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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) 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 $73.3M, roughly 1.3× Apollo Commercial Real Estate Finance, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs 25.0%, a 14.8% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 4.0%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs -4.6%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
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.
ARI vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $92.9M |
| Net Profit | $29.2M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | 39.7% | 24.1% |
| Net Margin | 39.9% | 25.0% |
| Revenue YoY | 4.0% | 23.3% |
| Net Profit YoY | -28.2% | 17.3% |
| EPS (diluted) | $0.19 | $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 | $73.3M | $92.9M | ||
| Q3 25 | $61.6M | $67.5M | ||
| Q2 25 | $70.9M | $63.2M | ||
| Q1 25 | $65.8M | $52.6M | ||
| Q4 24 | $70.5M | $75.4M | ||
| Q3 24 | $71.6M | $57.9M | ||
| Q2 24 | $81.1M | $52.7M | ||
| Q1 24 | $80.5M | $51.3M |
| Q4 25 | $29.2M | $23.2M | ||
| Q3 25 | $50.8M | $5.1M | ||
| Q2 25 | $20.7M | $-553.0K | ||
| Q1 25 | $26.0M | $-11.2M | ||
| Q4 24 | $40.7M | $19.8M | ||
| Q3 24 | $-91.5M | $-901.0K | ||
| Q2 24 | $35.8M | $-4.7M | ||
| Q1 24 | $-104.5M | $-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 | 39.7% | 24.1% | ||
| Q3 25 | 82.8% | 5.1% | ||
| Q2 25 | 29.4% | -3.2% | ||
| Q1 25 | 39.7% | -24.3% | ||
| Q4 24 | 57.9% | 24.5% | ||
| Q3 24 | -127.8% | -4.3% | ||
| Q2 24 | 44.2% | -11.5% | ||
| Q1 24 | -129.6% | -10.7% |
| Q4 25 | 39.9% | 25.0% | ||
| Q3 25 | 82.4% | 7.5% | ||
| Q2 25 | 29.3% | -0.9% | ||
| Q1 25 | 39.5% | -21.4% | ||
| Q4 24 | 57.7% | 26.3% | ||
| Q3 24 | -127.9% | -1.6% | ||
| Q2 24 | 44.1% | -8.9% | ||
| Q1 24 | -129.8% | -7.5% |
| Q4 25 | $0.19 | $0.46 | ||
| Q3 25 | $0.34 | $0.10 | ||
| Q2 25 | $0.12 | $-0.01 | ||
| Q1 25 | $0.16 | $-0.23 | ||
| Q4 24 | $0.25 | $0.40 | ||
| Q3 24 | $-0.69 | $-0.02 | ||
| Q2 24 | $0.23 | $-0.10 | ||
| Q1 24 | $-0.76 | $-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 | $139.8M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.9B | $354.6M |
| Total Assets | $9.9B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | $137.5M | ||
| Q3 25 | $245.9M | $135.4M | ||
| Q2 25 | $177.6M | $116.9M | ||
| Q1 25 | $166.4M | $112.9M | ||
| Q4 24 | $317.4M | $116.2M | ||
| Q3 24 | $194.3M | $101.7M | ||
| Q2 24 | $174.7M | $102.5M | ||
| Q1 24 | $161.2M | $110.6M |
| Q4 25 | $1.9B | $354.6M | ||
| Q3 25 | $1.9B | $321.9M | ||
| Q2 25 | $1.8B | $306.8M | ||
| Q1 25 | $1.9B | $295.5M | ||
| Q4 24 | $1.9B | $292.0M | ||
| Q3 24 | $1.9B | $257.5M | ||
| Q2 24 | $2.0B | $243.0M | ||
| Q1 24 | $2.0B | $233.9M |
| Q4 25 | $9.9B | $488.0M | ||
| Q3 25 | $9.5B | $453.3M | ||
| Q2 25 | $9.8B | $435.6M | ||
| Q1 25 | $8.8B | $424.6M | ||
| Q4 24 | $8.4B | $432.7M | ||
| Q3 24 | $9.1B | $390.4M | ||
| Q2 24 | $9.3B | $376.8M | ||
| Q1 24 | $9.2B | $356.7M |
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 | $142.5M | $15.0M |
| Free Cash FlowOCF − Capex | — | $12.8M |
| FCF MarginFCF / Revenue | — | 13.8% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | 4.88× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | $15.0M | ||
| Q3 25 | $31.7M | $22.1M | ||
| Q2 25 | $63.2M | $8.2M | ||
| Q1 25 | $39.3M | $6.6M | ||
| Q4 24 | $200.3M | $22.2M | ||
| Q3 24 | $47.2M | $10.2M | ||
| Q2 24 | $50.2M | $18.5M | ||
| Q1 24 | $52.8M | $7.2M |
| Q4 25 | — | $12.8M | ||
| Q3 25 | — | $19.5M | ||
| Q2 25 | — | $81.0K | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | — | $-9.2M | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | — | 13.8% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | -14.5% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | -15.9% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | — | -13.3% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | — | 33.5% | ||
| Q2 24 | — | 31.8% | ||
| Q1 24 | — | 27.3% |
| Q4 25 | 4.88× | 0.65× | ||
| Q3 25 | 0.62× | 4.35× | ||
| Q2 25 | 3.05× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 4.93× | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
