Velocity Financial, Inc. (VEL) Key Metrics
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. dollarsVEL valuation Price multiples at each fiscal year-end price.
VEL returns How much profit the business earns on the capital it uses.
VEL per-share figures Results divided by the shares outstanding at year-end.
VEL financial health Debt, liquidity and how easily interest is covered.
VEL efficiency & capital use Working capital cycle and where the cash goes.
VEL valuation history
VEL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
VEL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
VEL cash returned to shareholders
VEL price vs earnings per share
VEL key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 ratio | 7.5 | 10.2 | 11.4 | 10.2 | 15.9 | 7.0 | — | — | — | — |
| Price / sales | 1.1 | 1.4 | 4.5 | 1.3 | 2.6 | 0.8 | — | — | — | — |
| Price / book | 1.2 | 1.4 | 1.4 | 0.9 | 1.4 | 0.6 | — | — | — | — |
| Price / free cash flow | 44.3 | 18.7 | 9.8 | 6.8 | 8.1 | 2.3 | — | — | — | — |
| Price / operating cash flow | 43.6 | 18.5 | 9.7 | 6.8 | 8.1 | 2.3 | — | — | — | — |
| EV / sales | 10.1 | 11.4 | 33.4 | 2.5 | 17.1 | 11.6 | — | — | — | — |
| EV / EBITDA | 14.2 | 56.0 | 15.8 | 13.3 | 73.6 | 75.0 | — | — | — | — |
| EV / free cash flow | 404.8 | 147.0 | 72.2 | 12.8 | 54.2 | 36.0 | — | — | — | — |
| Earnings yield | 13.3% | 9.8% | 8.8% | 9.8% | 6.3% | 14.2% | — | — | — | — |
| Free cash flow yield | 2.3% | 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 outstanding | 38.2M | 35.8M | 34.5M | 34.1M | 34.0M | 20.1M | 20.1M | 11.7M | 11.7M | 11.7M |
| 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 assets | 1.4% | 1.2% | 1.2% | 0.9% | 1.0% | 0.8% | 0.8% | 0.4% | 1.0% | 0.6% |
| Free cash flow margin | 2.5% | 7.8% | 46.2% | 19.5% | 31.6% | 32.2% | −70.3% | −61.0% | 36.4% | 35.6% |
| Income quality (OCF / net income) | 0.17 | 0.55 | 1.17 | 1.51 | 1.97 | 3.09 | −6.09 | −9.50 | 2.69 | 4.38 |
| 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 / equity | 9.72 | 9.40 | 8.86 | 9.48 | 7.77 | 8.22 | 15.88 | 12.60 | 9.77 | 0.92 |
| Debt / assets | 0.89 | 0.88 | 0.87 | 0.96 | 0.95 | 0.86 | 1.10 | 1.01 | 0.93 | 0.92 |
| Net debt / EBITDA | 12.61 | 48.88 | 13.62 | 6.22 | 62.57 | 70.09 | 86.30 | 84.38 | 83.24 | 136.43 |
| Current ratio | 0.63 | 0.43 | 0.36 | 36.70 | 0.42 | 1.31 | 0.21 | 0.32 | 0.59 | 0.03 |
| Quick ratio | 0.63 | 0.43 | 0.26 | 36.55 | 0.36 | 1.11 | 0.18 | 8.40 | 16.67 | 0.62 |
| Interest coverage | 1.4 | 0.4 | 0.4 | 0.3 | 0.4 | 0.2 | 0.3 | 0.3 | 0.2 | 0.1 |
| 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 flow | 41.0% | 0.0% | — | 0.9% | 0.7% | 0.0% | — | — | 0.0% | 0.0% |
| Capex / revenue | 0.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.9% | 1.3% | 1.4% | 3.2% | 3.9% |
| Capex / operating cash flow | 1.5% | 0.8% | 0.3% | 0.7% | 0.2% | 2.9% | — | — | 8.2% | 9.8% |
| Capex / depreciation | 0.14 | 0.14 | 0.08 | 0.15 | 0.06 | 0.64 | 0.81 | 1.19 | 2.59 | 5.67 |
| Stock-based compensation / revenue | 1.2% | 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 / revenue | 0.9% | 15.4% | 40.2% | 14.5% | 13.3% | 15.2% | 14.9% | 17.7% | 17.6% | 17.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 53.6 | 106.2 | 288.3 | 129.7 | 177.0 | 169.7 | 144.2 | 131.0 | 2,133.3 | 2,646.2 |
| Days of inventory on hand | — | — | 320.0 | 35.6 | 57.5 | 50.1 | -3,169.4 | -7,469.9 | -7,497.7 | -8,123.3 |
| Days payables outstanding | 1,726.9 | 180.9 | 1,186.0 | 211.7 | 268.6 | 196.9 | 140.4 | 117.1 | 101.4 | 85.6 |
| Cash conversion cycle (days) | -1,673.3 | -74.7 | -577.8 | -46.5 | -34.1 | 23.0 | -3,165.6 | -7,455.9 | -5,465.8 | -5,562.7 |
| Receivables turnover | 6.81 | 3.44 | 1.27 | 2.81 | 2.06 | 2.15 | 2.53 | 2.79 | 0.17 | 0.14 |
| Payables turnover | 0.21 | 2.02 | 0.31 | 1.72 | 1.36 | 1.85 | 2.60 | 3.12 | 3.60 | 4.26 |
| Inventory turnover | — | — | 1.14 | 10.25 | 6.34 | 7.28 | — | — | — | — |
| Asset turnover | 0.11 | 0.10 | 0.03 | 0.08 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 | 0.07 |
| 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 assets | 0.3% | 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.