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Velocity Financial (VEL) Financials

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$18.86 -0.12 (-0.63%)
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Annual Income Statements for Velocity Financial

Annual Income Statements for Velocity Financial

This table shows Velocity Financial's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 31 52 68
Consolidated Net Income / (Loss)		 32 52 68
Net Income / (Loss) Continuing Operations		 33 52 68
Total Pre-Tax Income 		45 71 96
Total Revenue		 107 360 484
Net Interest Income / (Expense)		 83 124 160
Total Interest Income		 113 311 407
Loans and Leases Interest Income		 - 311 407
Total Interest Expense		 29 17 24
Long-Term Debt Interest Expense		 29 17 24
Total Non-Interest Income		 24 66 101
Other Service Charges		 6.86 14 26
Net Realized & Unrealized Capital Gains on Investments		 17 46 69
Other Non-Interest Income		 - 5.19 6.49
Provision for Credit Losses		 1.15 1.92 1.17
Total Non-Interest Expense		 62 101 140
Salaries and Employee Benefits		 30 48 70
Net Occupancy & Equipment Expense		 1.75 1.93 1.93
Insurance Policy Acquisition Costs		 12 18 22
Other Operating Expenses		 17 219 293
Income Tax Expense		 12 19 28
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.80 0.77 0.88
Basic Earnings per Share		 $0.99 $1.60 $2.07
Weighted Average Basic Shares Outstanding		 31.91M 32.21M 32.65M
Diluted Earnings per Share		 $0.94 $1.52 $1.91
Weighted Average Diluted Shares Outstanding		 34.13M 34.48M 35.76M
Weighted Average Basic & Diluted Shares Outstanding		 32.62M 32.97M 34.02M

Quarterly Income Statements for Velocity Financial

This table shows Velocity Financial's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 9.98 7.47 11 12 12 17 17 15 16 21
Consolidated Net Income / (Loss)		 10 8.03 11 12 12 17 17 15 16 21
Net Income / (Loss) Continuing Operations		 10 8.09 11 12 12 17 17 15 16 21
Total Pre-Tax Income 		14 12 15 17 17 22 23 20 21 32
Total Revenue		 62 -31 79 85 92 104 111 114 120 140
Net Interest Income / (Expense)		 29 12 28 29 32 35 35 39 41 45
Total Interest Income		 63 -39 71 75 79 86 91 98 105 113
Loans and Leases Interest Income		 63 - 71 75 79 86 91 98 105 113
Total Interest Expense		 4.01 4.14 4.14 4.14 4.14 4.14 5.38 6.16 6.14 6.14
Long-Term Debt Interest Expense		 4.01 4.14 4.14 4.14 4.14 4.14 5.38 6.16 6.14 6.14
Total Non-Interest Income		 3.03 12 13 14 17 22 26 23 21 32
Other Service Charges		 2.18 1.78 2.89 3.64 3.66 4.10 5.39 5.18 7.22 8.36
Net Realized & Unrealized Capital Gains on Investments		 0.85 10 9.00 9.21 12 16 19 16 12 23
Other Non-Interest Income		 0.00 - 0.95 1.19 1.34 1.72 1.63 1.73 1.68 1.45
Provision for Credit Losses		 0.58 -0.44 0.64 0.30 0.15 0.83 1.00 0.22 -0.07 0.02
Total Non-Interest Expense		 13 21 22 22 27 29 31 35 35 39
Salaries and Employee Benefits		 6.79 12 10 11 13 15 15 17 18 20
Net Occupancy & Equipment Expense		 0.45 0.44 0.45 0.46 0.47 0.55 0.50 0.62 0.52 0.30
Insurance Policy Acquisition Costs		 3.31 3.24 3.83 4.27 4.90 4.64 4.82 5.16 5.66 6.75
Other Operating Expenses		 37 -57 50 52 57 60 66 72 75 80
Income Tax Expense		 3.76 3.47 4.02 4.60 5.07 5.14 5.90 5.16 5.63 11
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.46 0.00 0.25 0.22 0.27 0.04 0.30 0.12 0.01 0.46
Basic Earnings per Share		 $0.31 $0.25 $0.33 $0.37 $0.37 $0.53 $0.52 $0.45 $0.48 $0.62
Weighted Average Basic Shares Outstanding		 31.92M 31.91M 32.10M 32.12M 32.28M 32.21M 32.54M 32.59M 32.71M 32.65M
Diluted Earnings per Share		 $0.29 $0.25 $0.31 $0.36 $0.35 $0.50 $0.49 $0.42 $0.44 $0.56
Weighted Average Diluted Shares Outstanding		 34.20M 34.13M 34.05M 34.14M 34.73M 34.48M 35.44M 35.60M 35.90M 35.76M
Weighted Average Basic & Diluted Shares Outstanding		 32.42M 32.62M 32.60M 32.76M 32.78M 32.97M 32.99M 33.11M 33.11M 34.02M

Annual Cash Flow Statements for Velocity Financial

This table details how cash moves in and out of Velocity Financial's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 14 -0.13 8.90
Net Cash From Operating Activities		 49 49 38
Net Cash From Continuing Operating Activities		 49 49 38
Net Income / (Loss) Continuing Operations		 33 52 68
Consolidated Net Income / (Loss)		 33 52 68
Provision For Loan Losses		 0.98 2.64 1.73
Depreciation Expense		 0.80 0.75 0.79
Amortization Expense		 37 25 18
Non-Cash Adjustments to Reconcile Net Income		 -4.22 -51 -71
Changes in Operating Assets and Liabilities, net		 -18 19 20
Net Cash From Investing Activities		 -908 -585 -1,045
Net Cash From Continuing Investing Activities		 -908 -585 -1,045
Purchase of Property, Leasehold Improvements and Equipment		 -0.33 -0.18 -0.29
Purchase of Investment Securities		 -1,760 -634 -1,116
Sale of Property, Leasehold Improvements and Equipment		 0.00 0.00 0.64
Sale and/or Maturity of Investments		 857 43 83
Other Investing Activities, net		 -4.50 6.17 -13
Net Cash From Financing Activities		 874 536 1,016
Net Cash From Continuing Financing Activities		 874 536 1,016
Issuance of Debt		 3,272 975 1,590
Issuance of Common Equity		 0.61 2.31 10
Repayment of Debt		 -2,398 -440 -656
Other Financing Activities, Net		 -0.46 -1.14 72
Cash Interest Paid		 119 180 251
Cash Income Taxes Paid		 23 7.65 42

Quarterly Cash Flow Statements for Velocity Financial

This table details how cash moves in and out of Velocity Financial's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 -15 21 -6.02 -5.26 -3.68 15 -2.88 21 -12 3.57
Net Cash From Operating Activities		 -4.44 40 -12 44 -9.75 26 11 11 -18 33
Net Cash From Continuing Operating Activities		 -4.44 40 -12 44 -9.75 26 11 11 -18 33
Net Income / (Loss) Continuing Operations		 10 8.23 11 12 12 17 17 15 16 21
Consolidated Net Income / (Loss)		 10 8.23 11 12 12 17 17 15 16 21
Provision For Loan Losses		 0.13 -0.38 0.66 0.70 0.17 1.11 1.00 0.82 -0.02 -0.07
Depreciation Expense		 0.20 0.19 0.20 0.19 0.19 0.19 0.18 0.19 0.28 0.14
Amortization Expense		 7.60 7.42 6.76 6.94 6.22 5.06 4.71 4.66 4.47 4.03
Non-Cash Adjustments to Reconcile Net Income		 -7.43 9.65 -22 10 -28 -11 -15 -9.73 -46 0.79
Changes in Operating Assets and Liabilities, net		 -15 15 -8.47 14 -0.94 14 2.83 0.83 8.38 7.58
Net Cash From Investing Activities		 -311 -89 -72 -141 -148 -224 -212 -197 -280 -356
Net Cash From Continuing Investing Activities		 -311 -89 -72 -141 -148 -224 -212 -197 -280 -356
Purchase of Property, Leasehold Improvements and Equipment		 -0.06 -0.05 -0.05 - -0.02 -0.11 -0.04 -0.08 -0.07 -0.10
Purchase of Investment Securities		 -454 -265 -198 -267 -274 105 -390 -429 -460 164
Sale and/or Maturity of Investments		 142 179 123 129 122 -331 179 232 184 -512
Other Investing Activities, net		 1.14 -3.08 2.97 -2.77 3.51 2.47 -2.14 0.32 -3.26 -7.49
Net Cash From Financing Activities		 301 70 77 91 154 213 199 206 285 326
Net Cash From Continuing Financing Activities		 301 70 77 91 154 213 199 206 285 326
Issuance of Debt		 696 530 444 480 603 -553 633 893 -1,526 1,590
Issuance of Common Equity		 - 0.61 0.00 0.88 0.52 0.91 0.16 1.50 0.19 8.30
Repayment of Debt		 -395 -461 -366 -390 -449 764 -433 -689 732 -267
Other Financing Activities, Net		 - -0.46 -0.16 -0.12 - -0.86 0.00 -0.02 1,079 -1,007
Cash Interest Paid		 35 34 44 39 51 46 59 57 68 67
Cash Income Taxes Paid		 1.38 0.08 0.26 -1.11 3.79 4.71 0.02 16 6.92 19

Annual Balance Sheets for Velocity Financial

This table presents Velocity Financial's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 3,749 4,405 5,527
Cash and Due from Banks		 45 41 50
Restricted Cash		 17 21 21
Loans and Leases, Net of Allowance		 3,548 4,134 5,187
Loans and Leases		 3,548 4,134 5,187
Loans Held for Sale		 0.00 18 0.00
Customer and Other Receivables		 66 85 123
Premises and Equipment, Net		 3.36 2.79 1.65
Goodwill		 6.78 6.78 6.78
Other Assets		 63 96 138
Total Liabilities & Shareholders' Equity		 3,749 4,405 5,527
Total Liabilities		 3,368 3,968 5,007
Long-Term Debt		 3,277 3,842 4,859
Other Long-Term Liabilities		 92 126 148
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 381 437 520
Total Preferred & Common Equity		 377 433 517
Total Common Equity		 377 433 517
Common Stock		 301 307 323
Retained Earnings		 77 129 197
Treasury Stock		 -0.46 -1.32 -2.87
Accumulated Other Comprehensive Income / (Loss)		 0.00 -1.21 -0.81
Noncontrolling Interest		 3.69 3.43 3.27

Quarterly Balance Sheets for Velocity Financial

This table presents Velocity Financial's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 3,647 3,837 3,951 4,117 4,628 4,873 5,202
Cash and Due from Banks		 26 39 34 29 35 47 44
Restricted Cash		 15 17 17 18 24 32 23
Trading Account Securities		 - - - 1.26 1.97 0.00 0.00
Loans and Leases, Net of Allowance		 3,446 3,620 3,763 3,898 4,377 4,591 4,881
Loans and Leases		 3,446 3,620 3,763 3,898 4,377 4,591 4,881
Loans Held for Sale		 17 18 - 20 0.00 0.00 19
Premises and Equipment, Net		 3.50 3.21 3.02 2.86 2.01 1.91 1.69
Goodwill		 6.78 6.78 6.78 6.78 6.78 6.78 6.78
Other Assets		 66 69 63 72 94 111 226
Total Liabilities & Shareholders' Equity		 3,647 3,837 3,951 4,117 4,628 4,873 5,202
Total Liabilities		 3,277 3,446 3,546 3,697 4,172 4,399 4,715
Long-Term Debt		 550 508 3,451 3,599 4,048 4,260 4,573
Other Long-Term Liabilities		 2,727 2,937 95 98 124 138 142
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 371 391 405 420 456 475 488
Total Preferred & Common Equity		 367 388 402 416 453 471 485
Total Common Equity		 367 388 402 416 453 471 485
Common Stock		 299 302 304 305 309 312 313
Retained Earnings		 68 87 99 112 146 161 177
Treasury Stock		 -0.46 -1.29 -1.29 -1.29 -2.60 -2.87 -2.87
Accumulated Other Comprehensive Income / (Loss)		 - - - 0.91 0.79 1.60 -2.66
Noncontrolling Interest		 3.92 3.62 3.54 3.62 3.51 3.42 3.05

Annual Metrics And Ratios for Velocity Financial

This table displays calculated financial ratios and metrics derived from Velocity Financial's official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 25.30% 235.10% 34.51%
EBITDA Growth		 18.89% 245.65% 27.86%
EBIT Growth		 11.96% 478.19% 33.39%
NOPAT Growth		 11.28% 60.81% 30.93%
Net Income Growth		 10.22% 62.35% 30.93%
EPS Growth		 9.30% 61.70% 25.66%
Operating Cash Flow Growth		 -15.53% 0.33% -22.69%
Free Cash Flow Firm Growth		 -783.79% 79.79% -81.34%
Invested Capital Growth		 352.43% 16.99% 25.72%
Revenue Q/Q Growth		 5.54% 1.90% 8.00%
EBITDA Q/Q Growth		 -2.69% -1.65% 7.65%
EBIT Q/Q Growth		 -2.79% -0.92% 8.46%
NOPAT Q/Q Growth		 -0.39% 20.62% 5.61%
Net Income Q/Q Growth		 -1.00% 20.31% 5.61%
EPS Q/Q Growth		 0.00% 19.69% 3.24%
Operating Cash Flow Q/Q Growth		 82.27% -22.11% 23.22%
Free Cash Flow Firm Q/Q Growth		 -2,009.03% 81.37% -5.74%
Invested Capital Q/Q Growth		 297.41% 6.46% 6.31%
Profitability Metrics		 - - -
EBITDA Margin		 76.27% 78.67% 74.78%
EBIT Margin		 41.46% 71.53% 70.93%
Profit (Net Income) Margin		 29.97% 14.52% 14.13%
Tax Burden Percent		 72.30% 73.52% 71.03%
Interest Burden Percent		 100.00% 27.61% 28.05%
Effective Tax Rate		 27.01% 26.48% 28.97%
Return on Invested Capital (ROIC)		 1.46% 1.32% 1.42%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.44% 1.32% 1.42%
Return on Net Nonoperating Assets (RNNOA)		 7.43% 11.48% 12.89%
Return on Equity (ROE)		 8.89% 12.80% 14.31%
Cash Return on Invested Capital (CROIC)		 -126.14% -14.34% -21.37%
Operating Return on Assets (OROA)		 1.36% 6.32% 6.92%
Return on Assets (ROA)		 0.98% 1.28% 1.38%
Return on Common Equity (ROCE)		 8.80% 12.68% 14.21%
Return on Equity Simple (ROE_SIMPLE)		 8.55% 12.06% 13.24%
Net Operating Profit after Tax (NOPAT)		 33 52 68
NOPAT Margin		 30.26% 14.52% 14.13%
Net Nonoperating Expense Percent (NNEP)		 0.02% 0.00% 0.00%
SG&A Expenses to Revenue		 29.97% 13.96% 14.76%
Operating Expenses to Revenue		 57.47% 27.94% 28.83%
Earnings before Interest and Taxes (EBIT)		 45 258 344
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 82 283 362
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 0.83 1.30 1.25
Price to Tangible Book Value (P/TBV)		 0.85 1.32 1.27
Price to Revenue (P/Rev)		 2.91 1.57 1.34
Price to Earnings (P/E)		 9.96 10.80 9.47
Dividend Yield		 0.00% 0.00% 0.00%
Earnings Yield		 10.04% 9.26% 10.56%
Enterprise Value to Invested Capital (EV/IC)		 0.97 1.02 1.01
Enterprise Value to Revenue (EV/Rev)		 32.86 12.07 11.23
Enterprise Value to EBITDA (EV/EBITDA)		 43.08 15.35 15.02
Enterprise Value to EBIT (EV/EBIT)		 79.26 16.88 15.83
Enterprise Value to NOPAT (EV/NOPAT)		 108.59 83.15 79.45
Enterprise Value to Operating Cash Flow (EV/OCF)		 72.55 89.04 144.07
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00
Leverage & Solvency		 - - -
Debt to Equity		 8.61 8.79 9.34
Long-Term Debt to Equity		 8.61 8.79 9.34
Financial Leverage		 5.16 8.71 9.09
Leverage Ratio		 9.05 9.98 10.38
Compound Leverage Factor		 9.05 2.75 2.91
Debt to Total Capital		 89.60% 89.79% 90.33%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 89.60% 89.79% 90.33%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.10% 0.08% 0.06%
Common Equity to Total Capital		 10.30% 10.13% 9.61%
Debt to EBITDA		 39.98 13.56 13.41
Net Debt to EBITDA		 39.22 13.34 13.22
Long-Term Debt to EBITDA		 39.98 13.56 13.41
Debt to NOPAT		 100.77 73.47 70.98
Net Debt to NOPAT		 98.86 72.29 69.94
Long-Term Debt to NOPAT		 100.77 73.47 70.98
Noncontrolling Interest Sharing Ratio		 0.98% 0.87% 0.70%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -2,817 -569 -1,032
Operating Cash Flow to CapEx		 14,930.67% 27,130.56% 0.00%
Free Cash Flow to Firm to Interest Expense		 -95.57 -34.38 -43.33
Operating Cash Flow to Interest Expense		 1.65 2.95 1.58
Operating Cash Flow Less CapEx to Interest Expense		 1.64 2.94 1.60
Efficiency Ratios		 - - -
Asset Turnover		 0.03 0.09 0.10
Fixed Asset Turnover		 29.91 117.29 218.45
Capital & Investment Metrics		 - - -
Invested Capital		 3,657 4,279 5,380
Invested Capital Turnover		 0.05 0.09 0.10
Increase / (Decrease) in Invested Capital		 2,849 621 1,101
Enterprise Value (EV)		 3,531 4,348 5,440
Market Capitalization		 313 565 648
Book Value per Share		 $11.62 $13.22 $15.61
Tangible Book Value per Share		 $11.42 $13.02 $15.41
Total Capital		 3,657 4,279 5,380
Total Debt		 3,277 3,842 4,859
Total Long-Term Debt		 3,277 3,842 4,859
Net Debt		 3,215 3,780 4,789
Capital Expenditures (CapEx)		 0.33 0.18 -0.35
Net Nonoperating Expense (NNE)		 0.31 0.00 0.00
Net Nonoperating Obligations (NNO)		 3,277 3,842 4,859
Total Depreciation and Amortization (D&A)		 37 26 19
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $0.00 $1.60 $2.07
Adjusted Weighted Average Basic Shares Outstanding		 0.00 32.21M 32.65M
Adjusted Diluted Earnings per Share		 $0.00 $1.52 $1.91
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 34.48M 35.76M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 32.97M 34.02M
Normalized Net Operating Profit after Tax (NOPAT)		 33 52 68
Normalized NOPAT Margin		 30.26% 14.52% 14.13%
Pre Tax Income Margin		 41.46% 19.75% 19.90%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 1.51 15.56 14.42
NOPAT to Interest Expense		 1.10 3.16 2.87
EBIT Less CapEx to Interest Expense		 1.50 15.55 14.44
NOPAT Less CapEx to Interest Expense		 1.09 3.15 2.89
Payout Ratios		 - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Velocity Financial

This table displays calculated financial ratios and metrics derived from Velocity Financial's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 45.96% 15.56% 366.00% 44.57% 47.85% 438.98% 40.01% 34.64% 29.63% 34.56%
EBITDA Growth		 50.90% -5.43% 243.14% 36.11% 26.26% 279.42% 31.47% 20.89% 26.17% 32.60%
EBIT Growth		 55.56% -2.54% 1,312.24% 43.02% 33.35% 242.79% 38.96% 26.95% 31.31% 36.37%
NOPAT Growth		 28.27% -1.51% 232.28% 13.47% 18.26% 108.65% 61.45% 20.36% 28.33% 21.20%
Net Income Growth		 28.27% -3.88% 243.99% 13.47% 18.26% 113.80% 61.45% 20.36% 28.33% 21.20%
EPS Growth		 26.09% 0.00% 244.44% 16.13% 20.69% 100.00% 58.06% 16.67% 25.71% 12.00%
Operating Cash Flow Growth		 -123.79% 121.73% -200.78% 3,409.26% -119.46% -34.63% 188.71% -74.14% -80.16% 27.20%
Free Cash Flow Firm Growth		 55.71% -736.63% 127.90% -2,315.19% -1,880.07% 78.73% -3,973.52% 71.81% 66.78% -78.69%
Invested Capital Growth		 22.04% 352.43% -8.34% 396.16% 336.74% 16.99% 400.63% 22.80% 25.90% 25.72%
Revenue Q/Q Growth		 6.45% -149.04% -18.41% 7.03% 8.86% 12.45% 6.86% 2.92% 4.81% 16.72%
EBITDA Q/Q Growth		 10.64% -178.01% -23.86% 8.88% 2.63% 10.85% 6.14% 0.12% 7.11% 16.50%
EBIT Q/Q Growth		 11.64% -206.19% -25.38% 9.67% 4.09% 13.71% 7.05% 0.19% 7.66% 18.10%
NOPAT Q/Q Growth		 -4.47% -20.05% 30.50% 13.84% -0.43% 41.06% 0.97% -15.13% 6.16% 33.22%
Net Income Q/Q Growth		 -4.47% -21.97% 28.78% 13.84% -0.43% 41.06% 0.97% -15.13% 6.16% 33.22%
EPS Q/Q Growth		 -6.45% -13.79% 24.00% 16.13% -2.78% 42.86% -2.00% -14.29% 4.76% 27.27%
Operating Cash Flow Q/Q Growth		 -451.58% 1,000.50% -129.81% 471.87% -121.99% 368.21% -59.55% 8.42% -253.16% 289.36%
Free Cash Flow Firm Q/Q Growth		 -22.79% -1,722.19% 103.26% -3,411.22% -0.67% 80.42% -493.59% 75.90% -18.62% -5.31%
Invested Capital Q/Q Growth		 18.43% 297.41% -75.40% 328.56% 4.24% 6.46% 5.27% 5.12% 6.87% 6.31%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 90.35% 0.00% 80.46% 81.85% 77.16% 76.07% 75.55% 73.49% 75.10% 74.96%
EBIT Margin		 77.86% 0.00% 71.68% 73.44% 70.22% 71.01% 71.14% 69.25% 71.13% 71.97%
Profit (Net Income) Margin		 16.48% 0.00% 13.55% 14.41% 13.18% 16.54% 15.63% 12.89% 13.05% 14.90%
Tax Burden Percent		 73.24% 68.67% 72.75% 72.65% 70.59% 76.95% 74.60% 74.03% 73.51% 64.94%
Interest Burden Percent		 28.90% -22.65% 25.99% 27.02% 26.59% 30.26% 29.45% 25.14% 24.96% 31.87%
Effective Tax Rate		 26.76% 29.64% 27.25% 27.35% 29.41% 23.05% 25.40% 25.97% 26.49% 35.06%
Return on Invested Capital (ROIC)		 2.00% 0.00% 4.28% 2.01% 1.89% 1.50% 2.27% 1.26% 1.29% 1.49%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.00% 0.00% 4.28% 2.01% 1.89% 1.50% 2.27% 1.26% 1.29% 1.49%
Return on Net Nonoperating Assets (RNNOA)		 2.77% 0.00% 6.62% 10.18% 9.90% 13.07% 12.18% 11.07% 11.61% 13.58%
Return on Equity (ROE)		 4.78% 0.00% 10.91% 12.20% 11.78% 14.57% 14.45% 12.34% 12.90% 15.08%
Cash Return on Invested Capital (CROIC)		 -15.95% -126.14% 12.96% -131.11% -123.72% -14.34% -131.22% -19.04% -21.50% -21.37%
Operating Return on Assets (OROA)		 2.60% 0.00% 6.14% 6.52% 6.39% 6.27% 6.59% 6.61% 6.85% 7.02%
Return on Assets (ROA)		 0.55% 0.00% 1.16% 1.28% 1.20% 1.46% 1.45% 1.23% 1.26% 1.45%
Return on Common Equity (ROCE)		 4.14% 0.00% 10.80% 12.08% 11.67% 14.45% 14.32% 12.24% 12.80% 14.97%
Return on Equity Simple (ROE_SIMPLE)		 8.87% 0.00% 10.35% 10.35% 10.44% 0.00% 13.00% 13.02% 13.38% 0.00%
Net Operating Profit after Tax (NOPAT)		 10 8.23 11 12 12 17 17 15 16 21
NOPAT Margin		 16.48% 0.00% 13.55% 14.41% 13.18% 16.54% 15.63% 12.89% 13.05% 14.90%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 11.58% 0.00% 13.20% 13.12% 14.08% 15.12% 14.29% 15.05% 15.13% 14.59%
Operating Expenses to Revenue		 21.21% 0.00% 27.52% 26.21% 29.61% 28.19% 27.96% 30.56% 28.93% 28.01%
Earnings before Interest and Taxes (EBIT)		 49 -52 57 62 65 74 79 79 85 101
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 56 -44 64 69 71 79 84 84 90 105
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.96 0.83 0.76 0.94 0.89 1.30 1.31 1.25 1.34 1.25
Price to Tangible Book Value (P/TBV)		 0.98 0.85 0.77 0.95 0.90 1.32 1.33 1.27 1.36 1.27
Price to Revenue (P/Rev)		 3.45 2.91 0.99 1.16 1.05 1.57 1.51 1.40 1.45 1.34
Price to Earnings (P/E)		 14.82 9.96 7.45 9.15 8.57 10.80 10.08 9.62 9.96 9.47
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 6.75% 10.04% 13.42% 10.93% 11.66% 9.26% 9.92% 10.39% 10.04% 10.56%
Enterprise Value to Invested Capital (EV/IC)		 0.94 0.97 0.83 0.98 0.98 1.02 1.02 1.01 1.02 1.01
Enterprise Value to Revenue (EV/Rev)		 8.48 32.86 2.52 11.68 11.11 12.07 11.70 11.34 11.50 11.23
Enterprise Value to EBITDA (EV/EBITDA)		 10.26 43.08 2.95 13.83 13.63 15.35 15.11 15.02 15.33 15.02
Enterprise Value to EBIT (EV/EBIT)		 18.85 79.26 3.34 15.50 15.10 16.88 16.39 16.11 16.28 15.83
Enterprise Value to NOPAT (EV/NOPAT)		 26.47 108.59 18.76 91.12 90.56 83.15 77.87 77.80 79.56 79.45
Enterprise Value to Operating Cash Flow (EV/OCF)		 32.35 72.55 30.13 55.57 62.62 89.04 64.27 124.17 168.33 144.07
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 6.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 1.48 8.61 1.30 8.51 8.57 8.79 8.87 8.97 9.38 9.34
Long-Term Debt to Equity		 1.48 8.61 1.30 8.51 8.57 8.79 8.87 8.97 9.38 9.34
Financial Leverage		 1.38 5.16 1.55 5.06 5.25 8.71 5.37 8.76 9.00 9.09
Leverage Ratio		 8.68 9.05 9.40 9.52 9.82 9.98 9.99 10.03 10.27 10.38
Compound Leverage Factor		 2.51 -2.05 2.44 2.57 2.61 3.02 2.94 2.52 2.56 3.31
Debt to Total Capital		 59.72% 89.60% 56.51% 89.49% 89.55% 89.79% 89.87% 89.97% 90.36% 90.33%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 59.72% 89.60% 56.51% 89.49% 89.55% 89.79% 89.87% 89.97% 90.36% 90.33%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.43% 0.10% 0.40% 0.09% 0.09% 0.08% 0.08% 0.07% 0.06% 0.06%
Common Equity to Total Capital		 39.86% 10.30% 43.08% 10.42% 10.36% 10.13% 10.06% 9.95% 9.58% 9.61%
Debt to EBITDA		 6.52 39.98 2.00 12.63 12.49 13.56 13.34 13.40 13.59 13.41
Net Debt to EBITDA		 6.04 39.22 1.78 12.44 12.33 13.34 13.15 13.15 13.39 13.22
Long-Term Debt to EBITDA		 6.52 39.98 2.00 12.63 12.49 13.56 13.34 13.40 13.59 13.41
Debt to NOPAT		 16.84 100.77 12.70 83.20 83.02 73.47 68.73 69.41 70.54 70.98
Net Debt to NOPAT		 15.58 98.86 11.30 81.97 81.94 72.29 67.73 68.11 69.50 69.94
Long-Term Debt to NOPAT		 16.84 100.77 12.70 83.20 83.02 73.47 68.73 69.41 70.54 70.98
Noncontrolling Interest Sharing Ratio		 13.36% 0.00% 0.96% 0.94% 0.95% 0.87% 0.84% 0.79% 0.73% 0.70%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -156 -2,841 93 -3,066 -3,087 -604 -3,587 -864 -1,025 -1,080
Operating Cash Flow to CapEx		 -7,935.71% 75,505.66% -24,850.00% 0.00% -40,637.50% 24,221.30% 0.00% 13,657.14% -27,032.31% 33,609.09%
Free Cash Flow to Firm to Interest Expense		 -38.87 -686.35 22.37 -740.87 -746.00 -145.97 -666.76 -140.45 -166.92 -175.79
Operating Cash Flow to Interest Expense		 -1.11 9.67 -2.88 10.72 -2.36 6.32 1.97 1.86 -2.86 5.42
Operating Cash Flow Less CapEx to Interest Expense		 -1.12 9.66 -2.89 10.72 -2.36 6.29 2.08 1.85 -2.87 5.40
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.03 0.03 0.09 0.09 0.09 0.09 0.09 0.10 0.10 0.10
Fixed Asset Turnover		 29.76 29.91 86.22 97.24 111.21 117.29 150.07 170.70 196.99 218.45
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 920 3,657 900 3,856 4,019 4,279 4,504 4,735 5,060 5,380
Invested Capital Turnover		 0.12 0.05 0.32 0.14 0.14 0.09 0.15 0.10 0.10 0.10
Increase / (Decrease) in Invested Capital		 166 2,849 -82 3,079 3,099 621 3,605 879 1,041 1,101
Enterprise Value (EV)		 864 3,531 751 3,779 3,926 4,348 4,586 4,775 5,158 5,440
Market Capitalization		 351 313 295 376 370 565 593 591 649 648
Book Value per Share		 $11.32 $11.62 $11.88 $12.32 $12.71 $13.22 $13.74 $14.29 $14.64 $15.61
Tangible Book Value per Share		 $11.11 $11.42 $11.67 $12.11 $12.50 $13.02 $13.53 $14.08 $14.43 $15.41
Total Capital		 920 3,657 900 3,856 4,019 4,279 4,504 4,735 5,060 5,380
Total Debt		 550 3,277 508 3,451 3,599 3,842 4,048 4,260 4,573 4,859
Total Long-Term Debt		 550 3,277 508 3,451 3,599 3,842 4,048 4,260 4,573 4,859
Net Debt		 509 3,215 452 3,400 3,552 3,780 3,989 4,181 4,506 4,789
Capital Expenditures (CapEx)		 0.06 0.05 0.05 0.00 0.02 0.11 -0.60 0.08 0.07 0.10
Net Nonoperating Expense (NNE)		 0.00 0.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 550 3,277 508 3,451 3,599 3,842 4,048 4,260 4,573 4,859
Total Depreciation and Amortization (D&A)		 7.80 7.61 6.96 7.13 6.41 5.25 4.89 4.84 4.75 4.17
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.31 $0.25 $0.33 $0.37 $0.37 $0.53 $0.52 $0.45 $0.48 $0.62
Adjusted Weighted Average Basic Shares Outstanding		 31.92M 31.91M 32.10M 32.12M 32.28M 32.21M 32.54M 32.59M 32.71M 32.65M
Adjusted Diluted Earnings per Share		 $0.29 $0.25 $0.31 $0.36 $0.35 $0.50 $0.49 $0.42 $0.44 $0.56
Adjusted Weighted Average Diluted Shares Outstanding		 34.20M 34.13M 34.05M 34.14M 34.73M 34.48M 35.44M 35.60M 35.90M 35.76M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 32.42M 32.62M 32.60M 32.76M 32.78M 32.97M 32.99M 33.11M 33.11M 34.02M
Normalized Net Operating Profit after Tax (NOPAT)		 10 8.23 11 12 12 17 17 15 16 21
Normalized NOPAT Margin		 16.48% 0.00% 13.55% 14.41% 13.18% 16.54% 15.63% 12.89% 13.05% 14.90%
Pre Tax Income Margin		 22.50% 0.00% 18.63% 19.84% 18.68% 21.49% 20.95% 17.41% 17.75% 22.94%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 12.12 -12.47 13.72 15.05 15.67 17.80 14.67 12.85 13.86 16.36
NOPAT to Interest Expense		 2.57 1.99 2.59 2.95 2.94 4.15 3.22 2.39 2.54 3.39
EBIT Less CapEx to Interest Expense		 12.11 -12.48 13.71 15.05 15.66 17.78 14.78 12.83 13.85 16.35
NOPAT Less CapEx to Interest Expense		 2.55 1.97 2.58 2.95 2.94 4.12 3.33 2.38 2.53 3.37
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 1.41% 0.00% 2.08% 2.01% 1.93% 0.00% 2.22% 2.56% 2.43% 0.00%

Key Financial Trends

Velocity Financial (NYSE: VEL) has demonstrated consistent financial growth and improving profitability over the last several quarters and years, showing positive trends in net income, revenue, and asset growth, but also faces some financial and operational challenges.

Key positive factors supporting the company’s financial strength and operational success include:

  • Net income attributable to common shareholders increased steadily from $10.7 million in Q1 2023 to $20.6 million in Q4 2024, showing solid earnings growth.
  • Basic earnings per share climbed from $0.31 in Q1 2023 to $0.62 in Q4 2024, reflecting improved profitability on a per-share basis.
  • Total revenue rose consistently each quarter year-over-year, reaching a recent high of approximately $140 million in Q4 2024, driven by higher net interest income and non-interest income.
  • Loans and leases, net of allowance, expanded steadily from about $3.62 billion at Q1 2023 to over $4.88 billion by Q3 2024, indicating business growth and increased earning assets.
  • Amortization and depreciation expenses are relatively stable, indicating controlled capital asset management.
  • Cash from operating activities increased significantly, peaking at $33.3 million in Q4 2024, supporting operational liquidity and cash flow quality.
  • The company’s total common equity increased from $387 million in Q1 2023 to approximately $485 million by Q3 2024, enhancing shareholder value and capital base.
  • Provision for credit losses has generally remained low or negative in recent quarters, suggesting good credit quality and effective risk management.

Neutral aspects that require monitoring:

  • Interest expense has risen moderately, especially long-term debt interest, which may impact net interest margin if not managed carefully.
  • Investing activities show large purchases and sales of investment securities, reflecting active portfolio management, but also leading to significant cash outflows.

Potential challenges or negative indicators to consider:

  • The impact of volatile non-cash adjustments in cash flows from operating activities, notably large negative non-cash items in some quarters, which can distort cash flow quality.
  • Other operating expenses have risen sharply, from about $49.5 million in Q1 2023 to over $80 million in Q4 2024, which may weigh on profitability if growth in revenues does not keep pace.
  • An increase in total liabilities, especially long-term debt from about $508 million in early 2023 to above $4.57 billion by Q3 2024, increases leverage and interest obligations, potentially elevating financial risk.
  • Significant fluctuations and net negative investments activities cash flow may limit cash reserves and operational flexibility in some periods.

Summary: Velocity Financial has shown solid growth in revenue, earnings, and asset base over the past several years, reflecting operational expansion and improved profitability. The company maintains strong net interest income and enhances shareholder equity. However, rising operating expenses, increased leverage, and cash flow volatility warrant careful monitoring. Investors should consider these factors alongside overall market conditions when evaluating VEL shares.

08/18/25 02:33 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Velocity Financial's Financials

When does Velocity Financial's financial year end?

According to the most recent income statement we have on file, Velocity Financial's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Velocity Financial's net income changed over the last 2 years?

Velocity Financial's net income appears to be on an upward trend, with a most recent value of $68.47 million in 2024, rising from $32.21 million in 2022. The previous period was $52.29 million in 2023. Find out what analysts predict for Velocity Financial in the coming months.

How has Velocity Financial's revenue changed over the last 2 years?

Over the last 2 years, Velocity Financial's total revenue changed from $107.47 million in 2022 to $484.42 million in 2024, a change of 350.8%.

How much debt does Velocity Financial have?

Velocity Financial's total liabilities were at $5.01 billion at the end of 2024, a 26.2% increase from 2023, and a 48.6% increase since 2022.

How much cash does Velocity Financial have?

In the past 2 years, Velocity Financial's cash and equivalents has ranged from $40.57 million in 2023 to $49.90 million in 2024, and is currently $49.90 million as of their latest financial filing in 2024.

How has Velocity Financial's book value per share changed over the last 2 years?

Over the last 2 years, Velocity Financial's book value per share changed from 11.62 in 2022 to 15.61 in 2024, a change of 34.3%.


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This page (NYSE:VEL) was last updated on 8/18/2025 by MarketBeat.com Staff
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