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Side-by-side financial comparison of Flywire Corp (FLYW) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Flywire Corp is the larger business by last-quarter revenue ($157.5M vs $92.9M, roughly 1.7× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs 0.0%, a 25.0% gap on every dollar of revenue. On growth, Flywire Corp posted the faster year-over-year revenue change (34.0% vs 23.3%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $4.5M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 17.5%).
Flywire Corp is a global payment and receivables solutions provider serving core verticals including education, healthcare, travel, and B2B commerce. It offers secure cross-border payment processing, currency conversion, and workflow tools for organizations and payers worldwide.
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.
FLYW vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $157.5M | $92.9M |
| Net Profit | $33.0K | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | -0.6% | 24.1% |
| Net Margin | 0.0% | 25.0% |
| Revenue YoY | 34.0% | 23.3% |
| Net Profit YoY | 100.2% | 17.3% |
| EPS (diluted) | $0.01 | $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 | $157.5M | $92.9M | ||
| Q3 25 | $200.1M | $67.5M | ||
| Q2 25 | $131.9M | $63.2M | ||
| Q1 25 | $133.5M | $52.6M | ||
| Q4 24 | $117.5M | $75.4M | ||
| Q3 24 | $156.8M | $57.9M | ||
| Q2 24 | $103.7M | $52.7M | ||
| Q1 24 | $114.1M | $51.3M |
| Q4 25 | $33.0K | $23.2M | ||
| Q3 25 | $29.6M | $5.1M | ||
| Q2 25 | $-12.0M | $-553.0K | ||
| Q1 25 | $-4.2M | $-11.2M | ||
| Q4 24 | $-15.9M | $19.8M | ||
| Q3 24 | $38.9M | $-901.0K | ||
| Q2 24 | $-13.9M | $-4.7M | ||
| Q1 24 | $-6.2M | $-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 | -0.6% | 24.1% | ||
| Q3 25 | 16.1% | 5.1% | ||
| Q2 25 | -6.8% | -3.2% | ||
| Q1 25 | -8.2% | -24.3% | ||
| Q4 24 | -4.9% | 24.5% | ||
| Q3 24 | 12.9% | -4.3% | ||
| Q2 24 | -15.2% | -11.5% | ||
| Q1 24 | -5.2% | -10.7% |
| Q4 25 | 0.0% | 25.0% | ||
| Q3 25 | 14.8% | 7.5% | ||
| Q2 25 | -9.1% | -0.9% | ||
| Q1 25 | -3.1% | -21.4% | ||
| Q4 24 | -13.5% | 26.3% | ||
| Q3 24 | 24.8% | -1.6% | ||
| Q2 24 | -13.4% | -8.9% | ||
| Q1 24 | -5.4% | -7.5% |
| Q4 25 | $0.01 | $0.46 | ||
| Q3 25 | $0.23 | $0.10 | ||
| Q2 25 | $-0.10 | $-0.01 | ||
| Q1 25 | $-0.03 | $-0.23 | ||
| Q4 24 | $-0.12 | $0.40 | ||
| Q3 24 | $0.30 | $-0.02 | ||
| Q2 24 | $-0.11 | $-0.10 | ||
| Q1 24 | $-0.05 | $-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 | $355.0M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $835.2M | $354.6M |
| Total Assets | $1.3B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $355.0M | $137.5M | ||
| Q3 25 | $377.3M | $135.4M | ||
| Q2 25 | $274.2M | $116.9M | ||
| Q1 25 | $255.3M | $112.9M | ||
| Q4 24 | $611.1M | $116.2M | ||
| Q3 24 | $681.1M | $101.7M | ||
| Q2 24 | $571.0M | $102.5M | ||
| Q1 24 | $619.0M | $110.6M |
| Q4 25 | — | — | ||
| Q3 25 | $15.0M | — | ||
| Q2 25 | $60.0M | — | ||
| Q1 25 | $60.0M | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $835.2M | $354.6M | ||
| Q3 25 | $829.1M | $321.9M | ||
| Q2 25 | $792.4M | $306.8M | ||
| Q1 25 | $784.3M | $295.5M | ||
| Q4 24 | $814.8M | $292.0M | ||
| Q3 24 | $843.2M | $257.5M | ||
| Q2 24 | $802.6M | $243.0M | ||
| Q1 24 | $-797.0M | $233.9M |
| Q4 25 | $1.3B | $488.0M | ||
| Q3 25 | $1.3B | $453.3M | ||
| Q2 25 | $1.1B | $435.6M | ||
| Q1 25 | $1.1B | $424.6M | ||
| Q4 24 | $1.1B | $432.7M | ||
| Q3 24 | $1.2B | $390.4M | ||
| Q2 24 | $998.7M | $376.8M | ||
| Q1 24 | $998.7M | $356.7M |
| Q4 25 | — | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 0.08× | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $4.9M | $15.0M |
| Free Cash FlowOCF − Capex | $4.5M | $12.8M |
| FCF MarginFCF / Revenue | 2.9% | 13.8% |
| Capex IntensityCapex / Revenue | 0.2% | 2.4% |
| Cash ConversionOCF / Net Profit | 148.06× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $98.8M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | $15.0M | ||
| Q3 25 | $150.1M | $22.1M | ||
| Q2 25 | $24.1M | $8.2M | ||
| Q1 25 | $-78.9M | $6.6M | ||
| Q4 24 | $-28.6M | $22.2M | ||
| Q3 24 | $184.6M | $10.2M | ||
| Q2 24 | $-19.3M | $18.5M | ||
| Q1 24 | $-38.1M | $7.2M |
| Q4 25 | $4.5M | $12.8M | ||
| Q3 25 | $149.9M | $19.5M | ||
| Q2 25 | $23.5M | $81.0K | ||
| Q1 25 | $-79.1M | $-7.6M | ||
| Q4 24 | $-28.7M | $8.5M | ||
| Q3 24 | $184.4M | $-9.2M | ||
| Q2 24 | $-19.7M | $1.8M | ||
| Q1 24 | $-38.3M | $-6.8M |
| Q4 25 | 2.9% | 13.8% | ||
| Q3 25 | 74.9% | 28.8% | ||
| Q2 25 | 17.8% | 0.1% | ||
| Q1 25 | -59.3% | -14.5% | ||
| Q4 24 | -24.4% | 11.2% | ||
| Q3 24 | 117.6% | -15.9% | ||
| Q2 24 | -19.0% | 3.4% | ||
| Q1 24 | -33.6% | -13.3% |
| Q4 25 | 0.2% | 2.4% | ||
| Q3 25 | 0.1% | 3.9% | ||
| Q2 25 | 0.4% | 12.9% | ||
| Q1 25 | 0.1% | 27.0% | ||
| Q4 24 | 0.1% | 18.3% | ||
| Q3 24 | 0.1% | 33.5% | ||
| Q2 24 | 0.3% | 31.8% | ||
| Q1 24 | 0.2% | 27.3% |
| Q4 25 | 148.06× | 0.65× | ||
| Q3 25 | 5.07× | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | 4.75× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FLYW
| Transactions | $126.4M | 80% |
| Platform And Other Revenues | $31.1M | 20% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
