Biohaven Ltd. (BHVN) vs Vericel Corporation (VCEL)

Biohaven Ltd. and Vericel Corporation are both Biotechnology companies. Vericel Corporation is the larger, with a market value of $2.7B against $2.1B — 1.3× the size. Biohaven Ltd. has negative trailing earnings, so its P/E is not meaningful; Vericel Corporation trades at 77.8×. Biohaven Ltd. grew revenue faster over the last twelve months: 425.2% against 25.3%. Vericel Corporation has the higher net margin (10.3% vs 0.00%) and the higher return on invested capital (7.88% vs −6,659.9%). Across the 17 metrics below, Vericel Corporation leads on 12 and Biohaven Ltd. on 5.

Valuation

Metric BHVN VCEL Biotechnology median
P/E n/m 77.80 10.26
P/S 2.13 8.11 9.18
P/B n/m 6.84 2.05
Price to free cash flow n/m 45.40 24.81
EV/EBITDA n/m 79.14 0.65
EV/Sales 2.23 7.64 8.98
Earnings yield (27.50%) 1.29% (34.89%)
Free cash flow yield (23.27%) 2.20% (24.52%)

Profitability

Metric BHVN VCEL Biotechnology median
Gross margin 0.00% 74.47% 65.16%
Operating margin 0.00% 8.32% 0.00%
Net margin 0.00% 10.27% 0.00%
Free cash flow margin 0.00% 17.86% 0.00%
Return on equity 940.46% 9.44% (50.12%)
Return on assets (161.32%) 6.86% (45.60%)
Return on invested capital (6,659.91%) 7.88% 0.00%

Growth

Metric BHVN VCEL Biotechnology median
Revenue growth (TTM) 425.20% 25.30% 6.26%
EPS growth (last fiscal year) 26.08% 60.00% 29.88%
Revenue growth, 5-year CAGR — 17.34% 9.75%
Net income growth, 5-year CAGR 0.00% 41.97% 0.00%

Health

Metric BHVN VCEL Biotechnology median
Debt to equity (2.69) 0.00 0.00
Current ratio 3.05 5.13 4.89
Net debt to EBITDA 0.11 (6.08) 1.01

Dividend

Metric BHVN VCEL Biotechnology median
Dividend yield — — 0.41%
Payout ratio — — —

Size

Metric BHVN VCEL Biotechnology median
Market cap 2.10b 2.65b 172.11m

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