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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and Vericel Corp (VCEL). Click either name above to swap in a different company.
AMERICAN STATES WATER CO is the larger business by last-quarter revenue ($164.3M vs $92.9M, roughly 1.8× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs 17.5%, a 7.5% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 14.8%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-36.0M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 10.2%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
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.
AWR vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $92.9M |
| Net Profit | $28.7M | $23.2M |
| Gross Margin | 88.9% | 78.7% |
| Operating Margin | 27.4% | 24.1% |
| Net Margin | 17.5% | 25.0% |
| Revenue YoY | 14.8% | 23.3% |
| Net Profit YoY | 1.1% | 17.3% |
| EPS (diluted) | $0.74 | $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 | $164.3M | $92.9M | ||
| Q3 25 | $182.7M | $67.5M | ||
| Q2 25 | $163.1M | $63.2M | ||
| Q1 25 | $148.0M | $52.6M | ||
| Q4 24 | $143.1M | $75.4M | ||
| Q3 24 | $161.8M | $57.9M | ||
| Q2 24 | $155.3M | $52.7M | ||
| Q1 24 | $135.3M | $51.3M |
| Q4 25 | $28.7M | $23.2M | ||
| Q3 25 | $41.2M | $5.1M | ||
| Q2 25 | $33.7M | $-553.0K | ||
| Q1 25 | $26.8M | $-11.2M | ||
| Q4 24 | $28.4M | $19.8M | ||
| Q3 24 | $35.8M | $-901.0K | ||
| Q2 24 | $31.9M | $-4.7M | ||
| Q1 24 | $23.1M | $-3.9M |
| Q4 25 | 88.9% | 78.7% | ||
| Q3 25 | 91.0% | 73.5% | ||
| Q2 25 | 92.1% | 73.7% | ||
| Q1 25 | 91.3% | 69.0% | ||
| Q4 24 | 92.4% | 77.6% | ||
| Q3 24 | 92.7% | 71.9% | ||
| Q2 24 | 89.6% | 69.5% | ||
| Q1 24 | 88.4% | 68.9% |
| Q4 25 | 27.4% | 24.1% | ||
| Q3 25 | 33.8% | 5.1% | ||
| Q2 25 | 31.3% | -3.2% | ||
| Q1 25 | 30.8% | -24.3% | ||
| Q4 24 | 27.0% | 24.5% | ||
| Q3 24 | 34.0% | -4.3% | ||
| Q2 24 | 33.3% | -11.5% | ||
| Q1 24 | 28.8% | -10.7% |
| Q4 25 | 17.5% | 25.0% | ||
| Q3 25 | 22.5% | 7.5% | ||
| Q2 25 | 20.7% | -0.9% | ||
| Q1 25 | 18.1% | -21.4% | ||
| Q4 24 | 19.9% | 26.3% | ||
| Q3 24 | 22.1% | -1.6% | ||
| Q2 24 | 20.5% | -8.9% | ||
| Q1 24 | 17.1% | -7.5% |
| Q4 25 | $0.74 | $0.46 | ||
| Q3 25 | $1.06 | $0.10 | ||
| Q2 25 | $0.87 | $-0.01 | ||
| Q1 25 | $0.70 | $-0.23 | ||
| Q4 24 | $0.75 | $0.40 | ||
| Q3 24 | $0.95 | $-0.02 | ||
| Q2 24 | $0.85 | $-0.10 | ||
| Q1 24 | $0.62 | $-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 | $18.8M | $137.5M |
| Total DebtLower is stronger | $782.7M | — |
| Stockholders' EquityBook value | $1.0B | $354.6M |
| Total Assets | $2.7B | $488.0M |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | $137.5M | ||
| Q3 25 | $26.1M | $135.4M | ||
| Q2 25 | $20.2M | $116.9M | ||
| Q1 25 | $21.2M | $112.9M | ||
| Q4 24 | $26.7M | $116.2M | ||
| Q3 24 | $16.5M | $101.7M | ||
| Q2 24 | $3.6M | $102.5M | ||
| Q1 24 | $17.0M | $110.6M |
| Q4 25 | $782.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $640.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.0B | $354.6M | ||
| Q3 25 | $1.0B | $321.9M | ||
| Q2 25 | $972.5M | $306.8M | ||
| Q1 25 | $956.4M | $295.5M | ||
| Q4 24 | $920.1M | $292.0M | ||
| Q3 24 | $879.5M | $257.5M | ||
| Q2 24 | $833.5M | $243.0M | ||
| Q1 24 | $800.5M | $233.9M |
| Q4 25 | $2.7B | $488.0M | ||
| Q3 25 | $2.7B | $453.3M | ||
| Q2 25 | $2.6B | $435.6M | ||
| Q1 25 | $2.5B | $424.6M | ||
| Q4 24 | $2.5B | $432.7M | ||
| Q3 24 | $2.4B | $390.4M | ||
| Q2 24 | $2.3B | $376.8M | ||
| Q1 24 | $2.3B | $356.7M |
| Q4 25 | 0.75× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $27.7M | $15.0M |
| Free Cash FlowOCF − Capex | $-36.0M | $12.8M |
| FCF MarginFCF / Revenue | -21.9% | 13.8% |
| Capex IntensityCapex / Revenue | 38.8% | 2.4% |
| Cash ConversionOCF / Net Profit | 0.96× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $15.0M | ||
| Q3 25 | $92.4M | $22.1M | ||
| Q2 25 | $64.6M | $8.2M | ||
| Q1 25 | $45.1M | $6.6M | ||
| Q4 24 | $64.5M | $22.2M | ||
| Q3 24 | $63.7M | $10.2M | ||
| Q2 24 | $24.7M | $18.5M | ||
| Q1 24 | $45.8M | $7.2M |
| Q4 25 | $-36.0M | $12.8M | ||
| Q3 25 | $37.7M | $19.5M | ||
| Q2 25 | $13.7M | $81.0K | ||
| Q1 25 | $-22.5M | $-7.6M | ||
| Q4 24 | $6.0M | $8.5M | ||
| Q3 24 | $-478.0K | $-9.2M | ||
| Q2 24 | $-37.0M | $1.8M | ||
| Q1 24 | $-1.7M | $-6.8M |
| Q4 25 | -21.9% | 13.8% | ||
| Q3 25 | 20.7% | 28.8% | ||
| Q2 25 | 8.4% | 0.1% | ||
| Q1 25 | -15.2% | -14.5% | ||
| Q4 24 | 4.2% | 11.2% | ||
| Q3 24 | -0.3% | -15.9% | ||
| Q2 24 | -23.8% | 3.4% | ||
| Q1 24 | -1.3% | -13.3% |
| Q4 25 | 38.8% | 2.4% | ||
| Q3 25 | 29.9% | 3.9% | ||
| Q2 25 | 31.2% | 12.9% | ||
| Q1 25 | 45.6% | 27.0% | ||
| Q4 24 | 40.9% | 18.3% | ||
| Q3 24 | 39.7% | 33.5% | ||
| Q2 24 | 39.8% | 31.8% | ||
| Q1 24 | 35.2% | 27.3% |
| Q4 25 | 0.96× | 0.65× | ||
| Q3 25 | 2.24× | 4.35× | ||
| Q2 25 | 1.92× | — | ||
| Q1 25 | 1.68× | — | ||
| Q4 24 | 2.27× | 1.12× | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | 0.78× | — | ||
| Q1 24 | 1.98× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AWR
| Water Service Utility Operations | $110.0M | 67% |
| Public Utilities Inventory Water | $22.3M | 14% |
| Wastewater | $15.9M | 10% |
| Electric Service Utility Operations | $15.2M | 9% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
