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Side-by-side financial comparison of FLYEXCLUSIVE INC. (FLYX) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
FLYEXCLUSIVE INC. is the larger business by last-quarter revenue ($92.1M vs $51.6M, roughly 1.8× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -4.6%, a 72.0% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs 19.8%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $-11.0M). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs 21.9%).
FLYEXCLUSIVE INC. is a U.S.-headquartered private aviation services provider that offers private jet charter, aircraft management, maintenance repair, and fractional ownership programs. It primarily serves high-net-worth individuals, corporate clients, and government entities across North America, delivering personalized on-demand air travel solutions prioritizing safety and convenience.
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.
FLYX vs VEL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $92.1M | $51.6M |
| Net Profit | $-4.3M | $34.8M |
| Gross Margin | 13.7% | — |
| Operating Margin | -12.3% | 97.0% |
| Net Margin | -4.6% | 67.3% |
| Revenue YoY | 19.8% | 32.8% |
| Net Profit YoY | 32.0% | 67.0% |
| EPS (diluted) | $-0.25 | $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 | $92.1M | $49.1M | ||
| Q2 25 | $91.3M | $47.6M | ||
| Q1 25 | $88.1M | $37.5M | ||
| Q4 24 | — | $38.9M | ||
| Q3 24 | $76.9M | $35.1M | ||
| Q2 24 | $79.0M | $32.4M | ||
| Q1 24 | $80.0M | $29.5M |
| Q4 25 | — | $34.8M | ||
| Q3 25 | $-4.3M | $25.4M | ||
| Q2 25 | $-4.8M | $26.0M | ||
| Q1 25 | $-5.4M | $18.9M | ||
| Q4 24 | — | $20.8M | ||
| Q3 24 | $-6.3M | $15.8M | ||
| Q2 24 | $-5.2M | $14.8M | ||
| Q1 24 | $-5.8M | $17.3M |
| Q4 25 | — | — | ||
| Q3 25 | 13.7% | — | ||
| Q2 25 | 15.0% | — | ||
| Q1 25 | 12.8% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 11.3% | — | ||
| Q2 24 | 7.9% | — | ||
| Q1 24 | 7.2% | — |
| Q4 25 | — | 97.0% | ||
| Q3 25 | -12.3% | 72.1% | ||
| Q2 25 | -13.5% | 71.3% | ||
| Q1 25 | -16.7% | 71.7% | ||
| Q4 24 | — | 82.5% | ||
| Q3 24 | -27.2% | 60.6% | ||
| Q2 24 | -27.6% | 61.3% | ||
| Q1 24 | -34.3% | 78.8% |
| Q4 25 | — | 67.3% | ||
| Q3 25 | -4.6% | 51.7% | ||
| Q2 25 | -5.2% | 54.6% | ||
| Q1 25 | -6.2% | 50.4% | ||
| Q4 24 | — | 53.5% | ||
| Q3 24 | -8.2% | 45.1% | ||
| Q2 24 | -6.5% | 45.6% | ||
| Q1 24 | -7.3% | 58.5% |
| Q4 25 | — | $0.90 | ||
| Q3 25 | $-0.25 | $0.65 | ||
| Q2 25 | $-0.26 | $0.69 | ||
| Q1 25 | $-0.30 | $0.51 | ||
| Q4 24 | — | $0.56 | ||
| Q3 24 | $-0.32 | $0.44 | ||
| Q2 24 | $-0.32 | $0.42 | ||
| Q1 24 | $-0.35 | $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 | $18.7M | $92.1M |
| Total DebtLower is stronger | $123.9M | — |
| Stockholders' EquityBook value | $-434.2M | $672.5M |
| Total Assets | $448.1M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $92.1M | ||
| Q3 25 | $18.7M | $99.0M | ||
| Q2 25 | $15.8M | $79.6M | ||
| Q1 25 | $14.7M | $51.7M | ||
| Q4 24 | — | $49.9M | ||
| Q3 24 | $18.7M | $44.1M | ||
| Q2 24 | $9.3M | $47.4M | ||
| Q1 24 | $5.3M | $34.8M |
| Q4 25 | — | — | ||
| Q3 25 | $123.9M | — | ||
| Q2 25 | $111.6M | — | ||
| Q1 25 | $121.6M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $197.9M | — | ||
| Q2 24 | $206.3M | — | ||
| Q1 24 | $209.4M | — |
| Q4 25 | — | $672.5M | ||
| Q3 25 | $-434.2M | $634.3M | ||
| Q2 25 | $-261.4M | $597.9M | ||
| Q1 25 | $-281.5M | $563.2M | ||
| Q4 24 | — | $516.9M | ||
| Q3 24 | $-192.0M | $484.6M | ||
| Q2 24 | $-149.7M | $471.3M | ||
| Q1 24 | $-149.5M | $452.9M |
| Q4 25 | — | $7.4B | ||
| Q3 25 | $448.1M | $7.0B | ||
| Q2 25 | $443.4M | $6.5B | ||
| Q1 25 | $466.8M | $6.0B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | $487.1M | $5.2B | ||
| Q2 24 | $494.7M | $4.9B | ||
| Q1 24 | $524.1M | $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 | $-209.0K | $18.2M |
| Free Cash FlowOCF − Capex | $-11.0M | $17.9M |
| FCF MarginFCF / Revenue | -12.0% | 34.6% |
| Capex IntensityCapex / Revenue | 11.7% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $-51.0M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $18.2M | ||
| Q3 25 | $-209.0K | $11.5M | ||
| Q2 25 | $363.0K | $7.7M | ||
| Q1 25 | $-10.5M | $3.5M | ||
| Q4 24 | — | $37.8M | ||
| Q3 24 | $-12.3M | $-17.6M | ||
| Q2 24 | $-16.2M | $11.5M | ||
| Q1 24 | $-26.0M | $10.6M |
| Q4 25 | — | $17.9M | ||
| Q3 25 | $-11.0M | $11.4M | ||
| Q2 25 | $353.0K | $7.6M | ||
| Q1 25 | $-14.6M | $3.5M | ||
| Q4 24 | — | $37.5M | ||
| Q3 24 | $-25.7M | $-17.6M | ||
| Q2 24 | $-26.6M | $11.4M | ||
| Q1 24 | $-64.5M | $10.5M |
| Q4 25 | — | 34.6% | ||
| Q3 25 | -12.0% | 23.2% | ||
| Q2 25 | 0.4% | 15.9% | ||
| Q1 25 | -16.5% | 9.2% | ||
| Q4 24 | — | 96.4% | ||
| Q3 24 | -33.5% | -50.3% | ||
| Q2 24 | -33.7% | 35.1% | ||
| Q1 24 | -80.6% | 35.8% |
| Q4 25 | — | 0.5% | ||
| Q3 25 | 11.7% | 0.1% | ||
| Q2 25 | 0.0% | 0.2% | ||
| Q1 25 | 4.7% | 0.2% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | 17.5% | 0.2% | ||
| Q2 24 | 13.2% | 0.3% | ||
| Q1 24 | 48.2% | 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
FLYX
Segment breakdown not available.
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
