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

Biohaven Ltd. and Vericel Corporation are both Biotechnology companies. Biohaven Ltd. and Vericel Corporation are of similar size ($2.0B and $2.0B). Biohaven Ltd. has negative trailing earnings, so its P/E is not meaningful; Vericel Corporation trades at 82.6×. Biohaven Ltd. grew revenue faster over the last twelve months: 425.2% against 23.0%. Vericel Corporation has the higher net margin (7.91% vs 0.00%) and the higher return on invested capital (5.49% vs −9,245.4%). Across the 18 metrics below, Vericel Corporation leads on 15 and Biohaven Ltd. on 3.

Valuation

Metric BHVN VCEL Biotechnology median
P/E n/m 82.63 7.88
P/S 1.97 6.61 11.47
P/B 160.10 5.47 2.52
Price to free cash flow n/m 32.85 21.16
EV/EBITDA n/m 62.29 0.74
EV/Sales 1.96 6.36 10.73
Earnings yield (35.72%) 1.21% (28.84%)
Free cash flow yield (27.17%) 3.04% (23.03%)

Profitability

Metric BHVN VCEL Biotechnology median
Gross margin 0.00% 74.56% 65.16%
Operating margin 0.00% 5.95% 0.00%
Net margin 0.00% 7.91% 0.00%
Free cash flow margin 0.00% 20.13% 0.00%
Return on equity (799.46%) 7.16% (57.72%)
Return on assets (127.41%) 5.16% (49.22%)
Return on invested capital (9,245.36%) 5.49% 0.00%

Growth

Metric BHVN VCEL Biotechnology median
Revenue growth (TTM) 425.20% 22.95% 5.64%
EPS growth (last fiscal year) 26.08% 60.00% —
Revenue growth, 5-year CAGR — 17.34% 8.40%
Net income growth, 5-year CAGR 0.00% 41.97% 0.00%

Health

Metric BHVN VCEL Biotechnology median
Debt to equity 21.23 0.00 0.00
Current ratio 4.73 5.04 4.73
Net debt to EBITDA 0.11 (6.08) 0.96

Dividend

Metric BHVN VCEL Biotechnology median
Dividend yield — — 2.10%
Payout ratio 0.00 0.00 0.00

Size

Metric BHVN VCEL Biotechnology median
Market cap 1.99b 2.03b 162.10m

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