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Side-by-side financial comparison of BLACKBERRY Ltd (BB) and Vericel Corp (VCEL). Click either name above to swap in a different company.
BLACKBERRY Ltd is the larger business by last-quarter revenue ($141.8M vs $92.9M, roughly 1.5× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs 9.7%, a 15.4% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -0.8%). BLACKBERRY Ltd produced more free cash flow last quarter ($17.4M vs $12.8M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 17.8%).
BlackBerry Limited, formerly Research In Motion (RIM), is a Canadian software company specializing in secure communications and the Internet of Things (IoT). Founded in 1984, it developed the BlackBerry brand of two-way pagers, smartphones, and tablets. The company later transitioned to providing software and services and holds critical software application patents.
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.
BB vs VCEL — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $141.8M | $92.9M |
| Net Profit | $13.7M | $23.2M |
| Gross Margin | 77.5% | 78.7% |
| Operating Margin | 8.4% | 24.1% |
| Net Margin | 9.7% | 25.0% |
| Revenue YoY | -0.8% | 23.3% |
| Net Profit YoY | 224.5% | 17.3% |
| EPS (diluted) | $0.02 | $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 | $141.8M | $92.9M | ||
| Q3 25 | $129.6M | $67.5M | ||
| Q2 25 | $121.7M | $63.2M | ||
| Q1 25 | $141.7M | $52.6M | ||
| Q4 24 | $143.6M | $75.4M | ||
| Q3 24 | $126.2M | $57.9M | ||
| Q2 24 | $123.4M | $52.7M | ||
| Q1 24 | $102.1M | $51.3M |
| Q4 25 | $13.7M | $23.2M | ||
| Q3 25 | $13.3M | $5.1M | ||
| Q2 25 | $1.9M | $-553.0K | ||
| Q1 25 | $-7.4M | $-11.2M | ||
| Q4 24 | $-10.5M | $19.8M | ||
| Q3 24 | $-19.7M | $-901.0K | ||
| Q2 24 | $-41.4M | $-4.7M | ||
| Q1 24 | $-56.2M | $-3.9M |
| Q4 25 | 77.5% | 78.7% | ||
| Q3 25 | 74.5% | 73.5% | ||
| Q2 25 | 74.2% | 73.7% | ||
| Q1 25 | 73.5% | 69.0% | ||
| Q4 24 | 78.1% | 77.6% | ||
| Q3 24 | 70.2% | 71.9% | ||
| Q2 24 | 72.9% | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | 8.4% | 24.1% | ||
| Q3 25 | 8.9% | 5.1% | ||
| Q2 25 | 1.6% | -3.2% | ||
| Q1 25 | -5.6% | -24.3% | ||
| Q4 24 | 13.6% | 24.5% | ||
| Q3 24 | 1.7% | -4.3% | ||
| Q2 24 | -10.5% | -11.5% | ||
| Q1 24 | 50.0% | -10.7% |
| Q4 25 | 9.7% | 25.0% | ||
| Q3 25 | 10.3% | 7.5% | ||
| Q2 25 | 1.6% | -0.9% | ||
| Q1 25 | -5.2% | -21.4% | ||
| Q4 24 | -7.3% | 26.3% | ||
| Q3 24 | -15.6% | -1.6% | ||
| Q2 24 | -33.5% | -8.9% | ||
| Q1 24 | -55.0% | -7.5% |
| Q4 25 | $0.02 | $0.46 | ||
| Q3 25 | $0.02 | $0.10 | ||
| Q2 25 | $0.00 | $-0.01 | ||
| Q1 25 | $-0.01 | $-0.23 | ||
| Q4 24 | $-0.02 | $0.40 | ||
| Q3 24 | $-0.03 | $-0.02 | ||
| Q2 24 | $-0.07 | $-0.10 | ||
| Q1 24 | $-0.08 | $-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 | $304.2M | $137.5M |
| Total DebtLower is stronger | $196.2M | — |
| Stockholders' EquityBook value | $741.1M | $354.6M |
| Total Assets | $1.2B | $488.0M |
| Debt / EquityLower = less leverage | 0.26× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $304.2M | $137.5M | ||
| Q3 25 | $290.5M | $135.4M | ||
| Q2 25 | $306.6M | $116.9M | ||
| Q1 25 | $337.8M | $112.9M | ||
| Q4 24 | $220.0M | $116.2M | ||
| Q3 24 | $211.0M | $101.7M | ||
| Q2 24 | $229.0M | $102.5M | ||
| Q1 24 | $237.1M | $110.6M |
| Q4 25 | $196.2M | — | ||
| Q3 25 | $195.9M | — | ||
| Q2 25 | $195.6M | — | ||
| Q1 25 | $195.3M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $194.1M | — |
| Q4 25 | $741.1M | $354.6M | ||
| Q3 25 | $725.1M | $321.9M | ||
| Q2 25 | $725.1M | $306.8M | ||
| Q1 25 | $719.9M | $295.5M | ||
| Q4 24 | $725.2M | $292.0M | ||
| Q3 24 | $732.1M | $257.5M | ||
| Q2 24 | $742.6M | $243.0M | ||
| Q1 24 | $775.1M | $233.9M |
| Q4 25 | $1.2B | $488.0M | ||
| Q3 25 | $1.2B | $453.3M | ||
| Q2 25 | $1.2B | $435.6M | ||
| Q1 25 | $1.3B | $424.6M | ||
| Q4 24 | $1.3B | $432.7M | ||
| Q3 24 | $1.3B | $390.4M | ||
| Q2 24 | $1.3B | $376.8M | ||
| Q1 24 | $1.4B | $356.7M |
| Q4 25 | 0.26× | — | ||
| Q3 25 | 0.27× | — | ||
| Q2 25 | 0.27× | — | ||
| Q1 25 | 0.27× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.25× | — |
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 | $18.3M | $15.0M |
| Free Cash FlowOCF − Capex | $17.4M | $12.8M |
| FCF MarginFCF / Revenue | 12.3% | 13.8% |
| Capex IntensityCapex / Revenue | 0.6% | 2.4% |
| Cash ConversionOCF / Net Profit | 1.34× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $42.8M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.3M | $15.0M | ||
| Q3 25 | $3.9M | $22.1M | ||
| Q2 25 | $-18.0M | $8.2M | ||
| Q1 25 | $41.6M | $6.6M | ||
| Q4 24 | $6.0M | $22.2M | ||
| Q3 24 | $-16.0M | $10.2M | ||
| Q2 24 | $-15.1M | $18.5M | ||
| Q1 24 | $-15.5M | $7.2M |
| Q4 25 | $17.4M | $12.8M | ||
| Q3 25 | $3.1M | $19.5M | ||
| Q2 25 | $-18.9M | $81.0K | ||
| Q1 25 | $41.2M | $-7.6M | ||
| Q4 24 | $5.2M | $8.5M | ||
| Q3 24 | $-16.5M | $-9.2M | ||
| Q2 24 | $-16.5M | $1.8M | ||
| Q1 24 | $-17.6M | $-6.8M |
| Q4 25 | 12.3% | 13.8% | ||
| Q3 25 | 2.4% | 28.8% | ||
| Q2 25 | -15.5% | 0.1% | ||
| Q1 25 | 29.1% | -14.5% | ||
| Q4 24 | 3.6% | 11.2% | ||
| Q3 24 | -13.1% | -15.9% | ||
| Q2 24 | -13.4% | 3.4% | ||
| Q1 24 | -17.2% | -13.3% |
| Q4 25 | 0.6% | 2.4% | ||
| Q3 25 | 0.6% | 3.9% | ||
| Q2 25 | 0.7% | 12.9% | ||
| Q1 25 | 0.3% | 27.0% | ||
| Q4 24 | 0.6% | 18.3% | ||
| Q3 24 | 0.4% | 33.5% | ||
| Q2 24 | 1.1% | 31.8% | ||
| Q1 24 | 2.1% | 27.3% |
| Q4 25 | 1.34× | 0.65× | ||
| Q3 25 | 0.29× | 4.35× | ||
| Q2 25 | -9.47× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BB
| QNX | $68.7M | 48% |
| Secure Communication | $67.0M | 47% |
| Licensing | $6.1M | 4% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
