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Side-by-side financial comparison of Phathom Pharmaceuticals, Inc. (PHAT) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
Phathom Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($57.6M vs $51.6M, roughly 1.1× Velocity Financial, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 32.8%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $-167.0M).
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
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.
PHAT vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $57.6M | $51.6M |
| Net Profit | — | $34.8M |
| Gross Margin | 86.7% | — |
| Operating Margin | — | 97.0% |
| Net Margin | — | 67.3% |
| Revenue YoY | 94.1% | 32.8% |
| Net Profit YoY | 71.6% | 67.0% |
| EPS (diluted) | — | $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 | $57.6M | $51.6M | ||
| Q3 25 | $49.5M | $49.1M | ||
| Q2 25 | $39.5M | $47.6M | ||
| Q1 25 | $28.5M | $37.5M | ||
| Q4 24 | $29.7M | $38.9M | ||
| Q3 24 | $16.4M | $35.1M | ||
| Q2 24 | $7.3M | $32.4M | ||
| Q1 24 | — | $29.5M |
| Q4 25 | — | $34.8M | ||
| Q3 25 | $-30.0M | $25.4M | ||
| Q2 25 | $-75.8M | $26.0M | ||
| Q1 25 | $-94.3M | $18.9M | ||
| Q4 24 | — | $20.8M | ||
| Q3 24 | $-85.6M | $15.8M | ||
| Q2 24 | $-91.4M | $14.8M | ||
| Q1 24 | — | $17.3M |
| Q4 25 | 86.7% | — | ||
| Q3 25 | 87.5% | — | ||
| Q2 25 | 87.2% | — | ||
| Q1 25 | 86.9% | — | ||
| Q4 24 | 87.1% | — | ||
| Q3 24 | 85.6% | — | ||
| Q2 24 | 81.2% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 97.0% | ||
| Q3 25 | -30.8% | 72.1% | ||
| Q2 25 | -151.7% | 71.3% | ||
| Q1 25 | -276.5% | 71.7% | ||
| Q4 24 | — | 82.5% | ||
| Q3 24 | -433.0% | 60.6% | ||
| Q2 24 | -1055.4% | 61.3% | ||
| Q1 24 | — | 78.8% |
| Q4 25 | — | 67.3% | ||
| Q3 25 | -60.5% | 51.7% | ||
| Q2 25 | -191.9% | 54.6% | ||
| Q1 25 | -330.7% | 50.4% | ||
| Q4 24 | — | 53.5% | ||
| Q3 24 | -523.3% | 45.1% | ||
| Q2 24 | -1248.6% | 45.6% | ||
| Q1 24 | — | 58.5% |
| Q4 25 | — | $0.90 | ||
| Q3 25 | $-0.41 | $0.65 | ||
| Q2 25 | $-1.05 | $0.69 | ||
| Q1 25 | $-1.31 | $0.51 | ||
| Q4 24 | — | $0.56 | ||
| Q3 24 | $-1.32 | $0.44 | ||
| Q2 24 | $-1.56 | $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 | $130.0M | $92.1M |
| Total DebtLower is stronger | $209.1M | — |
| Stockholders' EquityBook value | $-438.2M | $672.5M |
| Total Assets | $259.1M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $130.0M | $92.1M | ||
| Q3 25 | $135.2M | $99.0M | ||
| Q2 25 | $149.6M | $79.6M | ||
| Q1 25 | $212.3M | $51.7M | ||
| Q4 24 | $297.3M | $49.9M | ||
| Q3 24 | $334.7M | $44.1M | ||
| Q2 24 | $276.2M | $47.4M | ||
| Q1 24 | — | $34.8M |
| Q4 25 | $209.1M | — | ||
| Q3 25 | $207.1M | — | ||
| Q2 25 | $205.1M | — | ||
| Q1 25 | $203.2M | — | ||
| Q4 24 | $201.4M | — | ||
| Q3 24 | $175.7M | — | ||
| Q2 24 | $174.4M | — | ||
| Q1 24 | — | — |
| Q4 25 | $-438.2M | $672.5M | ||
| Q3 25 | $-422.5M | $634.3M | ||
| Q2 25 | $-405.8M | $597.9M | ||
| Q1 25 | $-338.4M | $563.2M | ||
| Q4 24 | $-253.6M | $516.9M | ||
| Q3 24 | $-187.1M | $484.6M | ||
| Q2 24 | $-233.8M | $471.3M | ||
| Q1 24 | — | $452.9M |
| Q4 25 | $259.1M | $7.4B | ||
| Q3 25 | $240.3M | $7.0B | ||
| Q2 25 | $250.2M | $6.5B | ||
| Q1 25 | $294.2M | $6.0B | ||
| Q4 24 | $378.3M | $5.5B | ||
| Q3 24 | $387.0M | $5.2B | ||
| Q2 24 | $319.4M | $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 | $-166.8M | $18.2M |
| Free Cash FlowOCF − Capex | $-167.0M | $17.9M |
| FCF MarginFCF / Revenue | -290.0% | 34.6% |
| Capex IntensityCapex / Revenue | 0.4% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $-328.9M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-166.8M | $18.2M | ||
| Q3 25 | $-14.1M | $11.5M | ||
| Q2 25 | $-62.7M | $7.7M | ||
| Q1 25 | $-84.9M | $3.5M | ||
| Q4 24 | $-266.8M | $37.8M | ||
| Q3 24 | $-63.6M | $-17.6M | ||
| Q2 24 | $-70.7M | $11.5M | ||
| Q1 24 | — | $10.6M |
| Q4 25 | $-167.0M | $17.9M | ||
| Q3 25 | $-14.1M | $11.4M | ||
| Q2 25 | $-62.8M | $7.6M | ||
| Q1 25 | $-84.9M | $3.5M | ||
| Q4 24 | $-266.9M | $37.5M | ||
| Q3 24 | $-63.6M | $-17.6M | ||
| Q2 24 | $-70.8M | $11.4M | ||
| Q1 24 | — | $10.5M |
| Q4 25 | -290.0% | 34.6% | ||
| Q3 25 | -28.6% | 23.2% | ||
| Q2 25 | -159.0% | 15.9% | ||
| Q1 25 | -297.9% | 9.2% | ||
| Q4 24 | -899.8% | 96.4% | ||
| Q3 24 | -389.0% | -50.3% | ||
| Q2 24 | -966.2% | 35.1% | ||
| Q1 24 | — | 35.8% |
| Q4 25 | 0.4% | 0.5% | ||
| Q3 25 | 0.1% | 0.1% | ||
| Q2 25 | 0.2% | 0.2% | ||
| Q1 25 | 0.1% | 0.2% | ||
| Q4 24 | 0.5% | 0.7% | ||
| Q3 24 | 0.3% | 0.2% | ||
| Q2 24 | 0.6% | 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
PHAT
Segment breakdown not available.
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
