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Side-by-side financial comparison of SmartRent, Inc. (SMRT) 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 $36.5M, roughly 1.4× SmartRent, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -8.9%, a 76.2% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs 3.1%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $7.7M). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs -15.0%).
Budget Rent a Car System, Inc. is an American car rental company that was founded in 1958 in Los Angeles, California by Morris Mirkin. Budget is a subsidiary of the Avis Budget Group, with its operations headquartered in Parsippany, New Jersey.
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.
SMRT vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $36.5M | $51.6M |
| Net Profit | $-3.2M | $34.8M |
| Gross Margin | 38.6% | — |
| Operating Margin | -10.9% | 97.0% |
| Net Margin | -8.9% | 67.3% |
| Revenue YoY | 3.1% | 32.8% |
| Net Profit YoY | 71.6% | 67.0% |
| EPS (diluted) | $-0.02 | $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 | $36.5M | $51.6M | ||
| Q3 25 | $36.2M | $49.1M | ||
| Q2 25 | $38.3M | $47.6M | ||
| Q1 25 | $41.3M | $37.5M | ||
| Q4 24 | $35.4M | $38.9M | ||
| Q3 24 | $40.5M | $35.1M | ||
| Q2 24 | $48.5M | $32.4M | ||
| Q1 24 | $50.5M | $29.5M |
| Q4 25 | $-3.2M | $34.8M | ||
| Q3 25 | $-6.3M | $25.4M | ||
| Q2 25 | $-10.9M | $26.0M | ||
| Q1 25 | $-40.2M | $18.9M | ||
| Q4 24 | $-11.4M | $20.8M | ||
| Q3 24 | $-9.9M | $15.8M | ||
| Q2 24 | $-4.6M | $14.8M | ||
| Q1 24 | $-7.7M | $17.3M |
| Q4 25 | 38.6% | — | ||
| Q3 25 | 26.4% | — | ||
| Q2 25 | 33.1% | — | ||
| Q1 25 | 32.8% | — | ||
| Q4 24 | 28.7% | — | ||
| Q3 24 | 33.2% | — | ||
| Q2 24 | 35.7% | — | ||
| Q1 24 | 38.5% | — |
| Q4 25 | -10.9% | 97.0% | ||
| Q3 25 | -19.4% | 72.1% | ||
| Q2 25 | -30.5% | 71.3% | ||
| Q1 25 | -99.9% | 71.7% | ||
| Q4 24 | -36.6% | 82.5% | ||
| Q3 24 | -29.0% | 60.6% | ||
| Q2 24 | -14.3% | 61.3% | ||
| Q1 24 | -20.1% | 78.8% |
| Q4 25 | -8.9% | 67.3% | ||
| Q3 25 | -17.3% | 51.7% | ||
| Q2 25 | -28.3% | 54.6% | ||
| Q1 25 | -97.2% | 50.4% | ||
| Q4 24 | -32.3% | 53.5% | ||
| Q3 24 | -24.5% | 45.1% | ||
| Q2 24 | -9.5% | 45.6% | ||
| Q1 24 | -15.2% | 58.5% |
| Q4 25 | $-0.02 | $0.90 | ||
| Q3 25 | $-0.03 | $0.65 | ||
| Q2 25 | $-0.06 | $0.69 | ||
| Q1 25 | $-0.21 | $0.51 | ||
| Q4 24 | $-0.06 | $0.56 | ||
| Q3 24 | $-0.05 | $0.44 | ||
| Q2 24 | $-0.02 | $0.42 | ||
| Q1 24 | $-0.04 | $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 | $104.5M | $92.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $232.1M | $672.5M |
| Total Assets | $320.9M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $104.5M | $92.1M | ||
| Q3 25 | $100.0M | $99.0M | ||
| Q2 25 | $105.0M | $79.6M | ||
| Q1 25 | $125.6M | $51.7M | ||
| Q4 24 | $142.5M | $49.9M | ||
| Q3 24 | $163.4M | $44.1M | ||
| Q2 24 | $187.4M | $47.4M | ||
| Q1 24 | $204.7M | $34.8M |
| Q4 25 | $232.1M | $672.5M | ||
| Q3 25 | $234.4M | $634.3M | ||
| Q2 25 | $238.8M | $597.9M | ||
| Q1 25 | $250.7M | $563.2M | ||
| Q4 24 | $289.4M | $516.9M | ||
| Q3 24 | $305.1M | $484.6M | ||
| Q2 24 | $329.4M | $471.3M | ||
| Q1 24 | $333.1M | $452.9M |
| Q4 25 | $320.9M | $7.4B | ||
| Q3 25 | $335.8M | $7.0B | ||
| Q2 25 | $354.0M | $6.5B | ||
| Q1 25 | $366.1M | $6.0B | ||
| Q4 24 | $420.2M | $5.5B | ||
| Q3 24 | $448.6M | $5.2B | ||
| Q2 24 | $475.3M | $4.9B | ||
| Q1 24 | $485.5M | $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 | $7.7M | $18.2M |
| Free Cash FlowOCF − Capex | $7.7M | $17.9M |
| FCF MarginFCF / Revenue | 21.0% | 34.6% |
| Capex IntensityCapex / Revenue | 0.0% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $-25.1M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.7M | $18.2M | ||
| Q3 25 | $-2.1M | $11.5M | ||
| Q2 25 | $-14.9M | $7.7M | ||
| Q1 25 | $-12.2M | $3.5M | ||
| Q4 24 | $-12.0M | $37.8M | ||
| Q3 24 | $-3.7M | $-17.6M | ||
| Q2 24 | $-13.9M | $11.5M | ||
| Q1 24 | $-3.3M | $10.6M |
| Q4 25 | $7.7M | $17.9M | ||
| Q3 25 | $-2.2M | $11.4M | ||
| Q2 25 | $-16.2M | $7.6M | ||
| Q1 25 | $-14.3M | $3.5M | ||
| Q4 24 | $-13.3M | $37.5M | ||
| Q3 24 | $-3.9M | $-17.6M | ||
| Q2 24 | $-14.1M | $11.4M | ||
| Q1 24 | $-3.4M | $10.5M |
| Q4 25 | 21.0% | 34.6% | ||
| Q3 25 | -6.1% | 23.2% | ||
| Q2 25 | -42.3% | 15.9% | ||
| Q1 25 | -34.7% | 9.2% | ||
| Q4 24 | -37.5% | 96.4% | ||
| Q3 24 | -9.7% | -50.3% | ||
| Q2 24 | -29.1% | 35.1% | ||
| Q1 24 | -6.7% | 35.8% |
| Q4 25 | 0.0% | 0.5% | ||
| Q3 25 | 0.2% | 0.1% | ||
| Q2 25 | 3.3% | 0.2% | ||
| Q1 25 | 5.3% | 0.2% | ||
| Q4 24 | 3.5% | 0.7% | ||
| Q3 24 | 0.6% | 0.2% | ||
| Q2 24 | 0.5% | 0.3% | ||
| Q1 24 | 0.1% | 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
SMRT
| Hosted Services | $18.1M | 50% |
| Hardware Service | $12.5M | 34% |
| Smart Operations Solutions | $2.6M | 7% |
| Access Control | $2.0M | 5% |
| Other Smart Communities Solutions | $1.3M | 3% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
