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Side-by-side financial comparison of Doximity, Inc. (DOCS) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Doximity, Inc. is the larger business by last-quarter revenue ($185.1M vs $92.9M, roughly 2.0× Vericel Corp). Doximity, Inc. runs the higher net margin — 33.3% vs 25.0%, a 8.3% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 9.8%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 25.2%).
Doximity is an online networking service for medical professionals. Launched in 2010, the platform offers its members curated medical news, telehealth tools, and case collaboration.
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.
DOCS vs VCEL — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $185.1M | $92.9M |
| Net Profit | $61.6M | $23.2M |
| Gross Margin | 89.9% | 78.7% |
| Operating Margin | 38.9% | 24.1% |
| Net Margin | 33.3% | 25.0% |
| Revenue YoY | 9.8% | 23.3% |
| Net Profit YoY | -18.1% | 17.3% |
| EPS (diluted) | $0.31 | $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 | $185.1M | $92.9M | ||
| Q3 25 | $168.5M | $67.5M | ||
| Q2 25 | $145.9M | $63.2M | ||
| Q1 25 | $138.3M | $52.6M | ||
| Q4 24 | $168.6M | $75.4M | ||
| Q3 24 | $136.8M | $57.9M | ||
| Q2 24 | $126.7M | $52.7M | ||
| Q1 24 | $118.1M | $51.3M |
| Q4 25 | $61.6M | $23.2M | ||
| Q3 25 | $62.1M | $5.1M | ||
| Q2 25 | $53.3M | $-553.0K | ||
| Q1 25 | $62.5M | $-11.2M | ||
| Q4 24 | $75.2M | $19.8M | ||
| Q3 24 | $44.2M | $-901.0K | ||
| Q2 24 | $41.4M | $-4.7M | ||
| Q1 24 | $40.6M | $-3.9M |
| Q4 25 | 89.9% | 78.7% | ||
| Q3 25 | 90.3% | 73.5% | ||
| Q2 25 | 89.2% | 73.7% | ||
| Q1 25 | 89.5% | 69.0% | ||
| Q4 24 | 91.6% | 77.6% | ||
| Q3 24 | 90.0% | 71.9% | ||
| Q2 24 | 89.3% | 69.5% | ||
| Q1 24 | 89.4% | 68.9% |
| Q4 25 | 38.9% | 24.1% | ||
| Q3 25 | 37.8% | 5.1% | ||
| Q2 25 | 37.4% | -3.2% | ||
| Q1 25 | 35.2% | -24.3% | ||
| Q4 24 | 47.4% | 24.5% | ||
| Q3 24 | 38.8% | -4.3% | ||
| Q2 24 | 36.4% | -11.5% | ||
| Q1 24 | 35.5% | -10.7% |
| Q4 25 | 33.3% | 25.0% | ||
| Q3 25 | 36.8% | 7.5% | ||
| Q2 25 | 36.5% | -0.9% | ||
| Q1 25 | 45.2% | -21.4% | ||
| Q4 24 | 44.6% | 26.3% | ||
| Q3 24 | 32.3% | -1.6% | ||
| Q2 24 | 32.7% | -8.9% | ||
| Q1 24 | 34.4% | -7.5% |
| Q4 25 | $0.31 | $0.46 | ||
| Q3 25 | $0.31 | $0.10 | ||
| Q2 25 | $0.27 | $-0.01 | ||
| Q1 25 | $0.31 | $-0.23 | ||
| Q4 24 | $0.37 | $0.40 | ||
| Q3 24 | $0.22 | $-0.02 | ||
| Q2 24 | $0.21 | $-0.10 | ||
| Q1 24 | $0.20 | $-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 | $64.8M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $979.3M | $354.6M |
| Total Assets | $1.2B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $64.8M | $137.5M | ||
| Q3 25 | $169.2M | $135.4M | ||
| Q2 25 | $137.3M | $116.9M | ||
| Q1 25 | $209.6M | $112.9M | ||
| Q4 24 | $165.3M | $116.2M | ||
| Q3 24 | $184.2M | $101.7M | ||
| Q2 24 | $111.4M | $102.5M | ||
| Q1 24 | $96.8M | $110.6M |
| Q4 25 | $979.3M | $354.6M | ||
| Q3 25 | $1.1B | $321.9M | ||
| Q2 25 | $1.0B | $306.8M | ||
| Q1 25 | $1.1B | $295.5M | ||
| Q4 24 | $1.0B | $292.0M | ||
| Q3 24 | $961.2M | $257.5M | ||
| Q2 24 | $913.6M | $243.0M | ||
| Q1 24 | $901.4M | $233.9M |
| Q4 25 | $1.2B | $488.0M | ||
| Q3 25 | $1.3B | $453.3M | ||
| Q2 25 | $1.2B | $435.6M | ||
| Q1 25 | $1.3B | $424.6M | ||
| Q4 24 | $1.2B | $432.7M | ||
| Q3 24 | $1.1B | $390.4M | ||
| Q2 24 | $1.1B | $376.8M | ||
| Q1 24 | $1.1B | $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 | $60.9M | $15.0M |
| Free Cash FlowOCF − Capex | — | $12.8M |
| FCF MarginFCF / Revenue | — | 13.8% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | 0.99× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.9M | $15.0M | ||
| Q3 25 | $93.9M | $22.1M | ||
| Q2 25 | $62.1M | $8.2M | ||
| Q1 25 | $98.5M | $6.6M | ||
| Q4 24 | $65.2M | $22.2M | ||
| Q3 24 | $68.3M | $10.2M | ||
| Q2 24 | $41.2M | $18.5M | ||
| Q1 24 | $63.9M | $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 | 0.0% | 27.0% | ||
| Q4 24 | 0.0% | 18.3% | ||
| Q3 24 | 0.0% | 33.5% | ||
| Q2 24 | 0.0% | 31.8% | ||
| Q1 24 | 0.0% | 27.3% |
| Q4 25 | 0.99× | 0.65× | ||
| Q3 25 | 1.51× | 4.35× | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 1.58× | — | ||
| Q4 24 | 0.87× | 1.12× | ||
| Q3 24 | 1.55× | — | ||
| Q2 24 | 1.00× | — | ||
| Q1 24 | 1.57× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DOCS
| Subscription | $175.4M | 95% |
| Service Other | $9.7M | 5% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
