VEL

MKT CAP:$763M

Velocity Financial, Inc.

Market Cap

$763M

Financial Services·Financial - Mortgages·🇺🇸 United States·NYSE

Financials·Financial·🇺🇸·NYSE

Stock Price

$19.94+$0.40 (+2.05%)

Apr 20, 2026

Company Details

Velocity Financial, Inc. operates as a real estate finance company in the United States. It primarily originates and manages investor loans secured by 14 unit residential rental and small commercial properties. The company offers its produ...

CEO

Christopher D. Farrar

IPO Date

Jan 17, 2020

Website

www.velfinance.com

Key Metrics TTM

Revenue

$568M

+100.7% YoY

Net Income

$92M

EPS (Diluted)

$2.43

Free Cash Flow

$29M

Revenue / Share

$14.87

Gross Margin

124.3%

Operating Margin

53.3%

Net Margin

16.2%

FCF Margin

5.1%

P/S

1.3x

P/E

8.3x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Mar 11, 2026

$714M+48.0%EPS $2.75

Q4 2025

Mar 11, 2026

$182MEPS $0.89

Q3 2025

Nov 6, 2025

$172MEPS $0.65

FY 2024

Mar 11, 2025

$483MEPS $1.91

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 19	$38M	$12M	$6M
Q4 19	$43M	$16M	$8M
Q1 20	$44M	$14M	$4M
Q2 20	$37M	$12M	$3M
Q3 20	$41M	$15M	$5M
Q4 20	$44M	$21M	$12M
Q1 21	$42M	$13M	$5M
Q2 21	$45M	$22M	$13M
Q3 21	$45M	$20M	$11M
Q4 22	$73M	$29M	$12M
Q1 23	$80M	$33M	$15M
Q2 23	$85M	$35M	$17M
Q1 24	$99M	$90M	$88M
Q2 24	$114M	$49M	$20M
Q3 25	$172M	$77M	$35M
Q4 25	$182M	$490M	$159M

Valuation

Quarter	P/S	P/E
Q3 19	5.4x	54.2x
Q4 19	5.0x	44.1x
Q1 20	4.7x	50.3x
Q2 20	4.7x	55.3x
Q3 20	4.6x	57.0x
Q4 20	4.6x	42.9x
Q1 21	4.7x	41.0x
Q2 21	4.4x	29.4x
Q3 21	4.3x	25.1x
Q4 22	3.7x	26.0x
Q1 23	3.1x	20.8x
Q2 23	2.7x	19.4x
Q1 24	2.3x	15.7x
Q2 24	2.0x	13.9x
Q3 25	1.6x	11.0x
Q4 25	1.3x	8.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 19	-$86M	-$87M
Q4 19	-$28M	-$29M
Q1 20	$1M	$622.0K
Q2 20	$22M	$22M
Q3 20	$14M	$13M
Q4 20	$18M	$17M
Q1 21	$10M	$10M
Q2 21	$10M	$10M
Q3 21	$19M	$19M
Q4 22	$40M	$40M
Q1 23	-$12M	-$12M
Q2 23	$44M	$44M
Q1 24	$11M	$11M
Q2 24	$11M	$11M
Q3 25	$11M	$11M
Q4 25	-$4M	-$5M

Capital Expenditures

Quarter	CapEx
Q3 19	$602.0K
Q4 19	$504.0K
Q1 20	$744.0K
Q2 20	$285.0K
Q3 20	$293.0K
Q4 20	$250.0K
Q1 21	$49.0K
Q2 21	$72.0K
Q3 21	$51.0K
Q4 22	$53.0K
Q1 23	$48.0K
Q2 23	$0
Q1 24	$41.0K
Q2 24	$84.0K
Q3 25	$146.0K
Q4 25	$76.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 19	+20.8%	+21.4%
Q4 19	+35.1%	+22.7%
Q1 20	+22.3%	+37.0%
Q2 20	+2.9%	+11.0%
Q3 20	+6.1%	+9.2%
Q4 20	+2.9%	-6.8%
Q1 21	-5.4%	-8.1%
Q2 21	+24.1%	-4.2%
Q3 21	+11.6%	-3.4%
Q4 22	+65.8%	+89.8%
Q1 23	+91.1%	+75.0%
Q2 23	+85.9%	+107.7%
Q1 24	+117.9%	-68.4%
Q2 24	+55.8%	+53.2%
Q3 25	+116.5%	+111.2%
Q4 25	+115.7%	-66.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 19	$5M	12.4%
Q4 19	$0	0.0%
Q1 20	$207.0K	0.5%
Q2 20	$253.0K	0.7%
Q3 20	$200.0K	0.5%
Q4 20	$253.0K	0.6%
Q1 21	$485.0K	1.2%
Q2 21	$500.0K	1.1%
Q3 21	$500.0K	1.1%
Q4 22	$1M	1.6%
Q1 23	$1M	1.3%
Q2 23	$1M	1.2%
Q1 24	$1M	1.4%
Q2 24	$2M	1.4%
Q3 25	$2M	1.3%
Q4 25	$2M	1.2%

OpEx Breakdown

Quarter	G&A
Q3 19	$4M
Q4 19	$10M
Q1 20	$5M
Q2 20	$6M
Q3 20	$6M
Q4 20	$11M
Q1 21	$6M
Q2 21	$5M
Q3 21	$5M
Q4 22	$15M
Q1 23	$10M
Q2 23	$11M
Q1 24	$16M
Q2 24	$17M
Q3 25	$24M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$37M	$0	$37M
Q2 22	$46M	$0	$46M
Q3 22	$26M	$0	$26M
Q4 22	$45M	$0	$45M
Q1 23	$39M	$0	$39M
Q2 23	$34M	$0	$34M
Q3 23	$29M	$0	$29M
Q4 23	$41M	$0	$41M
Q1 24	$59M	$0	$59M
Q2 24	$47M	$0	$47M
Q3 24	$44M	$0	$44M
Q4 24	$50M	$0	$50M
Q1 25	$52M	$0	$52M
Q2 25	$80M	$0	$80M
Q3 25	$99M	$0	$99M
Q4 25	$92M	$0	$92M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 19	19M	+61.7%	+61.7%
Q4 19	114M	+497.8%	0.0%
Q1 20	20M	-82.3%	0.0%
Q2 20	20M	-0.0%	+71.0%
Q3 20	32M	+61.5%	+70.7%
Q4 20	33M	+1.1%	-71.1%
Q1 21	33M	+1.9%	+66.3%
Q2 21	34M	+1.7%	+69.1%
Q3 21	34M	+0.7%	+5.5%
Q4 22	34M	-0.4%	+3.9%
Q1 23	34M	-0.0%	+1.9%
Q2 23	34M	+0.3%	+0.5%
Q1 24	35M	+3.8%	+3.6%
Q2 24	36M	+0.5%	+4.5%
Q3 25	39M	+9.0%	+13.9%
Q4 25	38M	-1.6%	+11.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 19	—	—
Q4 19	$164.2K	262
Q1 20	$168.0K	262
Q2 20	$139.9K	262
Q3 20	$154.8K	262
Q4 20	$253.0K	175
Q1 21	$237.9K	175
Q2 21	$259.9K	175
Q3 21	$258.6K	175
Q4 22	$378.4K	194
Q1 23	$410.2K	194
Q2 23	$435.8K	194
Q1 24	$389.8K	253
Q2 24	$452.2K	253
Q3 25	$557.6K	309
Q4 25	$491.4K	371

Revenue / Employee