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 Mar 31, 2026 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).

Rhea AI VEL FY2025 2026-05-07

Balance-sheet expansion is driving results, with rising earnings riding a much larger, externally funded asset base.

From FY2023 to FY2025, net income roughly doubled from $52.3M to $105.0M, but operating cash flow moved the other way from $48.8M to $18.2M. Paired with financing inflows rising to $1.68B in FY2025 while assets reached $7.38B, the business looks less like one harvesting cash from existing assets and more like one still using external capital to build earning power.

The balance sheet has become more levered as it scales: assets climbed from $5.53B in FY2024 to $7.38B in FY2025, while equity rose only to $672.5M and debt-to-equity approached 10x. That structure helps explain why return on equity reached 15.6% even though return on assets was only 1.4%; modest asset-level profitability is being amplified by leverage.

Cash generation is light relative to the size of the balance sheet: FY2025 operating cash flow was just $18.2M against $7.38B of assets, and free cash flow fell to $17.9M from $37.5M a year earlier even as net income increased. Meanwhile, investing outflows of $1.52B were mostly offset by $1.68B of financing inflows, so liquidity depends more on funding access than on accumulated cash.

Financial Health Signals

Financial Profile 7/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Velocity Financial, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Velocity Financial, Inc. has elevated debt relative to equity (D/E of 9.97), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Returns

Velocity Financial, Inc.'s ROE of 15.6% shows moderate profitability relative to equity, earning a score of 43/100. This is up from 13.2% the prior year.

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 $105.0M 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

$105.0M

YoY+53.5%

5Y CAGR+42.6%

Velocity Financial, Inc. reported $105.0M 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

39M

YoY+16.2%

5Y CAGR+14.2%

Velocity Financial, Inc. had 39M shares outstanding in fiscal year 2025. This represents an increase of 16.2% 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	$197.4M+41.3%	$139.6M+38.8%	$100.6M+62.9%	$61.8M+33.5%	$46.3M+1.5%	$45.6M
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	$105.0M+53.5%	$68.4M+30.8%	$52.3M+62.4%	$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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	$54.3M+2.8%	$52.9M+4.9%	$50.4M-2.9%	$51.9M+23.0%	$42.2M+7.8%	$39.1M+13.0%	$34.6M-0.8%	$34.9M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$109.2M+111.5%	$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
Income Tax	$8.6M-43.9%	$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
Net Income	$22.4M-35.7%	$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
EPS (Diluted)	$0.57	N/A	$0.65-5.8%	$0.69+35.3%	$0.51	N/A	$0.44+4.8%	$0.42

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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$7.6B+2.8%	$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
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$87.1M-5.5%	$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
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	$6.9B+2.8%	$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
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	$693.3M+3.1%	$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
Retained Earnings	$324.7M+7.4%	$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

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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$12.1M+369.2%	-$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
Capital Expenditures	$42K-26.3%	$57K-13.6%	$66K-15.4%	$78K-2.5%	$80K-19.2%	$99K+52.3%	$65K-22.6%	$84K
Free Cash Flow	$12.0M+364.9%	-$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
Investing Cash Flow	-$351.4M-40.5%	-$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
Financing Cash Flow	$202.1M-47.6%	$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
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$4.5M+453600.0%	$1K-99.4%	$179K-96.4%	$5.0M+130.9%	$2.2M	$0	$0-100.0%	$266K

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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	3.2%-1.9pp	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%
Return on Assets	0.3%-0.2pp	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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	9.94-0.0	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
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 $105.0M 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 39M 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 to 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.

How financially healthy is Velocity Financial, Inc.?

Velocity Financial, Inc. (VEL) scores 7 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.