Are nationalized businesses generally less profitable and/or innovative?

I hear quite often that government-run businesses are terrible because they have no incentive to be profitable or innovate. The usual argument I hear is that the Soviet Union became a failed state due to state-run industry.

But it seems to me like there were probably a lot of issues with the Soviet Union. Saying that state-owned businesses don’t work because true Soviet Union failed doesn’t feel like a particularly good argument.

Are there examples of state run businesses that have innovated or produced profit? OS there economic consensus in whether or not nationalized business can operate successfully?