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Side-by-side financial comparison of Twin Hospitality Group Inc. (TWNP) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
Twin Hospitality Group Inc. is the larger business by last-quarter revenue ($82.3M vs $51.6M, roughly 1.6× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -29.7%, a 97.1% gap on every dollar of revenue. Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $-7.4M).
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
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.
TWNP vs VEL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $82.3M | $51.6M |
| Net Profit | $-24.5M | $34.8M |
| Gross Margin | — | — |
| Operating Margin | -16.2% | 97.0% |
| Net Margin | -29.7% | 67.3% |
| Revenue YoY | — | 32.8% |
| Net Profit YoY | — | 67.0% |
| EPS (diluted) | $-0.43 | $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 | — | $51.6M | ||
| Q3 25 | $82.3M | $49.1M | ||
| Q2 25 | $87.8M | $47.6M | ||
| Q1 25 | $87.1M | $37.5M | ||
| Q4 24 | — | $38.9M | ||
| Q3 24 | — | $35.1M | ||
| Q2 24 | — | $32.4M | ||
| Q1 24 | — | $29.5M |
| Q4 25 | — | $34.8M | ||
| Q3 25 | $-24.5M | $25.4M | ||
| Q2 25 | $-20.8M | $26.0M | ||
| Q1 25 | $-12.1M | $18.9M | ||
| Q4 24 | — | $20.8M | ||
| Q3 24 | — | $15.8M | ||
| Q2 24 | — | $14.8M | ||
| Q1 24 | — | $17.3M |
| Q4 25 | — | 97.0% | ||
| Q3 25 | -16.2% | 72.1% | ||
| Q2 25 | -13.2% | 71.3% | ||
| Q1 25 | -1.2% | 71.7% | ||
| Q4 24 | — | 82.5% | ||
| Q3 24 | — | 60.6% | ||
| Q2 24 | — | 61.3% | ||
| Q1 24 | — | 78.8% |
| Q4 25 | — | 67.3% | ||
| Q3 25 | -29.7% | 51.7% | ||
| Q2 25 | -23.7% | 54.6% | ||
| Q1 25 | -13.9% | 50.4% | ||
| Q4 24 | — | 53.5% | ||
| Q3 24 | — | 45.1% | ||
| Q2 24 | — | 45.6% | ||
| Q1 24 | — | 58.5% |
| Q4 25 | — | $0.90 | ||
| Q3 25 | $-0.43 | $0.65 | ||
| Q2 25 | $-0.38 | $0.69 | ||
| Q1 25 | $-0.26 | $0.51 | ||
| Q4 24 | — | $0.56 | ||
| Q3 24 | — | $0.44 | ||
| Q2 24 | — | $0.42 | ||
| Q1 24 | — | $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 | $402.8M | — |
| Stockholders' EquityBook value | $-92.1M | $672.5M |
| Total Assets | $516.8M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
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 | — | — | ||
| Q3 25 | $402.8M | — | ||
| Q2 25 | $411.3M | — | ||
| Q1 25 | $413.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $672.5M | ||
| Q3 25 | $-92.1M | $634.3M | ||
| Q2 25 | $-78.6M | $597.9M | ||
| Q1 25 | $-101.9M | $563.2M | ||
| Q4 24 | — | $516.9M | ||
| Q3 24 | — | $484.6M | ||
| Q2 24 | — | $471.3M | ||
| Q1 24 | — | $452.9M |
| Q4 25 | — | $7.4B | ||
| Q3 25 | $516.8M | $7.0B | ||
| Q2 25 | $535.1M | $6.5B | ||
| Q1 25 | $544.2M | $6.0B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | — | $5.2B | ||
| Q2 24 | — | $4.9B | ||
| Q1 24 | — | $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 | $-5.9M | $18.2M |
| Free Cash FlowOCF − Capex | $-7.4M | $17.9M |
| FCF MarginFCF / Revenue | -9.0% | 34.6% |
| Capex IntensityCapex / Revenue | 1.9% | 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 | — | $18.2M | ||
| Q3 25 | $-5.9M | $11.5M | ||
| Q2 25 | $-8.8M | $7.7M | ||
| Q1 25 | $-5.7M | $3.5M | ||
| Q4 24 | — | $37.8M | ||
| Q3 24 | — | $-17.6M | ||
| Q2 24 | — | $11.5M | ||
| Q1 24 | — | $10.6M |
| Q4 25 | — | $17.9M | ||
| Q3 25 | $-7.4M | $11.4M | ||
| Q2 25 | $-10.6M | $7.6M | ||
| Q1 25 | $-9.7M | $3.5M | ||
| Q4 24 | — | $37.5M | ||
| Q3 24 | — | $-17.6M | ||
| Q2 24 | — | $11.4M | ||
| Q1 24 | — | $10.5M |
| Q4 25 | — | 34.6% | ||
| Q3 25 | -9.0% | 23.2% | ||
| Q2 25 | -12.1% | 15.9% | ||
| Q1 25 | -11.2% | 9.2% | ||
| Q4 24 | — | 96.4% | ||
| Q3 24 | — | -50.3% | ||
| Q2 24 | — | 35.1% | ||
| Q1 24 | — | 35.8% |
| Q4 25 | — | 0.5% | ||
| Q3 25 | 1.9% | 0.1% | ||
| Q2 25 | 2.1% | 0.2% | ||
| Q1 25 | 4.6% | 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 | — | 0.29× | ||
| 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
TWNP
Segment breakdown not available.
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
