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Side-by-side financial comparison of C3.ai, Inc. (AI) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
C3.ai, Inc. is the larger business by last-quarter revenue ($75.1M vs $51.6M, roughly 1.5× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -139.3%, a 206.6% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs -20.3%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $-46.9M). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs -2.1%).
C3.ai, Inc. is a leading enterprise artificial intelligence software provider that develops and delivers scalable AI applications, platform tools, and industry-specific solutions for clients across sectors including manufacturing, energy, financial services, healthcare and public sector. Its offerings help organizations optimize operations, reduce costs, mitigate risks, and realize data-driven decision making.
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.
AI vs VEL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $51.6M |
| Net Profit | $-104.7M | $34.8M |
| Gross Margin | 40.4% | — |
| Operating Margin | -149.2% | 97.0% |
| Net Margin | -139.3% | 67.3% |
| Revenue YoY | -20.3% | 32.8% |
| Net Profit YoY | -58.7% | 67.0% |
| EPS (diluted) | $-0.75 | $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 | $75.1M | $51.6M | ||
| Q3 25 | $70.3M | $49.1M | ||
| Q2 25 | $108.7M | $47.6M | ||
| Q1 25 | $98.8M | $37.5M | ||
| Q4 24 | $94.3M | $38.9M | ||
| Q3 24 | $87.2M | $35.1M | ||
| Q2 24 | $86.6M | $32.4M | ||
| Q1 24 | $78.4M | $29.5M |
| Q4 25 | $-104.7M | $34.8M | ||
| Q3 25 | $-116.8M | $25.4M | ||
| Q2 25 | $-79.7M | $26.0M | ||
| Q1 25 | $-80.2M | $18.9M | ||
| Q4 24 | $-66.0M | $20.8M | ||
| Q3 24 | $-62.8M | $15.8M | ||
| Q2 24 | $-72.9M | $14.8M | ||
| Q1 24 | $-72.6M | $17.3M |
| Q4 25 | 40.4% | — | ||
| Q3 25 | 37.6% | — | ||
| Q2 25 | 62.1% | — | ||
| Q1 25 | 59.1% | — | ||
| Q4 24 | 61.3% | — | ||
| Q3 24 | 59.8% | — | ||
| Q2 24 | 59.6% | — | ||
| Q1 24 | 57.8% | — |
| Q4 25 | -149.2% | 97.0% | ||
| Q3 25 | -177.7% | 72.1% | ||
| Q2 25 | -81.8% | 71.3% | ||
| Q1 25 | -88.7% | 71.7% | ||
| Q4 24 | -79.8% | 82.5% | ||
| Q3 24 | -83.2% | 60.6% | ||
| Q2 24 | -95.1% | 61.3% | ||
| Q1 24 | -105.3% | 78.8% |
| Q4 25 | -139.3% | 67.3% | ||
| Q3 25 | -166.2% | 51.7% | ||
| Q2 25 | -73.3% | 54.6% | ||
| Q1 25 | -81.2% | 50.4% | ||
| Q4 24 | -69.9% | 53.5% | ||
| Q3 24 | -72.0% | 45.1% | ||
| Q2 24 | -84.2% | 45.6% | ||
| Q1 24 | -92.6% | 58.5% |
| Q4 25 | $-0.75 | $0.90 | ||
| Q3 25 | $-0.86 | $0.65 | ||
| Q2 25 | $-0.60 | $0.69 | ||
| Q1 25 | $-0.62 | $0.51 | ||
| Q4 24 | $-0.52 | $0.56 | ||
| Q3 24 | $-0.50 | $0.44 | ||
| Q2 24 | $-0.59 | $0.42 | ||
| Q1 24 | $-0.60 | $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 | $675.0M | $92.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $771.9M | $672.5M |
| Total Assets | $961.3M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $675.0M | $92.1M | ||
| Q3 25 | $711.9M | $99.0M | ||
| Q2 25 | $742.7M | $79.6M | ||
| Q1 25 | $724.3M | $51.7M | ||
| Q4 24 | $730.4M | $49.9M | ||
| Q3 24 | $762.5M | $44.1M | ||
| Q2 24 | $750.4M | $47.4M | ||
| Q1 24 | $723.3M | $34.8M |
| Q4 25 | $771.9M | $672.5M | ||
| Q3 25 | $798.8M | $634.3M | ||
| Q2 25 | $838.3M | $597.9M | ||
| Q1 25 | $860.2M | $563.2M | ||
| Q4 24 | $859.0M | $516.9M | ||
| Q3 24 | $874.9M | $484.6M | ||
| Q2 24 | $873.4M | $471.3M | ||
| Q1 24 | $898.0M | $452.9M |
| Q4 25 | $961.3M | $7.4B | ||
| Q3 25 | $968.7M | $7.0B | ||
| Q2 25 | $1.0B | $6.5B | ||
| Q1 25 | $1.1B | $6.0B | ||
| Q4 24 | $1.0B | $5.5B | ||
| Q3 24 | $1.1B | $5.2B | ||
| Q2 24 | $1.0B | $4.9B | ||
| Q1 24 | $1.1B | $4.6B |
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 | $-46.5M | $18.2M |
| Free Cash FlowOCF − Capex | $-46.9M | $17.9M |
| FCF MarginFCF / Revenue | -62.4% | 34.6% |
| Capex IntensityCapex / Revenue | 0.5% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-46.5M | $18.2M | ||
| Q3 25 | $-33.5M | $11.5M | ||
| Q2 25 | $11.3M | $7.7M | ||
| Q1 25 | $-22.0M | $3.5M | ||
| Q4 24 | $-38.7M | $37.8M | ||
| Q3 24 | $8.0M | $-17.6M | ||
| Q2 24 | $21.3M | $11.5M | ||
| Q1 24 | $-39.1M | $10.6M |
| Q4 25 | $-46.9M | $17.9M | ||
| Q3 25 | $-34.3M | $11.4M | ||
| Q2 25 | $10.3M | $7.6M | ||
| Q1 25 | $-22.4M | $3.5M | ||
| Q4 24 | $-39.5M | $37.5M | ||
| Q3 24 | $7.1M | $-17.6M | ||
| Q2 24 | $18.8M | $11.4M | ||
| Q1 24 | $-45.1M | $10.5M |
| Q4 25 | -62.4% | 34.6% | ||
| Q3 25 | -48.8% | 23.2% | ||
| Q2 25 | 9.5% | 15.9% | ||
| Q1 25 | -22.7% | 9.2% | ||
| Q4 24 | -41.9% | 96.4% | ||
| Q3 24 | 8.2% | -50.3% | ||
| Q2 24 | 21.7% | 35.1% | ||
| Q1 24 | -57.6% | 35.8% |
| Q4 25 | 0.5% | 0.5% | ||
| Q3 25 | 1.1% | 0.1% | ||
| Q2 25 | 0.9% | 0.2% | ||
| Q1 25 | 0.4% | 0.2% | ||
| Q4 24 | 0.9% | 0.7% | ||
| Q3 24 | 1.1% | 0.2% | ||
| Q2 24 | 2.9% | 0.3% | ||
| Q1 24 | 7.8% | 0.1% |
| Q4 25 | — | 0.52× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | -1.11× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.61× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AI
| License And Service | $70.2M | 93% |
| Professional Services | $4.9M | 7% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
