VEL (VEL) financial statements
Net income was $105M.
Free cash flow was $18M, and the company returned $7M in net buybacks.
The diluted share count rose 90% over the period (dilution).
Income statement
Fiscal years, from VEL's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Interest expense | — | $99M | $100M | $106M | $157M | $203M | $271M | $365M |
| Pre-tax income | $19M | $25M | $23M | $40M | $45M | $71M | $96M | $146M |
| Income tax | $12M | $8M | $5M | $11M | $12M | $19M | $28M | $41M |
| Net income | $8M | $17M | $18M | $29M | $32M | $52M | $68M | $105M |
| EPS (diluted) | — | — | -$1.55 | $0.86 | $0.94 | $1.52 | $1.91 | $2.75 |
| Diluted shares | — | — | 20M | 34M | 34M | 34M | 36M | 38M |
Balance sheet
Fiscal years, from VEL's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $15M | $21M | $13M | $36M | $45M | $41M | $50M | $92M |
| Property, plant and equipment | — | $5M | $4M | $4M | $3M | $3M | $2M | $1M |
| Goodwill | — | — | — | $7M | $7M | $7M | $7M | $7M |
| Total assets | — | $2.2B | $2.1B | $2.8B | $3.7B | $4.4B | $5.5B | $7.4B |
| Total liabilities | — | $2.1B | $1.8B | $2.5B | $3.4B | $4.0B | $5.0B | $6.7B |
| Shareholders' equity | $137M | $153M | $220M | $341M | $377M | $433M | $517M | $673M |
| Net debt | -$15M | -$21M | -$13M | -$36M | -$45M | -$41M | -$50M | -$92M |
Cash flow
Fiscal years, from VEL's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$72M | -$105M | $55M | $58M | $49M | $49M | $38M | $18M |
| Capital spending | $1M | $882,000 | $726,000 | $135,000 | $326,000 | $180,000 | $289,000 | $281,000 |
| Free cash flow | -$74M | -$106M | $54M | $57M | $48M | $49M | $37M | $18M |
| Stock-based compensation | — | — | $965,000 | $2M | $3M | $4M | $6M | $8M |
| Share buybacks (net) | — | — | — | — | -$458,000 | -$861,000 | -$2M | -$7M |
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Open VEL in InvestinglyQuestions
How much free cash flow does VEL generate?
$18M in fiscal 2025 (operating cash flow minus capital spending).
From VEL's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.