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Side-by-side financial comparison of CS Disco, Inc. (LAW) 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 $41.2M, roughly 1.3× CS Disco, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -20.7%, a 88.0% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs 11.3%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $255.0K). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs 7.6%).
CS Disco, Inc. is a leading legal technology provider that develops cloud-based software solutions for legal practitioners. Its core offerings include e-discovery, document review, case management, and legal workflow automation tools, serving law firms, corporate legal teams, and government legal departments primarily in North America.
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.
LAW vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $41.2M | $51.6M |
| Net Profit | $-8.5M | $34.8M |
| Gross Margin | 75.1% | — |
| Operating Margin | -22.4% | 97.0% |
| Net Margin | -20.7% | 67.3% |
| Revenue YoY | 11.3% | 32.8% |
| Net Profit YoY | 66.3% | 67.0% |
| EPS (diluted) | $-0.13 | $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 | $41.2M | $51.6M | ||
| Q3 25 | $40.9M | $49.1M | ||
| Q2 25 | $38.1M | $47.6M | ||
| Q1 25 | $36.7M | $37.5M | ||
| Q4 24 | $37.0M | $38.9M | ||
| Q3 24 | $36.3M | $35.1M | ||
| Q2 24 | $36.0M | $32.4M | ||
| Q1 24 | $35.6M | $29.5M |
| Q4 25 | $-8.5M | $34.8M | ||
| Q3 25 | $-13.7M | $25.4M | ||
| Q2 25 | $-10.8M | $26.0M | ||
| Q1 25 | $-11.4M | $18.9M | ||
| Q4 24 | $-25.2M | $20.8M | ||
| Q3 24 | $-9.2M | $15.8M | ||
| Q2 24 | $-10.8M | $14.8M | ||
| Q1 24 | $-10.6M | $17.3M |
| Q4 25 | 75.1% | — | ||
| Q3 25 | 75.5% | — | ||
| Q2 25 | 74.6% | — | ||
| Q1 25 | 74.1% | — | ||
| Q4 24 | 74.2% | — | ||
| Q3 24 | 73.1% | — | ||
| Q2 24 | 74.2% | — | ||
| Q1 24 | 75.1% | — |
| Q4 25 | -22.4% | 97.0% | ||
| Q3 25 | -35.3% | 72.1% | ||
| Q2 25 | -31.0% | 71.3% | ||
| Q1 25 | -34.4% | 71.7% | ||
| Q4 24 | -70.6% | 82.5% | ||
| Q3 24 | -30.0% | 60.6% | ||
| Q2 24 | -34.4% | 61.3% | ||
| Q1 24 | -34.7% | 78.8% |
| Q4 25 | -20.7% | 67.3% | ||
| Q3 25 | -33.4% | 51.7% | ||
| Q2 25 | -28.4% | 54.6% | ||
| Q1 25 | -31.1% | 50.4% | ||
| Q4 24 | -68.1% | 53.5% | ||
| Q3 24 | -25.3% | 45.1% | ||
| Q2 24 | -30.1% | 45.6% | ||
| Q1 24 | -29.7% | 58.5% |
| Q4 25 | $-0.13 | $0.90 | ||
| Q3 25 | $-0.22 | $0.65 | ||
| Q2 25 | $-0.18 | $0.69 | ||
| Q1 25 | $-0.19 | $0.51 | ||
| Q4 24 | $-0.43 | $0.56 | ||
| Q3 24 | $-0.15 | $0.44 | ||
| Q2 24 | $-0.18 | $0.42 | ||
| Q1 24 | $-0.17 | $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 | $114.6M | $92.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $128.1M | $672.5M |
| Total Assets | $173.6M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $114.6M | $92.1M | ||
| Q3 25 | $113.5M | $99.0M | ||
| Q2 25 | $114.5M | $79.6M | ||
| Q1 25 | $118.8M | $51.7M | ||
| Q4 24 | $129.1M | $49.9M | ||
| Q3 24 | $126.8M | $44.1M | ||
| Q2 24 | $130.0M | $47.4M | ||
| Q1 24 | $148.7M | $34.8M |
| Q4 25 | $128.1M | $672.5M | ||
| Q3 25 | $130.6M | $634.3M | ||
| Q2 25 | $137.9M | $597.9M | ||
| Q1 25 | $142.2M | $563.2M | ||
| Q4 24 | $147.5M | $516.9M | ||
| Q3 24 | $167.3M | $484.6M | ||
| Q2 24 | $170.9M | $471.3M | ||
| Q1 24 | $193.2M | $452.9M |
| Q4 25 | $173.6M | $7.4B | ||
| Q3 25 | $174.8M | $7.0B | ||
| Q2 25 | $164.9M | $6.5B | ||
| Q1 25 | $168.0M | $6.0B | ||
| Q4 24 | $180.3M | $5.5B | ||
| Q3 24 | $194.4M | $5.2B | ||
| Q2 24 | $198.0M | $4.9B | ||
| Q1 24 | $217.3M | $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 | $762.0K | $18.2M |
| Free Cash FlowOCF − Capex | $255.0K | $17.9M |
| FCF MarginFCF / Revenue | 0.6% | 34.6% |
| Capex IntensityCapex / Revenue | 1.2% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $-18.0M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $762.0K | $18.2M | ||
| Q3 25 | $-979.0K | $11.5M | ||
| Q2 25 | $-4.2M | $7.7M | ||
| Q1 25 | $-10.5M | $3.5M | ||
| Q4 24 | $2.1M | $37.8M | ||
| Q3 24 | $-2.9M | $-17.6M | ||
| Q2 24 | $-650.0K | $11.5M | ||
| Q1 24 | $-7.3M | $10.6M |
| Q4 25 | $255.0K | $17.9M | ||
| Q3 25 | $-2.0M | $11.4M | ||
| Q2 25 | $-5.2M | $7.6M | ||
| Q1 25 | $-11.0M | $3.5M | ||
| Q4 24 | $1.5M | $37.5M | ||
| Q3 24 | $-3.7M | $-17.6M | ||
| Q2 24 | $-1.3M | $11.4M | ||
| Q1 24 | $-8.0M | $10.5M |
| Q4 25 | 0.6% | 34.6% | ||
| Q3 25 | -5.0% | 23.2% | ||
| Q2 25 | -13.6% | 15.9% | ||
| Q1 25 | -30.1% | 9.2% | ||
| Q4 24 | 4.1% | 96.4% | ||
| Q3 24 | -10.3% | -50.3% | ||
| Q2 24 | -3.6% | 35.1% | ||
| Q1 24 | -22.5% | 35.8% |
| Q4 25 | 1.2% | 0.5% | ||
| Q3 25 | 2.6% | 0.1% | ||
| Q2 25 | 2.5% | 0.2% | ||
| Q1 25 | 1.4% | 0.2% | ||
| Q4 24 | 1.5% | 0.7% | ||
| Q3 24 | 2.4% | 0.2% | ||
| Q2 24 | 1.8% | 0.3% | ||
| Q1 24 | 1.9% | 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
LAW
| Software | $35.1M | 85% |
| Services | $6.0M | 15% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
