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Side-by-side financial comparison of STEM, INC. (STEM) 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 $47.1M, roughly 1.1× STEM, INC.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -33.9%, a 101.2% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs -15.6%). Over the past eight quarters, STEM, INC.'s revenue compounded faster (36.1% CAGR vs 32.3%).
StemCells, Inc. is a public biopharmaceutical company headquartered in Newark, California, that is developing purified human neural stem cells (HuCNS-SCs) in the hopes of treating central nervous system disorders and paralysis. StemCells' HuCNS-SCs have the ability to differentiate into the three main types of cells found in the central nervous system: neurons, astrocytes and oligodendrocytes.
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.
STEM vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $47.1M | $51.6M |
| Net Profit | $-16.0M | $34.8M |
| Gross Margin | 48.9% | — |
| Operating Margin | -17.7% | 97.0% |
| Net Margin | -33.9% | 67.3% |
| Revenue YoY | -15.6% | 32.8% |
| Net Profit YoY | 68.8% | 67.0% |
| EPS (diluted) | $-4.40 | $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 | $47.1M | $51.6M | ||
| Q3 25 | $38.2M | $49.1M | ||
| Q2 25 | $38.4M | $47.6M | ||
| Q1 25 | $32.5M | $37.5M | ||
| Q4 24 | $55.8M | $38.9M | ||
| Q3 24 | $29.3M | $35.1M | ||
| Q2 24 | $34.0M | $32.4M | ||
| Q1 24 | $25.5M | $29.5M |
| Q4 25 | $-16.0M | $34.8M | ||
| Q3 25 | $-23.8M | $25.4M | ||
| Q2 25 | $202.5M | $26.0M | ||
| Q1 25 | $-25.0M | $18.9M | ||
| Q4 24 | $-51.1M | $20.8M | ||
| Q3 24 | $-148.3M | $15.8M | ||
| Q2 24 | $-582.3M | $14.8M | ||
| Q1 24 | $-72.3M | $17.3M |
| Q4 25 | 48.9% | — | ||
| Q3 25 | 35.5% | — | ||
| Q2 25 | 33.4% | — | ||
| Q1 25 | 32.4% | — | ||
| Q4 24 | -4.4% | — | ||
| Q3 24 | 21.2% | — | ||
| Q2 24 | 27.6% | — | ||
| Q1 24 | -95.0% | — |
| Q4 25 | -17.7% | 97.0% | ||
| Q3 25 | -33.6% | 72.1% | ||
| Q2 25 | -34.8% | 71.3% | ||
| Q1 25 | -65.0% | 71.7% | ||
| Q4 24 | -84.4% | 82.5% | ||
| Q3 24 | -493.2% | 60.6% | ||
| Q2 24 | -1705.5% | 61.3% | ||
| Q1 24 | -267.0% | 78.8% |
| Q4 25 | -33.9% | 67.3% | ||
| Q3 25 | -62.2% | 51.7% | ||
| Q2 25 | 527.8% | 54.6% | ||
| Q1 25 | -76.9% | 50.4% | ||
| Q4 24 | -91.6% | 53.5% | ||
| Q3 24 | -506.3% | 45.1% | ||
| Q2 24 | -1712.6% | 45.6% | ||
| Q1 24 | -283.9% | 58.5% |
| Q4 25 | $-4.40 | $0.90 | ||
| Q3 25 | $-2.84 | $0.65 | ||
| Q2 25 | $-1.79 | $0.69 | ||
| Q1 25 | $-0.15 | $0.51 | ||
| Q4 24 | $-15.29 | $0.56 | ||
| Q3 24 | $-18.24 | $0.44 | ||
| Q2 24 | $-71.81 | $0.42 | ||
| Q1 24 | $-0.46 | $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 | $48.9M | $92.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-249.4M | $672.5M |
| Total Assets | $308.9M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $48.9M | $92.1M | ||
| Q3 25 | $43.1M | $99.0M | ||
| Q2 25 | $40.8M | $79.6M | ||
| Q1 25 | $58.6M | $51.7M | ||
| Q4 24 | $56.3M | $49.9M | ||
| Q3 24 | $75.4M | $44.1M | ||
| Q2 24 | $89.6M | $47.4M | ||
| Q1 24 | $112.8M | $34.8M |
| Q4 25 | $-249.4M | $672.5M | ||
| Q3 25 | $-235.7M | $634.3M | ||
| Q2 25 | $-214.1M | $597.9M | ||
| Q1 25 | $-417.5M | $563.2M | ||
| Q4 24 | $-398.4M | $516.9M | ||
| Q3 24 | $-344.1M | $484.6M | ||
| Q2 24 | $-203.2M | $471.3M | ||
| Q1 24 | $371.6M | $452.9M |
| Q4 25 | $308.9M | $7.4B | ||
| Q3 25 | $362.6M | $7.0B | ||
| Q2 25 | $379.2M | $6.5B | ||
| Q1 25 | $405.1M | $6.0B | ||
| Q4 24 | $437.4M | $5.5B | ||
| Q3 24 | $537.8M | $5.2B | ||
| Q2 24 | $691.5M | $4.9B | ||
| Q1 24 | $1.3B | $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 | $8.2M | $18.2M |
| Free Cash FlowOCF − Capex | — | $17.9M |
| FCF MarginFCF / Revenue | — | 34.6% |
| Capex IntensityCapex / Revenue | — | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $18.2M | ||
| Q3 25 | $11.4M | $11.5M | ||
| Q2 25 | $-21.3M | $7.7M | ||
| Q1 25 | $8.5M | $3.5M | ||
| Q4 24 | $-14.7M | $37.8M | ||
| Q3 24 | $-9.4M | $-17.6M | ||
| Q2 24 | $-11.9M | $11.5M | ||
| Q1 24 | $-621.0K | $10.6M |
| Q4 25 | — | $17.9M | ||
| Q3 25 | — | $11.4M | ||
| Q2 25 | — | $7.6M | ||
| Q1 25 | — | $3.5M | ||
| Q4 24 | — | $37.5M | ||
| Q3 24 | — | $-17.6M | ||
| Q2 24 | — | $11.4M | ||
| Q1 24 | — | $10.5M |
| Q4 25 | — | 34.6% | ||
| Q3 25 | — | 23.2% | ||
| Q2 25 | — | 15.9% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | 96.4% | ||
| Q3 24 | — | -50.3% | ||
| Q2 24 | — | 35.1% | ||
| Q1 24 | — | 35.8% |
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | — | 0.52× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | -0.11× | 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
STEM
Segment breakdown not available.
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
