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Side-by-side financial comparison of AlTi Global, Inc. (ALTI) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Vericel Corp is the larger business by last-quarter revenue ($92.9M vs $86.6M, roughly 1.1× AlTi Global, Inc.). Vericel Corp runs the higher net margin — 25.0% vs -15.1%, a 40.2% gap on every dollar of revenue. On growth, AlTi Global, Inc. posted the faster year-over-year revenue change (87.0% vs 23.3%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-52.2M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 30.6%).
Cristal Global is the world's second-largest producer of titanium dioxide and a leading producer of titanium chemicals. It was formed when The National Titanium Dioxide Company Ltd. combined with Millennium Chemicals. The headquarters are in Jeddah, Saudi Arabia. It is a significant shareholder in Bemax, the world’s 5th largest TiO2 feedstock producer.
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.
ALTI vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.6M | $92.9M |
| Net Profit | $-13.1M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | -2.1% | 24.1% |
| Net Margin | -15.1% | 25.0% |
| Revenue YoY | 87.0% | 23.3% |
| Net Profit YoY | 75.6% | 17.3% |
| EPS (diluted) | — | $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.
| Q4 25 | $86.6M | $92.9M | ||
| Q3 25 | $57.2M | $67.5M | ||
| Q2 25 | $53.1M | $63.2M | ||
| Q1 25 | $58.0M | $52.6M | ||
| Q4 24 | $46.3M | $75.4M | ||
| Q3 24 | $51.8M | $57.9M | ||
| Q2 24 | $49.5M | $52.7M | ||
| Q1 24 | $50.8M | $51.3M |
| Q4 25 | $-13.1M | $23.2M | ||
| Q3 25 | $-84.1M | $5.1M | ||
| Q2 25 | $-24.4M | $-553.0K | ||
| Q1 25 | $1.9M | $-11.2M | ||
| Q4 24 | $-53.8M | $19.8M | ||
| Q3 24 | $-72.5M | $-901.0K | ||
| Q2 24 | $-6.4M | $-4.7M | ||
| Q1 24 | $29.7M | $-3.9M |
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | -2.1% | 24.1% | ||
| Q3 25 | -49.8% | 5.1% | ||
| Q2 25 | -56.7% | -3.2% | ||
| Q1 25 | -23.3% | -24.3% | ||
| Q4 24 | -42.7% | 24.5% | ||
| Q3 24 | -18.4% | -4.3% | ||
| Q2 24 | -30.2% | -11.5% | ||
| Q1 24 | -28.9% | -10.7% |
| Q4 25 | -15.1% | 25.0% | ||
| Q3 25 | -147.0% | 7.5% | ||
| Q2 25 | -45.9% | -0.9% | ||
| Q1 25 | 3.3% | -21.4% | ||
| Q4 24 | -116.1% | 26.3% | ||
| Q3 24 | -140.0% | -1.6% | ||
| Q2 24 | -12.9% | -8.9% | ||
| Q1 24 | 58.4% | -7.5% |
| Q4 25 | — | $0.46 | ||
| Q3 25 | — | $0.10 | ||
| Q2 25 | $-0.33 | $-0.01 | ||
| Q1 25 | $-0.04 | $-0.23 | ||
| Q4 24 | $-0.71 | $0.40 | ||
| Q3 24 | $-0.88 | $-0.02 | ||
| Q2 24 | $-0.18 | $-0.10 | ||
| Q1 24 | $0.18 | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $41.2M | $137.5M |
| Total DebtLower is stronger | $883.0K | — |
| Stockholders' EquityBook value | $600.1M | $354.6M |
| Total Assets | $1.2B | $488.0M |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $41.2M | $137.5M | ||
| Q3 25 | $35.8M | $135.4M | ||
| Q2 25 | $42.4M | $116.9M | ||
| Q1 25 | $52.8M | $112.9M | ||
| Q4 24 | $64.4M | $116.2M | ||
| Q3 24 | $220.6M | $101.7M | ||
| Q2 24 | $60.0M | $102.5M | ||
| Q1 24 | $134.2M | $110.6M |
| Q4 25 | $883.0K | — | ||
| Q3 25 | $586.0K | — | ||
| Q2 25 | $673.0K | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | $128.4M | — | ||
| Q2 24 | $164.0M | — | ||
| Q1 24 | $183.7M | — |
| Q4 25 | $600.1M | $354.6M | ||
| Q3 25 | $607.2M | $321.9M | ||
| Q2 25 | $685.4M | $306.8M | ||
| Q1 25 | $665.2M | $295.5M | ||
| Q4 24 | $658.4M | $292.0M | ||
| Q3 24 | $707.0M | $257.5M | ||
| Q2 24 | $540.2M | $243.0M | ||
| Q1 24 | $510.9M | $233.9M |
| Q4 25 | $1.2B | $488.0M | ||
| Q3 25 | $1.2B | $453.3M | ||
| Q2 25 | $1.2B | $435.6M | ||
| Q1 25 | $1.2B | $424.6M | ||
| Q4 24 | $1.3B | $432.7M | ||
| Q3 24 | $1.4B | $390.4M | ||
| Q2 24 | $1.3B | $376.8M | ||
| Q1 24 | $1.3B | $356.7M |
| Q4 25 | 0.00× | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | 0.18× | — | ||
| Q2 24 | 0.30× | — | ||
| Q1 24 | 0.36× | — |
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 | $-51.4M | $15.0M |
| Free Cash FlowOCF − Capex | $-52.2M | $12.8M |
| FCF MarginFCF / Revenue | -60.3% | 13.8% |
| Capex IntensityCapex / Revenue | 0.9% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-51.4M | $15.0M | ||
| Q3 25 | $-53.5M | $22.1M | ||
| Q2 25 | $-19.9M | $8.2M | ||
| Q1 25 | $-30.2M | $6.6M | ||
| Q4 24 | $-50.7M | $22.2M | ||
| Q3 24 | $-4.9M | $10.2M | ||
| Q2 24 | $-30.2M | $18.5M | ||
| Q1 24 | $-15.5M | $7.2M |
| Q4 25 | $-52.2M | $12.8M | ||
| Q3 25 | — | $19.5M | ||
| Q2 25 | $-20.0M | $81.0K | ||
| Q1 25 | $-31.0M | $-7.6M | ||
| Q4 24 | $-58.2M | $8.5M | ||
| Q3 24 | $-9.4M | $-9.2M | ||
| Q2 24 | $-31.2M | $1.8M | ||
| Q1 24 | $-15.7M | $-6.8M |
| Q4 25 | -60.3% | 13.8% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | -37.6% | 0.1% | ||
| Q1 25 | -53.4% | -14.5% | ||
| Q4 24 | -125.7% | 11.2% | ||
| Q3 24 | -18.2% | -15.9% | ||
| Q2 24 | -63.2% | 3.4% | ||
| Q1 24 | -30.9% | -13.3% |
| Q4 25 | 0.9% | 2.4% | ||
| Q3 25 | 0.0% | 3.9% | ||
| Q2 25 | 0.0% | 12.9% | ||
| Q1 25 | 1.3% | 27.0% | ||
| Q4 24 | 16.3% | 18.3% | ||
| Q3 24 | 8.7% | 33.5% | ||
| Q2 24 | 2.2% | 31.8% | ||
| Q1 24 | 0.4% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | -15.80× | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.52× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ALTI
| Management Advisory Fees | $51.1M | 59% |
| Other | $32.7M | 38% |
| Distributions From Investments | $2.9M | 3% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
