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Velo3d, Inc. key statistics and ratios

In fiscal 2025, Velo3d, Inc. had return on equity of -183.4%, an operating margin of -119.5%, debt equal to 90.1% of equity and a current ratio of 2.37. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin33.6%18.1%1.1%−33.9%−5.1%−16.1%0.5%
Operating margin−111.8%−210.5%−135.1%−172.1%−192.2%−119.5%−86.5%
Net margin−114.9%−390.3%10.1%−174.5%−170.1%−155.2%−89.6%
Free-cash-flow margin−141.5%−240.6%−175.1%−137.8%−79.7%−65.3%−101.9%
Return on equity——6.4%−130.5%−129.2%−183.4%−55.9%
Return on assets−66.7%−63.9%3.0%−71.7%−57.4%−73.4%−33.8%
Asset turnover0.580.160.300.410.340.470.38
Current ratio2.305.753.722.321.522.376.33
Debt to equity—0.0%6.0%64.4%28.6%90.1%6.2%
Interest cover (operating income ÷ interest)n/mn/mn/mn/mn/mn/mn/m
Effective tax rate——0.0%————
R&D as % of revenue74.8%98.4%58.8%54.3%37.8%23.2%22.6%
Capital spending as % of revenue2.1%35.1%17.6%1.4%0.0%5.9%9.3%
Free cash flow ÷ net income——<−999%————

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · June 30, 2026
What it owns · $200m
Short-term assets $156mLonger-term assets $44m
What it owes, and who funded it · $200m
Short-term liabilities $25mLonger-term liabilities $29mShareholders' equity $147m
  • Short-term assets cover short-term liabilities $156m of assets due within a year against $25m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $156m short-term assets against $29m of longer-dated liabilities.
  • More cash than debt $91m of cash against $8m of debt.
  • Debt below 40% of shareholders' equity Debt is 6% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$53m of operating cash flow against $8m of debt.
  • Operating profit covers interest at least five times over Operating income of −$50m against $3m of interest.

From Velo3d, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

12 /100

Weak moat

How hard Velo3d's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -27.1% of total assets over 5 years.

  • Pricing power 0 / 20

    Gross margin has been a median 5.5%, moving by 37.8 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -157.5%; its worst year was -325.7%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 5 years, at a median -121.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: VELO vs ZJKSHMD vs VELOTAYD vs VELO

More: Industrial Machinery & Supplies & Components stocks compared, Industrials sector, rankings of US companies

Figures from Velo3d, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Velo3d, Inc.