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Side-by-side financial comparison of Claros Mortgage Trust, Inc. (CMTG) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Vericel Corp is the larger business by last-quarter revenue ($92.9M vs $46.7M, roughly 2.0× Claros Mortgage Trust, Inc.). Vericel Corp runs the higher net margin — 25.0% vs -468.9%, a 493.9% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -22.4%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs -10.9%).
Claros Mortgage Trust, Inc. is a U.S.-based real estate investment trust that invests in diversified mortgage-related assets, including residential and commercial mortgage loans and mortgage-backed securities. It pursues stable, risk-adjusted long-term returns for shareholders via rigorous asset evaluation and active portfolio management.
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.
CMTG vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $46.7M | $92.9M |
| Net Profit | $-219.2M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | — | 24.1% |
| Net Margin | -468.9% | 25.0% |
| Revenue YoY | -22.4% | 23.3% |
| Net Profit YoY | -117.7% | 17.3% |
| EPS (diluted) | $-1.56 | $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 | $46.7M | $92.9M | ||
| Q3 25 | $46.1M | $67.5M | ||
| Q2 25 | $51.6M | $63.2M | ||
| Q1 25 | $43.4M | $52.6M | ||
| Q4 24 | $60.2M | $75.4M | ||
| Q3 24 | $64.9M | $57.9M | ||
| Q2 24 | $64.5M | $52.7M | ||
| Q1 24 | $58.8M | $51.3M |
| Q4 25 | $-219.2M | $23.2M | ||
| Q3 25 | $-9.5M | $5.1M | ||
| Q2 25 | $-181.7M | $-553.0K | ||
| Q1 25 | $-78.6M | $-11.2M | ||
| Q4 24 | $-100.7M | $19.8M | ||
| Q3 24 | $-56.2M | $-901.0K | ||
| Q2 24 | $-11.6M | $-4.7M | ||
| Q1 24 | $-52.8M | $-3.9M |
| 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 24 | — | 68.9% |
| Q4 25 | — | 24.1% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | — | -3.2% | ||
| Q1 25 | — | -24.3% | ||
| Q4 24 | — | 24.5% | ||
| Q3 24 | — | -4.3% | ||
| Q2 24 | — | -11.5% | ||
| Q1 24 | — | -10.7% |
| Q4 25 | -468.9% | 25.0% | ||
| Q3 25 | -20.7% | 7.5% | ||
| Q2 25 | -351.9% | -0.9% | ||
| Q1 25 | -181.3% | -21.4% | ||
| Q4 24 | -167.2% | 26.3% | ||
| Q3 24 | -86.7% | -1.6% | ||
| Q2 24 | -17.9% | -8.9% | ||
| Q1 24 | -89.7% | -7.5% |
| Q4 25 | $-1.56 | $0.46 | ||
| Q3 25 | $-0.07 | $0.10 | ||
| Q2 25 | $-1.30 | $-0.01 | ||
| Q1 25 | $-0.56 | $-0.23 | ||
| Q4 24 | $-0.72 | $0.40 | ||
| Q3 24 | $-0.40 | $-0.02 | ||
| Q2 24 | $-0.09 | $-0.10 | ||
| Q1 24 | $-0.39 | $-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 | $173.2M | $137.5M |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $1.5B | $354.6M |
| Total Assets | $4.7B | $488.0M |
| Debt / EquityLower = less leverage | 2.06× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.2M | $137.5M | ||
| Q3 25 | $339.5M | $135.4M | ||
| Q2 25 | $209.2M | $116.9M | ||
| Q1 25 | $127.8M | $112.9M | ||
| Q4 24 | $99.1M | $116.2M | ||
| Q3 24 | $113.9M | $101.7M | ||
| Q2 24 | $148.2M | $102.5M | ||
| Q1 24 | $232.5M | $110.6M |
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $4.7B | — | ||
| Q4 24 | $4.9B | — | ||
| Q3 24 | $5.1B | — | ||
| Q2 24 | $5.3B | — | ||
| Q1 24 | $5.5B | — |
| Q4 25 | $1.5B | $354.6M | ||
| Q3 25 | $1.7B | $321.9M | ||
| Q2 25 | $1.8B | $306.8M | ||
| Q1 25 | $1.9B | $295.5M | ||
| Q4 24 | $2.0B | $292.0M | ||
| Q3 24 | $2.1B | $257.5M | ||
| Q2 24 | $2.2B | $243.0M | ||
| Q1 24 | $2.2B | $233.9M |
| Q4 25 | $4.7B | $488.0M | ||
| Q3 25 | $5.4B | $453.3M | ||
| Q2 25 | $5.8B | $435.6M | ||
| Q1 25 | $6.7B | $424.6M | ||
| Q4 24 | $7.0B | $432.7M | ||
| Q3 24 | $7.3B | $390.4M | ||
| Q2 24 | $7.6B | $376.8M | ||
| Q1 24 | $7.8B | $356.7M |
| Q4 25 | 2.06× | — | ||
| Q3 25 | 2.09× | — | ||
| Q2 25 | 2.29× | — | ||
| Q1 25 | 2.42× | — | ||
| Q4 24 | 2.44× | — | ||
| Q3 24 | 2.44× | — | ||
| Q2 24 | 2.46× | — | ||
| Q1 24 | 2.47× | — |
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 | $-30.5M | $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.
| Q4 25 | $-30.5M | $15.0M | ||
| Q3 25 | $8.8M | $22.1M | ||
| Q2 25 | $-5.8M | $8.2M | ||
| Q1 25 | $-35.8M | $6.6M | ||
| Q4 24 | $84.5M | $22.2M | ||
| Q3 24 | $39.2M | $10.2M | ||
| Q2 24 | $5.5M | $18.5M | ||
| Q1 24 | $21.5M | $7.2M |
| 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 24 | — | $-6.8M |
| 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 24 | — | -13.3% |
| 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 24 | — | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| 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
CMTG
| Real Estate Owned Portfolio | $34.2M | 73% |
| Other | $11.1M | 24% |
| Mixed Use Property Fixed Rents | $1.4M | 3% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
