vs
Side-by-side financial comparison of Expensify, Inc. (EXFY) 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× Expensify, Inc.). On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs -4.9%). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs 2.4%).
Expensify, Inc. is a software company that develops an expense management system for personal and business use. Expensify also offers a business credit card called the Expensify Card.
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.
EXFY vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $35.2M | $51.6M |
| Net Profit | — | $34.8M |
| Gross Margin | 49.2% | — |
| Operating Margin | -11.2% | 97.0% |
| Net Margin | — | 67.3% |
| Revenue YoY | -4.9% | 32.8% |
| Net Profit YoY | — | 67.0% |
| EPS (diluted) | $-0.07 | $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 | $35.1M | $49.1M | ||
| Q2 25 | $35.8M | $47.6M | ||
| Q1 25 | $36.1M | $37.5M | ||
| Q4 24 | $37.0M | $38.9M | ||
| Q3 24 | $35.4M | $35.1M | ||
| Q2 24 | $33.3M | $32.4M | ||
| Q1 24 | $33.5M | $29.5M |
| Q4 25 | — | $34.8M | ||
| Q3 25 | $-2.3M | $25.4M | ||
| Q2 25 | $-8.8M | $26.0M | ||
| Q1 25 | $-3.2M | $18.9M | ||
| Q4 24 | — | $20.8M | ||
| Q3 24 | $-2.2M | $15.8M | ||
| Q2 24 | $-2.8M | $14.8M | ||
| Q1 24 | $-3.8M | $17.3M |
| Q4 25 | 49.2% | — | ||
| Q3 25 | 49.6% | — | ||
| Q2 25 | 51.9% | — | ||
| Q1 25 | 50.6% | — | ||
| Q4 24 | 51.0% | — | ||
| Q3 24 | 51.6% | — | ||
| Q2 24 | 56.9% | — | ||
| Q1 24 | 56.5% | — |
| Q4 25 | -11.2% | 97.0% | ||
| Q3 25 | -6.4% | 72.1% | ||
| Q2 25 | -28.9% | 71.3% | ||
| Q1 25 | -4.1% | 71.7% | ||
| Q4 24 | 1.3% | 82.5% | ||
| Q3 24 | 0.8% | 60.6% | ||
| Q2 24 | 0.7% | 61.3% | ||
| Q1 24 | -5.3% | 78.8% |
| Q4 25 | — | 67.3% | ||
| Q3 25 | -6.6% | 51.7% | ||
| Q2 25 | -24.6% | 54.6% | ||
| Q1 25 | -8.8% | 50.4% | ||
| Q4 24 | — | 53.5% | ||
| Q3 24 | -6.2% | 45.1% | ||
| Q2 24 | -8.3% | 45.6% | ||
| Q1 24 | -11.3% | 58.5% |
| Q4 25 | $-0.07 | $0.90 | ||
| Q3 25 | $-0.03 | $0.65 | ||
| Q2 25 | $-0.10 | $0.69 | ||
| Q1 25 | $-0.03 | $0.51 | ||
| Q4 24 | $-0.03 | $0.56 | ||
| Q3 24 | $-0.02 | $0.44 | ||
| Q2 24 | $-0.03 | $0.42 | ||
| Q1 24 | $-0.04 | $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 | $63.1M | $92.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $132.7M | $672.5M |
| Total Assets | $186.0M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.1M | $92.1M | ||
| Q3 25 | $61.5M | $99.0M | ||
| Q2 25 | $60.5M | $79.6M | ||
| Q1 25 | $59.6M | $51.7M | ||
| Q4 24 | $48.8M | $49.9M | ||
| Q3 24 | $39.2M | $44.1M | ||
| Q2 24 | $53.2M | $47.4M | ||
| Q1 24 | $49.3M | $34.8M |
| Q4 25 | $132.7M | $672.5M | ||
| Q3 25 | $135.7M | $634.3M | ||
| Q2 25 | $131.8M | $597.9M | ||
| Q1 25 | $134.7M | $563.2M | ||
| Q4 24 | $128.2M | $516.9M | ||
| Q3 24 | $119.9M | $484.6M | ||
| Q2 24 | $114.0M | $471.3M | ||
| Q1 24 | $106.5M | $452.9M |
| Q4 25 | $186.0M | $7.4B | ||
| Q3 25 | $186.8M | $7.0B | ||
| Q2 25 | $187.1M | $6.5B | ||
| Q1 25 | $189.2M | $6.0B | ||
| Q4 24 | $173.7M | $5.5B | ||
| Q3 24 | $176.2M | $5.2B | ||
| Q2 24 | $192.9M | $4.9B | ||
| Q1 24 | $184.8M | $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 | $2.2M | $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 | $2.2M | $18.2M | ||
| Q3 25 | $4.2M | $11.5M | ||
| Q2 25 | $8.9M | $7.7M | ||
| Q1 25 | $4.8M | $3.5M | ||
| Q4 24 | $7.4M | $37.8M | ||
| Q3 24 | $3.7M | $-17.6M | ||
| Q2 24 | $9.3M | $11.5M | ||
| Q1 24 | $3.5M | $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 | 0.0% | 0.1% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | 0.0% | 0.7% | ||
| Q3 24 | 0.0% | 0.2% | ||
| Q2 24 | 0.0% | 0.3% | ||
| Q1 24 | 0.0% | 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
EXFY
Segment breakdown not available.
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
