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

Trailing 12 months to June 30, 2026

Revenue Not reported for the trailing 12 months

Net Income $107.7M +32.5% YoY

EPS (Diluted) $2.75 +24.4% YoY

Free Cash Flow $22.5M -15.2% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 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 2026-08-29

Balance-sheet expansion is funded mainly with leverage, while rising reported earnings convert less effectively into operating cash.

Earnings-to-cash conversion weakened materially: net income reached $105M in FY2025, but operating cash flow was only $18.2M, versus near-matching figures in FY2021. That divergence suggests reported profitability is increasingly tied to balance-sheet activity rather than translating directly into cash generation.

Leverage intensified as the platform expanded: assets increased from $2.8B in FY2021 to $7.4B in FY2025, while liabilities reached $6.7B and debt-to-equity rose from 7.2x to 10.0x. Equity also grew, but liabilities supplied most of the balance-sheet expansion.

Returns improved without a comparable cash-flow improvement: return on equity rose from 8.6% to 15.6%, while return on assets moved from 1.0% to 1.4%. At the same time, free cash flow fell from $57.5M to $17.9M, indicating that higher accounting returns came alongside greater funding and cash-conversion demands.

Financial Health Signals

Financial health score not available

Velocity Financial, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

3/5

Velocity Financial, Inc. passes 3 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 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

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.

Revenue

Not reported for fiscal year 2025.

EBITDA

Not reported for fiscal year 2025.

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 as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding

39M

YoY+15.3%

5Y CAGR+13.8%

Velocity Financial, Inc. had 39M shares outstanding in fiscal year 2025. This represents an increase of 15.3% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not reported for fiscal year 2025.

Capital Allocation

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.

R&D Spending

Not reported for fiscal year 2025.

VEL Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VEL quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
SG&A Expenses	$217.3M	$197.4M+41.3%	$139.6M+38.8%	$100.6M+62.9%	$61.8M+33.5%	$46.3M+1.5%	$45.6M+29.7%	$35.1M+9.2%	$32.2M
Interest Expense	$367.9M	$365.0M+34.7%	$271.0M+33.5%	$203.0M+29.2%	$157.2M+48.3%	$106.0M+6.1%	$99.9M+1.4%	$98.5M+101.9%	$48.8M
Income Tax	$43.3M	$41.3M+47.7%	$27.9M+48.3%	$18.8M+56.5%	$12.0M+13.9%	$10.6M+97.5%	$5.4M-34.0%	$8.1M-30.2%	$11.6M
Net Income	$107.7M	$105.0M+53.5%	$68.4M+30.8%	$52.3M+62.4%	$32.2M+10.2%	$29.2M+64.4%	$17.8M+2.8%	$17.3M+126.6%	$7.6M
EPS (Diluted)	$2.75	$2.75+44.0%	$1.91+25.7%	$1.52+61.7%	$0.94+9.3%	$0.86+155.5%	-$1.55	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
SG&A Expenses	$59.8M+10.0%	$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
Interest Expense	$112.1M+2.7%	$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
Income Tax	$9.5M+10.8%	$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
Net Income	$25.2M+12.5%	$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
EPS (Diluted)	$0.64+12.3%	$0.57-36.0%	$0.89+36.9%	$0.65-5.8%	$0.69+35.3%	$0.51-10.5%	$0.57+29.5%	$0.44

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.

VEL Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VEL quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Total Assets	$7.4B+33.5%	$5.5B+25.5%	$4.4B+17.5%	$3.7B+33.3%	$2.8B+33.7%	$2.1B-5.1%	$2.2B	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-38.2%	$21.5M+43.0%	$15.0M
Goodwill	$6.8M0.0%	$6.8M0.0%	$6.8M0.0%	$6.8M0.0%	$6.8M	N/A	N/A	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-13.0%	$2.1B	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+43.7%	$152.8M+11.7%	$136.8M
Retained Earnings	$302.4M+53.2%	$197.3M+53.1%	$128.9M+68.2%	$76.6M+72.5%	$44.4M+192.3%	$15.2M	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$8.0B+4.9%	$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
Cash & Equivalents	$76.1M-12.6%	$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
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	$7.2B+5.0%	$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
Total Equity	$721.5M+4.1%	$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
Retained Earnings	$349.9M+7.7%	$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

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Long-Term Debt.

VEL Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VEL quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Operating Cash Flow	$22.8M	$18.2M-51.9%	$37.8M-22.7%	$48.8M+0.3%	$48.7M-15.5%	$57.6M+5.0%	$54.9M+152.1%	-$105.3M-45.3%	-$72.5M
Capital Expenditures	$263K	$281K-2.8%	$289K+60.6%	$180K-44.8%	$326K+141.5%	$135K-81.4%	$726K-17.7%	$882K-32.3%	$1.3M
Free Cash Flow	$22.5M	$17.9M-52.3%	$37.5M-23.0%	$48.7M+0.6%	$48.3M-15.9%	$57.5M+6.1%	$54.2M+151.0%	-$106.2M-44.0%	-$73.8M
Investing Cash Flow	-$1.2B	-$1.5B-45.6%	-$1.0B-78.7%	-$584.7M+35.6%	-$908.2M-38.3%	-$656.5M-848.2%	$87.7M+128.7%	-$305.9M-13.2%	-$270.2M
Financing Cash Flow	$1.4B	$1.7B+65.5%	$1.0B+89.7%	$535.8M-38.7%	$874.0M+39.6%	$626.2M+517.8%	-$149.9M-135.5%	$422.1M+22.8%	$343.6M
Share Buybacks	$7.5M	$7.3M+373.2%	$1.6M+80.0%	$861K+88.0%	$458K	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$3.7M-69.0%	$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
Capital Expenditures	$98K+133.3%	$42K-26.3%	$57K-13.6%	$66K-15.4%	$78K-2.5%	$80K-19.2%	$99K+52.3%	$65K
Free Cash Flow	$3.6M-69.8%	$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
Investing Cash Flow	-$199.9M+43.1%	-$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
Financing Cash Flow	$329.3M+63.0%	$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
Share Buybacks	$2.7M-39.6%	$4.5M+453600.0%	$1K-99.4%	$179K-96.4%	$5.0M+130.9%	$2.2M	$0	$0

Not reported in any period shown, so not listed: Dividends Paid.

VEL Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

VEL quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
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%-3.2pp	11.3%+5.7pp	5.6%
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%+0.1pp	0.8%	N/A
Debt-to-Equity	9.97+0.3x	9.69+0.5x	9.15+0.2x	8.94+1.7x	7.24-0.9x	8.17-5.3x	13.49	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Return on Equity	3.5%+0.3pp	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%
Return on Assets	0.3%0.0pp	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%
Debt-to-Equity	10.03+0.1x	9.940.0x	9.970.0x	9.97+0.1x	9.83+0.2x	9.60-0.1x	9.690.0x	9.73

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, FCF Margin.

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Where Velocity Financial, Inc. Ranks

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 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.