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. 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.
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Vericel Corporation (VCEL) Altman Z-score
Vericel Corporation's Altman Z-score for fiscal 2025 is 8.21, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 8.21 | (2.99) |
| FY2024 | 11.20 | 3.79 |
| FY2023 | 7.41 | (0.82) |
| FY2022 | 8.23 | (5.72) |
| FY2021 | 13.95 | 3.53 |
| FY2020 | 10.42 | 1.69 |
| FY2019 | 8.73 | (14.09) |
| FY2018 | 22.82 | 27.59 |
| FY2017 | −4.76 | 2.79 |
| FY2016 | −7.56 | 2.22 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.41 | — | 0.49 | |
| Retained earnings / total assets | (0.77) | — | −1.08 | |
| EBIT / total assets | 0.02 | — | 0.07 | |
| Market value of equity / total liabilities | 13.60 | — | 8.16 | |
| Sales / total assets | 0.57 | — | 0.57 | |
| Altman Z-score | Safe zone | 8.21 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.10 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| IMNM Immunome, Inc. compare | 21.6× |
| VCEL Vericel Corporation | 8.2× |
| AUPH Aurinia Pharmaceuticals Inc compare | 7.9× |
| VRDN Viridian Therapeutics, Inc. compare | 6.7× |
| FTRE Fortrea Holdings Inc. compare | −0.3× |
| NVAX Novavax, Inc. compare | −2.2× |
| IRON Disc Medicine, Inc. compare | — |
| PHVS Pharvaris N.V. compare | — |
| VERA Vera Therapeutics, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets