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Side-by-side financial comparison of DYNAVAX TECHNOLOGIES CORP (DVAX) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
DYNAVAX TECHNOLOGIES CORP is the larger business by last-quarter revenue ($94.9M vs $51.6M, roughly 1.8× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs 28.4%, a 39.0% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs 17.7%). DYNAVAX TECHNOLOGIES CORP produced more free cash flow last quarter ($32.6M vs $17.9M). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs 30.6%).
Dynavax Technologies Corp is a commercial-stage biopharmaceutical company specializing in the research, development, and production of innovative vaccines and immunotherapies for infectious diseases. Its lead approved product is Heplisav-B, an adult hepatitis B vaccine, with core markets in North America and Europe, alongside a pipeline of candidates addressing unmet public health needs.
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.
DVAX vs VEL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $94.9M | $51.6M |
| Net Profit | $26.9M | $34.8M |
| Gross Margin | — | — |
| Operating Margin | 22.4% | 97.0% |
| Net Margin | 28.4% | 67.3% |
| Revenue YoY | 17.7% | 32.8% |
| Net Profit YoY | 53.0% | 67.0% |
| EPS (diluted) | $0.21 | $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 | — | $51.6M | ||
| Q3 25 | $94.9M | $49.1M | ||
| Q2 25 | $95.4M | $47.6M | ||
| Q1 25 | $68.2M | $37.5M | ||
| Q4 24 | $72.0M | $38.9M | ||
| Q3 24 | $80.6M | $35.1M | ||
| Q2 24 | $73.8M | $32.4M | ||
| Q1 24 | $50.8M | $29.5M |
| Q4 25 | — | $34.8M | ||
| Q3 25 | $26.9M | $25.4M | ||
| Q2 25 | $18.7M | $26.0M | ||
| Q1 25 | $-96.1M | $18.9M | ||
| Q4 24 | $7.0M | $20.8M | ||
| Q3 24 | $17.6M | $15.8M | ||
| Q2 24 | $11.4M | $14.8M | ||
| Q1 24 | $-8.7M | $17.3M |
| Q4 25 | — | 97.0% | ||
| Q3 25 | 22.4% | 72.1% | ||
| Q2 25 | 15.1% | 71.3% | ||
| Q1 25 | -34.7% | 71.7% | ||
| Q4 24 | -2.3% | 82.5% | ||
| Q3 24 | 12.5% | 60.6% | ||
| Q2 24 | 7.0% | 61.3% | ||
| Q1 24 | -35.0% | 78.8% |
| Q4 25 | — | 67.3% | ||
| Q3 25 | 28.4% | 51.7% | ||
| Q2 25 | 19.6% | 54.6% | ||
| Q1 25 | -141.0% | 50.4% | ||
| Q4 24 | 9.8% | 53.5% | ||
| Q3 24 | 21.8% | 45.1% | ||
| Q2 24 | 15.4% | 45.6% | ||
| Q1 24 | -17.2% | 58.5% |
| Q4 25 | — | $0.90 | ||
| Q3 25 | $0.21 | $0.65 | ||
| Q2 25 | $0.14 | $0.69 | ||
| Q1 25 | $-0.77 | $0.51 | ||
| Q4 24 | $0.07 | $0.56 | ||
| Q3 24 | $0.12 | $0.44 | ||
| Q2 24 | $0.08 | $0.42 | ||
| Q1 24 | $-0.07 | $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 | $160.2M | $92.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $534.1M | $672.5M |
| Total Assets | $946.5M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $92.1M | ||
| Q3 25 | $160.2M | $99.0M | ||
| Q2 25 | $99.1M | $79.6M | ||
| Q1 25 | $51.7M | $51.7M | ||
| Q4 24 | $95.9M | $49.9M | ||
| Q3 24 | $119.3M | $44.1M | ||
| Q2 24 | $112.5M | $47.4M | ||
| Q1 24 | $132.0M | $34.8M |
| Q4 25 | — | $672.5M | ||
| Q3 25 | $534.1M | $634.3M | ||
| Q2 25 | $494.2M | $597.9M | ||
| Q1 25 | $530.9M | $563.2M | ||
| Q4 24 | $596.8M | $516.9M | ||
| Q3 24 | $681.4M | $484.6M | ||
| Q2 24 | $642.8M | $471.3M | ||
| Q1 24 | $618.5M | $452.9M |
| Q4 25 | — | $7.4B | ||
| Q3 25 | $946.5M | $7.0B | ||
| Q2 25 | $918.4M | $6.5B | ||
| Q1 25 | $945.9M | $6.0B | ||
| Q4 24 | $986.3M | $5.5B | ||
| Q3 24 | $1.1B | $5.2B | ||
| Q2 24 | $1.0B | $4.9B | ||
| Q1 24 | $986.6M | $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 | $33.8M | $18.2M |
| Free Cash FlowOCF − Capex | $32.6M | $17.9M |
| FCF MarginFCF / Revenue | 34.4% | 34.6% |
| Capex IntensityCapex / Revenue | 1.3% | 0.5% |
| Cash ConversionOCF / Net Profit | 1.26× | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $80.5M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $18.2M | ||
| Q3 25 | $33.8M | $11.5M | ||
| Q2 25 | $23.4M | $7.7M | ||
| Q1 25 | $-19.6M | $3.5M | ||
| Q4 24 | $53.0M | $37.8M | ||
| Q3 24 | $19.5M | $-17.6M | ||
| Q2 24 | $10.7M | $11.5M | ||
| Q1 24 | $-16.7M | $10.6M |
| Q4 25 | — | $17.9M | ||
| Q3 25 | $32.6M | $11.4M | ||
| Q2 25 | $22.0M | $7.6M | ||
| Q1 25 | $-23.6M | $3.5M | ||
| Q4 24 | $49.5M | $37.5M | ||
| Q3 24 | $18.1M | $-17.6M | ||
| Q2 24 | $9.9M | $11.4M | ||
| Q1 24 | $-17.4M | $10.5M |
| Q4 25 | — | 34.6% | ||
| Q3 25 | 34.4% | 23.2% | ||
| Q2 25 | 23.0% | 15.9% | ||
| Q1 25 | -34.6% | 9.2% | ||
| Q4 24 | 68.8% | 96.4% | ||
| Q3 24 | 22.5% | -50.3% | ||
| Q2 24 | 13.5% | 35.1% | ||
| Q1 24 | -34.3% | 35.8% |
| Q4 25 | — | 0.5% | ||
| Q3 25 | 1.3% | 0.1% | ||
| Q2 25 | 1.5% | 0.2% | ||
| Q1 25 | 5.8% | 0.2% | ||
| Q4 24 | 4.8% | 0.7% | ||
| Q3 24 | 1.7% | 0.2% | ||
| Q2 24 | 1.1% | 0.3% | ||
| Q1 24 | 1.5% | 0.1% |
| Q4 25 | — | 0.52× | ||
| Q3 25 | 1.26× | 0.45× | ||
| Q2 25 | 1.25× | 0.29× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | 7.52× | 1.81× | ||
| Q3 24 | 1.11× | -1.11× | ||
| Q2 24 | 0.94× | 0.78× | ||
| Q1 24 | — | 0.61× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DVAX
| HEPLISAVB | $90.0M | 95% |
| US Department Of Defense | $4.7M | 5% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
