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Side-by-side financial comparison of BlackSky Technology Inc. (BKSY) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
Velocity Financial, Inc. is the larger business by last-quarter revenue ($51.6M vs $35.2M, roughly 1.5× BlackSky Technology Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -2.5%, a 69.8% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs 15.9%). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs 20.5%).
BlackSky Technology Inc. is a leading geospatial intelligence provider operating a constellation of high-revisit small Earth observation satellites. It delivers real-time satellite imagery, advanced data analytics, and dynamic monitoring solutions to government, defense, critical infrastructure, and commercial clients globally to support data-driven operational 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.
BKSY vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $35.2M | $51.6M |
| Net Profit | $-868.0K | $34.8M |
| Gross Margin | — | — |
| Operating Margin | -11.8% | 97.0% |
| Net Margin | -2.5% | 67.3% |
| Revenue YoY | 15.9% | 32.8% |
| Net Profit YoY | 95.5% | 67.0% |
| EPS (diluted) | $0.04 | $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 | $35.2M | $51.6M | ||
| Q3 25 | $19.6M | $49.1M | ||
| Q2 25 | $22.2M | $47.6M | ||
| Q1 25 | $29.5M | $37.5M | ||
| Q4 24 | $30.4M | $38.9M | ||
| Q3 24 | $22.5M | $35.1M | ||
| Q2 24 | $24.9M | $32.4M | ||
| Q1 24 | $24.2M | $29.5M |
| Q4 25 | $-868.0K | $34.8M | ||
| Q3 25 | $-15.3M | $25.4M | ||
| Q2 25 | $-41.2M | $26.0M | ||
| Q1 25 | $-12.8M | $18.9M | ||
| Q4 24 | $-19.4M | $20.8M | ||
| Q3 24 | $-12.6M | $15.8M | ||
| Q2 24 | $-9.4M | $14.8M | ||
| Q1 24 | $-15.8M | $17.3M |
| Q4 25 | -11.8% | 97.0% | ||
| Q3 25 | -85.8% | 72.1% | ||
| Q2 25 | -62.8% | 71.3% | ||
| Q1 25 | -40.5% | 71.7% | ||
| Q4 24 | -20.0% | 82.5% | ||
| Q3 24 | -58.7% | 60.6% | ||
| Q2 24 | -47.0% | 61.3% | ||
| Q1 24 | -54.7% | 78.8% |
| Q4 25 | -2.5% | 67.3% | ||
| Q3 25 | -78.2% | 51.7% | ||
| Q2 25 | -185.8% | 54.6% | ||
| Q1 25 | -43.4% | 50.4% | ||
| Q4 24 | -63.9% | 53.5% | ||
| Q3 24 | -55.8% | 45.1% | ||
| Q2 24 | -37.7% | 45.6% | ||
| Q1 24 | -65.2% | 58.5% |
| Q4 25 | $0.04 | $0.90 | ||
| Q3 25 | $-0.44 | $0.65 | ||
| Q2 25 | $-1.27 | $0.69 | ||
| Q1 25 | $-0.42 | $0.51 | ||
| Q4 24 | $-0.61 | $0.56 | ||
| Q3 24 | $-0.66 | $0.44 | ||
| Q2 24 | $-0.52 | $0.42 | ||
| Q1 24 | $-0.88 | $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 | $124.5M | $92.1M |
| Total DebtLower is stronger | $201.1M | — |
| Stockholders' EquityBook value | $94.9M | $672.5M |
| Total Assets | $386.2M | $7.4B |
| Debt / EquityLower = less leverage | 2.12× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $124.5M | $92.1M | ||
| Q3 25 | $146.5M | $99.0M | ||
| Q2 25 | $93.8M | $79.6M | ||
| Q1 25 | $75.8M | $51.7M | ||
| Q4 24 | $52.5M | $49.9M | ||
| Q3 24 | $63.2M | $44.1M | ||
| Q2 24 | $41.2M | $47.4M | ||
| Q1 24 | $35.4M | $34.8M |
| Q4 25 | $201.1M | — | ||
| Q3 25 | $195.1M | — | ||
| Q2 25 | $122.5M | — | ||
| Q1 25 | $115.3M | — | ||
| Q4 24 | $107.7M | — | ||
| Q3 24 | $98.8M | — | ||
| Q2 24 | $108.6M | — | ||
| Q1 24 | $85.0M | — |
| Q4 25 | $94.9M | $672.5M | ||
| Q3 25 | $91.1M | $634.3M | ||
| Q2 25 | $86.6M | $597.9M | ||
| Q1 25 | $88.8M | $563.2M | ||
| Q4 24 | $94.0M | $516.9M | ||
| Q3 24 | $110.3M | $484.6M | ||
| Q2 24 | $76.5M | $471.3M | ||
| Q1 24 | $81.7M | $452.9M |
| Q4 25 | $386.2M | $7.4B | ||
| Q3 25 | $380.9M | $7.0B | ||
| Q2 25 | $310.8M | $6.5B | ||
| Q1 25 | $284.9M | $6.0B | ||
| Q4 24 | $254.1M | $5.5B | ||
| Q3 24 | $245.5M | $5.2B | ||
| Q2 24 | $224.3M | $4.9B | ||
| Q1 24 | $210.1M | $4.6B |
| Q4 25 | 2.12× | — | ||
| Q3 25 | 2.14× | — | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 1.30× | — | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 0.90× | — | ||
| Q2 24 | 1.42× | — | ||
| Q1 24 | 1.04× | — |
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 | $-9.3M | $18.2M |
| Free Cash FlowOCF − Capex | — | $17.9M |
| FCF MarginFCF / Revenue | — | 34.6% |
| Capex IntensityCapex / Revenue | — | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.3M | $18.2M | ||
| Q3 25 | $-39.0M | $11.5M | ||
| Q2 25 | $-7.3M | $7.7M | ||
| Q1 25 | $27.2M | $3.5M | ||
| Q4 24 | $-1.8M | $37.8M | ||
| Q3 24 | $1.0M | $-17.6M | ||
| Q2 24 | $-1.8M | $11.5M | ||
| Q1 24 | $-3.8M | $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 | — | 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
BKSY
Segment breakdown not available.
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
