VCELNasdaqBiological Products, (No Diagnostic Substances)Fiscal year ends December 31
Vericel Corp
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$40.37+0.24 (+0.60%)
Close on Oct 19, 2026
- Market cap
- $2.11B
- P/E (TTM)
- 96.1
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2010 to 2025
Gross margin
74.4%+6.6 pts over 5 years
Operating margin
4.0%+2.1 pts over 5 years
Net margin
6.0%+3.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +16.5% | +18.9% | +17.3% | +18.4% | |
| Gross profit | +19.5% | +23.3% | +19.5% | +23.6% | |
| Operating income | +144.4% | – | +36.0% | – | |
| Net income | +59.4% | – | +42.0% | – | |
| EPS, diluted | +60.0% | – | +39.8% | – | |
| Free cash flow | – | +34.9% | +10.6% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -83.5% | 2.3% | 5.1% | |
| Return on assets | -47.2% | 1.6% | 3.6% | |
| Current ratio | 3.48 | 5.50 | 5.03 | |
| Debt to equity | 0.38 | – | – | |
| Net debt to EBITDA | 0.79× | – | – | |
| Interest coverage | -1283.0× | 395.3× | 17.5× | |
| Inventory turnover | 11.6× | 4.9× | 4.0× | |
| Capex to revenue | 2.6% | 2.1% | 9.8% | |
| Diluted shares | 23M | 47M | 52M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Vericel generated $192.11M from operations and spent $126.66M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$192.11M
Used
$126.66M
Capital expenditure$126.66M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.0%
×Asset turnover0.60×
×Equity multiplier1.42×
=Return on equity, FY20255.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.0% | 0.60× | 1.42× | 5.1% |
| FY2024 | 4.4% | 0.60× | 1.52× | 4.0% |
| FY2023 | -1.6% | 0.63× | 1.50× | -1.5% |
| FY2022 | -10.2% | 0.64× | 1.42× | -9.2% |
| FY2021 | -4.8% | 0.70× | 1.47× | -4.9% |
| FY2020 | 2.3% | 0.69× | 1.46× | 2.3% |
| FY2019 | -8.2% | 0.87× | 1.27× | -9.1% |
| FY2018 | -9.0% | 1.05× | 1.39× | -13.0% |
| FY2017 | -27.0% | 1.24× | 2.18× | -73.2% |
| FY2016 | -36.0% | 1.31× | 1.77× | -83.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$16.52M
- Cash generatingOperating cash flow above zero$51.91M
- Return on assets improvedROA up on the prior year2.9% → 3.8%
- Earnings backed by cashOperating cash flow above net income$51.91M vs $16.52M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose4.23 → 5.03
- No dilutionShare count did not rise52M → 52M
- Gross margin improvedGross margin up on the prior year72.55% → 74.42%
- More efficientAsset turnover rose0.67 → 0.64