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.
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 reported steady financial performance over the past several quarters, showing growth in income and balance sheet strength. Here are the key takeaways from its recent quarterly financial statements covering Q1 2023 through Q4 2024:
- Consistent Revenue Growth: Total revenue increased quarter-over-quarter from $79.2M in Q1 2023 to $139.7M in Q4 2024. This was driven primarily by higher loans and leases interest income, which grew from $70.5M in Q1 2023 to $113.5M in Q4 2024.
- Improved Net Income: Net income attributable to common shareholders rose steadily, reaching $20.6M in Q4 2024 compared to $10.6M in Q1 2023, reflecting improved profitability and operational efficiency.
- Increasing Earnings Per Share (EPS): Diluted EPS improved from $0.31 in Q1 2023 to $0.56 in Q4 2024, demonstrating enhanced shareholder value and earnings growth.
- Strong Operating Cash Flows: The company generated positive net cash flows from operating activities of $33.3M in Q4 2024, showing the ability to generate cash from its core business consistently.
- Rising Loan Portfolio: Loans and leases net of allowance expanded from approximately $3.62B in Q1 2023 to $4.88B in Q3 2024, signifying business growth and expanded lending activities.
- Debt Issuance and Repayment: Velocity Financial issued significant debt each quarter but also repaid large amounts, resulting in fluctuating net financing cash flows. These actions suggest active management of capital structure to support growth.
- Stable Interest Expense: Interest expense on long-term debt remained relatively stable around $4.1M to $6.1M per quarter, indicating controlled borrowing costs despite growing debt levels.
- Fluctuating Non-Interest Income: Net realized and unrealized capital gains on investments varied quarter to quarter, impacting total non-interest income and overall revenue composition.
- Increase in Operating Expenses: Total non-interest expenses have trended upwards from $21.8M in Q1 2023 to $39.1M in Q4 2024, primarily driven by higher salaries, insurance acquisition costs, and other operating expenses.
- Cash Interest Paid: There has been an increase in cash interest paid, rising to approximately $67.3M in Q4 2024, which could weigh on future net income if borrowing costs rise further.
Summary: Velocity Financial shows strong growth in revenue, net income, and loan portfolio over the past two years, supported by efficient operations and solid cash flow generation. Shareholders benefit from rising earnings per share and increasing asset base. However, rising operating expenses and significant cash interest payments highlight the need for careful expense management and cost of capital control. Overall, the company appears financially healthy with positive momentum heading into 2025.
08/09/25 12:40 AMAI Generated. May Contain Errors.