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Side-by-side financial comparison of 4D Molecular Therapeutics, Inc. (FDMT) 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 $85.1M, roughly 1.1× 4D Molecular Therapeutics, Inc.). Vericel Corp runs the higher net margin — 25.0% vs 22.8%, a 2.2% gap on every dollar of revenue. On growth, 4D Molecular Therapeutics, Inc. posted the faster year-over-year revenue change (8508900.0% vs 23.3%). 4D Molecular Therapeutics, Inc. produced more free cash flow last quarter ($28.5M vs $12.8M). Over the past eight quarters, 4D Molecular Therapeutics, Inc.'s revenue compounded faster (5412.6% CAGR vs 34.6%).
4D Molecular Therapeutics is a clinical-stage biotechnology company specializing in the research and development of targeted adeno-associated virus (AAV) gene therapies. Its core product candidates address unmet medical needs in ophthalmology, cardiology, and pulmonary disease segments, serving global patient populations with rare and common hard-to-treat conditions.
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.
FDMT vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $85.1M | $92.9M |
| Net Profit | $19.4M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | 17.3% | 24.1% |
| Net Margin | 22.8% | 25.0% |
| Revenue YoY | 8508900.0% | 23.3% |
| Net Profit YoY | 139.1% | 17.3% |
| EPS (diluted) | $0.43 | $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 | $85.1M | $92.9M | ||
| Q3 25 | $90.0K | $67.5M | ||
| Q2 25 | $15.0K | $63.2M | ||
| Q1 25 | $14.0K | $52.6M | ||
| Q4 24 | $1.0K | $75.4M | ||
| Q3 24 | $3.0K | $57.9M | ||
| Q2 24 | $5.0K | $52.7M | ||
| Q1 24 | $28.0K | $51.3M |
| Q4 25 | $19.4M | $23.2M | ||
| Q3 25 | $-56.9M | $5.1M | ||
| Q2 25 | $-54.7M | $-553.0K | ||
| Q1 25 | $-48.0M | $-11.2M | ||
| Q4 24 | — | $19.8M | ||
| Q3 24 | $-43.8M | $-901.0K | ||
| Q2 24 | $-35.0M | $-4.7M | ||
| Q1 24 | $-32.4M | $-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 | 17.3% | 24.1% | ||
| Q3 25 | -67983.3% | 5.1% | ||
| Q2 25 | -396373.3% | -3.2% | ||
| Q1 25 | -383007.1% | -24.3% | ||
| Q4 24 | — | 24.5% | ||
| Q3 24 | -1704400.0% | -4.3% | ||
| Q2 24 | -849120.0% | -11.5% | ||
| Q1 24 | -136200.0% | -10.7% |
| Q4 25 | 22.8% | 25.0% | ||
| Q3 25 | -63195.6% | 7.5% | ||
| Q2 25 | -364386.7% | -0.9% | ||
| Q1 25 | -342657.1% | -21.4% | ||
| Q4 24 | — | 26.3% | ||
| Q3 24 | -1461433.3% | -1.6% | ||
| Q2 24 | -699060.0% | -8.9% | ||
| Q1 24 | -115717.9% | -7.5% |
| Q4 25 | $0.43 | $0.46 | ||
| Q3 25 | $-1.01 | $0.10 | ||
| Q2 25 | $-0.98 | $-0.01 | ||
| Q1 25 | $-0.86 | $-0.23 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | $-0.79 | $-0.02 | ||
| Q2 24 | $-0.63 | $-0.10 | ||
| Q1 24 | $-0.66 | $-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 | $402.7M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $505.7M | $354.6M |
| Total Assets | $566.7M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $402.7M | $137.5M | ||
| Q3 25 | $305.1M | $135.4M | ||
| Q2 25 | $293.2M | $116.9M | ||
| Q1 25 | $321.4M | $112.9M | ||
| Q4 24 | $424.9M | $116.2M | ||
| Q3 24 | $501.9M | $101.7M | ||
| Q2 24 | $541.9M | $102.5M | ||
| Q1 24 | $525.9M | $110.6M |
| Q4 25 | $505.7M | $354.6M | ||
| Q3 25 | $369.0M | $321.9M | ||
| Q2 25 | $420.9M | $306.8M | ||
| Q1 25 | $469.7M | $295.5M | ||
| Q4 24 | $510.6M | $292.0M | ||
| Q3 24 | $552.9M | $257.5M | ||
| Q2 24 | $588.3M | $243.0M | ||
| Q1 24 | $600.6M | $233.9M |
| Q4 25 | $566.7M | $488.0M | ||
| Q3 25 | $424.0M | $453.3M | ||
| Q2 25 | $473.6M | $435.6M | ||
| Q1 25 | $515.7M | $424.6M | ||
| Q4 24 | $560.4M | $432.7M | ||
| Q3 24 | $604.0M | $390.4M | ||
| Q2 24 | $620.1M | $376.8M | ||
| Q1 24 | $629.9M | $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 | $28.6M | $15.0M |
| Free Cash FlowOCF − Capex | $28.5M | $12.8M |
| FCF MarginFCF / Revenue | 33.5% | 13.8% |
| Capex IntensityCapex / Revenue | 0.1% | 2.4% |
| Cash ConversionOCF / Net Profit | 1.47× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-109.9M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.6M | $15.0M | ||
| Q3 25 | $-46.5M | $22.1M | ||
| Q2 25 | $-43.4M | $8.2M | ||
| Q1 25 | $-47.8M | $6.6M | ||
| Q4 24 | $-134.6M | $22.2M | ||
| Q3 24 | $-29.4M | $10.2M | ||
| Q2 24 | $-30.2M | $18.5M | ||
| Q1 24 | $-29.1M | $7.2M |
| Q4 25 | $28.5M | $12.8M | ||
| Q3 25 | $-46.6M | $19.5M | ||
| Q2 25 | $-43.4M | $81.0K | ||
| Q1 25 | $-48.4M | $-7.6M | ||
| Q4 24 | $-138.4M | $8.5M | ||
| Q3 24 | $-31.2M | $-9.2M | ||
| Q2 24 | $-30.6M | $1.8M | ||
| Q1 24 | $-29.8M | $-6.8M |
| Q4 25 | 33.5% | 13.8% | ||
| Q3 25 | -51765.6% | 28.8% | ||
| Q2 25 | -289620.0% | 0.1% | ||
| Q1 25 | -345635.7% | -14.5% | ||
| Q4 24 | -13837100.0% | 11.2% | ||
| Q3 24 | -1038966.7% | -15.9% | ||
| Q2 24 | -611840.0% | 3.4% | ||
| Q1 24 | -106421.4% | -13.3% |
| Q4 25 | 0.1% | 2.4% | ||
| Q3 25 | 101.1% | 3.9% | ||
| Q2 25 | 440.0% | 12.9% | ||
| Q1 25 | 4507.1% | 27.0% | ||
| Q4 24 | 378600.0% | 18.3% | ||
| Q3 24 | 59266.7% | 33.5% | ||
| Q2 24 | 6980.0% | 31.8% | ||
| Q1 24 | 2535.7% | 27.3% |
| Q4 25 | 1.47× | 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
FDMT
Segment breakdown not available.
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
