Velocity Financial, Inc.
VEL NYSE Finance Services Financials FY2018–FY2025
Last close · Oct 23, 2026
$15.30
0.6%
Revenue
Total sales reported in the income statement.
$186M
36.8%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$105M
53.5%
Free cash flow
Cash from operations minus capital spending.
$17.9M
52.3%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$601M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
5.5x
On $2.76 EPS (TTM)
What Velocity Financial, Inc. does
No business description yet.
- Legal name
- Velocity Financial, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 12, 2026
- Accession · CIK
- 0001193125-26-102677
0001692376
Revenue and margins
Velocity Financial, Inc. had $186M of revenue in fiscal 2025, up 36.8% on the year before.
FY18
Revenue $48.8M
FY19
Revenue $59.0M
FY20
Revenue $67.4M
FY21
Revenue $76.0M
FY22
Revenue $83.1M
FY23
Revenue $108M
FY24
Revenue $136M
FY25
Revenue $186M
Q3 '23
Revenue $27.4M
Q4 '23
Revenue $30.7M
Q1 '24
Revenue $29.5M
Q2 '24
Revenue $32.4M
Q3 '24
Revenue $35.1M
Q4 '24
Revenue $38.9M
Q1 '25
Revenue $37.5M
Q2 '25
Revenue $47.6M
Q3 '25
Revenue $49.1M
Q4 '25
Revenue $51.6M
Q1 '26
Revenue $43.9M
Q2 '26
Revenue $48.9M
FY18
Gross —
Operating —
Net 15.6%
FCF −151.2%
FY19
Gross —
Operating —
Net 29.3%
FCF −180.0%
FY20
Gross —
Operating —
Net 26.4%
FCF 80.3%
FY21
Gross —
Operating —
Net 38.5%
FCF 75.7%
FY22
Gross —
Operating —
Net 38.7%
FCF 58.1%
FY23
Gross —
Operating —
Net 48.5%
FCF 45.2%
FY24
Gross —
Operating —
Net 50.4%
FCF 27.6%
FY25
Gross —
Operating —
Net 56.5%
FCF 9.6%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net 44.2%
FCF −35.7%
Q4 '23
Gross —
Operating —
Net 56.5%
FCF 84.8%
Q1 '24
Gross —
Operating —
Net 58.5%
FCF 35.8%
Q2 '24
Gross —
Operating —
Net 45.6%
FCF 35.1%
Q3 '24
Gross —
Operating —
Net 45.1%
FCF −50.3%
Q4 '24
Gross —
Operating —
Net 53.0%
FCF 85.4%
Q1 '25
Gross —
Operating —
Net 50.4%
FCF 9.2%
Q2 '25
Gross —
Operating —
Net 54.6%
FCF 15.9%
Q3 '25
Gross —
Operating —
Net 51.7%
FCF 23.2%
Q4 '25
Gross —
Operating —
Net 67.4%
FCF −8.8%
Q1 '26
Gross —
Operating —
Net 50.9%
FCF 27.4%
Q2 '26
Gross —
Operating —
Net 51.5%
FCF 7.5%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY18
Net income $7.6M
FY19
Net income $17.3M
FY20
Net income $17.8M
FY21
Net income $29.2M
FY22
Net income $32.2M
FY23
Net income $52.3M
FY24
Net income $68.4M
FY25
Net income $105M
Q3 '23
Net income $12.1M
Q4 '23
Net income $17.4M
Q1 '24
Net income $17.3M
Q2 '24
Net income $14.8M
Q3 '24
Net income $15.8M
Q4 '24
Net income $20.6M
Q1 '25
Net income $18.9M
Q2 '25
Net income $26.0M
Q3 '25
Net income $25.4M
Q4 '25
Net income $34.8M
Q1 '26
Net income $22.4M
Q2 '26
Net income $25.2M
FY18
Diluted EPS —
FY19
Diluted EPS —
FY20
Diluted EPS −$1.55
FY21
Diluted EPS $0.86
FY22
Diluted EPS $0.94
FY23
Diluted EPS $1.52
FY24
Diluted EPS $1.91
FY25
Diluted EPS $2.75
Q3 '23
Diluted EPS $0.35
Q4 '23
Diluted EPS $0.50
Q1 '24
Diluted EPS $0.49
Q2 '24
Diluted EPS $0.42
Q3 '24
Diluted EPS $0.44
Q4 '24
Diluted EPS $0.56
Q1 '25
Diluted EPS $0.51
Q2 '25
Diluted EPS $0.69
Q3 '25
Diluted EPS $0.65
Q4 '25
Diluted EPS $0.90
Q1 '26
Diluted EPS $0.57
Q2 '26
Diluted EPS $0.64
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital —
Return on equity 5.6%
Return on assets —
FY19
Return on capital —
Return on equity 11.9%
Return on assets 0.8%
FY20
Return on capital —
Return on equity 9.5%
Return on assets 0.8%
FY21
Return on capital —
Return on equity 10.4%
Return on assets 1.2%
FY22
Return on capital —
Return on equity 9.0%
Return on assets 1.0%
FY23
Return on capital —
Return on equity 12.9%
Return on assets 1.3%
FY24
Return on capital —
Return on equity 14.4%
Return on assets 1.4%
FY25
Return on capital —
Return on equity 17.7%
Return on assets 1.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $17.9M in fiscal 2025, 9.6% of revenue. Cash from operations minus capital spending.
FY18
Free cash flow −$73.8M
FY19
Free cash flow −$106M
FY20
Free cash flow $54.2M
FY21
Free cash flow $57.5M
FY22
Free cash flow $48.3M
FY23
Free cash flow $48.7M
FY24
Free cash flow $37.5M
FY25
Free cash flow $17.9M
Q3 '23
Free cash flow −$9.8M
Q4 '23
Free cash flow $26.1M
Q1 '24
Free cash flow $10.5M
Q2 '24
Free cash flow $11.4M
Q3 '24
Free cash flow −$17.6M
Q4 '24
Free cash flow $33.2M
Q1 '25
Free cash flow $3.5M
Q2 '25
Free cash flow $7.6M
Q3 '25
Free cash flow $11.4M
Q4 '25
Free cash flow −$4.5M
Q1 '26
Free cash flow $12.0M
Q2 '26
Free cash flow $3.6M
FY18
Cash from operations −$72.5M
Capital spending $1.3M
FY19
Cash from operations −$105M
Capital spending $0.9M
FY20
Cash from operations $54.9M
Capital spending $0.7M
FY21
Cash from operations $57.6M
Capital spending $0.1M
FY22
Cash from operations $48.7M
Capital spending $0.3M
FY23
Cash from operations $48.8M
Capital spending $0.2M
FY24
Cash from operations $37.8M
Capital spending $0.3M
FY25
Cash from operations $18.2M
Capital spending $0.3M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$9.8M
Capital spending $0.0M
Q4 '23
Cash from operations $26.2M
Capital spending $0.1M
Q1 '24
Cash from operations $10.6M
Capital spending $0.0M
Q2 '24
Cash from operations $11.5M
Capital spending $0.1M
Q3 '24
Cash from operations −$17.6M
Capital spending $0.1M
Q4 '24
Cash from operations $33.3M
Capital spending $0.1M
Q1 '25
Cash from operations $3.5M
Capital spending $0.1M
Q2 '25
Cash from operations $7.7M
Capital spending $0.1M
Q3 '25
Cash from operations $11.5M
Capital spending $0.1M
Q4 '25
Cash from operations −$4.5M
Capital spending $0.1M
Q1 '26
Cash from operations $12.1M
Capital spending $0.0M
Q2 '26
Cash from operations $3.7M
Capital spending $0.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
Velocity Financial, Inc. returned $7.3M to shareholders in fiscal 2025, 41% of free cash flow. The diluted share count rose 6.8%.
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks $0.5M
FY23
Dividends —
Buybacks $0.9M
FY24
Dividends —
Buybacks $1.6M
FY25
Dividends —
Buybacks $7.3M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $0.0M
Q4 '23
Dividends —
Buybacks $0.0M
Q1 '24
Dividends —
Buybacks $1.3M
Q2 '24
Dividends —
Buybacks $0.3M
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks $2.2M
Q2 '25
Dividends —
Buybacks $5.0M
Q3 '25
Dividends —
Buybacks $0.2M
Q4 '25
Dividends —
Buybacks $0.0M
Q1 '26
Dividends —
Buybacks $4.5M
Q2 '26
Dividends —
Buybacks $2.7M
Dividends
Buybacks
FY18
Diluted shares —
FY19
Diluted shares —
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.03B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.04B
FY25
Diluted shares 0.04B
Balance sheet
Cash, debt and the ratios that show how comfortably Velocity Financial, Inc. can carry it.
FY18
Cash $15.0M
Debt —
FY19
Cash $21.5M
Debt —
FY20
Cash $13.3M
Debt —
FY21
Cash $36.0M
Debt —
FY22
Cash $45.2M
Debt —
FY23
Cash $40.6M
Debt —
FY24
Cash $49.9M
Debt —
FY25
Cash $92.1M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $36.0M | $45.2M | $40.6M | $49.9M | $92.1M |
| Total assets | $2.8B | $3.7B | $4.4B | $5.5B | $7.4B |
| Total liabilities | $2.5B | $3.4B | $4.0B | $5.0B | $6.7B |
| Shareholders' equity | $341M | $377M | $433M | $517M | $673M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ |
| Debt fell relative to assets | — | — | — | — | — | — | — | — |
| Current ratio rose | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | — | — | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ |
| F-score | — / 3 | — / 3 | — / 5 | — / 6 | — / 6 | — / 6 | — / 6 | — / 6 |
| Accruals ratio | — | 5.5% | −1.7% | −1.2% | −0.5% | 0.1% | 0.6% | 1.3% |
| Altman Z'' | — | — | — | — | — | — | — | — |
8 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $48.8M | $59.0M | $67.4M | $76.0M | $83.1M | $108M | $136M | $186M |
| Net interest income | $48.8M | $59.0M | $67.4M | $76.0M | $83.1M | $108M | $136M | $186M |
| Noninterest expense | $32.2M | $35.1M | $45.6M | $46.3M | $61.8M | $101M | $140M | $197M |
| Interest expense | — | $98.5M | $99.9M | $106M | $157M | $203M | $271M | $365M |
| Pretax income | $19.2M | $25.4M | $23.1M | $39.8M | $44.6M | $71.1M | $96.4M | $146M |
| Income tax | $11.6M | $8.1M | $5.4M | $10.6M | $12.0M | $18.8M | $27.9M | $41.3M |
| Net income | $7.6M | $17.3M | $17.8M | $29.2M | $32.2M | $52.3M | $68.4M | $105M |
| Net income to common | — | — | −$31.2M | $29.2M | $32.2M | $52.3M | $68.4M | $105M |
| Diluted EPS | — | — | −$1.55 | $0.86 | $0.94 | $1.52 | $1.91 | $2.75 |
| Diluted shares | — | — | 0.02B | 0.03B | 0.03B | 0.03B | 0.04B | 0.04B |
| Cash flow | ||||||||
| Cash from operations | −$72.5M | −$105M | $54.9M | $57.6M | $48.7M | $48.8M | $37.8M | $18.2M |
| Capital expenditure | $1.3M | $0.9M | $0.7M | $0.1M | $0.3M | $0.2M | $0.3M | $0.3M |
| Free cash flow | −$73.8M | −$106M | $54.2M | $57.5M | $48.3M | $48.7M | $37.5M | $17.9M |
| Depreciation and amortization | $1.4M | $1.4M | $1.2M | $1.1M | $0.8M | $0.8M | $0.8M | $0.5M |
| Stock-based compensation | — | — | $1.0M | $2.2M | $3.3M | $4.1M | $6.2M | $8.3M |
| Acquisitions | — | — | — | $10.8M | — | — | — | — |
| Share buybacks | — | — | — | — | $0.5M | $0.9M | $1.6M | $7.3M |
| Dividends and buybacks | — | — | — | — | $0.5M | $0.9M | $1.6M | $7.3M |
| Balance sheet | ||||||||
| Cash and short-term investments | $15.0M | $21.5M | $13.3M | $36.0M | $45.2M | $40.6M | $49.9M | $92.1M |
| Loans, net | — | $2.1B | $2.0B | $2.6B | $3.5B | $4.2B | — | — |
| Property and equipment, net | — | $4.7M | $4.1M | $3.8M | $3.4M | $2.8M | $1.7M | $1.4M |
| Goodwill | — | — | — | $6.8M | $6.8M | $6.8M | $6.8M | $6.8M |
| Total assets | — | $2.2B | $2.1B | $2.8B | $3.7B | $4.4B | $5.5B | $7.4B |
| Total liabilities | — | $2.1B | $1.8B | $2.5B | $3.4B | $4.0B | $5.0B | $6.7B |
| Shareholders' equity | $137M | $153M | $220M | $341M | $377M | $433M | $517M | $673M |
| Margins | ||||||||
| Net margin | 15.6% | 29.3% | 26.4% | 38.5% | 38.7% | 48.5% | 50.4% | 56.5% |
| FCF margin | −151.2% | −180.0% | 80.3% | 75.7% | 58.1% | 45.2% | 27.6% | 9.6% |
| Net interest share of revenue | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Efficiency ratio | 65.9% | 59.5% | 67.6% | 60.9% | 74.3% | 93.4% | 102.8% | 106.2% |
| Returns | ||||||||
| Return on equity | 5.6% | 11.9% | 9.5% | 10.4% | 9.0% | 12.9% | 14.4% | 17.7% |
| Return on assets | — | 0.8% | 0.8% | 1.2% | 1.0% | 1.3% | 1.4% | 1.6% |
| Return on tangible equity | 5.6% | 11.3% | −14.2% | 8.7% | 8.7% | 12.3% | 13.4% | 15.8% |
| Growth | ||||||||
| Revenue growth | — | 20.9% | 14.3% | 12.6% | 9.4% | 29.6% | 26.0% | 36.8% |
| Net income growth | — | 126.6% | 2.8% | 64.4% | 10.2% | 62.3% | 30.9% | 53.5% |
| EPS growth | — | — | — | — | 9.3% | 61.7% | 25.7% | 44.0% |
| FCF growth | — | — | — | 6.1% | −15.9% | 0.6% | −23.0% | −52.3% |
| Share count change | — | — | — | 69.2% | 0.4% | 1.0% | 3.7% | 6.8% |
| Capital allocation | ||||||||
| Capex / revenue | 2.7% | 1.5% | 1.1% | 0.2% | 0.4% | 0.2% | 0.2% | 0.2% |
| Stock comp / revenue | — | — | 1.4% | 2.8% | 4.0% | 3.8% | 4.5% | 4.5% |
| Payouts / FCF | — | — | — | — | 0.9% | 1.8% | 4.1% | 41.0% |
| Quality scores | ||||||||
| Accruals ratio | — | 5.5% | −1.7% | −1.2% | −0.5% | 0.1% | 0.6% | 1.3% |
Source: SEC EDGAR XBRL filings (CIK 0001692376). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.