Velo3D, Inc.
VELOInvestment snapshot
Positive
0
BUY / PASS
Neutral / negative
1 / 15
NEUTRAL / FAIL
Median fair value
—
No comparable estimates
Models with upside
0 / 17
Positive margin of safety
Strongest signal
9 of 12 pass — Buffett, Piotroski and Marks object
Key risk
No clean pass — all 16 investors flag at least one profitability criterion
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | FAIL | FAIL · Rank #2810 (Top 90.7%) | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | NEUTRAL |
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| Analysis | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Margin of Safety | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | TTM ended 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-31 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-10 Score computed: 2026-11-14 |
Where It Passes
- Debt & Leverage75% pass✓ 12✗ 3▾
9 of 12 pass — Buffett, Piotroski and Marks object
LT Debt vs Net Current AssetsLT Debt $7.4M vs NCA $116.2M✓GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.00, IC: -35.9x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0✓Lynch< 0.33Cash - Long-term Debt$68.3M✓LynchPositive preferredLT Debt / Total Assets Change7.64% -> 29.44%✗PiotroskiDecreased YoYCurrent Assets / Current Liabilities5.12✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xDebt Levels0✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=-35.9x, D/EBITDA=N/A✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.0012; #377/4210 (top 9.0%)✓AsnessTop 30% of eligible cross-section
Where It Falls Short
- Profitability0% pass✓ 3✗ 32▾
No clean pass — all 16 investors flag at least one profitability criterion
Positive EPS (10 years)1/7 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)1/7 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-152.9%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)-119.5% (latest)✗BuffettStable or rising over 10 yearsFree Cash Flow Proxy$-70.7M✗BuffettPositive and growingEarnings Variance (10-yr CoV)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE-41.6%✗Lynch> 15%EBIT / Enterprise Value-97.9%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-97.9%, ROC=-89.6%✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets-67.74%✗PiotroskiROA > 0ROA Change YoY-88.96% -> -67.74% (delta: +21.22%)✓PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=-25.94%, ROA=-67.74%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY-5.1% -> -16.1%✗PiotroskiImproved YoYPre-Tax Income / Revenue-88.7%✗Dreman>= 8%Net Income / Shareholders' Equity-41.6%✗Dreman> 12%Margin of SafetyP/B=2.7x✗PabraiP/B < 1.5 or P/E < 15Return on Equity-237.0% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePositive Net Income Frequency1/6 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue-88.7%✗Ackman>= 15%Net Income / Shareholders Equity-41.6%✗Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-172.1% (2023) -> -119.5% (2025)✓TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin -33.9% -> -16.1%, operating margin -172.1% -> -119.5%✗SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization-42.65%; #4979/6340 (top 78.5%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets+2.10%; #3263/3702 (top 88.1%)✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity-41.58%; #4101/5226 (top 78.5%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.3481; #4694/5884 (top 79.8%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years1/6 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Valuation0% pass✓ 1✗ 27▾
No clean pass — all 13 investors flag at least one valuation criterion
Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio2.7x✗Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value-97.9%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-97.9%, ROC=-89.6%✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xPrice / Book Value per Share2.7x✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessOE Yield=-69.2%✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldFCF Yield=-22.4%✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/B=2.7x✗MarksP/E < 15 or P/B < 2.0Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePrice / FCF per ShareN/A (negative FCF)✗Ackman<= 25Price vs. Trailing Low167% of trailing low ($2.49)✗Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization-42.65%; #4979/6340 (top 78.5%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+1.0255; #1445/6449 (top 22.4%)✓AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share2.68x✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+0.4808; #2678/5247 (top 51.0%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization-49.98%; #3851/4519 (top 85.2%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date-82.72%; #5868/6202 (top 94.6%)✗OshaughnessyTop 10% of eligible cross-section - Cash Flow0% pass✓ 1✗ 11▾
No clean pass — all 10 investors flag at least one cash flow criterion
Free Cash Flow Proxy$-70.7M✗BuffettPositive and growingFCF Positive and Growing$-30.0M✗LynchPositive and growingOperating Cash Flow$-27.3M✗PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=-25.94%, ROA=-67.74%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xP/E or FCF YieldFCF Yield=-22.4%✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive0/6 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap-65.5%✗Ackman>= 4%Price / FCF per ShareN/A (negative FCF)✗Ackman<= 25Positive Operating Cash Flow frequency0/6 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$-66.9M✗Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization-49.98%; #3851/4519 (top 85.2%)✗OshaughnessyTop 10% of eligible cross-section - Growth0% pass✓ 2✗ 11▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthInv: -13.1% vs Rev: 30.9%✓LynchInventory growth < Revenue growthEPS Growth Direction✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency1/6 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth-1.6%✗Ackman>= 5%Positive EPS Growth Frequency✗AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendgross margin -33.9% -> -16.1%, operating margin -172.1% -> -119.5%✗SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR19.4%✓SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Verdicts0% pass✗ 16▾
Split decision: 15 FAIL · 1 NEUTRAL
Overall verdict✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (3/7)✗GreenblattRank #2810✗PiotroskiFAIL (F-Score 3)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✗AckmanFAIL (2/9)✗TempletonFAIL (3/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #1549/2370 (Top 65.4%))✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked) - Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag VELO's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio5.12✓Graham>= 2.0ROIC (3-5 yr avg)-118.0%✗Buffett> 10%ROIC - WACC-128.0%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)-89.6%✗Greenblatt> 25%Current Ratio Change YoY1.52 -> 2.37✓PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.52x -> 0.44x✗PiotroskiImproved YoYCurrent Assets / Current Liabilities5.12✓Dreman> 1.5Return on Invested Capital-32.8%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=-153.3%; FY2024: ROIC=-121.2%; FY2025: ROIC=-112.7%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROICN/A (non-positive net income)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/5 years above 12% (latest -112.7%)✗SleepROIC > 12% in a majority of years
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 89.4% of shares last year, 42.8% issued over two.
- Buybacks
- —
- Dividends
- —
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: revenue, net income, operating income, gross profit, ebit, pre tax income, interest expense, operating cash flow, depreciation amortization, capex. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization, capex. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization, capex. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $133.9Mcurrent | -- | -- | -- | $324.1Mest. | $17.1Mest. | $42.6Best. | $236.3Best. | $198.7Best. |
| Revenue | $64.4M↑31% | $20.4M↑50% | $20.7M↑52% | $13.8M↑48% | $46.0M↑12% | $41.0M↓47% | $77.4M↓2% | $78.7M↑187% | $27.4M |
| Operating Income | -$57.1M↓2% | -$17.3M↓63% | -$11.1M↑9% | -$6.9M↑42% | -$54.9M↑30% | -$78.8M↑41% | -$133.3M↓25% | -$106.3M↓84% | -$57.8M |
| Net Income | -$57.1M↑21% | -$16.7M↓41% | -$11.5M↑16% | -$7.0M↑72% | -$71.4M↓2% | -$69.7M↑48% | -$135.1M↓1796% | $8.0M↑107% | -$107.1M |
| EPS (Diluted) | -- | $-0.52↑25% | $-0.39↑60% | $-0.28↓115% | $-4.33↑25% | $-5.77↓749% | $-0.68↓1460% | $0.05↑103% | $-1.82 |
| Gross Margin | 8.2%↑548% | 26.5%↑735% | 21.5%↑284% | 17.2%↑130% | -16.1%↓217% | -5.1%↑85% | -33.9%↓3267% | 1.1%↓94% | 18.1% |
| Operating Margin | -88.7%↑22% | -84.5%↓8% | -53.5%↑40% | -50.3%↑61% | -119.5%↑38% | -192.2%↓12% | -172.1%↓27% | -135.1%↑36% | -210.5% |
| ROE | -41.6%↑83% | — | — | — | -187.0%↑43% | -326.3%↓65% | -197.7%↓3544% | 5.7%↑110% | -58.9% |
| Total Debt | $169.0K↑13% | $169.0K↑13% | $217.0K↓99% | $272.0K↑23% | $327.0K↓99% | $30.0M↑9388% | $316.0K↑690% | $40.0K↓46% | $74.0K |
| Shareholders' Equity | $137.3M↑355% | $137.3M↑355% | $146.5M↑580% | $51.5M↑57% | $38.2M↑79% | $21.4M↓69% | $68.3M↓51% | $138.8M↓24% | $181.7M |
| Current Ratio | 5.12↑225% | 5.12↑225% | 6.33↑454% | 2.45↑74% | 2.37↑56% | 1.52↓35% | 2.32↓47% | 4.38↑6% | 4.14 |
| Debt / Equity | 0.00↓75% | 0.00↓75% | 0.00↓100% | 0.01↓22% | 0.01↓99% | 1.40↑30239% | 0.00↑1504% | 0.00↓29% | 0.00 |
| Operating Cash Flow | -$59.9M↓175% | -$12.7M↓110% | -$21.6M↓1673% | -$18.0M↓46% | -$27.3M↑16% | -$32.7M↑69% | -$105.6M↑15% | -$124.0M↓120% | -$56.4M |
| Free Cash Flow | -$66.9M | -$14.6M↓130% | -$25.1M↓732% | -$18.9M↓53% | -$30.0M↑8% | -$32.7M↑69% | -$106.7M↑23% | -$137.8M↓109% | -$66.0M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
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VELO vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LAM RESEARCH CORPLRCX | $282.2B | $225.92 | $23.2B | $7.3B | 58.3% | 0.30 | 35.3% | 2.63 | 3/9 | 5/9 | 5/7 | 1/3 | F-Score 8 | 5/11 |
| CATERPILLAR INCCAT | $274.6B | $600.20 | $67.6B | $8.9B | 41.7% | 1.70 | 16.5% | 1.44 | 2/9 | 5/9 | 4/7 | 1/3 | F-Score 6 | 5/11 |
| DEERE & CODE | $181.6B | $673.54 | $45.7B | $5.0B | 19.4% | 0.53 | 13.7% | — | 2/9 | 6/9 | 4/7 | 0/3 | F-Score 5 | 4/11 |
| Johnson Controls International plcJCI | $84.4B | $139.33 | $23.6B | $3.3B | 25.5% | 0.71 | — | 0.93 | 2/9 | 1/9 | 4/7 | 1/3 | F-Score 6 | 4/11 |
| CUMMINS INCCMI | $61.9B | $452.18 | $33.7B | $3.0B | 23.9% | 0.56 | 12.0% | 1.76 | 2/9 | 4/9 | 3/7 | 1/3 | F-Score 6 | 7/11 |
| ITT INC.ITT | $18.8B | $211.18 | $3.9B | $488.0M | 11.9% | 0.19 | 17.4% | 2.58 | 2/9 | 4/9 | 3/7 | 1/3 | F-Score 5 | 3/11 |
| REGAL REXNORD CORPRRX | $11.7B | $176.41 | $5.9B | $279.5M | 4.1% | 0.70 | 11.5% | 2.15 | 3/9 | 1/9 | 1/7 | 1/3 | F-Score 6 | 3/11 |
| GRACO INCGGG | $11.6B | $72.42 | $2.2B | $521.8M | 19.7% | 0.00 | 27.9% | 3.15 | 4/9 | 7/9 | 4/7 | 1/3 | F-Score 7 | 5/11 |