vs
Side-by-side financial comparison of BRANDYWINE REALTY TRUST (BDN) and Vericel Corp (VCEL). Click either name above to swap in a different company.
BRANDYWINE REALTY TRUST is the larger business by last-quarter revenue ($127.0M vs $92.9M, roughly 1.4× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -38.4%, a 63.4% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 4.5%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 0.7%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
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.
BDN vs VCEL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $127.0M | $92.9M |
| Net Profit | $-48.8M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | 1.2% | 24.1% |
| Net Margin | -38.4% | 25.0% |
| Revenue YoY | 4.5% | 23.3% |
| Net Profit YoY | -80.4% | 17.3% |
| EPS (diluted) | $-0.28 | $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 | $127.0M | — | ||
| Q4 25 | $121.0M | $92.9M | ||
| Q3 25 | $121.4M | $67.5M | ||
| Q2 25 | $120.6M | $63.2M | ||
| Q1 25 | $121.5M | $52.6M | ||
| Q4 24 | $121.9M | $75.4M | ||
| Q3 24 | $131.8M | $57.9M | ||
| Q2 24 | $125.3M | $52.7M |
| Q1 26 | $-48.8M | — | ||
| Q4 25 | $-36.7M | $23.2M | ||
| Q3 25 | $-25.9M | $5.1M | ||
| Q2 25 | $-88.7M | $-553.0K | ||
| Q1 25 | $-27.0M | $-11.2M | ||
| Q4 24 | $-44.5M | $19.8M | ||
| Q3 24 | $-165.2M | $-901.0K | ||
| Q2 24 | $30.2M | $-4.7M |
| Q1 26 | — | — | ||
| Q4 25 | 61.3% | 78.7% | ||
| Q3 25 | 62.6% | 73.5% | ||
| Q2 25 | 62.4% | 73.7% | ||
| Q1 25 | 60.8% | 69.0% | ||
| Q4 24 | 61.2% | 77.6% | ||
| Q3 24 | 64.9% | 71.9% | ||
| Q2 24 | 63.1% | 69.5% |
| Q1 26 | 1.2% | — | ||
| Q4 25 | 22.8% | 24.1% | ||
| Q3 25 | 20.8% | 5.1% | ||
| Q2 25 | -34.3% | -3.2% | ||
| Q1 25 | 12.5% | -24.3% | ||
| Q4 24 | 18.0% | 24.5% | ||
| Q3 24 | -7.2% | -4.3% | ||
| Q2 24 | 15.5% | -11.5% |
| Q1 26 | -38.4% | — | ||
| Q4 25 | -30.3% | 25.0% | ||
| Q3 25 | -21.3% | 7.5% | ||
| Q2 25 | -73.5% | -0.9% | ||
| Q1 25 | -22.2% | -21.4% | ||
| Q4 24 | -36.5% | 26.3% | ||
| Q3 24 | -125.4% | -1.6% | ||
| Q2 24 | 24.1% | -8.9% |
| Q1 26 | $-0.28 | — | ||
| Q4 25 | $-0.21 | $0.46 | ||
| Q3 25 | $-0.15 | $0.10 | ||
| Q2 25 | $-0.51 | $-0.01 | ||
| Q1 25 | $-0.16 | $-0.23 | ||
| Q4 24 | $-0.25 | $0.40 | ||
| Q3 24 | $-0.96 | $-0.02 | ||
| Q2 24 | $0.17 | $-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 | $36.2M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $354.6M |
| Total Assets | $3.6B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.2M | — | ||
| Q4 25 | $32.3M | $137.5M | ||
| Q3 25 | $75.5M | $135.4M | ||
| Q2 25 | $122.6M | $116.9M | ||
| Q1 25 | $29.4M | $112.9M | ||
| Q4 24 | $90.2M | $116.2M | ||
| Q3 24 | $36.5M | $101.7M | ||
| Q2 24 | $30.4M | $102.5M |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.2B | — |
| Q1 26 | — | — | ||
| Q4 25 | $792.7M | $354.6M | ||
| Q3 25 | $841.5M | $321.9M | ||
| Q2 25 | $879.8M | $306.8M | ||
| Q1 25 | $993.6M | $295.5M | ||
| Q4 24 | $1.0B | $292.0M | ||
| Q3 24 | $1.1B | $257.5M | ||
| Q2 24 | $1.3B | $243.0M |
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.6B | $488.0M | ||
| Q3 25 | $3.3B | $453.3M | ||
| Q2 25 | $3.4B | $435.6M | ||
| Q1 25 | $3.4B | $424.6M | ||
| Q4 24 | $3.5B | $432.7M | ||
| Q3 24 | $3.6B | $390.4M | ||
| Q2 24 | $3.8B | $376.8M |
| Q1 26 | — | — | ||
| Q4 25 | 3.23× | — | ||
| Q3 25 | 2.70× | — | ||
| Q2 25 | 2.63× | — | ||
| Q1 25 | 2.23× | — | ||
| Q4 24 | 2.13× | — | ||
| Q3 24 | 2.06× | — | ||
| Q2 24 | 1.73× | — |
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 | — | 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 | $116.7M | $15.0M | ||
| Q3 25 | $47.5M | $22.1M | ||
| Q2 25 | $34.4M | $8.2M | ||
| Q1 25 | $6.3M | $6.6M | ||
| Q4 24 | $181.1M | $22.2M | ||
| Q3 24 | $52.2M | $10.2M | ||
| Q2 24 | $48.2M | $18.5M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.60× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDN
| Rents | $120.7M | 95% |
| Third party management fees, labor reimbursement and leasing | $4.7M | 4% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
