Velocity Financial, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Velocity Financial, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Selling and marketing	1.05	1.31	0.58	0.66	1.42	0.87	1.24	1.43
Interest expense		98.5	99.9	106	157	203	271	365
Pre-tax income	19.2	25.4	23.1	39.8	44.6	71.1	96.4	146
Income tax	11.6	8.11	5.35	10.6	12	18.8	27.9	41.3
Net income	7.63	17.3	17.8	29.2	32.2	52.3	68.4	105
EPS, basic			-1.55	0.90	0.99	1.60	2.07	2.81
EPS, diluted			-1.55	0.86	0.94	1.52	1.91	2.75
Shares, basic (weighted)			20.1	22.8	31.9	32.2	32.7	36.9
Shares, diluted (weighted)			20.1	34	34.1	34.5	35.8	38.2

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	15	21.5	13.3	36	45.2	40.6	49.9	92.1
Other current assets		1.57	1.26	1.63	1.84	2.03	2.15	2.71
Property, plant and equipment		4.68	4.15	3.83	3.36	2.79	1.65	1.42
Lease right-of-use assets		6.01	4.78	3.74	2.42	2.54	2.5	2.83
Goodwill				6.78	6.78	6.78	6.78	6.78
Total assets		2,215	2,103	2,812	3,749	4,405	5,527	7,382
Accounts payable		56.1	63.4	92.2	91.5	122	148	168
Total liabilities		2,062	1,793	2,468	3,368	3,968	5,007	6,706
Paid-in capital			204	296	300	307	323	383
Retained earnings			15.2	44.4	76.6	129	197	302
Treasury stock					-0.46	-1.32	-2.87	-10.2
Other comprehensive income						-1.21	-0.81	-2.6
Shareholders' equity	137	153	220	341	377	433	517	673
Minority interests				3.38	3.69	3.43	3.27	3.15
Total equity	137	153	220	344	381	437	520	676
Total liabilities and equity		2,215	2,103	2,812	3,749	4,405	5,527	7,382
Shares outstanding		0	20.1	32.3	32.5	32.9	33.5	39

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	7.63	25.4	17.8	29.2	32.5	52.3	68.5	105
Depreciation and amortization	1.43	1.41	1.22	1.12	0.8	0.75	0.79	0.52
Stock-based compensation			0.97	2.16	3.34	4.13	6.16	8.28
Deferred income tax		-7.76	1.67	-9.95	11.6	2.69	-11.4	-8.13
Change in payables	0.43	18.3	11.1	16.5	-2.56	19.7	26.3	19.6
Cash from operations	-72.5	-105	54.9	57.6	48.7	48.8	37.8	18.2
Capital expenditures	-1.3	-0.88	-0.73	-0.14	-0.33	-0.18	-0.29	-0.28
Acquisitions				-10.8
Sales and maturities of investments				1.18
Cash from investing	-270	-306	87.7	-656	-908	-585	-1,045	-1,522
Stock issued			101	0.14	0.61	2.31	10.1	41
Share buybacks					-0.46	-0.86	-1.55	-7.34
Cash from financing	344	422	-150	626	874	536	1,016	1,682
Net change in cash	0.95	10.9	-7.26	27.3	14.5	-0.13	8.9	178
Free cash flow	-73.8	-106	54.2	57.5	48.3	48.7	37.5	17.9
Interest paid	66.5	86.4	85.4	85	119	180	251	345
Income taxes paid	13.2	15.4	0.97	9.65	23	7.65	41.5	50.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $15.35 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	28.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.4%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	53.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	48.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	42.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	44.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	43.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-51.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-28.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-19.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-52.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-28.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-19.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	30.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	21.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	25.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	33.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	25.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	28.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	6.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	13.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	90.9%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$714.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	20.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.74	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share	$0.57	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.58	Cash from operations / diluted weighted shares.
Book value per share	$18.36	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$18.19	Tangible book value / shares outstanding.
Cash per share	$1.94	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	33.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$606.0M	Share price x shares outstanding.
Enterprise value	$529.9M	Market cap + total debt - cash - short-term investments.
P/E	5.63x	Market cap / net income. Only when net income is positive.
P/B	0.84x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.85x	Market cap / tangible book value, when positive.
P/FCF	26.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	26.6x	Market cap / cash from operations, when positive.
EV/FCF	23.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.7%	Free cash flow / market cap.
Earnings yield	17.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.2%	(Dividends paid + share buybacks) / market cap.
PEG	0.13x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was Velocity Financial, Inc. profitable in fiscal 2025?

Yes. Net income was $105.1M, a net margin of -.

How much free cash flow did Velocity Financial, Inc. generate in fiscal 2025?

Cash from operations of $18.2M minus capital expenditures of $281.0K left free cash flow of $17.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Velocity Financial, Inc.