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Side-by-side financial comparison of NexPoint Real Estate Finance, Inc. (NREF) and Velo3D, Inc. (VELO). Click either name above to swap in a different company.
NexPoint Real Estate Finance, Inc. is the larger business by last-quarter revenue ($11.1M vs $9.4M, roughly 1.2× Velo3D, Inc.). NexPoint Real Estate Finance, Inc. runs the higher net margin — 216.6% vs -231.9%, a 448.6% gap on every dollar of revenue. On growth, Velo3D, Inc. posted the faster year-over-year revenue change (-25.2% vs -48.8%).
NexPoint Real Estate Finance, Inc. is a US-based commercial real estate finance firm that offers structured financing solutions for multifamily, office, industrial, and hospitality properties. It focuses on originating, managing and servicing a diversified portfolio of mortgage loans and real estate-related investments to deliver stable risk-adjusted returns to stakeholders.
Velo3D, Inc. develops and sells advanced end-to-end metal additive manufacturing (3D printing) solutions, comprising industrial-grade printers, specialized processing software, and high-performance metal materials. It primarily serves global aerospace, defense, energy, semiconductor and industrial manufacturing markets, enabling customers to produce complex, high-precision metal parts that are difficult to manufacture with traditional methods.
NREF vs VELO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $11.1M | $9.4M |
| Net Profit | $24.0M | $-21.9M |
| Gross Margin | — | -73.6% |
| Operating Margin | — | -231.0% |
| Net Margin | 216.6% | -231.9% |
| Revenue YoY | -48.8% | -25.2% |
| Net Profit YoY | 58.7% | -2.9% |
| EPS (diluted) | $0.47 | $-0.87 |
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 | $11.1M | $9.4M | ||
| Q3 25 | $12.5M | $13.6M | ||
| Q2 25 | $12.1M | $13.6M | ||
| Q1 25 | $11.5M | $9.3M | ||
| Q4 24 | $21.7M | $12.6M | ||
| Q3 24 | $12.5M | $8.2M | ||
| Q2 24 | $6.7M | $10.3M | ||
| Q1 24 | $-12.8M | $9.8M |
| Q4 25 | $24.0M | $-21.9M | ||
| Q3 25 | $50.9M | $-11.2M | ||
| Q2 25 | $22.3M | $-13.3M | ||
| Q1 25 | $26.0M | $-25.0M | ||
| Q4 24 | $15.2M | $-21.3M | ||
| Q3 24 | $23.3M | $-21.9M | ||
| Q2 24 | $12.1M | $935.0K | ||
| Q1 24 | $-14.6M | $-27.5M |
| Q4 25 | — | -73.6% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | -11.7% | ||
| Q1 25 | — | 7.5% | ||
| Q4 24 | — | -3.5% | ||
| Q3 24 | — | 49.4% | ||
| Q2 24 | — | -28.0% | ||
| Q1 24 | — | -28.8% |
| Q4 25 | — | -231.0% | ||
| Q3 25 | — | -73.3% | ||
| Q2 25 | — | -85.4% | ||
| Q1 25 | — | -123.6% | ||
| Q4 24 | — | -167.0% | ||
| Q3 24 | — | -213.8% | ||
| Q2 24 | — | -187.7% | ||
| Q1 24 | — | -211.1% |
| Q4 25 | 216.6% | -231.9% | ||
| Q3 25 | 407.0% | -82.0% | ||
| Q2 25 | 184.5% | -97.7% | ||
| Q1 25 | 225.6% | -268.4% | ||
| Q4 24 | 69.9% | -168.5% | ||
| Q3 24 | 186.4% | -265.3% | ||
| Q2 24 | 179.7% | 9.0% | ||
| Q1 24 | 114.3% | -281.2% |
| Q4 25 | $0.47 | $-0.87 | ||
| Q3 25 | $1.14 | $-0.65 | ||
| Q2 25 | $0.54 | $-0.94 | ||
| Q1 25 | $0.70 | $-1.87 | ||
| Q4 24 | $0.71 | $7.06 | ||
| Q3 24 | $0.74 | $-35.52 | ||
| Q2 24 | $0.40 | $1.65 | ||
| Q1 24 | $-0.83 | $-55.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $31.1M | $39.0M |
| Total DebtLower is stronger | $771.2M | $31.0M |
| Stockholders' EquityBook value | $388.0M | $38.2M |
| Total Assets | $5.3B | $105.3M |
| Debt / EquityLower = less leverage | 1.99× | 0.81× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.1M | $39.0M | ||
| Q3 25 | $17.9M | $11.8M | ||
| Q2 25 | $9.1M | $854.0K | ||
| Q1 25 | $19.2M | $3.9M | ||
| Q4 24 | $3.9M | $1.2M | ||
| Q3 24 | $34.7M | $1.6M | ||
| Q2 24 | $4.3M | $3.2M | ||
| Q1 24 | $13.5M | $10.9M |
| Q4 25 | $771.2M | $31.0M | ||
| Q3 25 | $720.9M | $23.0M | ||
| Q2 25 | $815.6M | $22.5M | ||
| Q1 25 | $831.5M | $21.7M | ||
| Q4 24 | $799.3M | $5.7M | ||
| Q3 24 | $815.5M | $32.3M | ||
| Q2 24 | $861.0M | $33.5M | ||
| Q1 24 | $843.3M | $44.0M |
| Q4 25 | $388.0M | $38.2M | ||
| Q3 25 | $375.4M | $29.9M | ||
| Q2 25 | $348.2M | $21.4M | ||
| Q1 25 | $343.7M | $32.8M | ||
| Q4 24 | $336.5M | $39.7M | ||
| Q3 24 | $335.8M | $34.4M | ||
| Q2 24 | $327.5M | $52.1M | ||
| Q1 24 | $327.1M | $45.5M |
| Q4 25 | $5.3B | $105.3M | ||
| Q3 25 | $5.3B | $93.7M | ||
| Q2 25 | $5.4B | $78.4M | ||
| Q1 25 | $5.4B | $91.3M | ||
| Q4 24 | $5.4B | $89.2M | ||
| Q3 24 | $5.7B | $110.8M | ||
| Q2 24 | $6.6B | $116.7M | ||
| Q1 24 | $7.1B | $136.1M |
| Q4 25 | 1.99× | 0.81× | ||
| Q3 25 | 1.92× | 0.77× | ||
| Q2 25 | 2.34× | 1.05× | ||
| Q1 25 | 2.42× | 0.66× | ||
| Q4 24 | 2.38× | 0.14× | ||
| Q3 24 | 2.43× | 0.94× | ||
| Q2 24 | 2.63× | 0.64× | ||
| Q1 24 | 2.58× | 0.97× |
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 | $-4.5M | $-7.7M |
| Free Cash FlowOCF − Capex | — | $-8.3M |
| FCF MarginFCF / Revenue | — | -88.3% |
| Capex IntensityCapex / Revenue | — | 6.4% |
| Cash ConversionOCF / Net Profit | -0.19× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.5M | $-7.7M | ||
| Q3 25 | $8.1M | $-6.0M | ||
| Q2 25 | $3.3M | $-1.2M | ||
| Q1 25 | $16.0M | $-12.3M | ||
| Q4 24 | $4.4M | $-2.2M | ||
| Q3 24 | $14.7M | $-2.0M | ||
| Q2 24 | $-7.5M | $-8.0M | ||
| Q1 24 | $17.7M | $-20.5M |
| Q4 25 | — | $-8.3M | ||
| Q3 25 | — | $-6.3M | ||
| Q2 25 | — | $-3.0M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-2.2M | ||
| Q3 24 | — | $-2.0M | ||
| Q2 24 | — | $-8.0M | ||
| Q1 24 | — | $-20.5M |
| Q4 25 | — | -88.3% | ||
| Q3 25 | — | -46.5% | ||
| Q2 25 | — | -22.2% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -17.7% | ||
| Q3 24 | — | -24.2% | ||
| Q2 24 | — | -77.1% | ||
| Q1 24 | — | -209.8% |
| Q4 25 | — | 6.4% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | — | 13.3% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | -0.19× | — | ||
| Q3 25 | 0.16× | — | ||
| Q2 25 | 0.15× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.63× | — | ||
| Q2 24 | -0.62× | -8.52× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
