Vericel Corporation (VCEL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the VCEL SEC filings page.
Vericel Corporation (VCEL) reported $306.3M in revenue over the twelve months to Jun 30, 2026, up 23.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Vericel has moved from losses to profitability as improving gross margins and normalized investment begin converting growth into cash.
FY2024's net profit of$10.4M coexisted with free cash flow of-$5.8M , showing earnings were being reinvested rather than immediately retained as cash. In FY2025, lower capital spending of$27.2M helped convert operating cash flow into positive free cash flow of$24.7M .
Gross margin rose from
Accounts receivable rose from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Vericel Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Vericel Corporation has an operating margin of 4.0%, meaning the company retains $4 of operating profit per $100 of revenue. This results in a moderate score of 33/100, indicating healthy but not exceptional operating efficiency. This is up from 1.9% the prior year.
Vericel Corporation's revenue surged 16.5% year-over-year to $276.3M, reflecting rapid business expansion. This strong growth earns a score of 80/100.
Vericel Corporation carries a low D/E ratio of 0.38, meaning only $0.38 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 65/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 5.03, Vericel Corporation holds $5.03 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 92/100.
Vericel Corporation has a free cash flow margin of 9.0%, earning a moderate score of 46/100. The company generates positive cash flow after capital investments, but with room for improvement.
Vericel Corporation's ROE of 4.7% shows moderate profitability relative to equity, earning a score of 31/100. This is up from 3.5% the prior year.
Vericel Corporation scores 9.34, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.1B) relative to total liabilities ($133.3M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Vericel Corporation passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Vericel Corporation generates $3.14 in operating cash flow ($51.9M OCF vs $16.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Vericel Corporation earns $17.53 in operating income for every $1 of interest expense ($11.0M vs $630K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Vericel Corporation generated $77.5M in revenue in Q2 2026. This represents an increase of 22.5% from the same quarter a year earlier. Against the prior quarter it is up 13.2%.
Vericel Corporation's EBITDA was $3.9M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 486.3% from the same quarter a year earlier. Against the prior quarter it is up 182.0%.
Vericel Corporation reported $2.2M in net income in Q2 2026. This represents an increase of 498.9% from the same quarter a year earlier. Against the prior quarter it is up 135.0%.
Vericel Corporation earned $0.04 per diluted share (EPS) in Q2 2026. This represents an increase of 500.0% from the same quarter a year earlier. Against the prior quarter it is up 133.3%.
Cash & Balance Sheet
Vericel Corporation generated $14.3M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 17503.7% from the same quarter a year earlier. Against the prior quarter it is down 5.7%.
Vericel Corporation held $125.4M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Vericel Corporation's gross margin was 72.8% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 0.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.8 percentage points.
Vericel Corporation's operating margin was 0.6% in Q2 2026, reflecting core business profitability. This is up 3.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 12.3 percentage points.
Vericel Corporation's net profit margin was 2.9% in Q2 2026, showing the share of revenue converted to profit. This is up 3.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 12.1 percentage points.
Vericel Corporation's ROE was 0.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.4 percentage points.
Capital Allocation
Vericel Corporation invested $7.5M in research and development in Q2 2026. This represents an increase of 11.3% from the same quarter a year earlier. Against the prior quarter it is down 7.5%.
Vericel Corporation invested $1.9M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 76.2% from the same quarter a year earlier. Against the prior quarter it is up 53.7%.
Not reported for Q2 2026.
VCEL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $77.5M+22.5% | $68.4M+30.1% | $92.9M+23.3% | $67.5M+16.6% | $63.2M+20.1% | $52.6M+2.6% | $75.4M+16.0% | $57.9M+27.0% |
| Cost of Revenue | $21.1M+26.6% | $19.2M+17.4% | $19.8M+17.3% | $17.9M+10.3% | $16.6M+3.5% | $16.3M+2.5% | $16.9M+2.4% | $16.3M+8.5% |
| Gross Profit | $56.4M+21.0% | $49.3M+35.8% | $73.1M+25.0% | $49.6M+19.0% | $46.6M+27.4% | $36.3M+2.6% | $58.5M+20.6% | $41.7M+36.1% |
| R&D Expenses | $7.5M+11.3% | $8.1M+11.6% | $7.3M+47.3% | $6.3M+3.7% | $6.7M-8.6% | $7.3M+13.1% | $4.9M+0.4% | $6.1M+7.3% |
| SG&A Expenses | $48.5M+15.7% | $49.2M+17.8% | $43.5M+23.8% | $39.8M+4.7% | $41.9M+18.8% | $41.8M+21.5% | $35.1M+13.7% | $38.0M+26.8% |
| Operating Income | $434K+121.4% | -$8.1M+37.0% | $22.4M+21.3% | $3.5M+240.0% | -$2.0M+66.4% | -$12.8M-134.1% | $18.5M+45.1% | -$2.5M+51.3% |
| EBITDA | $3.9M+486.3% | -$4.8M+52.5% | $25.8M+27.6% | $6.3M+594.1% | $671K+113.9% | -$10.1M-147.3% | $20.2M+42.2% | -$1.3M+68.8% |
| Interest Expense | $160K+1.9% | $160K+4.6% | $162K+5.2% | $158K+2.6% | $157K+2.6% | $153K0.0% | $154K-1.3% | $154K+2.7% |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0+100.0% |
| Net Income | $2.2M+498.9% | -$6.3M+44.0% | $23.2M+17.3% | $5.1M+663.2% | -$553K+88.2% | -$11.2M-191.2% | $19.8M+52.4% | -$901K+75.4% |
| EPS (Basic) | $0.04+500.0% | -$0.12+47.8% | $0.46+15.0% | $0.10+600.0% | -$0.01+90.0% | -$0.23-187.5% | $0.40+48.1% | -$0.02+75.0% |
| EPS (Diluted) | $0.04+500.0% | -$0.12+47.8% | $0.45+15.4% | $0.10+600.0% | -$0.01+90.0% | -$0.23-187.5% | $0.39+44.4% | -$0.02+75.0% |
| Diluted Shares (Avg) | 52M+3.9% | 51M+1.7% | N/A | 52M+5.8% | 50M+3.5% | 50M+3.7% | N/A | 49M+3.0% |
VCEL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $502.9M+15.4% | $485.6M+14.4% | $488.0M+12.8% | $453.3M+16.1% | $435.6M+15.6% | $424.6M+19.0% | $432.7M+22.4% | $390.4M+22.7% |
| Current Assets | $264.7M+29.4% | $244.1M+23.5% | $247.4M+16.3% | $222.0M+16.5% | $204.6M+3.6% | $197.6M+4.2% | $212.8M+3.5% | $190.5M+2.3% |
| Cash & Equivalents | $125.4M+55.7% | $109.3M+48.7% | $100.1M+34.3% | $100.4M+87.0% | $80.5M+60.1% | $73.5M+16.8% | $74.5M+7.9% | $53.7M-11.2% |
| Short-Term Investments | $37.1M+2.1% | $36.0M-8.5% | $37.4M-10.3% | $35.0M-27.2% | $36.3M-30.4% | $39.4M-17.4% | $41.7M+3.0% | $48.1M+7.1% |
| Inventory | $18.4M+9.2% | $18.4M+7.3% | $17.6M+1.1% | $18.2M+15.2% | $16.8M+13.1% | $17.1M+26.2% | $17.4M+32.8% | $15.8M+24.8% |
| Accounts Receivable | $75.7M+17.8% | $72.4M+36.8% | $84.6M+37.9% | $60.4M+24.6% | $64.3M+33.9% | $52.9M+5.9% | $61.4M+5.2% | $48.5M+22.0% |
| Long-Term Investments | $65.0M+37.1% | $65.3M+50.6% | $61.4M+53.9% | $49.7M+51.0% | $47.4M+81.5% | $43.3M+47.3% | $39.9M+57.7% | $32.9M+62.6% |
| Total Liabilities | $132.8M+3.1% | $129.4M+0.2% | $133.3M-5.3% | $131.4M-1.1% | $128.8M-3.8% | $129.1M+5.2% | $140.8M+10.2% | $132.9M+16.9% |
| Current Liabilities | $52.5M+27.7% | $47.2M+19.5% | $49.1M-2.3% | $45.6M+10.2% | $41.1M-6.2% | $39.4M+8.2% | $50.3M+9.9% | $41.3M+15.0% |
| Non-Current Liabilities | $80.3M-8.4% | $82.2M-8.3% | $84.2M-7.0% | $85.8M-6.3% | $87.7M-2.6% | $89.7M+3.9% | $90.5M+10.4% | $91.6M+17.7% |
| Total Equity | $370.0M+20.6% | $356.2M+20.6% | $354.6M+21.5% | $321.9M+25.0% | $306.8M+26.3% | $295.5M+26.3% | $292.0M+29.2% | $257.5M+26.0% |
| Retained Earnings | -$380.4M+6.0% | -$382.6M+5.3% | -$376.3M+4.2% | -$399.5M+3.2% | -$404.6M+1.7% | -$404.1M+0.7% | -$392.8M+2.6% | -$412.6M+0.9% |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
VCEL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $16.2M+97.1% | $16.4M+148.2% | $15.0M-32.5% | $22.1M+116.8% | $8.2M-55.7% | $6.6M-8.4% | $22.2M+120.5% | $10.2M+42.1% |
| Depreciation & Amortization | $3.5M+29.6% | $3.3M+21.6% | $3.1M+109.1% | $2.8M+133.3% | $2.7M+125.0% | $2.7M+94.9% | $1.5M+28.5% | $1.2M+20.0% |
| Stock-Based Compensation | N/A | $11.3M-1.8% | N/A | N/A | N/A | $11.5M+17.0% | N/A | N/A |
| Capital Expenditures | $1.9M-76.2% | $1.3M-91.2% | $2.2M-84.1% | $2.6M-86.4% | $8.1M-51.5% | $14.2M+1.4% | $13.8M+76.0% | $19.4M+195.5% |
| Free Cash Flow | $14.3M+17503.7% | $15.1M+298.7% | $12.8M+51.7% | $19.5M+310.9% | $81K-95.4% | -$7.6M-11.7% | $8.5M+275.6% | -$9.2M-1637.5% |
| Investing Cash Flow | -$2.8M+68.8% | -$4.2M+72.3% | -$16.4M-11.9% | -$3.4M+84.1% | -$9.0M+49.0% | -$15.1M+40.5% | -$14.7M-81.1% | -$21.2M-564.6% |
| Financing Cash Flow | $2.7M+64.0% | -$3.0M-193.2% | $1.1M-85.0% | $1.2M-78.9% | $1.6M-61.8% | $3.2M+50.4% | $7.1M+443.8% | $5.5M+447.5% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
VCEL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.8%-0.9pp | 72.0%+3.0pp | 78.7%+1.1pp | 73.5%+1.5pp | 73.7%+4.2pp | 69.0%0.0pp | 77.6%+3.0pp | 71.9%+4.8pp |
| Operating Margin | 0.6%+3.8pp | -11.8%+12.5pp | 24.1%-0.4pp | 5.1%+9.4pp | -3.2%+8.2pp | -24.3%-13.7pp | 24.5%+4.9pp | -4.3%+6.8pp |
| Net Margin | 2.9%+3.7pp | -9.2%+12.2pp | 25.0%-1.3pp | 7.5%+9.1pp | -0.9%+8.0pp | -21.4%-13.8pp | 26.3%+6.3pp | -1.6%+6.5pp |
| Return on Equity | 0.6%+0.8pp | -1.8%+2.0pp | 6.6%-0.2pp | 1.6%+1.9pp | -0.2%+1.8pp | -3.8%-2.2pp | 6.8%+1.0pp | -0.4%+1.4pp |
| Return on Assets | 0.4%+0.6pp | -1.3%+1.4pp | 4.8%+0.2pp | 1.1%+1.4pp | -0.1%+1.1pp | -2.6%-1.6pp | 4.6%+0.9pp | -0.2%+0.9pp |
| Current Ratio | 5.04+0.1x | 5.18+0.2x | 5.03+0.8x | 4.87+0.3x | 4.97+0.5x | 5.01-0.2x | 4.23-0.3x | 4.61-0.6x |
| Debt-to-Equity | 0.36-0.1x | 0.36-0.1x | 0.38-0.1x | 0.41-0.1x | 0.42-0.1x | 0.44-0.1x | 0.48-0.1x | 0.520.0x |
| Asset Turnover | 0.150.0x | 0.140.0x | 0.190.0x | 0.150.0x | 0.150.0x | 0.120.0x | 0.170.0x | 0.150.0x |
| FCF Margin | 18.4%+18.3pp | 22.1%+36.6pp | 13.8%+2.6pp | 28.8%+44.8pp | 0.1%-3.2pp | -14.5%-1.2pp | 11.2%+7.8pp | -15.9%-17.3pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Vericel Corporation VCEL | FY2025 | $276.3M | $16.5M | 6.0% | $2.1B | 58/100 |
| Aurinia Pharmaceuticals Inc AUPH | FY2025 | $283.1M | $287.2M | N/A | $2.2B | 56/100 |
| Ardelyx, Inc. ARDX | FY2025 | $407.3M | -$62.0M | -15.2% | $833.9M | 45/100 |
| Mannkind Corporation MNKD | FY2025 | $349.0M | $5.9M | 1.7% | $1.0B | 51/100 |
| Cidara Therapeutics, Inc. CDTX | FY2024 | $1.3M | -$169.8M | N/A | $7.0B | 49/100 |
| Mesoblast Limited MESO | FY2025 | $17.2M | -$102.1M | N/A | $1.9B | 28/100 |
Where Vericel Corporation Ranks
Frequently Asked Questions
What is Vericel Corporation's annual revenue?
Vericel Corporation (VCEL) reported $276.3M in total revenue for fiscal year 2025. This represents a 16.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Vericel Corporation's revenue growing?
Vericel Corporation (VCEL) revenue grew by 16.5% year-over-year, from $237.2M to $276.3M in fiscal year 2025.
Is Vericel Corporation profitable?
Yes, Vericel Corporation (VCEL) reported a net income of $16.5M in fiscal year 2025, with a net profit margin of 6.0%.
What is Vericel Corporation's EBITDA?
Vericel Corporation (VCEL) had EBITDA of $22.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Vericel Corporation's gross margin?
Vericel Corporation (VCEL) had a gross margin of 74.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Vericel Corporation's operating margin?
Vericel Corporation (VCEL) had an operating margin of 4.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Vericel Corporation's net profit margin?
Vericel Corporation (VCEL) had a net profit margin of 6.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Vericel Corporation's return on equity (ROE)?
Vericel Corporation (VCEL) has a return on equity of 4.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Vericel Corporation's free cash flow?
Vericel Corporation (VCEL) generated $24.7M in free cash flow during fiscal year 2025. This represents a 525.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Vericel Corporation's operating cash flow?
Vericel Corporation (VCEL) generated $51.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Vericel Corporation's total assets?
Vericel Corporation (VCEL) had $488.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Vericel Corporation's capital expenditures?
Vericel Corporation (VCEL) invested $27.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Vericel Corporation spend on research and development?
Vericel Corporation (VCEL) invested $27.6M in research and development during fiscal year 2025.
What is Vericel Corporation's current ratio?
Vericel Corporation (VCEL) had a current ratio of 5.03 as of fiscal year 2025, which is generally considered healthy.
What is Vericel Corporation's debt-to-equity ratio?
Vericel Corporation (VCEL) had a debt-to-equity ratio of 0.38 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Vericel Corporation's return on assets (ROA)?
Vericel Corporation (VCEL) had a return on assets of 3.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Vericel Corporation's P/E ratio?
Vericel Corporation (VCEL) trades at 85.2x earnings, its market capitalization divided by net income of $24.2M net income, trailing 12 months to June 30, 2026. The market capitalization is $2.1B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Vericel Corporation's price-to-sales ratio?
Vericel Corporation (VCEL) trades at 6.7x sales, its market capitalization divided by revenue of $306.3M revenue, trailing 12 months to June 30, 2026. The market capitalization is $2.1B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Vericel Corporation's Altman Z-Score?
Vericel Corporation (VCEL) has an Altman Z-Score of 9.34, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Vericel Corporation's Piotroski F-Score?
Vericel Corporation (VCEL) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Vericel Corporation's earnings high quality?
Vericel Corporation (VCEL) has an earnings quality ratio of 3.14x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Vericel Corporation cover its interest payments?
Vericel Corporation (VCEL) has an interest coverage ratio of 17.53x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Vericel Corporation?
Vericel Corporation (VCEL) scores 58 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.