Velocity Financial, Inc. VEL
We are a vertically integrated real estate finance company founded in 2004. We originate, securitize, and manage a nationwide portfolio of loans secured by real estate to earn attractive risk adjusted spreads for our shareholders. We primarily originate investor loans secured by 1-4 unit residential rental properties, as well as loans for multi-family, mixed use and commercial properties. We originate loans nationwide across our extensive network of independent mortgage brokers and direct borrower relationships, which we have built and refined over the 21 years since our inception. Our objective is to be the preferred and one of the most recognized brands in our core market.
We operate in a large and highly fragmented market with substantial demand for financing and limited supply of institutional financing alternatives. We have developed the highly-specialized skill set required to effectively compete in this market, which we believe has afforded us a durable business model capable of generating attractive risk-adjusted returns for our stockholders throughout various business cycles. We offer competitive pricing to our borrowers by pursuing low-cost financing strategies and by driving front-end process efficiencies through customized technology designed to control the cost of originating a loan. Furthermore, by originating loans through our efficient and scalable network of approved mortgage brokers, we are able to maintain a wide geographical presence and nimble operating infrastructure capable of reacting quickly to changing market environments.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Interest expense | $185.8M | $135.8M | $107.8M | $83.1M | $76.0M | $67.4M | $59.0M | $48.8M | — |
| Pre-tax income | $146.2M | $96.4M | $71.1M | $44.6M | $39.8M | $23.1M | $25.4M | $19.2M | — |
| Income tax | $41.3M | $27.9M | $18.8M | $12.0M | $10.6M | $5.4M | $8.1M | $11.6M | — |
| Net income | $105.0M | $68.4M | $52.3M | $32.2M | $29.2M | $17.8M | $17.3M | $7.6M | — |
| EPS, basic | 2.81 | 2.07 | 1.60 | 0.99 | 0.90 | -1.55 | — | — | — |
| EPS, diluted | 2.75 | 1.91 | 1.52 | 0.94 | 0.86 | -1.55 | — | — | — |
| Shares, diluted (wtd. avg.) | 38.2M | 35.8M | 34.5M | 34.1M | 34.0M | 20.1M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $92.1M | $49.9M | $40.6M | $45.2M | $36.0M | $13.3M | $21.5M | $15.0M | — |
| Property, plant and equipment | $1.4M | $1.6M | $2.8M | $3.4M | $3.8M | $4.1M | $4.7M | — | — |
| Goodwill | $6.8M | $6.8M | $6.8M | $6.8M | $6.8M | — | — | — | — |
| Total assets | $7.38B | $5.53B | $4.40B | $3.75B | $2.81B | $2.10B | $2.21B | — | — |
| Accounts payable | $168.3M | $147.8M | $122.0M | $91.5M | $92.2M | $63.4M | $56.1M | — | — |
| Total liabilities | $6.71B | $5.01B | $3.97B | $3.37B | $2.47B | $1.79B | $2.06B | — | — |
| Retained earnings | $302.4M | $197.3M | $128.9M | $76.6M | $44.4M | $15.2M | — | — | — |
| Total equity | $672.5M | $516.9M | $436.9M | $380.5M | $344.5M | $219.6M | $152.8M | $136.8M | $130.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $18.2M | $37.8M | $48.8M | $48.7M | $57.6M | $54.9M | -$105.3M | -$72.5M | — |
| Depreciation and amortisation | $516.0K | $793.0K | $752.0K | $796.0K | $1.1M | $1.2M | $1.4M | $1.4M | — |
| Stock-based compensation | $8.3M | $6.2M | $4.1M | $3.3M | $2.2M | $965.0K | — | — | — |
| Capital expenditure | $281.0K | $289.0K | $180.0K | $326.0K | $135.0K | $726.0K | $882.0K | $1.3M | — |
| Investing cash flow | -$1.52B | -$1.05B | -$584.7M | -$908.2M | -$656.5M | $87.7M | -$305.9M | -$270.2M | — |
| Financing cash flow | $1.68B | $1.02B | $535.8M | $874.0M | $626.2M | -$149.9M | $422.1M | $343.6M | — |
| Buybacks | $7.3M | $1.6M | $861.0K | $458.0K | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-150488.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Net income | — | $7.6M | $17.3M | $17.8M | $29.2M | $32.2M | $52.3M | $68.4M | $105.0M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Regulation FD disclosure Item 7.01
- Material agreement signed Item 1.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 6199
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AXP | AMERICAN EXPRESS CO | $211.52B | 20.4x | 6.4% |
| MSTR | Strategy Inc | $51.47B | — | 3.0% |
| COIN | Coinbase Global, Inc. | $43.32B | 37.0x | 9.4% |
| SYF | Synchrony Financial | $23.96B | 7.9x | — |
| CRCL | Circle Internet Group, Inc. | $21.32B | — | 624.0% |
| SOFI | SoFi Technologies, Inc. | $18.88B | 37.5x | 23.1% |
| BMNR | BITMINE IMMERSION TECHNOLOGIES, INC. | $13.51B | 1.7x | 84.1% |
| CHYM | Chime Financial, Inc. | $11.23B | — | 30.7% |