M | $135M | $247M | $255M | $278M | $194M | $239M |
| Inventory | $10M | $13M | $21M | $11M | $10M | $17M | $19M | $22M | $21M | $16M |
| Total current assets | — | — | — | — | $6.2B | $443M | $536M | $518M | $391M | $451M |
| Property, plant and equipment | $286M | $375M | $376M | $224M | $113M | $170M | $165M | $155M | $134M | $132M |
| Goodwill | $98M | $132M | $151M | $110M | $111M | $127M | $127M | $127M | $127M | $106M |
| Total assets | $2.8B | $3.2B | $6.5B | $7.0B | $6.7B | $1.1B | $1.2B | $1.0B | $891M | $950M |
| Total current liabilities | — | — | — | — | $5.9B | $440M | $417M | $414M | $483M | $1.0B |
| Long-term debt | $428M | — | — | $1.0B | $128M | $557M | $684M | $679M | $501M | $80M |
| Total liabilities | $2.7B | $3.0B | $6.3B | $6.5B | $6.1B | $1.1B | $1.2B | $1.2B | $1.0B | $1.2B |
| Shareholders' equity | $44M | $73M | $88M | $350M | $560M | -$84M | -$121M | -$166M | -$180M | -$240M |
| Net debt | $313M | -$98M | -$301M | $1.0B | $518M | $581M | $634M | $629M | $621M | $491M |
Cash flow
Fiscal years, from VATE's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $79M | $7M | $341M | $111M | $41M | $27M | -$10M | $26M | $9M | $147M |
| Capital spending | $29M | $32M | $40M | $25M | $18M | $24M | $21M | $18M | $19M | $500,000 |
| Free cash flow | $50M | -$25M | $302M | $86M | $23M | $3M | -$30M | $8M | -$10M | $146M |
| Stock-based compensation | $8M | $5M | $9M | $6M | $3M | $2M | $2M | $2M | $3M | $3M |
| Dividends paid | $1M | $500,000 | $500,000 | — | — | $3M | $5M | $2M | $1M | $2M |
| Net borrowing | $34M | $135M | $154M | $59M | -$186M | -$1M | -$18M | -$32M | — | — |
| Free cash flow margin | 3.5% | -1.7% | 17.0% | 11.4% | 3.3% | 0.2% | -1.8% | 0.6% | -0.9% | 11.7% |
| Dividends per share | $0.35 | $0.12 | $0.11 | — | — | $0.38 | $0.67 | $0.28 | $0.11 | $0.17 |
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Open VATE in InvestinglyQuestions
What was VATE's revenue in 2025?
$1.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does VATE generate?
$146M in fiscal 2025 (operating cash flow minus capital spending).
From VATE's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.