Velocity Financial, Inc. (VEL) Balance Sheet
VEL balance sheet, 2025
December 31, 2025 · U.S. dollars$7.38B assets = $6.71B liabilities + $675.7M equity
Both columns are drawn to the same scale: what VEL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
VEL financial health
Descriptive bands, not a rating. Fiscal 2025.
VEL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.13B2016 | $7.38B2025 | +23.1%/yr | |
| Total liabilities | $984.7M2016 | $6.71B2025 | +23.8%/yr | |
| Shareholders’ equity | $1.13B2016 | $672.5M2025 | −5.6%/yr | |
| Cash & short-term investments | $50.0M2016 | $92.1M2025 | +7.0%/yr | |
| Total debt | $1.05B2016 | $6.54B2025 | +22.6%/yr | |
| Net cash (debt) | −$997.5M2016 | −$6.45B2025 | −$5.4B | |
| Working capital | −$1.91B2016 | −$175.2M2025 | +$1.7B | |
| Book value per share | $96.442016 | $17.622025 | −17.2%/yr | |
| Current ratio | 0.032016 | 0.632025 | +0.61 | |
| Debt / equity | 0.922016 | 9.722025 | +8.80 | |
| Shares outstanding | 11.7M2016 | 38.2M2025 | +14.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VEL assets
VEL liabilities and equity
VEL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
VEL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $92.1M | $50.1M | $40.8M | $3.32B | $36.1M | $13.3M | $22.6M | $16.0M | $15.9M | $50.0M |
| Cash & equivalents | $92.1M | $50.1M | $40.8M | $45.2M | $36.1M | $13.3M | $22.6M | $16.0M | $15.9M | $50.0M |
| Short-term investments | — | $210,000 | −$190,000 | $3.27B | $2.53B | — | — | — | — | — |
| Receivables | $49.7M | $160.1M | $120.9M | $87.2M | $89.3M | $86.5M | $67.7M | $53.0M | $34.3M | $1.08B |
| Inventory | $0 | $0 | $44.3M | $13.3M | $17.6M | $15.8M | $13.1M | −$1.74B | −$1.37B | −$1.16B |
| Other current assets | $159.8M | $2.1M | $0 | $0 | $0 | $0 | $0 | $1.74B | $1.37B | $88.1M |
| Total current assets | $301.6M | $212.3M | $163.7M | $3.36B | $125.4M | $99.8M | $90.3M | $68.9M | $50.2M | $50.0M |
| Property, plant & equipment (net) | $4.2M | $4.2M | $5.3M | $3.4M | $7.6M | $4.1M | $10.7M | $5.5M | $5.8M | $3.9M |
| Goodwill & intangible assets | $19.7M | $20.5M | $15.4M | $16.0M | $13.9M | $4.6M | $5.3M | $9.1M | $4.9M | $0 |
| Long-term investments | $0 | $0 | $0 | $3.55B | $2.62B | $1.96B | $0 | $0 | $0 | $0 |
| Other non-current assets | $7.06B | $5.29B | $4.22B | $0 | $48.7M | $31.6M | $2.11B | $1.65B | $1.31B | $1.08B |
| Total assets | $7.38B | $5.53B | $4.40B | $3.75B | $2.81B | $2.10B | $2.21B | $1.74B | $1.37B | $1.13B |
| Liabilities | ||||||||||
| Accounts payable | $168.3M | $147.8M | $122.0M | $91.5M | $92.2M | $63.4M | $49.8M | $26.8M | $22.0M | $12.3M |
| Short-term debt | $308.5M | $348.1M | $334.8M | $330.8M | $301.1M | $75.9M | $421.5M | $215.9M | $85.3M | $0 |
| Deferred revenue | — | — | $214.1M | — | $208.9M | $12.6M | — | — | — | — |
| Total current liabilities | $476.8M | $495.9M | $456.7M | $91.5M | $301.1M | $75.9M | $421.5M | $215.9M | $85.3M | $1.96B |
| Long-term debt | $6.23B | $4.51B | $3.51B | $3.28B | $2.38B | $1.73B | $2.01B | $1.55B | $1.19B | $972.5M |
| Other long-term liabilities | $0 | $0 | $3.7M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $6.71B | $5.01B | $3.97B | $3.37B | $2.47B | $1.88B | $2.06B | $1.60B | $1.24B | $984.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $398,000 | $339,000 | $331,000 | $376.8M | $323,000 | $201,000 | $152.8M | $136.8M | $130.9M | $125.3M |
| Retained earnings (deficit) | $302.4M | $197.3M | $128.9M | $76.6M | $44.4M | $15.2M | $152.8M | $163.3M | $155.6M | $148.4M |
| Treasury stock | — | — | — | −$458,000 | — | — | — | — | — | — |
| Accumulated other comprehensive income | −$2.6M | −$805,000 | −$1.2M | $0 | $0 | −$90.0M | −$5.2M | −$4.0M | −$2.7M | $148.4M |
| Minority interest | $3.2M | $3.3M | $3.4M | $3.7M | $3.4M | — | — | — | — | — |
| Total shareholders' equity | $672.5M | $516.9M | $433.4M | $380.5M | $344.5M | $219.6M | $152.8M | $139.7M | $130.9M | $1.13B |
| Key figures | ||||||||||
| Total debt | $6.54B | $4.86B | $3.84B | $3.61B | $2.68B | $1.81B | $2.43B | $1.76B | $1.28B | $1.05B |
| Net cash (debt) | −$6.45B | −$4.81B | −$3.80B | −$290.1M | −$2.64B | −$1.79B | −$2.40B | −$1.75B | −$1.26B | −$997.5M |
| Working capital | −$175.2M | −$283.6M | −$293.1M | $3.27B | −$175.6M | $23.9M | −$331.3M | −$147.0M | −$35.1M | −$1.91B |
| Tangible book value | $652.8M | $496.5M | $418.1M | $364.5M | $330.6M | $215.0M | $147.6M | $130.6M | $126.0M | $1.13B |
| Book value per share | $17.62 | $14.46 | $12.57 | $11.15 | $10.14 | $10.93 | $7.61 | $11.89 | $11.14 | $96.44 |
| Shares outstanding | 38.2M | 35.8M | 34.5M | 34.1M | 34.0M | 20.1M | 20.1M | 11.7M | 11.7M | 11.7M |
| Current ratio | 0.63 | 0.43 | 0.36 | 36.70 | 0.42 | 1.31 | 0.21 | 0.32 | 0.59 | 0.03 |
| Quick ratio | 0.30 | 0.42 | 0.35 | 37.20 | 0.42 | 1.31 | 0.21 | 0.32 | 0.59 | 0.57 |
| Debt / equity | 9.72 | 9.40 | 8.86 | 9.48 | 7.77 | 8.22 | 15.88 | 12.60 | 9.77 | 0.92 |
| Equity / assets | 9.1% | 9.4% | 9.8% | 10.1% | 12.2% | 10.4% | 6.9% | 8.0% | 9.5% | 100.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $245.2M | $87.1M | $92.1M | $99.0M | $79.6M | $51.7M | $50.1M | $44.1M | $47.4M | $59.0M | $40.8M | $29.4M |
| Cash & equivalents | $245.2M | $87.1M | $92.1M | $99.0M | $79.6M | $51.7M | $50.1M | $44.1M | $47.4M | $59.0M | $40.8M | $29.4M |
| Short-term investments | — | — | — | — | — | — | $210,000 | — | — | — | — | — |
| Receivables | $53.1M | $51.3M | $51.6M | $46.6M | $186.3M | $162.1M | $160.1M | $130.9M | $120.0M | $119.0M | $120.9M | $95.1M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $46.3M | $44.3M | $29.3M |
| Other current assets | $158.2M | $25.0M | $0 | $18.8M | $0 | $0 | $2.1M | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $456.5M | $163.3M | $143.7M | $164.4M | $265.9M | $213.8M | $212.3M | $175.0M | $167.4M | $178.1M | $163.7M | $54.4M |
| Property, plant & equipment (net) | $1.3M | $1.3M | $1.4M | $1.5M | $1.5M | $1.6M | $4.2M | $1.7M | $1.9M | $2.0M | $5.3M | $2.9M |
| Goodwill & intangible assets | $21.1M | $19.4M | $19.7M | $19.4M | $19.7M | $19.4M | $20.5M | $19.2M | $19.0M | $15.8M | $15.4M | $16.6M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $7.48B | $7.41B | $7.22B | $6.77B | $6.19B | $5.74B | $5.29B | $5.01B | $4.69B | $4.43B | $4.22B | $4.04B |
| Total assets | $7.96B | $7.59B | $7.38B | $6.96B | $6.48B | $5.97B | $5.53B | $5.20B | $4.87B | $4.63B | $4.40B | $4.12B |
| Liabilities | ||||||||||||
| Accounts payable | $186.0M | $173.1M | $168.3M | $170.6M | $164.9M | $153.5M | $147.8M | $140.5M | $138.0M | $124.0M | $122.0M | $97.9M |
| Short-term debt | $311.7M | $98.0M | $309.5M | $332.4M | $331.1M | $570.0M | $348.1M | $434.0M | $237.4M | $360.2M | $334.8M | $215.2M |
| Deferred revenue | — | — | — | — | — | — | — | — | $99.4M | $236.2M | $214.1M | $117.3M |
| Total current liabilities | $486.2M | $271.1M | $309.5M | $503.0M | $496.0M | $723.5M | $495.9M | $574.6M | $375.5M | $484.2M | $456.7M | $215.2M |
| Long-term debt | $6.74B | $6.62B | $6.23B | $5.82B | $5.38B | $4.68B | $4.51B | $4.14B | $4.02B | $3.69B | $3.51B | $3.60B |
| Other long-term liabilities | $11.5M | $0 | $169.5M | $0 | $560,000 | $1.0M | $0 | $1.5M | $374,000 | $484.2M | $3.7M | $0 |
| Total liabilities | $7.24B | $6.90B | $6.71B | $6.32B | $5.87B | $5.41B | $5.01B | $4.71B | $4.40B | $4.17B | $3.97B | $3.70B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $405,000 | $403,000 | $398,000 | $396,000 | $390,000 | $359,000 | $339,000 | $335,000 | $335,000 | $334,000 | $331,000 | $330,000 |
| Retained earnings (deficit) | $349.9M | $324.7M | $302.4M | $267.6M | $242.2M | $216.2M | $197.3M | $176.7M | $160.9M | $146.2M | $128.9M | $112.5M |
| Accumulated other comprehensive income | −$2.3M | −$2.3M | −$2.6M | −$2.9M | −$3.2M | −$1.8M | −$805,000 | −$2.7M | $1.6M | $794,000 | −$1.2M | $905,000 |
| Minority interest | $3.6M | $3.1M | $3.2M | $3.2M | $3.2M | — | — | — | — | — | — | — |
| Total shareholders' equity | $721.5M | $693.3M | $672.5M | $634.3M | $597.9M | $563.2M | $516.9M | $484.6M | $471.3M | $452.9M | $433.4M | $416.4M |
| Key figures | ||||||||||||
| Total debt | $7.05B | $6.72B | $6.54B | $6.15B | $5.71B | $5.25B | $4.86B | $4.57B | $4.26B | $4.05B | $3.84B | $3.81B |
| Net cash (debt) | −$6.81B | −$6.63B | −$6.45B | −$6.05B | −$5.63B | −$5.20B | −$4.81B | −$4.53B | −$4.21B | −$3.99B | −$3.80B | −$3.79B |
| Working capital | −$29.7M | −$107.8M | −$165.8M | −$338.6M | −$230.1M | −$509.7M | −$283.6M | −$399.6M | −$208.1M | −$306.1M | −$293.1M | −$160.8M |
| Tangible book value | $700.5M | $673.9M | $652.8M | $614.9M | $578.2M | $543.8M | $496.5M | $465.4M | $452.3M | $437.1M | $418.1M | $399.8M |
| Book value per share | $18.36 | $17.70 | $17.62 | $16.35 | $15.82 | $15.30 | $14.32 | $13.50 | $13.24 | $12.78 | $12.39 | $11.99 |
| Shares outstanding | 39.3M | 39.2M | 38.2M | 38.8M | 37.8M | 36.8M | 36.1M | 35.9M | 35.6M | 35.4M | 35.0M | 34.7M |
| Current ratio | 0.94 | 0.60 | 0.46 | 0.33 | 0.54 | 0.30 | 0.43 | 0.30 | 0.45 | 0.37 | 0.36 | 0.25 |
| Quick ratio | 0.61 | 0.51 | 0.46 | 0.29 | 0.54 | 0.30 | 0.42 | 0.30 | 0.45 | 0.37 | 0.35 | 0.58 |
| Debt / equity | 9.77 | 9.69 | 9.72 | 9.70 | 9.55 | 9.32 | 9.40 | 9.44 | 9.04 | 8.94 | 8.86 | 9.16 |
| Equity / assets | 9.1% | 9.1% | 9.1% | 9.1% | 9.2% | 9.4% | 9.4% | 9.3% | 9.7% | 9.8% | 9.8% | 10.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 12, 2026); data from EODHD.
VEL financial position
At the end of fiscal 2025 (December 31, 2025), Velocity Financial had total assets of $7.4 billion (up 33.5% from a year earlier), total liabilities of $6.7 billion and shareholders' equity of $672.5 million. It held $92.1 million in cash and short-term investments against $6.5 billion of debt, net debt of $6.4 billion. Its current ratio was 0.63. In the latest quarter (ended June 30, 2026) total assets were $8.0 billion and equity $721.5 million.
Related: VEL income statement, VEL cash flow statement, VEL key metrics. See the VEL stock overview for the latest quote and news.
VEL balance sheet FAQ
What are Velocity Financial's total assets?
Velocity Financial reported total assets of $7.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.5 billion a year earlier.
How much debt does Velocity Financial have?
Velocity Financial had $6.5 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 9.72.
How much cash does Velocity Financial have?
Velocity Financial held $92.1 million in cash and short-term investments at the end of fiscal 2025; with $6.5 billion of debt that is net debt of $6.4 billion.
What is Velocity Financial's book value?
Velocity Financial's shareholders' equity (book value) was $672.5 million at the end of fiscal 2025, or $17.62 per share.
What is Velocity Financial's current ratio?
Velocity Financial had current assets of $301.6 million and current liabilities of $476.8 million, a current ratio of 0.63 (current liabilities exceed current assets).
How much goodwill does Velocity Financial have?
Velocity Financial carried $19.7 million of goodwill and intangible assets, 0.3% of total assets, at the end of fiscal 2025.