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Side-by-side financial comparison of NATIONAL RESEARCH CORP (NRC) 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 $35.2M, roughly 1.5× NATIONAL RESEARCH CORP). Velocity Financial, Inc. runs the higher net margin — 67.3% vs 5.1%, a 62.2% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs -4.6%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $6.1M). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs -0.2%).
National Research Corporation, doing business as NRC Health, is an American healthcare company which provides healthcare products and subscription-based solutions in United States and Canada. It was founded in 1981, and is based in Lincoln, Nebraska.
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.
NRC vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $35.2M | $51.6M |
| Net Profit | $1.8M | $34.8M |
| Gross Margin | — | — |
| Operating Margin | 13.3% | 97.0% |
| Net Margin | 5.1% | 67.3% |
| Revenue YoY | -4.6% | 32.8% |
| Net Profit YoY | -72.6% | 67.0% |
| EPS (diluted) | $49.58 | $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 | $35.2M | $51.6M | ||
| Q3 25 | $34.6M | $49.1M | ||
| Q2 25 | $34.0M | $47.6M | ||
| Q1 25 | $33.6M | $37.5M | ||
| Q4 24 | $36.9M | $38.9M | ||
| Q3 24 | $35.8M | $35.1M | ||
| Q2 24 | $35.0M | $32.4M | ||
| Q1 24 | $35.3M | $29.5M |
| Q4 25 | $1.8M | $34.8M | ||
| Q3 25 | $4.1M | $25.4M | ||
| Q2 25 | $-106.0K | $26.0M | ||
| Q1 25 | $5.8M | $18.9M | ||
| Q4 24 | $6.6M | $20.8M | ||
| Q3 24 | $5.7M | $15.8M | ||
| Q2 24 | $6.2M | $14.8M | ||
| Q1 24 | $6.4M | $17.3M |
| Q4 25 | 13.3% | 97.0% | ||
| Q3 25 | 22.4% | 72.1% | ||
| Q2 25 | 4.7% | 71.3% | ||
| Q1 25 | 25.6% | 71.7% | ||
| Q4 24 | 26.0% | 82.5% | ||
| Q3 24 | 22.3% | 60.6% | ||
| Q2 24 | 25.3% | 61.3% | ||
| Q1 24 | 24.8% | 78.8% |
| Q4 25 | 5.1% | 67.3% | ||
| Q3 25 | 11.9% | 51.7% | ||
| Q2 25 | -0.3% | 54.6% | ||
| Q1 25 | 17.2% | 50.4% | ||
| Q4 24 | 17.8% | 53.5% | ||
| Q3 24 | 15.9% | 45.1% | ||
| Q2 24 | 17.6% | 45.6% | ||
| Q1 24 | 18.0% | 58.5% |
| Q4 25 | $49.58 | $0.90 | ||
| Q3 25 | $0.18 | $0.65 | ||
| Q2 25 | $-0.01 | $0.69 | ||
| Q1 25 | $0.25 | $0.51 | ||
| Q4 24 | $0.27 | $0.56 | ||
| Q3 24 | $0.24 | $0.44 | ||
| Q2 24 | $0.26 | $0.42 | ||
| Q1 24 | $0.27 | $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 | $4.1M | $92.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $14.0M | $672.5M |
| Total Assets | $134.9M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.1M | $92.1M | ||
| Q3 25 | $2.2M | $99.0M | ||
| Q2 25 | $5.3M | $79.6M | ||
| Q1 25 | $2.5M | $51.7M | ||
| Q4 24 | $4.2M | $49.9M | ||
| Q3 24 | $3.5M | $44.1M | ||
| Q2 24 | $485.0K | $47.4M | ||
| Q1 24 | $1.7M | $34.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $48.7M | — | ||
| Q2 24 | $33.3M | — | ||
| Q1 24 | $35.2M | — |
| Q4 25 | $14.0M | $672.5M | ||
| Q3 25 | $14.3M | $634.3M | ||
| Q2 25 | $21.3M | $597.9M | ||
| Q1 25 | $29.7M | $563.2M | ||
| Q4 24 | $31.3M | $516.9M | ||
| Q3 24 | $34.6M | $484.6M | ||
| Q2 24 | $40.2M | $471.3M | ||
| Q1 24 | $36.9M | $452.9M |
| Q4 25 | $134.9M | $7.4B | ||
| Q3 25 | $135.7M | $7.0B | ||
| Q2 25 | $141.4M | $6.5B | ||
| Q1 25 | $135.2M | $6.0B | ||
| Q4 24 | $132.5M | $5.5B | ||
| Q3 24 | $131.8M | $5.2B | ||
| Q2 24 | $119.1M | $4.9B | ||
| Q1 24 | $120.9M | $4.6B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 0.83× | — | ||
| Q1 24 | 0.95× | — |
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 | $7.2M | $18.2M |
| Free Cash FlowOCF − Capex | $6.1M | $17.9M |
| FCF MarginFCF / Revenue | 17.2% | 34.6% |
| Capex IntensityCapex / Revenue | 3.2% | 0.5% |
| Cash ConversionOCF / Net Profit | 3.99× | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $15.7M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.2M | $18.2M | ||
| Q3 25 | $13.8M | $11.5M | ||
| Q2 25 | $-1.1M | $7.7M | ||
| Q1 25 | $6.6M | $3.5M | ||
| Q4 24 | $6.4M | $37.8M | ||
| Q3 24 | $9.4M | $-17.6M | ||
| Q2 24 | $6.8M | $11.5M | ||
| Q1 24 | $12.0M | $10.6M |
| Q4 25 | $6.1M | $17.9M | ||
| Q3 25 | $10.2M | $11.4M | ||
| Q2 25 | $-4.1M | $7.6M | ||
| Q1 25 | $3.7M | $3.5M | ||
| Q4 24 | $1.9M | $37.5M | ||
| Q3 24 | $7.8M | $-17.6M | ||
| Q2 24 | $1.5M | $11.4M | ||
| Q1 24 | $7.9M | $10.5M |
| Q4 25 | 17.2% | 34.6% | ||
| Q3 25 | 29.4% | 23.2% | ||
| Q2 25 | -12.2% | 15.9% | ||
| Q1 25 | 10.9% | 9.2% | ||
| Q4 24 | 5.2% | 96.4% | ||
| Q3 24 | 21.8% | -50.3% | ||
| Q2 24 | 4.3% | 35.1% | ||
| Q1 24 | 22.4% | 35.8% |
| Q4 25 | 3.2% | 0.5% | ||
| Q3 25 | 10.4% | 0.1% | ||
| Q2 25 | 8.8% | 0.2% | ||
| Q1 25 | 8.9% | 0.2% | ||
| Q4 24 | 12.0% | 0.7% | ||
| Q3 24 | 4.5% | 0.2% | ||
| Q2 24 | 15.0% | 0.3% | ||
| Q1 24 | 11.7% | 0.1% |
| Q4 25 | 3.99× | 0.52× | ||
| Q3 25 | 3.34× | 0.45× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | 1.15× | 0.19× | ||
| Q4 24 | 0.97× | 1.81× | ||
| Q3 24 | 1.66× | -1.11× | ||
| Q2 24 | 1.10× | 0.78× | ||
| Q1 24 | 1.89× | 0.61× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NRC
Segment breakdown not available.
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
