What is Velocity Financial, Inc.'s earnings per share (EPS)?

Velocity Financial, Inc. (VEL) reported diluted earnings per share of $2.75 for fiscal year 2025. This represents a 44.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Velocity Financial, Inc. Financials

VEL

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Velocity Financial, Inc. (VEL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

3/9

Velocity Financial, Inc. passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.17x

For every $1 of reported earnings, Velocity Financial, Inc. generates $0.17 in operating cash flow ($18.2M OCF vs $105.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$105.1M

YoY+53.5%

5Y CAGR+42.7%

Velocity Financial, Inc. reported $105.1M in net income in fiscal year 2025. This represents an increase of 53.5% from the prior year.

EPS (Diluted)

$2.75

YoY+44.0%

Velocity Financial, Inc. earned $2.75 per diluted share (EPS) in fiscal year 2025. This represents an increase of 44.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$17.9M

YoY-52.3%

5Y CAGR-19.9%

Velocity Financial, Inc. generated $17.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 52.3% from the prior year.

Cash & Debt

$92.1M

YoY+84.6%

5Y CAGR+47.3%

Velocity Financial, Inc. held $92.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

40M

YoY+18.0%

5Y CAGR+14.5%

Velocity Financial, Inc. had 40M shares outstanding in fiscal year 2025. This represents an increase of 18.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

15.6%

YoY+2.4pp

5Y CAGR+7.5pp

Velocity Financial, Inc.'s ROE was 15.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$7.3M

YoY+373.2%

Velocity Financial, Inc. spent $7.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 373.2% from the prior year.

Capital Expenditures

$281K

YoY-2.8%

5Y CAGR-17.3%

Velocity Financial, Inc. invested $281K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 2.8% from the prior year.

VEL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$365.0M+34.7%	$271.0M+33.5%	$203.0M+29.2%	$157.2M+48.3%	$106.0M+6.1%	$99.9M
Income Tax	$41.3M+47.7%	$27.9M+48.3%	$18.8M+56.5%	$12.0M+13.9%	$10.6M+97.5%	$5.4M
Net Income	$105.1M+53.5%	$68.4M+30.9%	$52.3M+62.3%	$32.2M+10.2%	$29.2M+64.4%	$17.8M
EPS (Diluted)	$2.75+44.0%	$1.91+25.7%	$1.52+61.7%	$0.94+9.3%	$0.86+155.5%	$-1.55

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$51.6M-45.7%	$95.0M+8.0%	$88.0M+8.3%	$81.2M+109.0%	$38.9M-44.5%	$70.0M+7.1%	$65.3M+7.0%	$61.1M
Income Tax	$15.3M+53.5%	$10.0M+28.5%	$7.8M-6.0%	$8.2M-26.6%	$11.2M+99.6%	$5.6M+9.0%	$5.2M-12.6%	$5.9M
Net Income	$34.8M+37.1%	$25.4M-2.4%	$26.0M+37.6%	$18.9M-8.3%	$20.6M+30.3%	$15.8M+6.9%	$14.8M-14.3%	$17.3M
EPS (Diluted)	N/A	$0.65-5.8%	$0.69+35.3%	$0.51	N/A	$0.44+4.8%	$0.42-14.3%	$0.49

VEL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$7.4B+33.5%	$5.5B+25.5%	$4.4B+17.5%	$3.7B+33.3%	$2.8B+33.7%	$2.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$92.1M+84.6%	$49.9M+23.0%	$40.6M-10.3%	$45.2M+25.8%	$36.0M+171.0%	$13.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$6.8M0.0%	$6.8M0.0%	$6.8M0.0%	$6.8M0.0%	$6.8M	N/A
Total Liabilities	$6.7B+33.9%	$5.0B+26.2%	$4.0B+17.8%	$3.4B+36.5%	$2.5B+37.6%	$1.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$672.5M+30.1%	$516.9M+19.3%	$433.4M+15.0%	$376.8M+10.5%	$341.1M+55.3%	$219.6M
Retained Earnings	$302.4M+53.2%	$197.3M+53.1%	$128.9M+68.2%	$76.6M+72.5%	$44.4M+192.3%	$15.2M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$7.4B+6.1%	$7.0B+7.5%	$6.5B+8.4%	$6.0B+8.0%	$5.5B+6.2%	$5.2B+6.8%	$4.9B+5.3%	$4.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$92.1M-6.9%	$99.0M+24.4%	$79.6M+54.0%	$51.7M+3.6%	$49.9M+13.2%	$44.1M-6.9%	$47.4M+36.0%	$34.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$6.8M0.0%	$6.8M0.0%	$6.8M0.0%	$6.8M0.0%	$6.8M0.0%	$6.8M0.0%	$6.8M0.0%	$6.8M
Total Liabilities	$6.7B+6.1%	$6.3B+7.6%	$5.9B+8.7%	$5.4B+8.0%	$5.0B+6.2%	$4.7B+7.2%	$4.4B+5.4%	$4.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$672.5M+6.0%	$634.3M+6.1%	$597.9M+6.2%	$563.2M+8.9%	$516.9M+6.7%	$484.6M+2.8%	$471.3M+4.1%	$452.9M
Retained Earnings	$302.4M+13.0%	$267.6M+10.5%	$242.2M+12.0%	$216.2M+9.6%	$197.3M+11.6%	$176.7M+9.8%	$160.9M+10.1%	$146.2M

VEL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$18.2M-51.9%	$37.8M-22.7%	$48.8M+0.3%	$48.7M-15.5%	$57.6M+5.0%	$54.9M
Capital Expenditures	$281K-2.8%	$289K+60.6%	$180K-44.8%	$326K+141.5%	$135K-81.4%	$726K
Free Cash Flow	$17.9M-52.3%	$37.5M-23.0%	$48.7M+0.6%	$48.3M-15.9%	$57.5M+6.1%	$54.2M
Investing Cash Flow	-$1.5B-45.6%	-$1.0B-78.7%	-$584.7M+35.6%	-$908.2M-38.3%	-$656.5M-848.2%	$87.7M
Financing Cash Flow	$1.7B+65.5%	$1.0B+89.7%	$535.8M-38.7%	$874.0M+39.6%	$626.2M+517.8%	-$149.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$7.3M+373.2%	$1.6M+80.0%	$861K+88.0%	$458K	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$4.5M-139.2%	$11.5M+49.5%	$7.7M+116.7%	$3.5M-89.4%	$33.3M+289.4%	-$17.6M-253.2%	$11.5M+8.4%	$10.6M
Capital Expenditures	$57K-13.6%	$66K-15.4%	$78K-2.5%	$80K-19.2%	$99K+52.3%	$65K-22.6%	$84K+104.9%	$41K
Free Cash Flow	-$4.5M-139.9%	$11.4M+50.1%	$7.6M+119.4%	$3.5M-89.6%	$33.2M+288.1%	-$17.6M-254.9%	$11.4M+8.0%	$10.5M
Investing Cash Flow	-$250.1M+41.7%	-$429.1M+2.7%	-$441.2M-9.9%	-$401.4M-12.7%	-$356.1M-27.3%	-$279.7M-42.1%	-$196.8M+7.3%	-$212.4M
Financing Cash Flow	$386.0M-11.9%	$438.2M-3.9%	$456.3M+13.6%	$401.5M+23.0%	$326.4M+14.6%	$284.9M+38.3%	$206.0M+3.5%	$199.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$1K-99.4%	$179K	N/A	N/A	$0	$0-100.0%	$266K-79.3%	$1.3M

VEL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	15.6%+2.4pp	13.2%+1.2pp	12.1%+3.5pp	8.6%-0.0pp	8.6%+0.5pp	8.1%
Return on Assets	1.4%+0.2pp	1.2%+0.0pp	1.2%+0.3pp	0.9%-0.2pp	1.0%+0.2pp	0.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	9.97+0.3	9.69+0.5	9.15+0.2	8.94+1.7	7.24-0.9	8.17
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	5.2%+1.2pp	4.0%-0.3pp	4.3%+1.0pp	3.4%-0.6pp	4.0%+0.7pp	3.3%+0.1pp	3.1%-0.7pp	3.8%
Return on Assets	0.5%+0.1pp	0.4%-0.0pp	0.4%+0.1pp	0.3%-0.1pp	0.4%+0.1pp	0.3%0.0pp	0.3%-0.1pp	0.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	9.970.0	9.97+0.1	9.83+0.2	9.60-0.1	9.69-0.0	9.73+0.4	9.33+0.1	9.21
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Velocity Financial, Inc. profitable?

Yes, Velocity Financial, Inc. (VEL) reported a net income of $105.1M in fiscal year 2025.

What is Velocity Financial, Inc.'s return on equity (ROE)?

Velocity Financial, Inc. (VEL) has a return on equity of 15.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Velocity Financial, Inc.'s free cash flow?

Velocity Financial, Inc. (VEL) generated $17.9M in free cash flow during fiscal year 2025. This represents a -52.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Velocity Financial, Inc.'s operating cash flow?

Velocity Financial, Inc. (VEL) generated $18.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Velocity Financial, Inc.'s total assets?

Velocity Financial, Inc. (VEL) had $7.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Velocity Financial, Inc.'s capital expenditures?

Velocity Financial, Inc. (VEL) invested $281K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Velocity Financial, Inc. buy back shares?

Yes, Velocity Financial, Inc. (VEL) spent $7.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Velocity Financial, Inc. have outstanding?

Velocity Financial, Inc. (VEL) had 40M shares outstanding as of fiscal year 2025.

What is Velocity Financial, Inc.'s debt-to-equity ratio?

Velocity Financial, Inc. (VEL) had a debt-to-equity ratio of 9.97 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Velocity Financial, Inc.'s return on assets (ROA)?

Velocity Financial, Inc. (VEL) had a return on assets of 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Velocity Financial, Inc.'s Piotroski F-Score?

Velocity Financial, Inc. (VEL) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Velocity Financial, Inc.'s earnings high quality?

Velocity Financial, Inc. (VEL) has an earnings quality ratio of 0.17x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.