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Side-by-side financial comparison of Velocity Financial, Inc. (VEL) and Vanda Pharmaceuticals Inc. (VNDA). Click either name above to swap in a different company.
Vanda Pharmaceuticals Inc. is the larger business by last-quarter revenue ($57.2M vs $51.6M, roughly 1.1× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -246.8%, a 314.1% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs 7.6%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $-29.5M). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs 9.8%).
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.
Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapies for central nervous system disorders. Its key marketed products cover indications including sleep-wake cycle disturbances and schizophrenia, with core operations and primary sales markets concentrated in North America, catering to patient groups with significant unmet medical needs.
VEL vs VNDA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.6M | $57.2M |
| Net Profit | $34.8M | $-141.2M |
| Gross Margin | — | — |
| Operating Margin | 97.0% | -70.5% |
| Net Margin | 67.3% | -246.8% |
| Revenue YoY | 32.8% | 7.6% |
| Net Profit YoY | 67.0% | -2774.3% |
| EPS (diluted) | $0.90 | $-2.40 |
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 | $57.2M | ||
| Q3 25 | $49.1M | $56.3M | ||
| Q2 25 | $47.6M | $52.6M | ||
| Q1 25 | $37.5M | $50.0M | ||
| Q4 24 | $38.9M | $53.2M | ||
| Q3 24 | $35.1M | $47.7M | ||
| Q2 24 | $32.4M | $50.5M | ||
| Q1 24 | $29.5M | $47.5M |
| Q4 25 | $34.8M | $-141.2M | ||
| Q3 25 | $25.4M | $-22.6M | ||
| Q2 25 | $26.0M | $-27.2M | ||
| Q1 25 | $18.9M | $-29.5M | ||
| Q4 24 | $20.8M | $-4.9M | ||
| Q3 24 | $15.8M | $-5.3M | ||
| Q2 24 | $14.8M | $-4.5M | ||
| Q1 24 | $17.3M | $-4.1M |
| Q4 25 | 97.0% | -70.5% | ||
| Q3 25 | 72.1% | -55.6% | ||
| Q2 25 | 71.3% | -73.2% | ||
| Q1 25 | 71.7% | -82.0% | ||
| Q4 24 | 82.5% | -19.3% | ||
| Q3 24 | 60.6% | -23.1% | ||
| Q2 24 | 61.3% | -20.1% | ||
| Q1 24 | 78.8% | -19.5% |
| Q4 25 | 67.3% | -246.8% | ||
| Q3 25 | 51.7% | -40.1% | ||
| Q2 25 | 54.6% | -51.7% | ||
| Q1 25 | 50.4% | -58.9% | ||
| Q4 24 | 53.5% | -9.2% | ||
| Q3 24 | 45.1% | -11.2% | ||
| Q2 24 | 45.6% | -9.0% | ||
| Q1 24 | 58.5% | -8.7% |
| Q4 25 | $0.90 | $-2.40 | ||
| Q3 25 | $0.65 | $-0.38 | ||
| Q2 25 | $0.69 | $-0.46 | ||
| Q1 25 | $0.51 | $-0.50 | ||
| Q4 24 | $0.56 | $-0.09 | ||
| Q3 24 | $0.44 | $-0.09 | ||
| Q2 24 | $0.42 | $-0.08 | ||
| Q1 24 | $0.49 | $-0.07 |
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 | $84.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $672.5M | $327.2M |
| Total Assets | $7.4B | $488.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $92.1M | $84.9M | ||
| Q3 25 | $99.0M | $70.0M | ||
| Q2 25 | $79.6M | $81.0M | ||
| Q1 25 | $51.7M | $111.8M | ||
| Q4 24 | $49.9M | $102.3M | ||
| Q3 24 | $44.1M | $100.5M | ||
| Q2 24 | $47.4M | $103.0M | ||
| Q1 24 | $34.8M | $125.2M |
| Q4 25 | $672.5M | $327.2M | ||
| Q3 25 | $634.3M | $466.0M | ||
| Q2 25 | $597.9M | $486.3M | ||
| Q1 25 | $563.2M | $511.4M | ||
| Q4 24 | $516.9M | $538.5M | ||
| Q3 24 | $484.6M | $541.2M | ||
| Q2 24 | $471.3M | $542.5M | ||
| Q1 24 | $452.9M | $544.0M |
| Q4 25 | $7.4B | $488.9M | ||
| Q3 25 | $7.0B | $601.1M | ||
| Q2 25 | $6.5B | $624.7M | ||
| Q1 25 | $6.0B | $631.9M | ||
| Q4 24 | $5.5B | $656.2M | ||
| Q3 24 | $5.2B | $645.1M | ||
| Q2 24 | $4.9B | $651.4M | ||
| Q1 24 | $4.6B | $652.7M |
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 | $18.2M | $-29.4M |
| Free Cash FlowOCF − Capex | $17.9M | $-29.5M |
| FCF MarginFCF / Revenue | 34.6% | -51.6% |
| Capex IntensityCapex / Revenue | 0.5% | 0.2% |
| Cash ConversionOCF / Net Profit | 0.52× | — |
| TTM Free Cash FlowTrailing 4 quarters | $40.3M | $-110.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.2M | $-29.4M | ||
| Q3 25 | $11.5M | $-31.6M | ||
| Q2 25 | $7.7M | $-15.3M | ||
| Q1 25 | $3.5M | $-33.1M | ||
| Q4 24 | $37.8M | $-1.8M | ||
| Q3 24 | $-17.6M | $-14.6M | ||
| Q2 24 | $11.5M | $-6.9M | ||
| Q1 24 | $10.6M | $7.6M |
| Q4 25 | $17.9M | $-29.5M | ||
| Q3 25 | $11.4M | $-31.8M | ||
| Q2 25 | $7.6M | $-15.6M | ||
| Q1 25 | $3.5M | $-33.6M | ||
| Q4 24 | $37.5M | $-2.0M | ||
| Q3 24 | $-17.6M | $-14.7M | ||
| Q2 24 | $11.4M | $-7.0M | ||
| Q1 24 | $10.5M | $7.6M |
| Q4 25 | 34.6% | -51.6% | ||
| Q3 25 | 23.2% | -56.5% | ||
| Q2 25 | 15.9% | -29.6% | ||
| Q1 25 | 9.2% | -67.1% | ||
| Q4 24 | 96.4% | -3.8% | ||
| Q3 24 | -50.3% | -30.9% | ||
| Q2 24 | 35.1% | -13.9% | ||
| Q1 24 | 35.8% | 15.9% |
| Q4 25 | 0.5% | 0.2% | ||
| Q3 25 | 0.1% | 0.3% | ||
| Q2 25 | 0.2% | 0.6% | ||
| Q1 25 | 0.2% | 0.9% | ||
| Q4 24 | 0.7% | 0.4% | ||
| Q3 24 | 0.2% | 0.3% | ||
| Q2 24 | 0.3% | 0.2% | ||
| Q1 24 | 0.1% | 0.0% |
| 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
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
VNDA
| Fanapt | $33.2M | 58% |
| Hetlioz | $16.4M | 29% |
| PONVORY | $7.6M | 13% |
