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Vericel Corporation

VCEL Healthcare Biotechnology

Vericel Corporation’s revenue for fiscal 2025 (year ended December 2025) was $276.3 million, up 16.5% from fiscal 2024.

Revenue
+26.5%
EPS
+180.0%
Free cash flow
−19.4%

Quarter to September 2026, against a year earlier

53.87 2.09 +4.04%
Market cap
$2.7B
P/E
77.8×
Fwd P/E
72.9×
Dividend yield
—
F-score
7/9
Altman Z
8.21
Beneish M
−2.53
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 7.21
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 1 1 3 1 4 7 1 2 — — —
Insider Ownership 1.14%

Capital & Financial Ratios $m

Size
Market Cap 2,650.00
Revenue ttm 324.17
Net income ttm 33.31
Free cash flow ttm 57.89
Net debt Q (170.27)
Valuation
P/E 77.80 (above 35: high)
Forward P/E 72.90 (above 35: high)
Price / sales 8.11
Forward P/S Powerpack
Price / FCF 45.40
Price / book 6.84 (above 6: high)
Financial health
Current ratio Q 5.13 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 76.16
Growth
Revenue growth Q +26.47% (above 0%: growing)
Operating income growth Q +253.22% (above 0%: growing)
EPS, this year +104.97% (at or above 15%: strong)
EPS, next year A +40.08% (at or above 15%: strong)
Revenue, next year A +21.70% (at or above 10%: strong)
EPS, past 5 yrs +39.77% (at or above 15%: strong)
EPS, next 5 yrs A +62.32% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.6×, against a ten-year median of 7.0×; over the ten years it ranged from 0.7× in 2016 to 21.2× in 2021.
P/E against its own 10 years 3.91%
10-year low 10-year high
P/S against its own 10 years 57.90%
10-year low 10-year high
P/B against its own 10 years 32.35%
10-year low 10-year high
EV/Sales against its own 10 years 59.63%
10-year low 10-year high
EV/FCF against its own 10 years 11.68%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 127 127 137 170
Receivables 58 61 85 82
Inventory 13 17 18 17
Other 7 7 8 12
206 213 247 281
2023 2024 2025 Q'26
Payables 22 24 16 20
ST’ Debt — — — —
Other — 0 0 0
46 50 49 55

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%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.04 Actual 0.04

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.02 0.10 Beat by 0.12
Q4 FY25 0.45 0.45 Met by 0.00
Q1 FY26 −0.15 −0.12 Beat by 0.03
Q2 FY26 −0.04 0.04 Beat by 0.08
Q3 FY26 0.02 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.12) 0.04 0.28 — —
’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.

Revenue $m

Mar Jun Sep Dec Year
’26 68 77 85 — —
’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 18 — —
’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 16 — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 54 64 91 118 124 156 164 198 237 276 324 +19.8% 336 393 455 +18.1%
Gross margin, % 47.95 52.52 64.60 68.12 67.83 67.88 66.80 68.64 72.55 74.42 74.47 +26.5 pt
EBT (20) (17) (8) (10) 3 (8) (16) (2) 11 17 34 n/m
EBT margin, % (35.98) (27.04) (8.96) (8.20) 2.45 (4.85) (9.73) (1.20) 4.43 6.29 10.54 +42.3 pt
Net income (20) (17) (8) (10) 3 (7) (17) (3) 10 17 33 n/m
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 6.33 +9.9%
Earnings (0.85) (0.52) (0.20) (0.22) 0.06 (0.16) (0.35) (0.07) 0.21 0.33 0.66 n/m
Cash flow (0.86) (0.40) (0.01) (0.16) 0.39 0.62 0.38 0.74 1.19 1.03 1.28 n/m
Capex (0.06) (0.05) (0.07) (0.06) (0.06) (0.17) (0.16) (0.58) (1.31) (0.54) (0.14) +27.3%
Free cash flow (0.92) (0.44) (0.08) (0.22) 0.33 0.45 0.21 0.16 (0.12) 0.49 1.13 n/m
Book value 1.07 0.68 2.54 2.51 2.97 3.67 4.08 4.75 5.98 7.04 7.51 +23.3%
Shares, m 23 33 40 44 45 46 47 48 49 50 51 +9.0%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 441.14 0.00 0.00 0.00 274.55 112.53 77.80 82.8
P/S 1.23 3.08 7.71 6.52 11.25 11.69 7.21 8.40 11.31 6.56 8.11 7.5
P/B 0.00 8.73 6.85 6.92 10.40 10.71 6.16 7.35 9.19 5.11 6.84 7.1
EV/Sales 0.99 2.93 6.98 6.08 10.77 11.14 6.58 7.85 10.85 6.13 7.64 7.0
EV/FCF (2.54) (12.74) (205.36) (73.10) 89.52 82.38 107.24 198.75 (442.74) 68.39 42.76 (19.0)
Cash, $m
Cash, $m Operating cash flow (20) (13) 0 (7) 18 29 18 35 58 52 65 n/m
Capex (1) (2) (3) (3) (3) (8) (8) (28) (64) (27) (7) +38.9%
Free cash flow (21) (15) (3) (10) 15 21 10 8 (6) 25 58 n/m
Balance, $m
Balance, $m Working capital 32 37 98 92 101 132 149 160 162 198 226 +22.5%
Net debt (13) (10) (83) (70) (76) (103) (120) (127) (127) (137) (170) +30.1%
Shareholders’ equity 25 23 102 111 134 170 192 226 292 355 384 +34.4%
Returns, %
Returns, % ROA (47.20) (33.51) (9.39) (7.11) 1.60 (3.33) (6.47) (1.02) 2.64 3.59 6.86 +50.8 pt
ROIC (101.70) (72.51) (12.65) (17.00) 2.54 (7.32) (14.66) (4.10) 1.71 3.18 7.88 +104.9 pt
ROE 118.26 (390.25) (13.04) (9.06) 2.33 (4.90) (9.21) (1.52) 4.00 5.11 9.44 (113.2) pt
People
People Employees 202 205 216 241 273 281 305 314 357 398 — +7.8%
Revenue/emp, $m 0.27 0.31 0.42 0.49 0.45 0.56 0.54 0.63 0.66 0.69 — +11.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Vericel Corporation vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ADMA ADMA Biologics Inc $3.0B 16.7× 14.0× +5.12% (above 0%: growing) +46.67% (above 0%: growing) +1,709.49% (above 0%: growing) 70.81% 48.02% Compare
VCEL Vericel Corporation $2.7B 77.8× 72.9× +26.47% (above 0%: growing) +180.00% (above 0%: growing) −19.39% (below 0%: shrinking) 73.34% 14.27%
PHVS Pharvaris N.V. $2.3B — (loss-making) — — n/m −17.31% (below 0%: shrinking) 0.00% 0.00% Compare
PVLA Palvella Therapeutics, Inc. $2.3B — (loss-making) — (loss-making) −99.09% (below 0%: shrinking) n/m −136.38% (below 0%: shrinking) 100.00% 0.00% Compare
CLDX Celldex Therapeutics, Inc. $2.2B — (loss-making) — (loss-making) −96.83% (below 0%: shrinking) n/m −35.45% (below 0%: shrinking) 100.00% (366,468.18%) Compare
VERA Vera Therapeutics, Inc. $2.2B — (loss-making) — — n/m −82.47% (below 0%: shrinking) 0.00% 0.00% Compare
AUPH Aurinia Pharmaceuticals Inc $2.2B 6.8× 17.6× +13.93% (above 0%: growing) 0.00% +4.41% (above 0%: growing) 90.08% 40.74% 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
BHVN Biohaven Ltd. $2.1B — (loss-making) — (loss-making) +131.43% (above 0%: growing) n/m +26.55% (above 0%: growing) 0.00% 0.00% Compare
Median of peers $2.2B — — +9.53% — −22.13% 80.45% 0.00%

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 19 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 11.16m 169.18k 117.00
2024 10.24m 18.76m 178.00
2023 7.06m 11.00m 115.00
2022 8.71m 905.17k 85.00
2021 13.18m 15.23m 127.00

Ownership

Directors and executive officers, together 7.60%
BlackRock, Inc. 14.90%
The Vanguard Group 6.60%
State Street Corporation 5.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Vericel Corporation (VCEL) Latest News

5 Nov

Impact 4 · · GuruFocus.com
Impact 3 · · The Motley Fool transcript
Impact 3 · · GlobeNewswire

22 Oct

Impact 3 · · GlobeNewswire

30 Jul

Impact 4 ·
Impact 3 · · MarketBeat

30 May

Impact 4 · · The Motley Fool

9 May

Impact 4 · · MarketBeat
Impact 3 · · Simply Wall St.

8 May

Impact 4 · · The Motley Fool transcript
Impact 3 · · Moby transcript

7 May

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks

4 May

Impact 4 · · Zacks

2 Apr

Impact 5 · · GlobeNewswire
Impact 4 · · GlobeNewswire

13 Mar

Impact 3 · · Insider Monkey

10 Mar

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

9 Mar

Impact 4 · · Insider Monkey

4 Mar

Impact 4 · · GlobeNewswire

28 Feb

Impact 4 · · MarketBeat
Impact 4 · · Simply Wall St.

27 Feb

Impact 4 · · MarketBeat

26 Feb

Impact 4 · · Moby
Impact 4 · · GuruFocus.com
Impact 4 · · The Motley Fool transcript
Impact 4 · · GlobeNewswire

10 Feb

Impact 3 · · GlobeNewswire

16 Jan

Impact 4 · · Simply Wall St.

VCEL metrics, ten years each

stockrow.com/VCEL · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com