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Side-by-side financial comparison of American Assets Trust, Inc. (AAT) and Vericel Corp (VCEL). Click either name above to swap in a different company.
American Assets Trust, Inc. is the larger business by last-quarter revenue ($110.6M vs $92.9M, roughly 1.2× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs 6.1%, a 18.9% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 1.8%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs -0.1%).
Personal Assets Trust is a large British investment trust. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The chairman is Iain Ferguson CBE.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
AAT vs VCEL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $110.6M | $92.9M |
| Net Profit | $6.7M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | 23.4% | 24.1% |
| Net Margin | 6.1% | 25.0% |
| Revenue YoY | 1.8% | 23.3% |
| Net Profit YoY | -16.3% | 17.3% |
| EPS (diluted) | $0.08 | $0.46 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $110.6M | — | ||
| Q4 25 | $110.1M | $92.9M | ||
| Q3 25 | $109.6M | $67.5M | ||
| Q2 25 | $107.9M | $63.2M | ||
| Q1 25 | $108.6M | $52.6M | ||
| Q4 24 | $113.5M | $75.4M | ||
| Q3 24 | $122.8M | $57.9M | ||
| Q2 24 | $110.9M | $52.7M |
| Q1 26 | $6.7M | — | ||
| Q4 25 | — | $23.2M | ||
| Q3 25 | $4.5M | $5.1M | ||
| Q2 25 | $5.5M | $-553.0K | ||
| Q1 25 | $42.5M | $-11.2M | ||
| Q4 24 | — | $19.8M | ||
| Q3 24 | $16.7M | $-901.0K | ||
| Q2 24 | $11.9M | $-4.7M |
| Q1 26 | — | — | ||
| Q4 25 | 59.4% | 78.7% | ||
| Q3 25 | 60.5% | 73.5% | ||
| Q2 25 | 62.6% | 73.7% | ||
| Q1 25 | 62.0% | 69.0% | ||
| Q4 24 | 61.3% | 77.6% | ||
| Q3 24 | 65.5% | 71.9% | ||
| Q2 24 | 63.6% | 69.5% |
| Q1 26 | 23.4% | — | ||
| Q4 25 | 21.1% | 24.1% | ||
| Q3 25 | 22.6% | 5.1% | ||
| Q2 25 | 24.1% | -3.2% | ||
| Q1 25 | 66.3% | -24.3% | ||
| Q4 24 | 26.5% | 24.5% | ||
| Q3 24 | 30.8% | -4.3% | ||
| Q2 24 | 27.8% | -11.5% |
| Q1 26 | 6.1% | — | ||
| Q4 25 | — | 25.0% | ||
| Q3 25 | 4.1% | 7.5% | ||
| Q2 25 | 5.1% | -0.9% | ||
| Q1 25 | 39.2% | -21.4% | ||
| Q4 24 | — | 26.3% | ||
| Q3 24 | 13.6% | -1.6% | ||
| Q2 24 | 10.7% | -8.9% |
| Q1 26 | $0.08 | — | ||
| Q4 25 | $0.06 | $0.46 | ||
| Q3 25 | $0.07 | $0.10 | ||
| Q2 25 | $0.09 | $-0.01 | ||
| Q1 25 | $0.70 | $-0.23 | ||
| Q4 24 | $0.14 | $0.40 | ||
| Q3 24 | $0.28 | $-0.02 | ||
| Q2 24 | $0.20 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $118.3M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $354.6M |
| Total Assets | $2.9B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $118.3M | — | ||
| Q4 25 | $129.4M | $137.5M | ||
| Q3 25 | $138.7M | $135.4M | ||
| Q2 25 | $143.7M | $116.9M | ||
| Q1 25 | $143.9M | $112.9M | ||
| Q4 24 | $425.7M | $116.2M | ||
| Q3 24 | $533.0M | $101.7M | ||
| Q2 24 | $114.9M | $102.5M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.2B | $354.6M | ||
| Q3 25 | $1.2B | $321.9M | ||
| Q2 25 | $1.2B | $306.8M | ||
| Q1 25 | $1.2B | $295.5M | ||
| Q4 24 | $1.2B | $292.0M | ||
| Q3 24 | $1.2B | $257.5M | ||
| Q2 24 | $1.2B | $243.0M |
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $488.0M | ||
| Q3 25 | $2.9B | $453.3M | ||
| Q2 25 | $3.0B | $435.6M | ||
| Q1 25 | $3.0B | $424.6M | ||
| Q4 24 | $3.3B | $432.7M | ||
| Q3 24 | $3.4B | $390.4M | ||
| Q2 24 | $3.0B | $376.8M |
| Q1 26 | — | — | ||
| Q4 25 | 1.48× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.72× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $15.0M |
| Free Cash FlowOCF − Capex | — | $12.8M |
| FCF MarginFCF / Revenue | — | 13.8% |
| Capex IntensityCapex / Revenue | 14.5% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $167.1M | $15.0M | ||
| Q3 25 | $40.5M | $22.1M | ||
| Q2 25 | $49.2M | $8.2M | ||
| Q1 25 | $36.9M | $6.6M | ||
| Q4 24 | $207.1M | $22.2M | ||
| Q3 24 | $52.4M | $10.2M | ||
| Q2 24 | $59.3M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | $94.9M | $12.8M | ||
| Q3 25 | $23.1M | $19.5M | ||
| Q2 25 | $28.4M | $81.0K | ||
| Q1 25 | $20.4M | $-7.6M | ||
| Q4 24 | $136.9M | $8.5M | ||
| Q3 24 | $28.0M | $-9.2M | ||
| Q2 24 | $43.6M | $1.8M |
| Q1 26 | — | — | ||
| Q4 25 | 86.2% | 13.8% | ||
| Q3 25 | 21.1% | 28.8% | ||
| Q2 25 | 26.3% | 0.1% | ||
| Q1 25 | 18.8% | -14.5% | ||
| Q4 24 | 120.7% | 11.2% | ||
| Q3 24 | 22.8% | -15.9% | ||
| Q2 24 | 39.3% | 3.4% |
| Q1 26 | 14.5% | — | ||
| Q4 25 | 65.6% | 2.4% | ||
| Q3 25 | 15.9% | 3.9% | ||
| Q2 25 | 19.3% | 12.9% | ||
| Q1 25 | 15.1% | 27.0% | ||
| Q4 24 | 61.9% | 18.3% | ||
| Q3 24 | 19.9% | 33.5% | ||
| Q2 24 | 14.1% | 31.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.65× | ||
| Q3 25 | 8.98× | 4.35× | ||
| Q2 25 | 9.01× | — | ||
| Q1 25 | 0.87× | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | 3.15× | — | ||
| Q2 24 | 4.98× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AAT
| Rental income | $104.4M | 94% |
| Other | $6.2M | 6% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
