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Side-by-side financial comparison of BLACKLINE, INC. (BL) and Vericel Corp (VCEL). Click either name above to swap in a different company.
BLACKLINE, INC. is the larger business by last-quarter revenue ($183.2M vs $92.9M, roughly 2.0× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs 2.7%, a 22.3% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 8.1%). BLACKLINE, INC. produced more free cash flow last quarter ($26.1M vs $12.8M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 7.9%).
BlackLine Systems, Inc., is an American enterprise software company that develops cloud-based services designed to automate and manage the entire financial close process as well as consolidation, invoice-to-cash, and intercompany accounting. The Los Angeles–based company has 17 offices worldwide.
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.
BL vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $92.9M |
| Net Profit | $4.9M | $23.2M |
| Gross Margin | 75.2% | 78.7% |
| Operating Margin | 3.7% | 24.1% |
| Net Margin | 2.7% | 25.0% |
| Revenue YoY | 8.1% | 23.3% |
| Net Profit YoY | -91.3% | 17.3% |
| EPS (diluted) | $0.07 | $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 | $183.2M | $92.9M | ||
| Q3 25 | $178.3M | $67.5M | ||
| Q2 25 | $172.0M | $63.2M | ||
| Q1 25 | $166.9M | $52.6M | ||
| Q4 24 | $169.5M | $75.4M | ||
| Q3 24 | $165.9M | $57.9M | ||
| Q2 24 | $160.5M | $52.7M | ||
| Q1 24 | $157.5M | $51.3M |
| Q4 25 | $4.9M | $23.2M | ||
| Q3 25 | $5.3M | $5.1M | ||
| Q2 25 | $8.3M | $-553.0K | ||
| Q1 25 | $6.1M | $-11.2M | ||
| Q4 24 | $56.4M | $19.8M | ||
| Q3 24 | $17.2M | $-901.0K | ||
| Q2 24 | $76.7M | $-4.7M | ||
| Q1 24 | $10.8M | $-3.9M |
| Q4 25 | 75.2% | 78.7% | ||
| Q3 25 | 75.1% | 73.5% | ||
| Q2 25 | 75.2% | 73.7% | ||
| Q1 25 | 75.5% | 69.0% | ||
| Q4 24 | 75.6% | 77.6% | ||
| Q3 24 | 75.2% | 71.9% | ||
| Q2 24 | 74.9% | 69.5% | ||
| Q1 24 | 75.2% | 68.9% |
| Q4 25 | 3.7% | 24.1% | ||
| Q3 25 | 4.3% | 5.1% | ||
| Q2 25 | 4.4% | -3.2% | ||
| Q1 25 | 2.1% | -24.3% | ||
| Q4 24 | 3.7% | 24.5% | ||
| Q3 24 | 5.0% | -4.3% | ||
| Q2 24 | 1.4% | -11.5% | ||
| Q1 24 | 1.1% | -10.7% |
| Q4 25 | 2.7% | 25.0% | ||
| Q3 25 | 3.0% | 7.5% | ||
| Q2 25 | 4.8% | -0.9% | ||
| Q1 25 | 3.6% | -21.4% | ||
| Q4 24 | 33.3% | 26.3% | ||
| Q3 24 | 10.4% | -1.6% | ||
| Q2 24 | 47.8% | -8.9% | ||
| Q1 24 | 6.9% | -7.5% |
| Q4 25 | $0.07 | $0.46 | ||
| Q3 25 | $0.09 | $0.10 | ||
| Q2 25 | $0.13 | $-0.01 | ||
| Q1 25 | $0.10 | $-0.23 | ||
| Q4 24 | $0.79 | $0.40 | ||
| Q3 24 | $0.27 | $-0.02 | ||
| Q2 24 | $0.22 | $-0.10 | ||
| Q1 24 | $0.17 | $-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 | $390.0M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $332.3M | $354.6M |
| Total Assets | $1.8B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | $137.5M | ||
| Q3 25 | $419.9M | $135.4M | ||
| Q2 25 | $459.1M | $116.9M | ||
| Q1 25 | $479.5M | $112.9M | ||
| Q4 24 | $885.9M | $116.2M | ||
| Q3 24 | $725.3M | $101.7M | ||
| Q2 24 | $616.6M | $102.5M | ||
| Q1 24 | $331.4M | $110.6M |
| Q4 25 | $332.3M | $354.6M | ||
| Q3 25 | $328.3M | $321.9M | ||
| Q2 25 | $414.0M | $306.8M | ||
| Q1 25 | $417.9M | $295.5M | ||
| Q4 24 | $446.7M | $292.0M | ||
| Q3 24 | $367.9M | $257.5M | ||
| Q2 24 | $325.8M | $243.0M | ||
| Q1 24 | $279.8M | $233.9M |
| Q4 25 | $1.8B | $488.0M | ||
| Q3 25 | $1.7B | $453.3M | ||
| Q2 25 | $1.8B | $435.6M | ||
| Q1 25 | $1.8B | $424.6M | ||
| Q4 24 | $1.8B | $432.7M | ||
| Q3 24 | $1.7B | $390.4M | ||
| Q2 24 | $1.9B | $376.8M | ||
| Q1 24 | $2.1B | $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 | $26.7M | $15.0M |
| Free Cash FlowOCF − Capex | $26.1M | $12.8M |
| FCF MarginFCF / Revenue | 14.2% | 13.8% |
| Capex IntensityCapex / Revenue | 0.3% | 2.4% |
| Cash ConversionOCF / Net Profit | 5.46× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $15.0M | ||
| Q3 25 | $63.8M | $22.1M | ||
| Q2 25 | $32.3M | $8.2M | ||
| Q1 25 | $46.7M | $6.6M | ||
| Q4 24 | $43.8M | $22.2M | ||
| Q3 24 | $55.9M | $10.2M | ||
| Q2 24 | $40.7M | $18.5M | ||
| Q1 24 | $50.4M | $7.2M |
| Q4 25 | $26.1M | $12.8M | ||
| Q3 25 | $63.3M | $19.5M | ||
| Q2 25 | $31.4M | $81.0K | ||
| Q1 25 | $40.8M | $-7.6M | ||
| Q4 24 | $43.0M | $8.5M | ||
| Q3 24 | $55.5M | $-9.2M | ||
| Q2 24 | $40.0M | $1.8M | ||
| Q1 24 | $50.1M | $-6.8M |
| Q4 25 | 14.2% | 13.8% | ||
| Q3 25 | 35.5% | 28.8% | ||
| Q2 25 | 18.2% | 0.1% | ||
| Q1 25 | 24.4% | -14.5% | ||
| Q4 24 | 25.4% | 11.2% | ||
| Q3 24 | 33.5% | -15.9% | ||
| Q2 24 | 24.9% | 3.4% | ||
| Q1 24 | 31.8% | -13.3% |
| Q4 25 | 0.3% | 2.4% | ||
| Q3 25 | 0.3% | 3.9% | ||
| Q2 25 | 0.6% | 12.9% | ||
| Q1 25 | 3.6% | 27.0% | ||
| Q4 24 | 0.4% | 18.3% | ||
| Q3 24 | 0.2% | 33.5% | ||
| Q2 24 | 0.4% | 31.8% | ||
| Q1 24 | 0.2% | 27.3% |
| Q4 25 | 5.46× | 0.65× | ||
| Q3 25 | 12.07× | 4.35× | ||
| Q2 25 | 3.90× | — | ||
| Q1 25 | 7.72× | — | ||
| Q4 24 | 0.78× | 1.12× | ||
| Q3 24 | 3.24× | — | ||
| Q2 24 | 0.53× | — | ||
| Q1 24 | 4.66× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
