vs
Side-by-side financial comparison of Energy Recovery, Inc. (ERII) 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 $66.9M, roughly 1.4× Energy Recovery, Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs 25.0%, a 15.2% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -0.3%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $6.4M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 8.1%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
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.
ERII vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $92.9M |
| Net Profit | $26.9M | $23.2M |
| Gross Margin | 67.2% | 78.7% |
| Operating Margin | 46.8% | 24.1% |
| Net Margin | 40.2% | 25.0% |
| Revenue YoY | -0.3% | 23.3% |
| Net Profit YoY | 14.7% | 17.3% |
| EPS (diluted) | $0.49 | $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 | $66.9M | $92.9M | ||
| Q3 25 | $32.0M | $67.5M | ||
| Q2 25 | $28.1M | $63.2M | ||
| Q1 25 | — | $52.6M | ||
| Q4 24 | $67.1M | $75.4M | ||
| Q3 24 | $38.6M | $57.9M | ||
| Q2 24 | $27.2M | $52.7M | ||
| Q1 24 | $12.1M | $51.3M |
| Q4 25 | $26.9M | $23.2M | ||
| Q3 25 | $3.9M | $5.1M | ||
| Q2 25 | $2.1M | $-553.0K | ||
| Q1 25 | — | $-11.2M | ||
| Q4 24 | $23.5M | $19.8M | ||
| Q3 24 | $8.5M | $-901.0K | ||
| Q2 24 | $-642.0K | $-4.7M | ||
| Q1 24 | $-8.3M | $-3.9M |
| Q4 25 | 67.2% | 78.7% | ||
| Q3 25 | 64.2% | 73.5% | ||
| Q2 25 | 64.0% | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | 70.2% | 77.6% | ||
| Q3 24 | 65.1% | 71.9% | ||
| Q2 24 | 64.6% | 69.5% | ||
| Q1 24 | 59.0% | 68.9% |
| Q4 25 | 46.8% | 24.1% | ||
| Q3 25 | 11.4% | 5.1% | ||
| Q2 25 | 5.3% | -3.2% | ||
| Q1 25 | — | -24.3% | ||
| Q4 24 | 38.2% | 24.5% | ||
| Q3 24 | 18.3% | -4.3% | ||
| Q2 24 | -7.4% | -11.5% | ||
| Q1 24 | -90.4% | -10.7% |
| Q4 25 | 40.2% | 25.0% | ||
| Q3 25 | 12.1% | 7.5% | ||
| Q2 25 | 7.3% | -0.9% | ||
| Q1 25 | — | -21.4% | ||
| Q4 24 | 35.0% | 26.3% | ||
| Q3 24 | 22.0% | -1.6% | ||
| Q2 24 | -2.4% | -8.9% | ||
| Q1 24 | -68.3% | -7.5% |
| Q4 25 | $0.49 | $0.46 | ||
| Q3 25 | $0.07 | $0.10 | ||
| Q2 25 | $0.04 | $-0.01 | ||
| Q1 25 | — | $-0.23 | ||
| Q4 24 | $0.40 | $0.40 | ||
| Q3 24 | $0.15 | $-0.02 | ||
| Q2 24 | $-0.01 | $-0.10 | ||
| Q1 24 | $-0.14 | $-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 | $75.2M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $206.2M | $354.6M |
| Total Assets | $231.5M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $137.5M | ||
| Q3 25 | $70.4M | $135.4M | ||
| Q2 25 | $79.5M | $116.9M | ||
| Q1 25 | — | $112.9M | ||
| Q4 24 | $78.0M | $116.2M | ||
| Q3 24 | $118.6M | $101.7M | ||
| Q2 24 | $101.0M | $102.5M | ||
| Q1 24 | $117.4M | $110.6M |
| Q4 25 | $206.2M | $354.6M | ||
| Q3 25 | $180.8M | $321.9M | ||
| Q2 25 | $185.2M | $306.8M | ||
| Q1 25 | — | $295.5M | ||
| Q4 24 | $210.0M | $292.0M | ||
| Q3 24 | $233.9M | $257.5M | ||
| Q2 24 | $218.5M | $243.0M | ||
| Q1 24 | $216.0M | $233.9M |
| Q4 25 | $231.5M | $488.0M | ||
| Q3 25 | $209.6M | $453.3M | ||
| Q2 25 | $212.3M | $435.6M | ||
| Q1 25 | — | $424.6M | ||
| Q4 24 | $242.8M | $432.7M | ||
| Q3 24 | $262.7M | $390.4M | ||
| Q2 24 | $249.0M | $376.8M | ||
| Q1 24 | $244.3M | $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 | $7.1M | $15.0M |
| Free Cash FlowOCF − Capex | $6.4M | $12.8M |
| FCF MarginFCF / Revenue | 9.6% | 13.8% |
| Capex IntensityCapex / Revenue | 1.0% | 2.4% |
| Cash ConversionOCF / Net Profit | 0.26× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $15.0M | ||
| Q3 25 | $-3.1M | $22.1M | ||
| Q2 25 | $4.1M | $8.2M | ||
| Q1 25 | — | $6.6M | ||
| Q4 24 | $9.0M | $22.2M | ||
| Q3 24 | $-3.0M | $10.2M | ||
| Q2 24 | $8.1M | $18.5M | ||
| Q1 24 | $6.5M | $7.2M |
| Q4 25 | $6.4M | $12.8M | ||
| Q3 25 | $-3.5M | $19.5M | ||
| Q2 25 | $4.0M | $81.0K | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | $8.9M | $8.5M | ||
| Q3 24 | $-3.2M | $-9.2M | ||
| Q2 24 | $7.9M | $1.8M | ||
| Q1 24 | $5.7M | $-6.8M |
| Q4 25 | 9.6% | 13.8% | ||
| Q3 25 | -10.9% | 28.8% | ||
| Q2 25 | 14.3% | 0.1% | ||
| Q1 25 | — | -14.5% | ||
| Q4 24 | 13.2% | 11.2% | ||
| Q3 24 | -8.2% | -15.9% | ||
| Q2 24 | 28.9% | 3.4% | ||
| Q1 24 | 46.9% | -13.3% |
| Q4 25 | 1.0% | 2.4% | ||
| Q3 25 | 1.1% | 3.9% | ||
| Q2 25 | 0.5% | 12.9% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | 0.2% | 18.3% | ||
| Q3 24 | 0.4% | 33.5% | ||
| Q2 24 | 0.7% | 31.8% | ||
| Q1 24 | 6.8% | 27.3% |
| Q4 25 | 0.26× | 0.65× | ||
| Q3 25 | -0.81× | 4.35× | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.38× | 1.12× | ||
| Q3 24 | -0.35× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ERII
| Water Segment | $38.6M | 58% |
| Other | $11.0M | 16% |
| Original Equipment Manufacturer | $10.6M | 16% |
| Aftermarket | $6.6M | 10% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
