vs
Side-by-side financial comparison of Velocity Financial, Inc. (VEL) and Exzeo Group, Inc. (XZO). Click either name above to swap in a different company.
Exzeo Group, Inc. is the larger business by last-quarter revenue ($55.2M vs $51.6M, roughly 1.1× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs 38.3%, a 29.0% gap on every dollar of revenue. Exzeo Group, Inc. produced more free cash flow last quarter ($86.6M vs $17.9M).
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.
Exzeo Group, Inc. is a global technology firm specializing in cloud-native SaaS solutions for the insurance industry. Its core product portfolio includes claims processing platforms, policy administration tools, and underwriting automation systems, serving insurance carriers, third-party administrators, and independent adjusters across North America and European markets.
VEL vs XZO — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.6M | $55.2M |
| Net Profit | $34.8M | $21.2M |
| Gross Margin | — | 61.2% |
| Operating Margin | 97.0% | 49.4% |
| Net Margin | 67.3% | 38.3% |
| Revenue YoY | 32.8% | — |
| Net Profit YoY | 67.0% | — |
| EPS (diluted) | $0.90 | $0.25 |
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 | $49.1M | $55.2M | ||
| Q2 25 | $47.6M | — | ||
| Q1 25 | $37.5M | — | ||
| Q4 24 | $38.9M | — | ||
| Q3 24 | $35.1M | — | ||
| Q2 24 | $32.4M | — | ||
| Q1 24 | $29.5M | — |
| Q4 25 | $34.8M | — | ||
| Q3 25 | $25.4M | $21.2M | ||
| Q2 25 | $26.0M | — | ||
| Q1 25 | $18.9M | — | ||
| Q4 24 | $20.8M | — | ||
| Q3 24 | $15.8M | — | ||
| Q2 24 | $14.8M | — | ||
| Q1 24 | $17.3M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 61.2% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 97.0% | — | ||
| Q3 25 | 72.1% | 49.4% | ||
| Q2 25 | 71.3% | — | ||
| Q1 25 | 71.7% | — | ||
| Q4 24 | 82.5% | — | ||
| Q3 24 | 60.6% | — | ||
| Q2 24 | 61.3% | — | ||
| Q1 24 | 78.8% | — |
| Q4 25 | 67.3% | — | ||
| Q3 25 | 51.7% | 38.3% | ||
| Q2 25 | 54.6% | — | ||
| Q1 25 | 50.4% | — | ||
| Q4 24 | 53.5% | — | ||
| Q3 24 | 45.1% | — | ||
| Q2 24 | 45.6% | — | ||
| Q1 24 | 58.5% | — |
| Q4 25 | $0.90 | — | ||
| Q3 25 | $0.65 | $0.25 | ||
| Q2 25 | $0.69 | — | ||
| Q1 25 | $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 | $140.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $672.5M | $78.4M |
| Total Assets | $7.4B | $182.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $92.1M | — | ||
| Q3 25 | $99.0M | $140.9M | ||
| 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 | $672.5M | — | ||
| Q3 25 | $634.3M | $78.4M | ||
| Q2 25 | $597.9M | — | ||
| Q1 25 | $563.2M | — | ||
| Q4 24 | $516.9M | — | ||
| Q3 24 | $484.6M | — | ||
| Q2 24 | $471.3M | — | ||
| Q1 24 | $452.9M | — |
| Q4 25 | $7.4B | — | ||
| Q3 25 | $7.0B | $182.3M | ||
| Q2 25 | $6.5B | — | ||
| Q1 25 | $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 | $18.2M | $89.0M |
| Free Cash FlowOCF − Capex | $17.9M | $86.6M |
| FCF MarginFCF / Revenue | 34.6% | 156.9% |
| Capex IntensityCapex / Revenue | 0.5% | 4.4% |
| Cash ConversionOCF / Net Profit | 0.52× | 4.21× |
| TTM Free Cash FlowTrailing 4 quarters | $40.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.2M | — | ||
| Q3 25 | $11.5M | $89.0M | ||
| Q2 25 | $7.7M | — | ||
| Q1 25 | $3.5M | — | ||
| Q4 24 | $37.8M | — | ||
| Q3 24 | $-17.6M | — | ||
| Q2 24 | $11.5M | — | ||
| Q1 24 | $10.6M | — |
| Q4 25 | $17.9M | — | ||
| Q3 25 | $11.4M | $86.6M | ||
| 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% | 156.9% | ||
| 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% | 4.4% | ||
| 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× | 4.21× | ||
| 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% |
XZO
| Underwriting And Management Services | $44.9M | 81% |
| Claim Services | $8.0M | 15% |
| Technology Service | $2.3M | 4% |
