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Side-by-side financial comparison of Smart Sand, Inc. (SND) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
Smart Sand, Inc. is the larger business by last-quarter revenue ($86.0M vs $51.6M, roughly 1.7× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs 1.4%, a 66.0% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $17.9M). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs 1.8%).
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
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.
SND vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.0M | $51.6M |
| Net Profit | $1.2M | $34.8M |
| Gross Margin | 13.0% | — |
| Operating Margin | -3.1% | 97.0% |
| Net Margin | 1.4% | 67.3% |
| Revenue YoY | -5.8% | 32.8% |
| Net Profit YoY | -68.5% | 67.0% |
| EPS (diluted) | $0.03 | $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 | $86.0M | $51.6M | ||
| Q3 25 | $92.8M | $49.1M | ||
| Q2 25 | $85.8M | $47.6M | ||
| Q1 25 | $65.6M | $37.5M | ||
| Q4 24 | $91.4M | $38.9M | ||
| Q3 24 | $63.2M | $35.1M | ||
| Q2 24 | $73.8M | $32.4M | ||
| Q1 24 | $83.1M | $29.5M |
| Q4 25 | $1.2M | $34.8M | ||
| Q3 25 | $3.0M | $25.4M | ||
| Q2 25 | $21.4M | $26.0M | ||
| Q1 25 | $-24.2M | $18.9M | ||
| Q4 24 | $3.7M | $20.8M | ||
| Q3 24 | $-98.0K | $15.8M | ||
| Q2 24 | $-430.0K | $14.8M | ||
| Q1 24 | $-216.0K | $17.3M |
| Q4 25 | 13.0% | — | ||
| Q3 25 | 16.1% | — | ||
| Q2 25 | 10.4% | — | ||
| Q1 25 | 4.2% | — | ||
| Q4 24 | 14.7% | — | ||
| Q3 24 | 10.3% | — | ||
| Q2 24 | 17.7% | — | ||
| Q1 24 | 14.2% | — |
| Q4 25 | -3.1% | 97.0% | ||
| Q3 25 | 5.8% | 72.1% | ||
| Q2 25 | -0.1% | 71.3% | ||
| Q1 25 | -10.8% | 71.7% | ||
| Q4 24 | 3.9% | 82.5% | ||
| Q3 24 | -7.8% | 60.6% | ||
| Q2 24 | 4.8% | 61.3% | ||
| Q1 24 | 0.9% | 78.8% |
| Q4 25 | 1.4% | 67.3% | ||
| Q3 25 | 3.2% | 51.7% | ||
| Q2 25 | 24.9% | 54.6% | ||
| Q1 25 | -37.0% | 50.4% | ||
| Q4 24 | 4.1% | 53.5% | ||
| Q3 24 | -0.2% | 45.1% | ||
| Q2 24 | -0.6% | 45.6% | ||
| Q1 24 | -0.3% | 58.5% |
| Q4 25 | $0.03 | $0.90 | ||
| Q3 25 | $0.08 | $0.65 | ||
| Q2 25 | $0.54 | $0.69 | ||
| Q1 25 | $-0.62 | $0.51 | ||
| Q4 24 | $0.10 | $0.56 | ||
| Q3 24 | $0.00 | $0.44 | ||
| Q2 24 | $-0.01 | $0.42 | ||
| Q1 24 | $-0.01 | $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 | $22.6M | $92.1M |
| Total DebtLower is stronger | $15.0M | — |
| Stockholders' EquityBook value | $239.7M | $672.5M |
| Total Assets | $340.0M | $7.4B |
| Debt / EquityLower = less leverage | 0.06× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.6M | $92.1M | ||
| Q3 25 | $5.1M | $99.0M | ||
| Q2 25 | $4.3M | $79.6M | ||
| Q1 25 | $5.1M | $51.7M | ||
| Q4 24 | $1.6M | $49.9M | ||
| Q3 24 | $7.2M | $44.1M | ||
| Q2 24 | $6.3M | $47.4M | ||
| Q1 24 | $4.6M | $34.8M |
| Q4 25 | $15.0M | — | ||
| Q3 25 | $14.3M | — | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $13.7M | — | ||
| Q4 24 | $14.7M | — | ||
| Q3 24 | $15.7M | — | ||
| Q2 24 | $17.1M | — | ||
| Q1 24 | $25.5M | — |
| Q4 25 | $239.7M | $672.5M | ||
| Q3 25 | $239.9M | $634.3M | ||
| Q2 25 | $240.5M | $597.9M | ||
| Q1 25 | $219.9M | $563.2M | ||
| Q4 24 | $243.8M | $516.9M | ||
| Q3 24 | $243.6M | $484.6M | ||
| Q2 24 | $242.9M | $471.3M | ||
| Q1 24 | $242.5M | $452.9M |
| Q4 25 | $340.0M | $7.4B | ||
| Q3 25 | $343.1M | $7.0B | ||
| Q2 25 | $345.8M | $6.5B | ||
| Q1 25 | $326.9M | $6.0B | ||
| Q4 24 | $341.5M | $5.5B | ||
| Q3 24 | $335.8M | $5.2B | ||
| Q2 24 | $341.8M | $4.9B | ||
| Q1 24 | $349.3M | $4.6B |
| Q4 25 | 0.06× | — | ||
| Q3 25 | 0.06× | — | ||
| Q2 25 | 0.10× | — | ||
| Q1 25 | 0.06× | — | ||
| Q4 24 | 0.06× | — | ||
| Q3 24 | 0.06× | — | ||
| Q2 24 | 0.07× | — | ||
| Q1 24 | 0.11× | — |
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 | $22.4M | $18.2M |
| Free Cash FlowOCF − Capex | $20.4M | $17.9M |
| FCF MarginFCF / Revenue | 23.7% | 34.6% |
| Capex IntensityCapex / Revenue | 2.3% | 0.5% |
| Cash ConversionOCF / Net Profit | 18.99× | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $32.5M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.4M | $18.2M | ||
| Q3 25 | $18.2M | $11.5M | ||
| Q2 25 | $-5.1M | $7.7M | ||
| Q1 25 | $8.7M | $3.5M | ||
| Q4 24 | $1.0M | $37.8M | ||
| Q3 24 | $5.8M | $-17.6M | ||
| Q2 24 | $14.9M | $11.5M | ||
| Q1 24 | $-3.9M | $10.6M |
| Q4 25 | $20.4M | $17.9M | ||
| Q3 25 | $14.8M | $11.4M | ||
| Q2 25 | $-7.8M | $7.6M | ||
| Q1 25 | $5.2M | $3.5M | ||
| Q4 24 | $-840.0K | $37.5M | ||
| Q3 24 | $3.7M | $-17.6M | ||
| Q2 24 | $13.5M | $11.4M | ||
| Q1 24 | $-5.5M | $10.5M |
| Q4 25 | 23.7% | 34.6% | ||
| Q3 25 | 15.9% | 23.2% | ||
| Q2 25 | -9.1% | 15.9% | ||
| Q1 25 | 7.9% | 9.2% | ||
| Q4 24 | -0.9% | 96.4% | ||
| Q3 24 | 5.8% | -50.3% | ||
| Q2 24 | 18.3% | 35.1% | ||
| Q1 24 | -6.6% | 35.8% |
| Q4 25 | 2.3% | 0.5% | ||
| Q3 25 | 3.6% | 0.1% | ||
| Q2 25 | 3.1% | 0.2% | ||
| Q1 25 | 5.4% | 0.2% | ||
| Q4 24 | 2.1% | 0.7% | ||
| Q3 24 | 3.4% | 0.2% | ||
| Q2 24 | 1.8% | 0.3% | ||
| Q1 24 | 2.0% | 0.1% |
| Q4 25 | 18.99× | 0.52× | ||
| Q3 25 | 6.05× | 0.45× | ||
| Q2 25 | -0.24× | 0.29× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | 0.28× | 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
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
