Velo3D
VELO on Nasdaq. Velo3D sells metal 3D printing systems and services to makers of metal parts. Market value $308m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-19.07 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -129 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$9.57 a share, 155% above its 1-year low
Over the past year the price has ranged from $3.75 to $31.75.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $59 million in the past 12 months, a shortfall of $30 million in the year to December 2025.
| Revenue | |||||
| Revenue | $27m | $79m | $77m | $41m | $46m |
| Operating margin | |||||
| Operating margin | -210.5% | -135.1% | -172.1% | -192.2% | -119.5% |
| Debt to equity | |||||
| Debt to equity | n/a | 0.06 | 0.65 | 0.16 | 0.82 |
| Shares outstanding | |||||
| Shares outstanding | 0.19bn | 0.20bn | 0.19bn | 0.02bn | 0.03bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.82× equity
- Revenue growth, five yearsStrong, 13.8% a year
- Buying back its own sharesYes, 83% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $21 million last quarter, up 52% on a year ago.
- A loss of $12 million, compared with a loss of $13 million a year ago.
- It loses 87 cents on each $1 of sales, compared with 141 cents a year earlier.
- Over the past 12 months it spent $59 million more cash than it brought in, compared with $20 million a year earlier.
- 110% more shares than a year ago. Each share owns a bit less of the company.
- It has $83 million more cash than debt. A year ago debt was $39 million more than cash.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $8m |
| December 2024 | $13m |
| March 2025 | $9m |
| June 2025 | $14m |
| September 2025 | $14m |
| December 2025 | $9m |
| March 2026 | $14m |
| June 2026 | $21m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$22m |
| December 2024 | -$21m |
| March 2025 | -$25m |
| June 2025 | -$13m |
| September 2025 | -$11m |
| December 2025 | -$22m |
| March 2026 | -$7m |
| June 2026 | -$12m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 31 March 2026
- Next quarterly (estimated, 10-Q)
- 10 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 134 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Polen CapitalDan Davidowitz | $1m | <0.1% | Added |
Largest holders overall
- BlackRock$24mAdded
- AWM Investment Company$23mCut
- State Street$18mAdded
- Tema ETFs$13mAdded
- Tidal Investments$13mNew
- Vanguard Capital Management$11mCut
- Susquehanna International Group, LLP$10mAdded
- Next Century Growth Investors$10mNew
- Geode Capital Management$8mAdded
- Vanguard Portfolio Management$7mNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Arun JeldiInsider or founderat least 48.6%−46.4 pts(filed with 2 related holders)Since 4 March 2026
What they said
Item 4 of the Schedule 13D is hereby amended and restated as follows: The information set forth in Item 3 of this Schedule 13D is incorporated by reference in its entirety into this Item 4. As of the date hereof, the Reporting Persons do not have a plan or proposal that relates…
Read the filing - AWM Investment Company, Inc.Passive investorSold down below 5%Since 30 June 2026
- Alyeska Investment Group, L.P.Passive investorSold down below 5%Since 31 March 2026
- Highbridge Capital Management, LLCPassive investorSold down below 5%Since 31 December 2024
- Deer IX & Co. L.P.Passive investorSold down below 5%Since 24 December 2024
- VK Services, LLCPassive investorSold down below 5%Since 24 December 2024
What they said
The shares of Common Stock reported herein were acquired solely for investment purposes. None of the Reporting Persons have any present plans or proposals that relate to or would result in any change in the business, policies, management, structure or capitalization of the…
Read the filing - LMR Partners LLCPassive investorSold down below 5%Since 31 March 2026
- Orin HirschmanPassive investorSold down below 5%Since 10 October 2025
- ARK Investment Management LLCPassive investorSold down below 5%Since 30 September 2024
| Holder | Stake | Since | |
|---|---|---|---|
Arun Jeldi Insider or founder | at least 48.6%−46.4 pts (filed with 2 related holders) | 4 March 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and restated as follows: The information set forth in Item 3 of this Schedule 13D is incorporated by reference in its entirety into this Item 4. As of the date hereof, the Reporting Persons do not have a plan or proposal that relates… Read the filing |
AWM Investment Company, Inc. Passive investor | Sold down below 5% | 30 June 2026 | |
Alyeska Investment Group, L.P. Passive investor | Sold down below 5% | 31 March 2026 | |
Highbridge Capital Management, LLC Passive investor | Sold down below 5% | 31 December 2024 | |
Deer IX & Co. L.P. Passive investor | Sold down below 5% | 24 December 2024 | |
VK Services, LLC Passive investor | Sold down below 5% | 24 December 2024 | What they saidThe shares of Common Stock reported herein were acquired solely for investment purposes. None of the Reporting Persons have any present plans or proposals that relate to or would result in any change in the business, policies, management, structure or capitalization of the… Read the filing |
LMR Partners LLC Passive investor | Sold down below 5% | 31 March 2026 | |
Orin Hirschman Passive investor | Sold down below 5% | 10 October 2025 | |
ARK Investment Management LLC Passive investor | Sold down below 5% | 30 September 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $4,950 of shares on the open market.
- Lloyd Jason MichaelDirectorBought
- Date
- 3 November 2025
- Shares
- 1,000
- Price
- $4.95
- Value
- $4,950
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 3 November 2025 | Lloyd Jason Michael Director | Bought | 1,000 | $4.95 | $4,950 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.