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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. 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%
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 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 83.60 (above 35: high)
Fwd P/E 76.80 (above 35: high)
P/S ratio 6.69
P/B ratio 5.54
Past 5Y EPS Growth 39.77% (at or above 15%: strong)
This Y EPS Growth 67.19% (at or above 15%: strong)
Next Y EPS Growth 61.68% (at or above 15%: strong)
Next Y revenue growth 21.70% (at or above 10%: strong)
Next 5Y EPS Growth 61.01% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.2×, against a ten-year median of 6.9×; over the ten years it ranged from 0.7× in 2016 to 21.2× in 2021.
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.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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.

Vericel Corporation (VCEL) Latest News

2 Apr

Impact 5 ·
stockrow.com/VCEL · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com