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Side-by-side financial comparison of ImmunityBio, Inc. (IBRX) 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 $38.3M, roughly 1.3× ImmunityBio, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -161.8%, a 229.1% gap on every dollar of revenue. On growth, ImmunityBio, Inc. posted the faster year-over-year revenue change (407.0% vs 32.8%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $-71.3M).
ImmunityBio, Inc. is a clinical-stage biotechnology company focused on developing next-generation immunotherapies and vaccine candidates targeting multiple cancer types and infectious diseases. It operates mainly in the U.S. market, with core R&D segments including cell therapy, antibody therapeutics, and targeted vaccine platforms designed to enhance patient treatment outcomes.
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.
IBRX vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $38.3M | $51.6M |
| Net Profit | $-61.9M | $34.8M |
| Gross Margin | 99.0% | — |
| Operating Margin | -169.0% | 97.0% |
| Net Margin | -161.8% | 67.3% |
| Revenue YoY | 407.0% | 32.8% |
| Net Profit YoY | -4.7% | 67.0% |
| EPS (diluted) | $-0.06 | $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 | $38.3M | $51.6M | ||
| Q3 25 | $32.1M | $49.1M | ||
| Q2 25 | $26.4M | $47.6M | ||
| Q1 25 | $16.5M | $37.5M | ||
| Q4 24 | $7.6M | $38.9M | ||
| Q3 24 | $6.1M | $35.1M | ||
| Q2 24 | — | $32.4M | ||
| Q1 24 | — | $29.5M |
| Q4 25 | $-61.9M | $34.8M | ||
| Q3 25 | $-67.3M | $25.4M | ||
| Q2 25 | $-92.6M | $26.0M | ||
| Q1 25 | $-129.6M | $18.9M | ||
| Q4 24 | $-59.2M | $20.8M | ||
| Q3 24 | $-85.7M | $15.8M | ||
| Q2 24 | — | $14.8M | ||
| Q1 24 | — | $17.3M |
| Q4 25 | 99.0% | — | ||
| Q3 25 | 99.4% | — | ||
| Q2 25 | 99.5% | — | ||
| Q1 25 | 99.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -169.0% | 97.0% | ||
| Q3 25 | -173.5% | 72.1% | ||
| Q2 25 | -269.8% | 71.3% | ||
| Q1 25 | -390.1% | 71.7% | ||
| Q4 24 | -919.0% | 82.5% | ||
| Q3 24 | -1314.3% | 60.6% | ||
| Q2 24 | — | 61.3% | ||
| Q1 24 | — | 78.8% |
| Q4 25 | -161.8% | 67.3% | ||
| Q3 25 | -209.8% | 51.7% | ||
| Q2 25 | -350.3% | 54.6% | ||
| Q1 25 | -784.9% | 50.4% | ||
| Q4 24 | -783.4% | 53.5% | ||
| Q3 24 | -1404.0% | 45.1% | ||
| Q2 24 | — | 45.6% | ||
| Q1 24 | — | 58.5% |
| Q4 25 | $-0.06 | $0.90 | ||
| Q3 25 | $-0.07 | $0.65 | ||
| Q2 25 | $-0.10 | $0.69 | ||
| Q1 25 | $-0.15 | $0.51 | ||
| Q4 24 | $-0.08 | $0.56 | ||
| Q3 24 | $-0.14 | $0.44 | ||
| Q2 24 | — | $0.42 | ||
| Q1 24 | — | $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 | $242.8M | $92.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-500.5M | $672.5M |
| Total Assets | $501.9M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $242.8M | $92.1M | ||
| Q3 25 | $257.8M | $99.0M | ||
| Q2 25 | $153.7M | $79.6M | ||
| Q1 25 | $61.6M | $51.7M | ||
| Q4 24 | $149.8M | $49.9M | ||
| Q3 24 | $130.4M | $44.1M | ||
| Q2 24 | — | $47.4M | ||
| Q1 24 | — | $34.8M |
| Q4 25 | $-500.5M | $672.5M | ||
| Q3 25 | $-524.3M | $634.3M | ||
| Q2 25 | $-570.7M | $597.9M | ||
| Q1 25 | $-591.4M | $563.2M | ||
| Q4 24 | $-489.1M | $516.9M | ||
| Q3 24 | $-745.1M | $484.6M | ||
| Q2 24 | — | $471.3M | ||
| Q1 24 | — | $452.9M |
| Q4 25 | $501.9M | $7.4B | ||
| Q3 25 | $519.0M | $7.0B | ||
| Q2 25 | $402.1M | $6.5B | ||
| Q1 25 | $303.8M | $6.0B | ||
| Q4 24 | $382.9M | $5.5B | ||
| Q3 24 | $364.6M | $5.2B | ||
| Q2 24 | — | $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 | $-70.4M | $18.2M |
| Free Cash FlowOCF − Capex | $-71.3M | $17.9M |
| FCF MarginFCF / Revenue | -186.2% | 34.6% |
| Capex IntensityCapex / Revenue | 2.4% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $-308.8M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-70.4M | $18.2M | ||
| Q3 25 | $-68.9M | $11.5M | ||
| Q2 25 | $-79.7M | $7.7M | ||
| Q1 25 | $-85.9M | $3.5M | ||
| Q4 24 | $-85.1M | $37.8M | ||
| Q3 24 | $-98.8M | $-17.6M | ||
| Q2 24 | — | $11.5M | ||
| Q1 24 | — | $10.6M |
| Q4 25 | $-71.3M | $17.9M | ||
| Q3 25 | $-69.6M | $11.4M | ||
| Q2 25 | $-80.8M | $7.6M | ||
| Q1 25 | $-87.0M | $3.5M | ||
| Q4 24 | $-87.3M | $37.5M | ||
| Q3 24 | $-101.6M | $-17.6M | ||
| Q2 24 | — | $11.4M | ||
| Q1 24 | — | $10.5M |
| Q4 25 | -186.2% | 34.6% | ||
| Q3 25 | -217.2% | 23.2% | ||
| Q2 25 | -305.9% | 15.9% | ||
| Q1 25 | -526.9% | 9.2% | ||
| Q4 24 | -1155.4% | 96.4% | ||
| Q3 24 | -1663.2% | -50.3% | ||
| Q2 24 | — | 35.1% | ||
| Q1 24 | — | 35.8% |
| Q4 25 | 2.4% | 0.5% | ||
| Q3 25 | 2.3% | 0.1% | ||
| Q2 25 | 4.1% | 0.2% | ||
| Q1 25 | 6.8% | 0.2% | ||
| Q4 24 | 28.0% | 0.7% | ||
| Q3 24 | 45.7% | 0.2% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 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
IBRX
Segment breakdown not available.
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
