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Side-by-side financial comparison of PubMatic, Inc. (PUBM) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
PubMatic, Inc. is the larger business by last-quarter revenue ($80.0M vs $51.6M, roughly 1.6× Velocity Financial, Inc.). On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs -6.4%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $11.3M). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs 9.5%).
PubMatic, Inc. develops and implements online advertising software and strategies for the digital publishing and advertising industry. PubMatic's sell-side, real-time programmatic ad transaction advertising software puts publishers of websites, videos, and mobile apps into contact with ad buyers by using automated systems, while allowing users to opt-out of having their personal information collected on internet searches. PubMatic has a number of offices in countries around the world.
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.
PUBM vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $80.0M | $51.6M |
| Net Profit | — | $34.8M |
| Gross Margin | 68.2% | — |
| Operating Margin | 10.6% | 97.0% |
| Net Margin | — | 67.3% |
| Revenue YoY | -6.4% | 32.8% |
| Net Profit YoY | — | 67.0% |
| EPS (diluted) | $0.14 | $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 | $80.0M | $51.6M | ||
| Q3 25 | $68.0M | $49.1M | ||
| Q2 25 | $71.1M | $47.6M | ||
| Q1 25 | $63.8M | $37.5M | ||
| Q4 24 | $85.5M | $38.9M | ||
| Q3 24 | $71.8M | $35.1M | ||
| Q2 24 | $67.3M | $32.4M | ||
| Q1 24 | $66.7M | $29.5M |
| Q4 25 | — | $34.8M | ||
| Q3 25 | $-6.5M | $25.4M | ||
| Q2 25 | $-5.2M | $26.0M | ||
| Q1 25 | $-9.5M | $18.9M | ||
| Q4 24 | — | $20.8M | ||
| Q3 24 | $-912.0K | $15.8M | ||
| Q2 24 | $2.0M | $14.8M | ||
| Q1 24 | $-2.5M | $17.3M |
| Q4 25 | 68.2% | — | ||
| Q3 25 | 62.6% | — | ||
| Q2 25 | 62.6% | — | ||
| Q1 25 | 59.9% | — | ||
| Q4 24 | 70.8% | — | ||
| Q3 24 | 64.5% | — | ||
| Q2 24 | 62.6% | — | ||
| Q1 24 | 61.9% | — |
| Q4 25 | 10.6% | 97.0% | ||
| Q3 25 | -12.4% | 72.1% | ||
| Q2 25 | -7.7% | 71.3% | ||
| Q1 25 | -18.6% | 71.7% | ||
| Q4 24 | 17.3% | 82.5% | ||
| Q3 24 | -1.9% | 60.6% | ||
| Q2 24 | -5.9% | 61.3% | ||
| Q1 24 | -8.3% | 78.8% |
| Q4 25 | — | 67.3% | ||
| Q3 25 | -9.5% | 51.7% | ||
| Q2 25 | -7.3% | 54.6% | ||
| Q1 25 | -14.9% | 50.4% | ||
| Q4 24 | — | 53.5% | ||
| Q3 24 | -1.3% | 45.1% | ||
| Q2 24 | 2.9% | 45.6% | ||
| Q1 24 | -3.7% | 58.5% |
| Q4 25 | $0.14 | $0.90 | ||
| Q3 25 | $-0.14 | $0.65 | ||
| Q2 25 | $-0.11 | $0.69 | ||
| Q1 25 | $-0.20 | $0.51 | ||
| Q4 24 | $0.26 | $0.56 | ||
| Q3 24 | $-0.02 | $0.44 | ||
| Q2 24 | $0.04 | $0.42 | ||
| Q1 24 | $-0.05 | $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 | $145.5M | $92.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $262.6M | $672.5M |
| Total Assets | $680.2M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $145.5M | $92.1M | ||
| Q3 25 | $136.5M | $99.0M | ||
| Q2 25 | $90.5M | $79.6M | ||
| Q1 25 | $101.8M | $51.7M | ||
| Q4 24 | $100.5M | $49.9M | ||
| Q3 24 | $78.9M | $44.1M | ||
| Q2 24 | $73.5M | $47.4M | ||
| Q1 24 | $80.2M | $34.8M |
| Q4 25 | $262.6M | $672.5M | ||
| Q3 25 | $245.1M | $634.3M | ||
| Q2 25 | $243.3M | $597.9M | ||
| Q1 25 | $275.6M | $563.2M | ||
| Q4 24 | $277.3M | $516.9M | ||
| Q3 24 | $263.2M | $484.6M | ||
| Q2 24 | $282.7M | $471.3M | ||
| Q1 24 | $288.7M | $452.9M |
| Q4 25 | $680.2M | $7.4B | ||
| Q3 25 | $676.2M | $7.0B | ||
| Q2 25 | $675.2M | $6.5B | ||
| Q1 25 | $668.6M | $6.0B | ||
| Q4 24 | $739.5M | $5.5B | ||
| Q3 24 | $689.1M | $5.2B | ||
| Q2 24 | $673.1M | $4.9B | ||
| Q1 24 | $626.2M | $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 | $18.2M | $18.2M |
| Free Cash FlowOCF − Capex | $11.3M | $17.9M |
| FCF MarginFCF / Revenue | 14.1% | 34.6% |
| Capex IntensityCapex / Revenue | 8.6% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $66.7M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.2M | $18.2M | ||
| Q3 25 | $32.4M | $11.5M | ||
| Q2 25 | $14.9M | $7.7M | ||
| Q1 25 | $15.6M | $3.5M | ||
| Q4 24 | $18.0M | $37.8M | ||
| Q3 24 | $19.1M | $-17.6M | ||
| Q2 24 | $11.9M | $11.5M | ||
| Q1 24 | $24.3M | $10.6M |
| Q4 25 | $11.3M | $17.9M | ||
| Q3 25 | $27.7M | $11.4M | ||
| Q2 25 | $13.6M | $7.6M | ||
| Q1 25 | $14.2M | $3.5M | ||
| Q4 24 | $13.7M | $37.5M | ||
| Q3 24 | $7.4M | $-17.6M | ||
| Q2 24 | $11.2M | $11.4M | ||
| Q1 24 | $23.5M | $10.5M |
| Q4 25 | 14.1% | 34.6% | ||
| Q3 25 | 40.8% | 23.2% | ||
| Q2 25 | 19.1% | 15.9% | ||
| Q1 25 | 22.2% | 9.2% | ||
| Q4 24 | 16.1% | 96.4% | ||
| Q3 24 | 10.3% | -50.3% | ||
| Q2 24 | 16.7% | 35.1% | ||
| Q1 24 | 35.2% | 35.8% |
| Q4 25 | 8.6% | 0.5% | ||
| Q3 25 | 6.9% | 0.1% | ||
| Q2 25 | 1.9% | 0.2% | ||
| Q1 25 | 2.3% | 0.2% | ||
| Q4 24 | 5.1% | 0.7% | ||
| Q3 24 | 16.3% | 0.2% | ||
| Q2 24 | 1.1% | 0.3% | ||
| Q1 24 | 1.2% | 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 | 6.06× | 0.78× | ||
| Q1 24 | — | 0.61× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PUBM
Segment breakdown not available.
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
