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Side-by-side financial comparison of 4D Molecular Therapeutics, Inc. (FDMT) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
4D Molecular Therapeutics, Inc. is the larger business by last-quarter revenue ($85.1M vs $51.6M, roughly 1.6× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs 22.8%, a 44.5% gap on every dollar of revenue. On growth, 4D Molecular Therapeutics, Inc. posted the faster year-over-year revenue change (8508900.0% vs 32.8%). 4D Molecular Therapeutics, Inc. produced more free cash flow last quarter ($28.5M vs $17.9M). Over the past eight quarters, 4D Molecular Therapeutics, Inc.'s revenue compounded faster (5412.6% CAGR vs 32.3%).
4D Molecular Therapeutics is a clinical-stage biotechnology company specializing in the research and development of targeted adeno-associated virus (AAV) gene therapies. Its core product candidates address unmet medical needs in ophthalmology, cardiology, and pulmonary disease segments, serving global patient populations with rare and common hard-to-treat conditions.
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.
FDMT vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $85.1M | $51.6M |
| Net Profit | $19.4M | $34.8M |
| Gross Margin | — | — |
| Operating Margin | 17.3% | 97.0% |
| Net Margin | 22.8% | 67.3% |
| Revenue YoY | 8508900.0% | 32.8% |
| Net Profit YoY | 139.1% | 67.0% |
| EPS (diluted) | $0.43 | $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 | $85.1M | $51.6M | ||
| Q3 25 | $90.0K | $49.1M | ||
| Q2 25 | $15.0K | $47.6M | ||
| Q1 25 | $14.0K | $37.5M | ||
| Q4 24 | $1.0K | $38.9M | ||
| Q3 24 | $3.0K | $35.1M | ||
| Q2 24 | $5.0K | $32.4M | ||
| Q1 24 | $28.0K | $29.5M |
| Q4 25 | $19.4M | $34.8M | ||
| Q3 25 | $-56.9M | $25.4M | ||
| Q2 25 | $-54.7M | $26.0M | ||
| Q1 25 | $-48.0M | $18.9M | ||
| Q4 24 | — | $20.8M | ||
| Q3 24 | $-43.8M | $15.8M | ||
| Q2 24 | $-35.0M | $14.8M | ||
| Q1 24 | $-32.4M | $17.3M |
| Q4 25 | 17.3% | 97.0% | ||
| Q3 25 | -67983.3% | 72.1% | ||
| Q2 25 | -396373.3% | 71.3% | ||
| Q1 25 | -383007.1% | 71.7% | ||
| Q4 24 | — | 82.5% | ||
| Q3 24 | -1704400.0% | 60.6% | ||
| Q2 24 | -849120.0% | 61.3% | ||
| Q1 24 | -136200.0% | 78.8% |
| Q4 25 | 22.8% | 67.3% | ||
| Q3 25 | -63195.6% | 51.7% | ||
| Q2 25 | -364386.7% | 54.6% | ||
| Q1 25 | -342657.1% | 50.4% | ||
| Q4 24 | — | 53.5% | ||
| Q3 24 | -1461433.3% | 45.1% | ||
| Q2 24 | -699060.0% | 45.6% | ||
| Q1 24 | -115717.9% | 58.5% |
| Q4 25 | $0.43 | $0.90 | ||
| Q3 25 | $-1.01 | $0.65 | ||
| Q2 25 | $-0.98 | $0.69 | ||
| Q1 25 | $-0.86 | $0.51 | ||
| Q4 24 | — | $0.56 | ||
| Q3 24 | $-0.79 | $0.44 | ||
| Q2 24 | $-0.63 | $0.42 | ||
| Q1 24 | $-0.66 | $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 | $402.7M | $92.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $505.7M | $672.5M |
| Total Assets | $566.7M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $402.7M | $92.1M | ||
| Q3 25 | $305.1M | $99.0M | ||
| Q2 25 | $293.2M | $79.6M | ||
| Q1 25 | $321.4M | $51.7M | ||
| Q4 24 | $424.9M | $49.9M | ||
| Q3 24 | $501.9M | $44.1M | ||
| Q2 24 | $541.9M | $47.4M | ||
| Q1 24 | $525.9M | $34.8M |
| Q4 25 | $505.7M | $672.5M | ||
| Q3 25 | $369.0M | $634.3M | ||
| Q2 25 | $420.9M | $597.9M | ||
| Q1 25 | $469.7M | $563.2M | ||
| Q4 24 | $510.6M | $516.9M | ||
| Q3 24 | $552.9M | $484.6M | ||
| Q2 24 | $588.3M | $471.3M | ||
| Q1 24 | $600.6M | $452.9M |
| Q4 25 | $566.7M | $7.4B | ||
| Q3 25 | $424.0M | $7.0B | ||
| Q2 25 | $473.6M | $6.5B | ||
| Q1 25 | $515.7M | $6.0B | ||
| Q4 24 | $560.4M | $5.5B | ||
| Q3 24 | $604.0M | $5.2B | ||
| Q2 24 | $620.1M | $4.9B | ||
| Q1 24 | $629.9M | $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 | $28.6M | $18.2M |
| Free Cash FlowOCF − Capex | $28.5M | $17.9M |
| FCF MarginFCF / Revenue | 33.5% | 34.6% |
| Capex IntensityCapex / Revenue | 0.1% | 0.5% |
| Cash ConversionOCF / Net Profit | 1.47× | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $-109.9M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.6M | $18.2M | ||
| Q3 25 | $-46.5M | $11.5M | ||
| Q2 25 | $-43.4M | $7.7M | ||
| Q1 25 | $-47.8M | $3.5M | ||
| Q4 24 | $-134.6M | $37.8M | ||
| Q3 24 | $-29.4M | $-17.6M | ||
| Q2 24 | $-30.2M | $11.5M | ||
| Q1 24 | $-29.1M | $10.6M |
| Q4 25 | $28.5M | $17.9M | ||
| Q3 25 | $-46.6M | $11.4M | ||
| Q2 25 | $-43.4M | $7.6M | ||
| Q1 25 | $-48.4M | $3.5M | ||
| Q4 24 | $-138.4M | $37.5M | ||
| Q3 24 | $-31.2M | $-17.6M | ||
| Q2 24 | $-30.6M | $11.4M | ||
| Q1 24 | $-29.8M | $10.5M |
| Q4 25 | 33.5% | 34.6% | ||
| Q3 25 | -51765.6% | 23.2% | ||
| Q2 25 | -289620.0% | 15.9% | ||
| Q1 25 | -345635.7% | 9.2% | ||
| Q4 24 | -13837100.0% | 96.4% | ||
| Q3 24 | -1038966.7% | -50.3% | ||
| Q2 24 | -611840.0% | 35.1% | ||
| Q1 24 | -106421.4% | 35.8% |
| Q4 25 | 0.1% | 0.5% | ||
| Q3 25 | 101.1% | 0.1% | ||
| Q2 25 | 440.0% | 0.2% | ||
| Q1 25 | 4507.1% | 0.2% | ||
| Q4 24 | 378600.0% | 0.7% | ||
| Q3 24 | 59266.7% | 0.2% | ||
| Q2 24 | 6980.0% | 0.3% | ||
| Q1 24 | 2535.7% | 0.1% |
| Q4 25 | 1.47× | 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
FDMT
Segment breakdown not available.
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
