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Side-by-side financial comparison of Latham Group, Inc. (SWIM) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $51.6M, roughly 1.9× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -7.0%, a 74.4% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs 14.5%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $14.1M). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs -4.9%).
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
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.
SWIM vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $100.0M | $51.6M |
| Net Profit | $-7.0M | $34.8M |
| Gross Margin | 28.0% | — |
| Operating Margin | -10.7% | 97.0% |
| Net Margin | -7.0% | 67.3% |
| Revenue YoY | 14.5% | 32.8% |
| Net Profit YoY | 76.0% | 67.0% |
| EPS (diluted) | $-0.06 | $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 | $100.0M | $51.6M | ||
| Q3 25 | $161.9M | $49.1M | ||
| Q2 25 | $172.6M | $47.6M | ||
| Q1 25 | $111.4M | $37.5M | ||
| Q4 24 | $87.3M | $38.9M | ||
| Q3 24 | $150.5M | $35.1M | ||
| Q2 24 | $160.1M | $32.4M | ||
| Q1 24 | $110.6M | $29.5M |
| Q4 25 | $-7.0M | $34.8M | ||
| Q3 25 | $8.1M | $25.4M | ||
| Q2 25 | $16.0M | $26.0M | ||
| Q1 25 | $-6.0M | $18.9M | ||
| Q4 24 | $-29.2M | $20.8M | ||
| Q3 24 | $5.9M | $15.8M | ||
| Q2 24 | $13.3M | $14.8M | ||
| Q1 24 | $-7.9M | $17.3M |
| Q4 25 | 28.0% | — | ||
| Q3 25 | 35.4% | — | ||
| Q2 25 | 37.1% | — | ||
| Q1 25 | 29.5% | — | ||
| Q4 24 | 24.6% | — | ||
| Q3 24 | 32.4% | — | ||
| Q2 24 | 33.1% | — | ||
| Q1 24 | 27.7% | — |
| Q4 25 | -10.7% | 97.0% | ||
| Q3 25 | 13.3% | 72.1% | ||
| Q2 25 | 14.3% | 71.3% | ||
| Q1 25 | -4.4% | 71.7% | ||
| Q4 24 | -14.9% | 82.5% | ||
| Q3 24 | 8.9% | 60.6% | ||
| Q2 24 | 12.5% | 61.3% | ||
| Q1 24 | -1.9% | 78.8% |
| Q4 25 | -7.0% | 67.3% | ||
| Q3 25 | 5.0% | 51.7% | ||
| Q2 25 | 9.3% | 54.6% | ||
| Q1 25 | -5.4% | 50.4% | ||
| Q4 24 | -33.4% | 53.5% | ||
| Q3 24 | 3.9% | 45.1% | ||
| Q2 24 | 8.3% | 45.6% | ||
| Q1 24 | -7.1% | 58.5% |
| Q4 25 | $-0.06 | $0.90 | ||
| Q3 25 | $0.07 | $0.65 | ||
| Q2 25 | $0.13 | $0.69 | ||
| Q1 25 | $-0.05 | $0.51 | ||
| Q4 24 | $-0.24 | $0.56 | ||
| Q3 24 | $0.05 | $0.44 | ||
| Q2 24 | $0.11 | $0.42 | ||
| Q1 24 | $-0.07 | $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 | — | $92.1M |
| Total DebtLower is stronger | $279.8M | — |
| Stockholders' EquityBook value | $405.9M | $672.5M |
| Total Assets | $823.2M | $7.4B |
| Debt / EquityLower = less leverage | 0.69× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $92.1M | ||
| Q3 25 | — | $99.0M | ||
| Q2 25 | — | $79.6M | ||
| Q1 25 | — | $51.7M | ||
| Q4 24 | — | $49.9M | ||
| Q3 24 | — | $44.1M | ||
| Q2 24 | — | $47.4M | ||
| Q1 24 | — | $34.8M |
| Q4 25 | $279.8M | — | ||
| Q3 25 | $281.1M | — | ||
| Q2 25 | $281.5M | — | ||
| Q1 25 | $306.9M | — | ||
| Q4 24 | $281.5M | — | ||
| Q3 24 | $282.8M | — | ||
| Q2 24 | $282.4M | — | ||
| Q1 24 | $282.8M | — |
| Q4 25 | $405.9M | $672.5M | ||
| Q3 25 | $408.4M | $634.3M | ||
| Q2 25 | $398.4M | $597.9M | ||
| Q1 25 | $381.1M | $563.2M | ||
| Q4 24 | $387.2M | $516.9M | ||
| Q3 24 | $416.6M | $484.6M | ||
| Q2 24 | $408.1M | $471.3M | ||
| Q1 24 | $391.8M | $452.9M |
| Q4 25 | $823.2M | $7.4B | ||
| Q3 25 | $844.4M | $7.0B | ||
| Q2 25 | $822.1M | $6.5B | ||
| Q1 25 | $824.6M | $6.0B | ||
| Q4 24 | $794.2M | $5.5B | ||
| Q3 24 | $853.4M | $5.2B | ||
| Q2 24 | $830.0M | $4.9B | ||
| Q1 24 | $808.6M | $4.6B |
| Q4 25 | 0.69× | — | ||
| Q3 25 | 0.69× | — | ||
| Q2 25 | 0.71× | — | ||
| Q1 25 | 0.81× | — | ||
| Q4 24 | 0.73× | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 0.69× | — | ||
| Q1 24 | 0.72× | — |
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 | $23.3M | $18.2M |
| Free Cash FlowOCF − Capex | $14.1M | $17.9M |
| FCF MarginFCF / Revenue | 14.1% | 34.6% |
| Capex IntensityCapex / Revenue | 9.2% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $38.0M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.3M | $18.2M | ||
| Q3 25 | $51.0M | $11.5M | ||
| Q2 25 | $36.0M | $7.7M | ||
| Q1 25 | $-46.9M | $3.5M | ||
| Q4 24 | $6.2M | $37.8M | ||
| Q3 24 | $37.2M | $-17.6M | ||
| Q2 24 | $52.4M | $11.5M | ||
| Q1 24 | $-34.5M | $10.6M |
| Q4 25 | $14.1M | $17.9M | ||
| Q3 25 | $45.2M | $11.4M | ||
| Q2 25 | $29.1M | $7.6M | ||
| Q1 25 | $-50.3M | $3.5M | ||
| Q4 24 | $-98.0K | $37.5M | ||
| Q3 24 | $33.2M | $-17.6M | ||
| Q2 24 | $47.9M | $11.4M | ||
| Q1 24 | $-39.9M | $10.5M |
| Q4 25 | 14.1% | 34.6% | ||
| Q3 25 | 27.9% | 23.2% | ||
| Q2 25 | 16.8% | 15.9% | ||
| Q1 25 | -45.2% | 9.2% | ||
| Q4 24 | -0.1% | 96.4% | ||
| Q3 24 | 22.1% | -50.3% | ||
| Q2 24 | 29.9% | 35.1% | ||
| Q1 24 | -36.0% | 35.8% |
| Q4 25 | 9.2% | 0.5% | ||
| Q3 25 | 3.6% | 0.1% | ||
| Q2 25 | 4.0% | 0.2% | ||
| Q1 25 | 3.1% | 0.2% | ||
| Q4 24 | 7.2% | 0.7% | ||
| Q3 24 | 2.7% | 0.2% | ||
| Q2 24 | 2.8% | 0.3% | ||
| Q1 24 | 4.8% | 0.1% |
| Q4 25 | — | 0.52× | ||
| Q3 25 | 6.29× | 0.45× | ||
| Q2 25 | 2.25× | 0.29× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | 6.32× | -1.11× | ||
| Q2 24 | 3.95× | 0.78× | ||
| Q1 24 | — | 0.61× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
