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Side-by-side financial comparison of Emerald Holding, Inc. (EEX) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Emerald Holding, Inc. is the larger business by last-quarter revenue ($132.7M vs $92.9M, roughly 1.4× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -22.8%, a 47.8% gap on every dollar of revenue. On growth, Emerald Holding, Inc. posted the faster year-over-year revenue change (24.3% vs 23.3%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $11.7M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs -0.3%).
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
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.
EEX vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $132.7M | $92.9M |
| Net Profit | $-30.2M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | -11.8% | 24.1% |
| Net Margin | -22.8% | 25.0% |
| Revenue YoY | 24.3% | 23.3% |
| Net Profit YoY | -692.2% | 17.3% |
| EPS (diluted) | $-0.15 | $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 | $132.7M | $92.9M | ||
| Q3 25 | $77.5M | $67.5M | ||
| Q2 25 | $105.5M | $63.2M | ||
| Q1 25 | $147.7M | $52.6M | ||
| Q4 24 | $106.8M | $75.4M | ||
| Q3 24 | $72.6M | $57.9M | ||
| Q2 24 | $86.0M | $52.7M | ||
| Q1 24 | $133.4M | $51.3M |
| Q4 25 | $-30.2M | $23.2M | ||
| Q3 25 | $-14.4M | $5.1M | ||
| Q2 25 | $-1.4M | $-553.0K | ||
| Q1 25 | $15.3M | $-11.2M | ||
| Q4 24 | $5.1M | $19.8M | ||
| Q3 24 | $-11.1M | $-901.0K | ||
| Q2 24 | $-2.8M | $-4.7M | ||
| Q1 24 | $11.0M | $-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 | -11.8% | 24.1% | ||
| Q3 25 | -10.1% | 5.1% | ||
| Q2 25 | 9.7% | -3.2% | ||
| Q1 25 | 24.2% | -24.3% | ||
| Q4 24 | 19.5% | 24.5% | ||
| Q3 24 | -6.5% | -4.3% | ||
| Q2 24 | 7.4% | -11.5% | ||
| Q1 24 | 18.2% | -10.7% |
| Q4 25 | -22.8% | 25.0% | ||
| Q3 25 | -18.6% | 7.5% | ||
| Q2 25 | -1.3% | -0.9% | ||
| Q1 25 | 10.4% | -21.4% | ||
| Q4 24 | 4.8% | 26.3% | ||
| Q3 24 | -15.3% | -1.6% | ||
| Q2 24 | -3.3% | -8.9% | ||
| Q1 24 | 8.2% | -7.5% |
| Q4 25 | $-0.15 | $0.46 | ||
| Q3 25 | $-0.07 | $0.10 | ||
| Q2 25 | $-0.01 | $-0.01 | ||
| Q1 25 | $0.08 | $-0.23 | ||
| Q4 24 | $0.01 | $0.40 | ||
| Q3 24 | $-0.05 | $-0.02 | ||
| Q2 24 | $-0.03 | $-0.10 | ||
| Q1 24 | $0.00 | $-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 | $100.9M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $338.8M | $354.6M |
| Total Assets | $1.2B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.9M | $137.5M | ||
| Q3 25 | $95.4M | $135.4M | ||
| Q2 25 | $156.4M | $116.9M | ||
| Q1 25 | $276.8M | $112.9M | ||
| Q4 24 | $194.8M | $116.2M | ||
| Q3 24 | $188.9M | $101.7M | ||
| Q2 24 | $193.2M | $102.5M | ||
| Q1 24 | $186.8M | $110.6M |
| Q4 25 | $338.8M | $354.6M | ||
| Q3 25 | $369.5M | $321.9M | ||
| Q2 25 | $389.4M | $306.8M | ||
| Q1 25 | $392.1M | $295.5M | ||
| Q4 24 | $385.9M | $292.0M | ||
| Q3 24 | $391.1M | $257.5M | ||
| Q2 24 | $407.6M | $243.0M | ||
| Q1 24 | $-90.7M | $233.9M |
| Q4 25 | $1.2B | $488.0M | ||
| Q3 25 | $1.2B | $453.3M | ||
| Q2 25 | $1.2B | $435.6M | ||
| Q1 25 | $1.2B | $424.6M | ||
| Q4 24 | $1.0B | $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 | $12.3M | $15.0M |
| Free Cash FlowOCF − Capex | $11.7M | $12.8M |
| FCF MarginFCF / Revenue | 8.8% | 13.8% |
| Capex IntensityCapex / Revenue | 0.5% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $41.4M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.3M | $15.0M | ||
| Q3 25 | $1.8M | $22.1M | ||
| Q2 25 | $15.9M | $8.2M | ||
| Q1 25 | $12.6M | $6.6M | ||
| Q4 24 | $20.6M | $22.2M | ||
| Q3 24 | $9.1M | $10.2M | ||
| Q2 24 | $9.8M | $18.5M | ||
| Q1 24 | $7.3M | $7.2M |
| Q4 25 | $11.7M | $12.8M | ||
| Q3 25 | $1.5M | $19.5M | ||
| Q2 25 | $15.8M | $81.0K | ||
| Q1 25 | $12.4M | $-7.6M | ||
| Q4 24 | $19.9M | $8.5M | ||
| Q3 24 | $9.0M | $-9.2M | ||
| Q2 24 | $9.6M | $1.8M | ||
| Q1 24 | $7.0M | $-6.8M |
| Q4 25 | 8.8% | 13.8% | ||
| Q3 25 | 1.9% | 28.8% | ||
| Q2 25 | 15.0% | 0.1% | ||
| Q1 25 | 8.4% | -14.5% | ||
| Q4 24 | 18.6% | 11.2% | ||
| Q3 24 | 12.4% | -15.9% | ||
| Q2 24 | 11.2% | 3.4% | ||
| Q1 24 | 5.2% | -13.3% |
| Q4 25 | 0.5% | 2.4% | ||
| Q3 25 | 0.4% | 3.9% | ||
| Q2 25 | 0.1% | 12.9% | ||
| Q1 25 | 0.1% | 27.0% | ||
| Q4 24 | 0.7% | 18.3% | ||
| Q3 24 | 0.1% | 33.5% | ||
| Q2 24 | 0.2% | 31.8% | ||
| Q1 24 | 0.2% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.82× | — | ||
| Q4 24 | 4.04× | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.66× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
