Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

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MethodCoverageAbout
Velo3D, Inc.VELO · manufacturing
GradeNonecomputable_factors_below_threshold: 6 of 14 inputs computable; 7 are required
Reliability0.83 AUCfailure model, filers with $12.5M to $120M assets; 95% interval 0.79 to 0.86; 201 events, 2020 to 2025
Peer failure rate1.07% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size band$12.5M to $120M assetstotal assets $105.3M[1]
Standard universeinsiderevenue above $1M and assets above $10M[1-2]
Warningslate filer, thin data · fortress balance sheetnot computable: dilution
Inputs computable6 of 14
Graded fromfilings received through Mar 31, 2026192 days before the rescan; every figure keyed to the SEC receipt date
Last close$8.982026-10-08; market equity $288.7M; iex feed
Price used in gradeNone
Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history
$20NovDecJanFebMarAprMayJunJulAugSepOctD$8.98
ABCDE20132014201520162017201820192020202120222023202420252026

Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date.

Open this report as it stood on

Letter setLetterPercentileBand
Jan 21, 2012nonen/a
Apr 21, 2021nonen/aQ3
Apr 21, 2025D69.9Q2
Apr 21, 2026nonen/aQ2

Each date opens the report as it stood on that rescan.

Business, in the company's words. Opening of Item 1 of the 10-K received Mar 31, 2026; the document on sec.gov.

We are a production-focused metal additive manufacturing technology company that develops and manufactures advanced metal additive manufacturing systems and provides production and engineering services that enable customers to manufacture high-value metal parts at scale. Additive manufacturing (“AM”), also referred to as three-dimensional printing (“3D printing”), has historically been used primarily for prototyping and limited production applications.

Warnings [top]

Late filer. found 1 NT 10-K/Q filings in the last eight quarters
Thin data. 6 of 14 grade factors are computable; minimum is 7
Fortress balance sheet. cash minus debt is 7,998,000 USD; Altman Z is not used[3-4]

7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.

The Fourteen Inputs [top]

Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.

InputPercentile, 0 to 100ValueSourcePeer medianPercentilePeersPeriod end
Profitability, sleeve percentile 98.5
Gross profitability(7.0%)[1,5]21.9%99.32752025-12-31
Return on invested capitalnot computable9.7%
pretax income must exceed the validity floor and imply a 0%-100% tax rate
Accruals rationot computable(3.6%)
prior assets observation is 92 days earlier
Gross margin stability, five years17.3 pts[2,5-13]2.1 pts97.82292025-12-31
Solvency, sleeve percentile 76.6
Twelve-month failure probability0.13%0.04%93.9342026-06-30
Altman Z double-prime(15.44)[1,14-19]3.6692.22442025-12-31
Net debt to EBITDAnot computable1.78x
EBITDA must exceed $100,000
Interest coveragenot computable5.09x
latest aligned inputs end 2024-12-31; latest annual assets end 2025-12-31
Current ratio2.37x[14-15]2.25x43.83252025-12-31
Growth and financing, sleeve percentile 96.3
Revenue growth, three-year compound(16.4%)[2,7,9,11]2.1%96.32692025-12-31
Free cash flow growth, three-year compoundnot computable13.9%
current FCF must be positive and base FCF must exceed $100,000
Reinvestment ratenot computable26.4%
pretax income must exceed the validity floor and imply a 0%-100% tax rate
Asset growth, three yearsnot computable4.4%
four consecutive annual observations are required
Net share issuance, one yearnot computable0.01%
raw and split-adjusted prices do not align at 2025-03-27

Gross profitability. Revenue less cost of goods sold, over total assets.

Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.

Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.

Twelve-month failure probability. CHS model; lower is stronger.

Net debt to EBITDA. Lower is stronger.

Net share issuance, one year. Split-adjusted; lower is stronger.

Among 255 Peers [top]

What the Price Implies [top]

Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest month287.9%13.7%100hotter than 100 of 100 peers
Distance from 52-week high(70.7%)(24.3%)5closer to its high than 5 of 100 peers
EBIT to enterprise value(26.7%)4.1%4pricier than 96 of 100 peers
Free cash flow yield(10.4%)3.4%10pricier than 90 of 100 peers
Book value to price0.510.3464pricier than 36 of 100 peers
Sales to price0.160.5410pricier than 90 of 100 peers
Composite equity issuance, five yearsnot computable(9.5%)a share count from five years earlier is required
Relative strength against the sector, log excess return1.22(0.00)100ahead of 100 of 100 peers

Inputs: market equity $288.7M; EBIT -$54.9M; free cash flow -$30.0M; book equity $146.5M; sales $46.0M; debt $8.2M; cash $91.1M[20].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2025-12-31
Return on assets above zeron/a
Operating cash flow above zero-$27.3M✗ fail[21]
Return on assets improvedn/a[22]
Operating cash flow exceeds net income$44.0M✓ pass[21-22]
Long-term leverage felln/a[1,4]
Current ratio improvedn/a[14-15]
No new shares issuedn/a[23-24]
Gross margin improvedn/a[2,5]
Asset turnover improvedn/a[2]
Cash, filings, liquidity
Cash and equivalents$91.1M[25]
Operating cash flow, four quarters-$53.3M[21,25-29]
Months of runway20.5
Late filings, two years1
NT 10-K or NT 10-Q
Days since last periodic filing59
10-Q received Aug 11, 2026
Median daily dollar volume$13.6M
63 sessions
Days since newest grade input192

Downloads [top]

Sources [top]

Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.

#ConceptXBRL tagValuePeriod endReceivedFormLinks
1assetsus-gaap:Assets$105.3M2025-12-312026-03-3110-Kfiling · viewer · series
2revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$46.0M2025-12-312026-03-3110-Kfiling · viewer · series
3cashus-gaap:CashAndCashEquivalentsAtCarryingValue$39.0M2025-12-312026-03-3110-Kfiling · viewer · series
4total debtus-gaap:LongTermDebt$31.0M2025-12-312026-03-3110-Kfiling · viewer · series
5gross profitus-gaap:GrossProfit-$7.4M2025-12-312026-03-3110-Kfiling · viewer · series
6gross profitus-gaap:GrossProfit-$2.1M2024-12-312026-03-3110-Kfiling · viewer · series
7revenueus-gaap:Revenues$41.0M2024-12-312026-03-3110-Kfiling · viewer · series
8gross profitus-gaap:GrossProfit-$26.3M2023-12-312025-03-3110-Kfiling · viewer · series
9revenueus-gaap:Revenues$77.4M2023-12-312025-03-3110-Kfiling · viewer · series
10gross profitus-gaap:GrossProfit$843,0002022-12-312024-04-0310-Kfiling · viewer · series
11revenueus-gaap:Revenues$78.7M2022-12-312024-04-0310-Kfiling · viewer · series
12gross profitus-gaap:GrossProfit$5.0M2021-12-312023-03-2010-Kfiling · viewer · series
13revenueus-gaap:Revenues$27.4M2021-12-312023-03-2010-Kfiling · viewer · series
14current assetsus-gaap:AssetsCurrent$80.1M2025-12-312026-03-3110-Kfiling · viewer · series
15current liabilitiesus-gaap:LiabilitiesCurrent$33.8M2025-12-312026-03-3110-Kfiling · viewer · series
16retained earningsus-gaap:RetainedEarningsAccumulatedDeficit-$498.1M2025-12-312026-03-3110-Kfiling · viewer · series
17operating incomeus-gaap:OperatingIncomeLoss-$54.9M2025-12-312026-03-3110-Kfiling · viewer · series
18book equityus-gaap:StockholdersEquity$38.2M2025-12-312026-03-3110-Kfiling · viewer · series
19liabilitiesus-gaap:Liabilities$67.2M2025-12-312026-03-3110-Kfiling · viewer · series
20shares outstandingdei:EntityCommonStockSharesOutstanding32,149,1182026-08-072026-08-1110-Qfiling · viewer · series
21operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$27.3M2025-12-312026-03-3110-Kfiling · viewer · series
22net incomeus-gaap:NetIncomeLoss-$71.4M2025-12-312026-03-3110-Kfiling · viewer · series
23shares outstandingdei:EntityCommonStockSharesOutstanding26,216,8222026-03-242026-03-3110-Kfiling · viewer · series
24shares outstandingdei:EntityCommonStockSharesOutstanding210,232,7622025-03-272025-03-3110-Kfiling · viewer · series
25cashus-gaap:CashAndCashEquivalentsAtCarryingValue$91.1M2026-06-302026-08-1110-Qfiling · viewer · series
26operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$39.5M2026-06-302026-08-1110-Qfiling · viewer · series
27operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$18.0M2026-03-312026-05-1410-Qfiling · viewer · series
28operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$19.6M2025-09-302025-11-1210-Qfiling · viewer · series
29operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$13.6M2025-06-302026-08-1110-Qfiling · viewer · series

Limitations [top]

Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.

Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.

Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.

Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.

Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.

Informational and educational only. Not investment advice. SEC and market data may contain errors.

If you have any comments about this page, the methodology and every line of code that produced it are in the public repository. However, due to the limited number of personnel, we are unable to provide a direct response.

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Source
GitHub · ezrakruger.cc
Photographs from Wikimedia Commons

bull: Raphael Schön from Vienna, Austria, CC BY 2.0; bear: U. S. Fish and Wildlife Service - Northeast Region, Public domain; elk: Oregon Department of Fish & Wildlife, Public domain; tortoise: NPS, Public domain; sloth: Charles J. Sharp, CC BY-SA 3.0; fox: Cp9asngf, CC BY-SA 4.0; sector-business_equipment: Sangitiana Fararano, CC BY-SA 2.0; sector-healthcare: User:Squidonius, myself, and User:Beliason (assumed)., CC BY-SA 4.0; sector-manufacturing: unknown, CC BY-SA 2.0; sector-shops: Wilfredor, CC BY-SA 4.0; sector-consumer_nondurables: Nielsoncaetanosalmeron, CC BY 4.0; sector-utilities: Lijovklm, CC BY-SA 4.0; sector-consumer_durables: Stilfehler, CC BY-SA 4.0; sector-chemicals: PEO ACWA, CC BY 2.0; sector-energy: Arne Hückelheim, CC BY-SA 3.0; sector-telecom: Wikideas1, CC0; sector-other: Downtowngal, CC BY-SA 4.0.

Updated Oct 9, 2026