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Side-by-side financial comparison of PATHWARD FINANCIAL, INC. (CASH) and Vericel Corp (VCEL). Click either name above to swap in a different company.
PATHWARD FINANCIAL, INC. is the larger business by last-quarter revenue ($276.3M vs $92.9M, roughly 3.0× Vericel Corp). PATHWARD FINANCIAL, INC. runs the higher net margin — 26.4% vs 25.0%, a 1.4% gap on every dollar of revenue. Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 21.0%).
Pathward Financial, Inc. is a U.S.-based banking and financial services company. It adopted its current name in 2022 after its parent, Meta Financial Group, sold the "Meta" trademark to Meta Platforms.
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.
CASH vs VCEL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $276.3M | $92.9M |
| Net Profit | $72.9M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | — | 24.1% |
| Net Margin | 26.4% | 25.0% |
| Revenue YoY | — | 23.3% |
| Net Profit YoY | — | 17.3% |
| EPS (diluted) | $3.35 | $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 | $276.3M | — | ||
| Q4 25 | $173.1M | $92.9M | ||
| Q3 25 | $186.7M | $67.5M | ||
| Q2 25 | $195.8M | $63.2M | ||
| Q1 25 | $274.8M | $52.6M | ||
| Q4 24 | $182.6M | $75.4M | ||
| Q3 24 | $179.5M | $57.9M | ||
| Q2 24 | $188.6M | $52.7M |
| Q1 26 | $72.9M | — | ||
| Q4 25 | $35.2M | $23.2M | ||
| Q3 25 | $38.8M | $5.1M | ||
| Q2 25 | $42.1M | $-553.0K | ||
| Q1 25 | $75.0M | $-11.2M | ||
| Q4 24 | $30.0M | $19.8M | ||
| Q3 24 | $33.5M | $-901.0K | ||
| Q2 24 | $44.9M | $-4.7M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 24.6% | 24.1% | ||
| Q3 25 | 25.9% | 5.1% | ||
| Q2 25 | 24.1% | -3.2% | ||
| Q1 25 | 33.2% | -24.3% | ||
| Q4 24 | 19.8% | 24.5% | ||
| Q3 24 | 20.9% | -4.3% | ||
| Q2 24 | 27.1% | -11.5% |
| Q1 26 | 26.4% | — | ||
| Q4 25 | 20.3% | 25.0% | ||
| Q3 25 | 20.8% | 7.5% | ||
| Q2 25 | 21.5% | -0.9% | ||
| Q1 25 | 27.3% | -21.4% | ||
| Q4 24 | 16.4% | 26.3% | ||
| Q3 24 | 18.7% | -1.6% | ||
| Q2 24 | 23.8% | -8.9% |
| Q1 26 | $3.35 | — | ||
| Q4 25 | $1.57 | $0.46 | ||
| Q3 25 | $1.69 | $0.10 | ||
| Q2 25 | $1.81 | $-0.01 | ||
| Q1 25 | $3.14 | $-0.23 | ||
| Q4 24 | $1.23 | $0.40 | ||
| Q3 24 | $1.34 | $-0.02 | ||
| Q2 24 | $1.78 | $-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 | $157.6M | $137.5M |
| Total DebtLower is stronger | $59.5M | — |
| Stockholders' EquityBook value | $850.7M | $354.6M |
| Total Assets | $7.1B | $488.0M |
| Debt / EquityLower = less leverage | 0.07× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $157.6M | — | ||
| Q4 25 | $331.2M | $137.5M | ||
| Q3 25 | $120.6M | $135.4M | ||
| Q2 25 | $258.3M | $116.9M | ||
| Q1 25 | $254.2M | $112.9M | ||
| Q4 24 | $597.4M | $116.2M | ||
| Q3 24 | $158.3M | $101.7M | ||
| Q2 24 | $298.9M | $102.5M |
| Q1 26 | $59.5M | — | ||
| Q4 25 | $33.5M | — | ||
| Q3 25 | $33.5M | — | ||
| Q2 25 | $33.4M | — | ||
| Q1 25 | $33.4M | — | ||
| Q4 24 | $33.4M | — | ||
| Q3 24 | $33.4M | — | ||
| Q2 24 | $33.3M | — |
| Q1 26 | $850.7M | — | ||
| Q4 25 | $854.5M | $354.6M | ||
| Q3 25 | $858.0M | $321.9M | ||
| Q2 25 | $819.0M | $306.8M | ||
| Q1 25 | $814.7M | $295.5M | ||
| Q4 24 | $758.3M | $292.0M | ||
| Q3 24 | $822.5M | $257.5M | ||
| Q2 24 | $748.4M | $243.0M |
| Q1 26 | $7.1B | — | ||
| Q4 25 | $7.6B | $488.0M | ||
| Q3 25 | $7.2B | $453.3M | ||
| Q2 25 | $7.2B | $435.6M | ||
| Q1 25 | $7.0B | $424.6M | ||
| Q4 24 | $7.6B | $432.7M | ||
| Q3 24 | $7.5B | $390.4M | ||
| Q2 24 | $7.5B | $376.8M |
| Q1 26 | 0.07× | — | ||
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.04× | — | ||
| Q2 25 | 0.04× | — | ||
| Q1 25 | 0.04× | — | ||
| Q4 24 | 0.04× | — | ||
| Q3 24 | 0.04× | — | ||
| Q2 24 | 0.04× | — |
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 | $108.3M | $15.0M | ||
| Q3 25 | $303.7M | $22.1M | ||
| Q2 25 | $30.4M | $8.2M | ||
| Q1 25 | $188.3M | $6.6M | ||
| Q4 24 | $-71.7M | $22.2M | ||
| Q3 24 | $143.1M | $10.2M | ||
| Q2 24 | $113.2M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | $104.1M | $12.8M | ||
| Q3 25 | $300.3M | $19.5M | ||
| Q2 25 | $27.7M | $81.0K | ||
| Q1 25 | $184.7M | $-7.6M | ||
| Q4 24 | $-73.8M | $8.5M | ||
| Q3 24 | $138.8M | $-9.2M | ||
| Q2 24 | $111.0M | $1.8M |
| Q1 26 | — | — | ||
| Q4 25 | 60.1% | 13.8% | ||
| Q3 25 | 160.9% | 28.8% | ||
| Q2 25 | 14.1% | 0.1% | ||
| Q1 25 | 67.2% | -14.5% | ||
| Q4 24 | -40.4% | 11.2% | ||
| Q3 24 | 77.3% | -15.9% | ||
| Q2 24 | 58.8% | 3.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | 2.4% | ||
| Q3 25 | 1.8% | 3.9% | ||
| Q2 25 | 1.4% | 12.9% | ||
| Q1 25 | 1.3% | 27.0% | ||
| Q4 24 | 1.1% | 18.3% | ||
| Q3 24 | 2.4% | 33.5% | ||
| Q2 24 | 1.2% | 31.8% |
| Q1 26 | — | — | ||
| Q4 25 | 3.08× | 0.65× | ||
| Q3 25 | 7.83× | 4.35× | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 2.51× | — | ||
| Q4 24 | -2.39× | 1.12× | ||
| Q3 24 | 4.27× | — | ||
| Q2 24 | 2.52× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CASH
| Noninterest Income | $151.2M | 55% |
| Net Interest Income | $125.1M | 45% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
