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Side-by-side financial comparison of FLYEXCLUSIVE INC. (FLYX) 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 $92.1M, roughly 1.0× FLYEXCLUSIVE INC.). Vericel Corp runs the higher net margin — 25.0% vs -4.6%, a 29.6% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 19.8%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-11.0M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 21.9%).
FLYEXCLUSIVE INC. is a U.S.-headquartered private aviation services provider that offers private jet charter, aircraft management, maintenance repair, and fractional ownership programs. It primarily serves high-net-worth individuals, corporate clients, and government entities across North America, delivering personalized on-demand air travel solutions prioritizing safety and convenience.
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.
FLYX vs VCEL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $92.1M | $92.9M |
| Net Profit | $-4.3M | $23.2M |
| Gross Margin | 13.7% | 78.7% |
| Operating Margin | -12.3% | 24.1% |
| Net Margin | -4.6% | 25.0% |
| Revenue YoY | 19.8% | 23.3% |
| Net Profit YoY | 32.0% | 17.3% |
| EPS (diluted) | $-0.25 | $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 | — | $92.9M | ||
| Q3 25 | $92.1M | $67.5M | ||
| Q2 25 | $91.3M | $63.2M | ||
| Q1 25 | $88.1M | $52.6M | ||
| Q4 24 | — | $75.4M | ||
| Q3 24 | $76.9M | $57.9M | ||
| Q2 24 | $79.0M | $52.7M | ||
| Q1 24 | $80.0M | $51.3M |
| Q4 25 | — | $23.2M | ||
| Q3 25 | $-4.3M | $5.1M | ||
| Q2 25 | $-4.8M | $-553.0K | ||
| Q1 25 | $-5.4M | $-11.2M | ||
| Q4 24 | — | $19.8M | ||
| Q3 24 | $-6.3M | $-901.0K | ||
| Q2 24 | $-5.2M | $-4.7M | ||
| Q1 24 | $-5.8M | $-3.9M |
| Q4 25 | — | 78.7% | ||
| Q3 25 | 13.7% | 73.5% | ||
| Q2 25 | 15.0% | 73.7% | ||
| Q1 25 | 12.8% | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | 11.3% | 71.9% | ||
| Q2 24 | 7.9% | 69.5% | ||
| Q1 24 | 7.2% | 68.9% |
| Q4 25 | — | 24.1% | ||
| Q3 25 | -12.3% | 5.1% | ||
| Q2 25 | -13.5% | -3.2% | ||
| Q1 25 | -16.7% | -24.3% | ||
| Q4 24 | — | 24.5% | ||
| Q3 24 | -27.2% | -4.3% | ||
| Q2 24 | -27.6% | -11.5% | ||
| Q1 24 | -34.3% | -10.7% |
| Q4 25 | — | 25.0% | ||
| Q3 25 | -4.6% | 7.5% | ||
| Q2 25 | -5.2% | -0.9% | ||
| Q1 25 | -6.2% | -21.4% | ||
| Q4 24 | — | 26.3% | ||
| Q3 24 | -8.2% | -1.6% | ||
| Q2 24 | -6.5% | -8.9% | ||
| Q1 24 | -7.3% | -7.5% |
| Q4 25 | — | $0.46 | ||
| Q3 25 | $-0.25 | $0.10 | ||
| Q2 25 | $-0.26 | $-0.01 | ||
| Q1 25 | $-0.30 | $-0.23 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | $-0.32 | $-0.02 | ||
| Q2 24 | $-0.32 | $-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 | $18.7M | $137.5M |
| Total DebtLower is stronger | $123.9M | — |
| Stockholders' EquityBook value | $-434.2M | $354.6M |
| Total Assets | $448.1M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $137.5M | ||
| Q3 25 | $18.7M | $135.4M | ||
| Q2 25 | $15.8M | $116.9M | ||
| Q1 25 | $14.7M | $112.9M | ||
| Q4 24 | — | $116.2M | ||
| Q3 24 | $18.7M | $101.7M | ||
| Q2 24 | $9.3M | $102.5M | ||
| Q1 24 | $5.3M | $110.6M |
| Q4 25 | — | — | ||
| Q3 25 | $123.9M | — | ||
| Q2 25 | $111.6M | — | ||
| Q1 25 | $121.6M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $197.9M | — | ||
| Q2 24 | $206.3M | — | ||
| Q1 24 | $209.4M | — |
| Q4 25 | — | $354.6M | ||
| Q3 25 | $-434.2M | $321.9M | ||
| Q2 25 | $-261.4M | $306.8M | ||
| Q1 25 | $-281.5M | $295.5M | ||
| Q4 24 | — | $292.0M | ||
| Q3 24 | $-192.0M | $257.5M | ||
| Q2 24 | $-149.7M | $243.0M | ||
| Q1 24 | $-149.5M | $233.9M |
| Q4 25 | — | $488.0M | ||
| Q3 25 | $448.1M | $453.3M | ||
| Q2 25 | $443.4M | $435.6M | ||
| Q1 25 | $466.8M | $424.6M | ||
| Q4 24 | — | $432.7M | ||
| Q3 24 | $487.1M | $390.4M | ||
| Q2 24 | $494.7M | $376.8M | ||
| Q1 24 | $524.1M | $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 | $-209.0K | $15.0M |
| Free Cash FlowOCF − Capex | $-11.0M | $12.8M |
| FCF MarginFCF / Revenue | -12.0% | 13.8% |
| Capex IntensityCapex / Revenue | 11.7% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-51.0M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $15.0M | ||
| Q3 25 | $-209.0K | $22.1M | ||
| Q2 25 | $363.0K | $8.2M | ||
| Q1 25 | $-10.5M | $6.6M | ||
| Q4 24 | — | $22.2M | ||
| Q3 24 | $-12.3M | $10.2M | ||
| Q2 24 | $-16.2M | $18.5M | ||
| Q1 24 | $-26.0M | $7.2M |
| Q4 25 | — | $12.8M | ||
| Q3 25 | $-11.0M | $19.5M | ||
| Q2 25 | $353.0K | $81.0K | ||
| Q1 25 | $-14.6M | $-7.6M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | $-25.7M | $-9.2M | ||
| Q2 24 | $-26.6M | $1.8M | ||
| Q1 24 | $-64.5M | $-6.8M |
| Q4 25 | — | 13.8% | ||
| Q3 25 | -12.0% | 28.8% | ||
| Q2 25 | 0.4% | 0.1% | ||
| Q1 25 | -16.5% | -14.5% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | -33.5% | -15.9% | ||
| Q2 24 | -33.7% | 3.4% | ||
| Q1 24 | -80.6% | -13.3% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | 11.7% | 3.9% | ||
| Q2 25 | 0.0% | 12.9% | ||
| Q1 25 | 4.7% | 27.0% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | 17.5% | 33.5% | ||
| Q2 24 | 13.2% | 31.8% | ||
| Q1 24 | 48.2% | 27.3% |
| Q4 25 | — | 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
FLYX
Segment breakdown not available.
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
