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Side-by-side financial comparison of Franklin BSP Realty Trust, Inc. (FBRT) 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 $81.1M, roughly 1.1× Franklin BSP Realty Trust, Inc.). Vericel Corp runs the higher net margin — 25.0% vs 22.7%, a 2.4% gap on every dollar of revenue. On growth, Franklin BSP Realty Trust, Inc. posted the faster year-over-year revenue change (25.8% vs 23.3%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 22.6%).
Franklin BSP Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) focused on originating, investing in, and managing a diversified portfolio of commercial real estate debt assets, including first mortgage loans, mezzanine financing and other credit-related real estate products. It operates primarily in the U.S. market, targeting consistent risk-adjusted returns and stable income distributions for investors.
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.
FBRT vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $81.1M | $92.9M |
| Net Profit | $18.4M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | — | 24.1% |
| Net Margin | 22.7% | 25.0% |
| Revenue YoY | 25.8% | 23.3% |
| Net Profit YoY | -39.1% | 17.3% |
| EPS (diluted) | $0.13 | $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 | $81.1M | $92.9M | ||
| Q3 25 | $89.5M | $67.5M | ||
| Q2 25 | $49.3M | $63.2M | ||
| Q1 25 | $50.1M | $52.6M | ||
| Q4 24 | $64.5M | $75.4M | ||
| Q3 24 | $54.0M | $57.9M | ||
| Q2 24 | $50.9M | $52.7M | ||
| Q1 24 | $54.0M | $51.3M |
| Q4 25 | $18.4M | $23.2M | ||
| Q3 25 | $17.3M | $5.1M | ||
| Q2 25 | $23.2M | $-553.0K | ||
| Q1 25 | $24.1M | $-11.2M | ||
| Q4 24 | $30.2M | $19.8M | ||
| Q3 24 | $31.6M | $-901.0K | ||
| Q2 24 | $-2.2M | $-4.7M | ||
| Q1 24 | $35.9M | $-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 | 22.7% | 25.0% | ||
| Q3 25 | 19.3% | 7.5% | ||
| Q2 25 | 47.1% | -0.9% | ||
| Q1 25 | 48.0% | -21.4% | ||
| Q4 24 | 46.8% | 26.3% | ||
| Q3 24 | 58.5% | -1.6% | ||
| Q2 24 | -4.3% | -8.9% | ||
| Q1 24 | 66.6% | -7.5% |
| Q4 25 | $0.13 | $0.46 | ||
| Q3 25 | $0.12 | $0.10 | ||
| Q2 25 | $0.19 | $-0.01 | ||
| Q1 25 | $0.20 | $-0.23 | ||
| Q4 24 | $0.28 | $0.40 | ||
| Q3 24 | $0.30 | $-0.02 | ||
| Q2 24 | $-0.11 | $-0.10 | ||
| Q1 24 | $0.35 | $-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 | $167.3M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $354.6M |
| Total Assets | $6.1B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $167.3M | $137.5M | ||
| Q3 25 | $116.7M | $135.4M | ||
| Q2 25 | $414.1M | $116.9M | ||
| Q1 25 | $215.4M | $112.9M | ||
| Q4 24 | $184.4M | $116.2M | ||
| Q3 24 | $346.2M | $101.7M | ||
| Q2 24 | $94.8M | $102.5M | ||
| Q1 24 | $240.0M | $110.6M |
| Q4 25 | $1.4B | $354.6M | ||
| Q3 25 | $1.5B | $321.9M | ||
| Q2 25 | $1.5B | $306.8M | ||
| Q1 25 | $1.5B | $295.5M | ||
| Q4 24 | $1.5B | $292.0M | ||
| Q3 24 | $1.5B | $257.5M | ||
| Q2 24 | $1.5B | $243.0M | ||
| Q1 24 | $1.6B | $233.9M |
| Q4 25 | $6.1B | $488.0M | ||
| Q3 25 | $6.2B | $453.3M | ||
| Q2 25 | $5.6B | $435.6M | ||
| Q1 25 | $5.7B | $424.6M | ||
| Q4 24 | $6.0B | $432.7M | ||
| Q3 24 | $6.3B | $390.4M | ||
| Q2 24 | $6.3B | $376.8M | ||
| Q1 24 | $6.0B | $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 | $291.9M | $15.0M |
| Free Cash FlowOCF − Capex | — | $12.8M |
| FCF MarginFCF / Revenue | — | 13.8% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | 15.88× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $291.9M | $15.0M | ||
| Q3 25 | $-148.1M | $22.1M | ||
| Q2 25 | $11.8M | $8.2M | ||
| Q1 25 | $116.2M | $6.6M | ||
| Q4 24 | $57.2M | $22.2M | ||
| Q3 24 | $97.4M | $10.2M | ||
| Q2 24 | $1.9M | $18.5M | ||
| Q1 24 | $13.0M | $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 | 15.88× | 0.65× | ||
| Q3 25 | -8.56× | 4.35× | ||
| Q2 25 | 0.51× | — | ||
| Q1 25 | 4.83× | — | ||
| Q4 24 | 1.90× | 1.12× | ||
| Q3 24 | 3.08× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.36× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FBRT
| New Point Holdings JVLLC | $77.3M | 95% |
| Other | $2.1M | 3% |
| Office Building | $1.7M | 2% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
