Saturday 17 October 2026 Export VCEL’s income statement to Excel — free account

Vericel Corporation

Vericel Corporation’s revenue for fiscal 2025 (year ended December 2025) was $276.3 million, up 16.5% from fiscal 2024. In the quarter to June 2026, revenue grew 22.5%, EPS grew 500.0% and free cash flow grew 17,503.7%, each against the same quarter a year earlier. Revenue growth for ten consecutive years.

40.13 0.89 −2.17%

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Market cap: $2.1B
P/E: 83.6×
Fwd P/E: 76.8×
Dividend yield: —
F-score: 7/9
Altman Z: 8.21
Beneish M: −2.53
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 7.89

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	3	2	1	1	3	1	4	7	1	2	—	—

Insider Ownership 0.93%

Capital & Financial Ratios $m

Market Cap 2,100.00

Revenue 306.30

Net Income 24.22

Free Cash Flow 61.66

Net Debt (162.46)

Current Ratio 5.04

Debt/Equity 0.00

P/E ratio 83.60

Fwd P/E 76.80

P/S ratio 6.69

P/B ratio 5.54

Past 5Y EPS Growth 39.77%

This Y EPS Growth 67.19%

Next Y EPS Growth 61.68%

Next Y revenue growth 21.70%

Next 5Y EPS Growth 61.01%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 6.37%

10-year low 10-year high

P/S against its own 10 years 37.71%

10-year low 10-year high

P/B against its own 10 years 12.71%

10-year low 10-year high

EV/Sales against its own 10 years 37.52%

10-year low 10-year high

EV/FCF against its own 10 years 1.42%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	127	127	137	162
Receivables	58	61	85	76
Inventory	13	17	18	18
Other	7	7	8	8
	206	213	247	265

	2023	2024	2025	Q'26
Payables	22	24	16	21
ST’ Debt	—	—	—	—
Other	—	0	0	0
	46	50	49	53

Compound Annual Growth %

	10y	5y	3y
Sales	18.37%	17.34%	18.90%
Cash Flow	0.00%	24.19%	43.17%
Earnings	0.00%	41.97%	0.00%
Book Value	31.97%	21.44%	22.64%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	68	77	—	—	—
’25	53	63	68	93	276
’24	51	53	58	75	237
’23	41	46	46	65	198
’22	36	37	39	53	164
’21	35	40	35	48	156
’20	27	20	32	45	124

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	16	16	—	—	—
’25	7	8	22	15	52
’24	7	19	10	22	58
’23	8	10	7	10	35
’22	3	3	4	7	18
’21	10	5	4	11	29
’20	5	(3)	5	11	18

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	15	14	—	—	—
’25	(8)	0	19	13	25
’24	(7)	2	(9)	8	(6)
’23	(1)	6	1	2	8
’22	0	1	3	6	10
’21	8	3	1	10	21
’20	4	(3)	4	10	15

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.12)	0.04	—	—	—
’25	(0.23)	(0.01)	0.10	0.45	0.32
’24	(0.08)	(0.10)	(0.02)	0.38	0.20
’23	(0.16)	(0.11)	(0.08)	0.26	(0.07)
’22	(0.15)	(0.19)	(0.14)	0.12	(0.35)
’21	(0.07)	(0.08)	(0.11)	0.09	(0.16)
’20	(0.10)	(0.18)	0.08	0.25	0.06

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	1.76	2.25	5.33	13.40	6.78	30.03	17.30	23.39	32.31	29.24	Analyst estimates 2026–2028 Powerpack
	High	6.69	6.30	18.87	21.01	32.00	68.94	43.97	39.90	61.49	63.00
People
People	Employees	202	205	216	241	273	281	305	314	357	398
	Revenue/emp, $m	0.27	0.31	0.42	0.49	0.45	0.56	0.54	0.63	0.66	0.69
Income, $m
Income, $m	Revenue	54	64	91	118	124	156	164	198	237	276
	Gross margin, %	47.95	52.52	64.60	68.12	67.83	67.88	66.80	68.64	72.55	74.42
	EBT	(20)	(17)	(8)	(10)	3	(8)	(16)	(2)	11	17
	EBT margin, %	(35.98)	(27.04)	(8.96)	(8.20)	2.45	(4.85)	(9.73)	(1.20)	4.43	6.29
	Net income	(20)	(17)	(8)	(10)	3	(7)	(17)	(3)	10	17
	Depreciation	5	2	1	1	3	4	4	4	5	12
Per share, $
Per share, $	Revenue	2.36	1.92	2.26	2.67	2.75	3.36	3.49	4.15	4.86	5.49
	Earnings	(0.85)	(0.52)	(0.20)	(0.22)	0.06	(0.16)	(0.35)	(0.07)	0.21	0.33
	Cash flow	(0.86)	(0.40)	(0.01)	(0.16)	0.39	0.62	0.38	0.74	1.19	1.03
	Capex	(0.06)	(0.05)	(0.07)	(0.06)	(0.06)	(0.17)	(0.16)	(0.58)	(1.31)	(0.54)
	Free cash flow	(0.92)	(0.44)	(0.08)	(0.22)	0.33	0.45	0.21	0.16	(0.12)	0.49
	Book value	1.07	0.68	2.54	2.51	2.97	3.67	4.08	4.75	5.98	7.04
	Shares, m	23	33	40	44	45	46	47	48	49	50
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	441.14	0.00	0.00	0.00	274.55	112.53
	P/S	1.23	3.08	7.71	6.52	11.25	11.69	7.21	8.40	11.31	6.56
	P/B	0.00	8.73	6.85	6.92	10.40	10.71	6.16	7.35	9.19	5.11
	EV/Sales	0.99	2.93	6.98	6.08	10.77	11.14	6.58	7.85	10.85	6.13
	EV/FCF	(2.54)	(12.74)	(205.36)	(73.10)	89.52	82.38	107.24	198.75	(442.74)	68.39
Cash, $m
Cash, $m	Operating cash flow	(20)	(13)	0	(7)	18	29	18	35	58	52
	Capex	(1)	(2)	(3)	(3)	(3)	(8)	(8)	(28)	(64)	(27)
	Free cash flow	(21)	(15)	(3)	(10)	15	21	10	8	(6)	25
Balance, $m
Balance, $m	Working capital	32	37	98	92	101	132	149	160	162	198
	Total debt	10	17	—	28	53	50	48	—	—	—
	Net debt	(13)	(10)	(83)	(70)	(76)	(103)	(120)	(127)	(127)	(137)
	Shareholders’ equity	25	23	102	111	134	170	192	226	292	355
Returns, %
Returns, %	ROA	(47.20)	(33.51)	(9.39)	(7.11)	1.60	(3.33)	(6.47)	(1.02)	2.64	3.59
	ROIC	(101.70)	(72.51)	(12.65)	(17.00)	2.54	(7.32)	(14.66)	(4.10)	1.71	3.18
	ROE	118.26	(390.25)	(13.04)	(9.06)	2.33	(4.90)	(9.21)	(1.52)	4.00	5.11

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
AUPH Aurinia Pharmaceuticals Inc	$2.2B	6.9×	16.5×	+18.87% (above 0%: growing)	+81.25% (above 0%: growing)	+19.08% (above 0%: growing)	92.12%	48.19%	Compare
VRDN Viridian Therapeutics, Inc.	$2.2B	— (loss-making)	— (loss-making)	+278.67% (above 0%: growing)	n/m	−41.39% (below 0%: shrinking)	100.00%	(44,460.56%)	Compare
IRON Disc Medicine, Inc.	$2.2B	— (loss-making)	—	—	n/m	+7.83% (above 0%: growing)	0.00%	0.00%	Compare
FTRE Fortrea Holdings Inc.	$2.2B	— (loss-making)	— (loss-making)	−4.52% (below 0%: shrinking)	n/m	+53.15% (above 0%: growing)	20.52%	2.18%	Compare
NVAX Novavax, Inc.	$2.1B	— (loss-making)	— (loss-making)	−76.30% (below 0%: shrinking)	n/m	+42.95% (above 0%: growing)	74.87%	(96.84%)	Compare
VCEL Vericel Corporation	$2.1B	83.6×	76.8×	+22.48% (above 0%: growing)	n/m	+17,503.70% (above 0%: growing)	72.82%	0.56%
PHVS Pharvaris N.V.	$2.1B	— (loss-making)	—	—	n/m	−17.31% (below 0%: shrinking)	0.00%	0.00%	Compare
VERA Vera Therapeutics, Inc.	$2.1B	— (loss-making)	—	—	n/m	−82.47% (below 0%: shrinking)	0.00%	0.00%	Compare
IMNM Immunome, Inc.	$2.1B	— (loss-making)	— (loss-making)	+69.84% (above 0%: growing)	n/m	−26.96% (below 0%: shrinking)	100.00%	0.00%	Compare
Median of peers	$2.1B	—	—	+18.87%	—	−4.74%	47.70%	0.00%

All 614 Biotechnology stocks →

Vericel Corporation (VCEL) key facts

Strength: Vericel Corporation’s revenue for fiscal 2025 (year ended December 2025) was $276.3 million, up 16.5% from fiscal 2024.
Vericel Corporation (VCEL) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, VCEL traded at $40.13, a market capitalization of $2.1 billion.
Return on equity was 5.11% and debt-to-equity 0.00.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 8.21 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.