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Side-by-side financial comparison of Armada Hoffler Properties, Inc. (AHH) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
Armada Hoffler Properties, Inc. is the larger business by last-quarter revenue ($75.6M vs $51.6M, roughly 1.5× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs 3.1%, a 64.2% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs 0.8%). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs -22.8%).
Armada Hoffler Properties, Inc. is a publicly traded U.S. real estate investment trust operating across the Mid-Atlantic and Southeast regions. It develops, owns, and manages a diversified portfolio of office, retail, and multifamily residential properties, and also offers construction and development services for third-party clients.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
AHH vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.6M | $51.6M |
| Net Profit | $2.4M | $34.8M |
| Gross Margin | — | — |
| Operating Margin | 31.0% | 97.0% |
| Net Margin | 3.1% | 67.3% |
| Revenue YoY | 0.8% | 32.8% |
| Net Profit YoY | -89.8% | 67.0% |
| EPS (diluted) | $0.00 | $0.90 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.6M | $51.6M | ||
| Q3 25 | $72.7M | $49.1M | ||
| Q2 25 | $69.1M | $47.6M | ||
| Q1 25 | $67.8M | $37.5M | ||
| Q4 24 | $75.0M | $38.9M | ||
| Q3 24 | $114.4M | $35.1M | ||
| Q2 24 | $116.8M | $32.4M | ||
| Q1 24 | $127.0M | $29.5M |
| Q4 25 | $2.4M | $34.8M | ||
| Q3 25 | $80.0K | $25.4M | ||
| Q2 25 | $5.9M | $26.0M | ||
| Q1 25 | $-2.8M | $18.9M | ||
| Q4 24 | $23.4M | $20.8M | ||
| Q3 24 | $-5.0M | $15.8M | ||
| Q2 24 | $3.2M | $14.8M | ||
| Q1 24 | $14.1M | $17.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 45.0% | — | ||
| Q2 24 | 41.8% | — | ||
| Q1 24 | 37.9% | — |
| Q4 25 | 31.0% | 97.0% | ||
| Q3 25 | 29.2% | 72.1% | ||
| Q2 25 | 29.6% | 71.3% | ||
| Q1 25 | 23.2% | 71.7% | ||
| Q4 24 | 50.1% | 82.5% | ||
| Q3 24 | 19.0% | 60.6% | ||
| Q2 24 | 11.9% | 61.3% | ||
| Q1 24 | 15.1% | 78.8% |
| Q4 25 | 3.1% | 67.3% | ||
| Q3 25 | 0.1% | 51.7% | ||
| Q2 25 | 8.6% | 54.6% | ||
| Q1 25 | -4.1% | 50.4% | ||
| Q4 24 | 31.2% | 53.5% | ||
| Q3 24 | -4.4% | 45.1% | ||
| Q2 24 | 2.7% | 45.6% | ||
| Q1 24 | 11.1% | 58.5% |
| Q4 25 | $0.00 | $0.90 | ||
| Q3 25 | $-0.04 | $0.65 | ||
| Q2 25 | $0.04 | $0.69 | ||
| Q1 25 | $-0.07 | $0.51 | ||
| Q4 24 | $0.28 | $0.56 | ||
| Q3 24 | $-0.11 | $0.44 | ||
| Q2 24 | $0.00 | $0.42 | ||
| Q1 24 | $0.17 | $0.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.1M | $92.1M |
| Total DebtLower is stronger | $1.5B | — |
| Stockholders' EquityBook value | $627.8M | $672.5M |
| Total Assets | $2.6B | $7.4B |
| Debt / EquityLower = less leverage | 2.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.1M | $92.1M | ||
| Q3 25 | $46.5M | $99.0M | ||
| Q2 25 | $52.1M | $79.6M | ||
| Q1 25 | $45.7M | $51.7M | ||
| Q4 24 | $31.9M | $49.9M | ||
| Q3 24 | $43.9M | $44.1M | ||
| Q2 24 | $20.3M | $47.4M | ||
| Q1 24 | $41.9M | $34.8M |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
| Q4 25 | $627.8M | $672.5M | ||
| Q3 25 | $638.8M | $634.3M | ||
| Q2 25 | $652.0M | $597.9M | ||
| Q1 25 | $657.4M | $563.2M | ||
| Q4 24 | $670.6M | $516.9M | ||
| Q3 24 | $663.9M | $484.6M | ||
| Q2 24 | $562.7M | $471.3M | ||
| Q1 24 | $571.4M | $452.9M |
| Q4 25 | $2.6B | $7.4B | ||
| Q3 25 | $2.6B | $7.0B | ||
| Q2 25 | $2.6B | $6.5B | ||
| Q1 25 | $2.5B | $6.0B | ||
| Q4 24 | $2.5B | $5.5B | ||
| Q3 24 | $2.6B | $5.2B | ||
| Q2 24 | $2.6B | $4.9B | ||
| Q1 24 | $2.6B | $4.6B |
| Q4 25 | 2.43× | — | ||
| Q3 25 | 2.33× | — | ||
| Q2 25 | 2.22× | — | ||
| Q1 25 | 2.01× | — | ||
| Q4 24 | 1.93× | — | ||
| Q3 24 | 2.00× | — | ||
| Q2 24 | 2.52× | — | ||
| Q1 24 | 2.50× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $64.2M | $18.2M |
| Free Cash FlowOCF − Capex | — | $17.9M |
| FCF MarginFCF / Revenue | — | 34.6% |
| Capex IntensityCapex / Revenue | — | 0.5% |
| Cash ConversionOCF / Net Profit | 26.99× | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $64.2M | $18.2M | ||
| Q3 25 | $26.3M | $11.5M | ||
| Q2 25 | $11.1M | $7.7M | ||
| Q1 25 | $107.0K | $3.5M | ||
| Q4 24 | $112.0M | $37.8M | ||
| Q3 24 | $27.3M | $-17.6M | ||
| Q2 24 | $17.4M | $11.5M | ||
| Q1 24 | $46.5M | $10.6M |
| Q4 25 | — | $17.9M | ||
| Q3 25 | — | $11.4M | ||
| Q2 25 | — | $7.6M | ||
| Q1 25 | — | $3.5M | ||
| Q4 24 | — | $37.5M | ||
| Q3 24 | — | $-17.6M | ||
| Q2 24 | — | $11.4M | ||
| Q1 24 | — | $10.5M |
| Q4 25 | — | 34.6% | ||
| Q3 25 | — | 23.2% | ||
| Q2 25 | — | 15.9% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | 96.4% | ||
| Q3 24 | — | -50.3% | ||
| Q2 24 | — | 35.1% | ||
| Q1 24 | — | 35.8% |
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | 26.99× | 0.52× | ||
| Q3 25 | 328.63× | 0.45× | ||
| Q2 25 | 1.87× | 0.29× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | 4.78× | 1.81× | ||
| Q3 24 | — | -1.11× | ||
| Q2 24 | 5.48× | 0.78× | ||
| Q1 24 | 3.30× | 0.61× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
