Forensic Analysis · Machinery & Fabricated Metal Products · as of Nov 9, 2026
Velo3D, Inc. (VELO)
A forensic read on Velo3D, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-15.4
Distress distance
Clean
Earnings quality
3
Forensic signals
-183.4%
ROE
12.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Velo3D, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -15.4, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-77.2%
FY2025
Return on invested capital.Return on invested capital is -77.2% in the latest fiscal year and rising across FY2023–FY2025 from -130.6%. After-tax operating profit was ($105M) in FY2023 and ($43M) in FY2025, with operating income at -172.1% of revenue in FY2023, -192.2% in FY2024 and -119.5% in FY2025. The capital base behind it came down -30% across FY2023–FY2025, from $81M to $56M, so this return is struck on a smaller base than it started on.
50d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 33 to 50 days FY2024→FY2025 (receivables +68% vs revenue +12%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 45 → 33 → 50 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-10%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
21% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 21% of revenue in FY2025 — about $0.58 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 1845.9% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$46.0M
Revenue Growth YoY+12.1%
Revenue CAGR (2yr)-23.0%
Net Margin-155.2%
Free Cash Flow-$30.0M
Return on Equity-183.4%
Debt / Equity1.60x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Velo3D, Inc.'s actual 10-K/10-Q/8-K filings?