Velocity Financial, Inc. (VEL) Key Metrics

NYSE: VELValuation, returns, debt and efficiency ratios over 10 years.

VEL valuation today

Trailing 12 months · as of October 18, 2026
Market cap
$580.8M
Enterprise value
$7.56B
P/E (TTM)
5.3
10-yr median 10.2
Forward P/E
—
PEG ratio
—
Price / sales
2.0
10-yr median 1.4
Price / book
0.9
10-yr median 1.3
EV / EBITDA
—
10-yr median 35.9
Dividend yield
—
Beta
0.75

VEL key metrics, 2016–2025

Fiscal year ended December 31, 2025 · U.S. dollars

VEL valuation Price multiples at each fiscal year-end price.

P/E ratio−26.2%
7.5
2025 · hover or tap a bar for each year
2020: 7.02021: 15.9 (+126.3%)2022: 10.2 (−35.8%)2023: 11.4 (+11.1%)2024: 10.2 (−10.0%)2025: 7.5 (−26.2%)
20162025
Price / sales−23.4%
1.1
2025 · hover or tap a bar for each year
2020: 0.82021: 2.6 (+240.3%)2022: 1.3 (−48.4%)2023: 4.5 (+240.0%)2024: 1.4 (−67.9%)2025: 1.1 (−23.4%)
20162025
Price / book−12.9%
1.2
2025 · hover or tap a bar for each year
2020: 0.62021: 1.4 (+137.1%)2022: 0.9 (−35.9%)2023: 1.4 (+58.3%)2024: 1.4 (−1.2%)2025: 1.2 (−12.9%)
20162025
EV / EBITDA−74.7%
14.2
2025 · hover or tap a bar for each year
2020: 75.02021: 73.6 (−1.8%)2022: 13.3 (−82.0%)2023: 15.8 (+18.7%)2024: 56.0 (+255.4%)2025: 14.2 (−74.7%)
20162025
Price / free cash flow+137.4%
44.3
2025 · hover or tap a bar for each year
2020: 2.32021: 8.1 (+246.2%)2022: 6.8 (−16.2%)2023: 9.8 (+43.2%)2024: 18.7 (+91.4%)2025: 44.3 (+137.4%)
20162025
Free cash flow yield−3.1 pts
2.3%
2025 · hover or tap a bar for each year
2020: 42.6%2021: 12.3% (−30.3 pts)2022: 14.7% (+2.4 pts)2023: 10.3% (−4.4 pts)2024: 5.4% (−4.9 pts)2025: 2.3% (−3.1 pts)
20162025

VEL valuation history

Fiscal year-endToday10-year median

VEL returns on capital

ROEROICROA

Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.

VEL debt vs cash

Total debtCash & short-term investments

Debt includes short- and long-term borrowings and, where reported, lease liabilities.

VEL cash returned to shareholders

DividendsBuybacksFree cash flow

VEL price vs earnings per share

Share price at year-endEPS (right axis)

VEL key metrics

2016–2025
Velocity Financial, Inc. key metrics by fiscal year
2025202420232022202120202019201820172016
Valuation
Market capitalization$792.6M$699.5M$593.8M$329.4M$465.6M$125.1M————
Enterprise value$7.24B$5.51B$4.40B$619.5M$3.11B$1.92B————
P/E ratio7.510.211.410.215.97.0————
Price / sales1.11.44.51.32.60.8————
Price / book1.21.41.40.91.40.6————
Price / free cash flow44.318.79.86.88.12.3————
Price / operating cash flow43.618.59.76.88.12.3————
EV / sales10.111.433.42.517.111.6————
EV / EBITDA14.256.015.813.373.675.0————
EV / free cash flow404.8147.072.212.854.236.0————
Earnings yield13.3%9.8%8.8%9.8%6.3%14.2%————
Free cash flow yield2.3%5.4%10.3%14.7%12.3%42.6%————
Dividend yield——180.1%———————
Shareholder yield (dividends + buybacks)0.9%0.0%180.2%0.1%0.1%0.0%————
Share price at fiscal year-end$20.76$19.56$17.22$9.65$13.70$6.23————
Per share
Revenue per share$18.71$13.50$3.82$7.28$5.34$8.26$7.61$10.34$8.08$6.42
Earnings per share$2.75$1.91$1.52$0.94$0.86$0.88$0.86$0.65$1.19$0.58
Operating cash flow per share$0.48$1.06$1.77$1.43$1.70$2.73−$5.24−$6.17$3.20$2.53
Free cash flow per share$0.47$1.05$1.77$1.42$1.69$2.65−$5.34−$6.31$2.94$2.29
Cash per share$2.41$1.40$1.18$97.20$1.06$0.66$1.12$1.36$1.35$4.25
Book value per share$17.62$14.46$12.57$11.15$10.14$10.93$7.61$11.89$11.14$96.44
Tangible book value per share$17.10$13.88$12.12$10.68$9.73$10.70$7.35$11.12$10.72$96.44
Dividends per share——$31.01———————
Capex per share$0.01$0.01$0.01$0.01$0.00$0.08$0.10$0.14$0.26$0.25
Debt per share$171.24$135.89$111.42$105.70$78.77$89.90$120.84$149.88$108.89$89.14
Shares outstanding38.2M35.8M34.5M34.1M34.0M20.1M20.1M11.7M11.7M11.7M
Change in shares outstanding+6.8%+3.7%+1.0%+0.4%+69.2%0.0%+71.0%0.0%0.0%−41.5%
Returns & profitability
Return on equity (ROE)17.7%14.4%12.8%8.9%10.4%9.5%11.8%5.6%2.2%1.1%
Return on invested capital (ROIC)5.9%1.4%2.3%1.8%1.2%0.8%0.8%0.6%0.4%0.2%
Return on assets (ROA)1.6%1.4%1.3%1.0%1.2%0.8%0.9%0.5%1.1%0.7%
Return on tangible assets1.4%1.2%1.2%0.9%1.0%0.8%0.8%0.4%1.0%0.6%
Free cash flow margin2.5%7.8%46.2%19.5%31.6%32.2%−70.3%−61.0%36.4%35.6%
Income quality (OCF / net income)0.170.551.171.511.973.09−6.09−9.502.694.38
Financial health
Total debt$6.54B$4.86B$3.84B$3.61B$2.68B$1.81B$2.43B$1.76B$1.28B$1.05B
Cash & short-term investments$92.1M$50.1M$40.8M$3.32B$36.1M$13.3M$22.6M$16.0M$15.9M$50.0M
Net debt$6.45B$4.81B$3.80B$290.1M$2.64B$1.79B$2.40B$1.75B$1.26B$997.5M
Debt / equity9.729.408.869.487.778.2215.8812.609.770.92
Debt / assets0.890.880.870.960.950.861.101.010.930.92
Net debt / EBITDA12.6148.8813.626.2262.5770.0986.3084.3883.24136.43
Current ratio0.630.430.3636.700.421.310.210.320.590.03
Quick ratio0.630.430.2636.550.361.110.188.4016.670.62
Interest coverage1.40.40.40.30.40.20.30.30.20.1
Working capital−$175.2M−$283.6M−$293.1M$3.27B−$175.6M$23.9M−$331.3M−$147.0M−$35.1M−$1.91B
Invested capital$7.12B$5.33B$4.23B$670.6M$2.99B$2.01B$2.56B$1.88B$1.39B$2.13B
Tangible asset value$656.0M$499.7M$421.5M$364.5M$330.6M$215.0M$147.6M$130.6M$126.0M$148.4M
Net current asset value−$6.40B−$4.79B−$3.80B−$9.9M−$2.34B−$1.78B−$1.97B−$1.53B−$1.19B−$934.8M
Graham number$33.02$24.95$20.71$15.39$14.01$14.75$12.14$13.18$17.28$35.43
Graham net-net per share−$172.26−$135.26−$110.61$0.62−$69.33−$89.47−$98.67−$205.49−$160.44−$60.42
Capital allocation
Dividends paid——$1.07B———————
Share buybacks (net)$7.3M$0$861,000$458,000$423,000$0$27.7M$0$0$0
Dividends + buybacks / free cash flow41.0%0.0%—0.9%0.7%0.0%——0.0%0.0%
Capex / revenue0.0%0.1%0.1%0.1%0.1%0.9%1.3%1.4%3.2%3.9%
Capex / operating cash flow1.5%0.8%0.3%0.7%0.2%2.9%——8.2%9.8%
Capex / depreciation0.140.140.080.150.060.640.811.192.595.67
Stock-based compensation / revenue1.2%1.3%3.1%1.3%1.2%0.6%8.4%8.7%——
R&D / revenue——0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
SG&A / revenue0.9%15.4%40.2%14.5%13.3%15.2%14.9%17.7%17.6%17.2%
Efficiency
Days sales outstanding53.6106.2288.3129.7177.0169.7144.2131.02,133.32,646.2
Days of inventory on hand——320.035.657.550.1-3,169.4-7,469.9-7,497.7-8,123.3
Days payables outstanding1,726.9180.91,186.0211.7268.6196.9140.4117.1101.485.6
Cash conversion cycle (days)-1,673.3-74.7-577.8-46.5-34.123.0-3,165.6-7,455.9-5,465.8-5,562.7
Receivables turnover6.813.441.272.812.062.152.532.790.170.14
Payables turnover0.212.020.311.721.361.852.603.123.604.26
Inventory turnover——1.1410.256.347.28————
Asset turnover0.110.100.030.080.070.080.080.080.080.07
Average receivables$104.9M$140.5M$104.0M$88.2M$87.9M$77.1M$60.4M$43.6M$554.8M$547.1M
Average payables$158.1M$134.9M$106.7M$91.9M$77.8M$56.6M$38.3M$24.4M$17.1M$12.3M
Average inventory——$28.8M$15.4M$16.7M$14.4M−$865.4M−$1.56B−$1.27B−$1.16B
Intangibles / total assets0.3%0.4%0.3%0.4%0.5%0.2%0.2%0.5%0.4%0.0%

Computed from VEL's annual financial statements (latest annual report filed March 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.

VEL valuation and financial ratios

At the end of fiscal 2025 (December 31, 2025), Velocity Financial traded at 7.5 times earnings, against a 10-year median of 10.2. Based on the latest twelve months, the trailing P/E is 5.3. Velocity Financial earned a return on equity of 17.7% and a return on invested capital of 5.9% in fiscal 2025. It ended the year with $6.5 billion of debt and $92.1 million in cash and short-term investments, net debt of $6.4 billion. It returned $7.3 million to shareholders: $0 in dividends and $7.3 million in share buybacks, 41% of free cash flow. The share count rose 224.9% from 11.7M to 38.2M over 9 years.

See the VEL income statement, the VEL chart for price history, or the VEL stock overview for the latest quote and news.

VEL key metrics FAQ

What is Velocity Financial's P/E ratio?

Velocity Financial's trailing P/E ratio is 5.3 based on the last twelve months of earnings (as of October 18, 2026). At the end of fiscal 2025 it was 7.5, compared with a 10-year median of 10.2.

What is Velocity Financial's EV/EBITDA?

Velocity Financial's enterprise value was 14.2 times EBITDA at the end of fiscal 2025 (enterprise value $7.2 billion, EBITDA $511.3 million).

What is Velocity Financial's return on equity?

Velocity Financial's return on equity (ROE) was 17.7% in fiscal 2025: net income of $105.1 million on average shareholders' equity of $594.7 million.

What is Velocity Financial's ROIC?

Velocity Financial's return on invested capital was 5.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.

How much debt does Velocity Financial have?

Velocity Financial had total debt of $6.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 9.72 and $6.4 billion of net debt (12.61 times EBITDA).

Does Velocity Financial buy back its shares?

Yes. Velocity Financial spent $7.3 million on net share repurchases in fiscal 2025 Shares outstanding changed +6.8% over the year, to 38.2M..

What is Velocity Financial's free cash flow yield?

Velocity Financial generated $17.9 million of free cash flow in fiscal 2025, a free cash flow yield of 2.3% on its market value at year-end ($792.6 million).

What is Velocity Financial's current ratio?

Velocity Financial's current ratio was 0.63 at the end of fiscal 2025: current assets were 0.63 times current liabilities.

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