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Side-by-side financial comparison of GRAIL, Inc. (GRAL) 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 $43.6M, roughly 1.2× GRAIL, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -227.5%, a 294.8% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs 14.0%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $-63.9M). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs 27.7%).
GRAIL, Inc. is an American biotechnology company based in Menlo Park, California founded in 2015 seeking to develop an early cancer screening test for people who do not have symptoms. As a startup it was a subsidiary of Illumina, which bought it outright in 2021.
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.
GRAL vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $51.6M |
| Net Profit | $-99.2M | $34.8M |
| Gross Margin | — | — |
| Operating Margin | -285.4% | 97.0% |
| Net Margin | -227.5% | 67.3% |
| Revenue YoY | 14.0% | 32.8% |
| Net Profit YoY | -2.2% | 67.0% |
| EPS (diluted) | $-2.37 | $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 | $43.6M | $51.6M | ||
| Q3 25 | $36.2M | $49.1M | ||
| Q2 25 | $35.5M | $47.6M | ||
| Q1 25 | $31.8M | $37.5M | ||
| Q4 24 | $38.3M | $38.9M | ||
| Q3 24 | $28.7M | $35.1M | ||
| Q2 24 | $32.0M | $32.4M | ||
| Q1 24 | $26.7M | $29.5M |
| Q4 25 | $-99.2M | $34.8M | ||
| Q3 25 | $-89.0M | $25.4M | ||
| Q2 25 | $-114.0M | $26.0M | ||
| Q1 25 | $-106.2M | $18.9M | ||
| Q4 24 | $-97.1M | $20.8M | ||
| Q3 24 | $-125.7M | $15.8M | ||
| Q2 24 | $-1.6B | $14.8M | ||
| Q1 24 | $-218.9M | $17.3M |
| Q4 25 | -285.4% | 97.0% | ||
| Q3 25 | -346.2% | 72.1% | ||
| Q2 25 | -446.9% | 71.3% | ||
| Q1 25 | -482.5% | 71.7% | ||
| Q4 24 | -358.0% | 82.5% | ||
| Q3 24 | -640.5% | 60.6% | ||
| Q2 24 | -5133.8% | 61.3% | ||
| Q1 24 | -851.1% | 78.8% |
| Q4 25 | -227.5% | 67.3% | ||
| Q3 25 | -245.8% | 51.7% | ||
| Q2 25 | -320.7% | 54.6% | ||
| Q1 25 | -333.6% | 50.4% | ||
| Q4 24 | -253.8% | 53.5% | ||
| Q3 24 | -438.7% | 45.1% | ||
| Q2 24 | -4958.8% | 45.6% | ||
| Q1 24 | -819.3% | 58.5% |
| Q4 25 | $-2.37 | $0.90 | ||
| Q3 25 | $-2.46 | $0.65 | ||
| Q2 25 | $-3.18 | $0.69 | ||
| Q1 25 | $-3.10 | $0.51 | ||
| Q4 24 | $-1.49 | $0.56 | ||
| Q3 24 | $-3.94 | $0.44 | ||
| Q2 24 | $-51.06 | $0.42 | ||
| Q1 24 | $-7.05 | $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 | $249.7M | $92.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $672.5M |
| Total Assets | $2.9B | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $249.7M | $92.1M | ||
| Q3 25 | $126.9M | $99.0M | ||
| Q2 25 | $127.4M | $79.6M | ||
| Q1 25 | $133.9M | $51.7M | ||
| Q4 24 | $214.2M | $49.9M | ||
| Q3 24 | $853.6M | $44.1M | ||
| Q2 24 | $958.8M | $47.4M | ||
| Q1 24 | $199.7M | $34.8M |
| Q4 25 | $2.6B | $672.5M | ||
| Q3 25 | $2.2B | $634.3M | ||
| Q2 25 | $2.3B | $597.9M | ||
| Q1 25 | $2.4B | $563.2M | ||
| Q4 24 | $2.5B | $516.9M | ||
| Q3 24 | $2.6B | $484.6M | ||
| Q2 24 | $2.7B | $471.3M | ||
| Q1 24 | — | $452.9M |
| Q4 25 | $2.9B | $7.4B | ||
| Q3 25 | $2.6B | $7.0B | ||
| Q2 25 | $2.7B | $6.5B | ||
| Q1 25 | $2.8B | $6.0B | ||
| Q4 24 | $3.0B | $5.5B | ||
| Q3 24 | $3.1B | $5.2B | ||
| Q2 24 | $3.3B | $4.9B | ||
| Q1 24 | — | $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 | $-63.8M | $18.2M |
| Free Cash FlowOCF − Capex | $-63.9M | $17.9M |
| FCF MarginFCF / Revenue | -146.5% | 34.6% |
| Capex IntensityCapex / Revenue | 0.2% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-63.8M | $18.2M | ||
| Q3 25 | $-63.2M | $11.5M | ||
| Q2 25 | $-77.0M | $7.7M | ||
| Q1 25 | $-95.0M | $3.5M | ||
| Q4 24 | — | $37.8M | ||
| Q3 24 | $-104.6M | $-17.6M | ||
| Q2 24 | $-171.8M | $11.5M | ||
| Q1 24 | $-207.3M | $10.6M |
| Q4 25 | $-63.9M | $17.9M | ||
| Q3 25 | $-63.6M | $11.4M | ||
| Q2 25 | $-77.3M | $7.6M | ||
| Q1 25 | $-95.1M | $3.5M | ||
| Q4 24 | — | $37.5M | ||
| Q3 24 | $-105.6M | $-17.6M | ||
| Q2 24 | $-173.2M | $11.4M | ||
| Q1 24 | $-209.8M | $10.5M |
| Q4 25 | -146.5% | 34.6% | ||
| Q3 25 | -175.8% | 23.2% | ||
| Q2 25 | -217.6% | 15.9% | ||
| Q1 25 | -298.6% | 9.2% | ||
| Q4 24 | — | 96.4% | ||
| Q3 24 | -368.4% | -50.3% | ||
| Q2 24 | -541.7% | 35.1% | ||
| Q1 24 | -785.3% | 35.8% |
| Q4 25 | 0.2% | 0.5% | ||
| Q3 25 | 1.1% | 0.1% | ||
| Q2 25 | 1.0% | 0.2% | ||
| Q1 25 | 0.2% | 0.2% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | 3.4% | 0.2% | ||
| Q2 24 | 4.3% | 0.3% | ||
| Q1 24 | 9.5% | 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
GRAL
| Screening Revenue | $42.3M | 97% |
| Developmental Services Revenue | $1.3M | 3% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
