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Side-by-side financial comparison of FORRESTER RESEARCH, INC. (FORR) and Vericel Corp (VCEL). Click either name above to swap in a different company.
FORRESTER RESEARCH, INC. is the larger business by last-quarter revenue ($101.1M vs $92.9M, roughly 1.1× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -33.5%, a 58.5% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -6.5%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-4.3M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 0.5%).
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
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.
FORR vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $101.1M | $92.9M |
| Net Profit | $-33.9M | $23.2M |
| Gross Margin | 56.7% | 78.7% |
| Operating Margin | -36.6% | 24.1% |
| Net Margin | -33.5% | 25.0% |
| Revenue YoY | -6.5% | 23.3% |
| Net Profit YoY | -7941.4% | 17.3% |
| EPS (diluted) | $-1.75 | $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 | $101.1M | $92.9M | ||
| Q3 25 | $94.3M | $67.5M | ||
| Q2 25 | $111.7M | $63.2M | ||
| Q1 25 | $89.9M | $52.6M | ||
| Q4 24 | $108.0M | $75.4M | ||
| Q3 24 | $102.5M | $57.9M | ||
| Q2 24 | $121.8M | $52.7M | ||
| Q1 24 | $100.1M | $51.3M |
| Q4 25 | $-33.9M | $23.2M | ||
| Q3 25 | $-2.1M | $5.1M | ||
| Q2 25 | $3.9M | $-553.0K | ||
| Q1 25 | $-87.3M | $-11.2M | ||
| Q4 24 | $432.0K | $19.8M | ||
| Q3 24 | $-5.8M | $-901.0K | ||
| Q2 24 | $6.3M | $-4.7M | ||
| Q1 24 | $-6.7M | $-3.9M |
| Q4 25 | 56.7% | 78.7% | ||
| Q3 25 | 60.0% | 73.5% | ||
| Q2 25 | 55.5% | 73.7% | ||
| Q1 25 | 55.9% | 69.0% | ||
| Q4 24 | 58.8% | 77.6% | ||
| Q3 24 | 60.5% | 71.9% | ||
| Q2 24 | 57.3% | 69.5% | ||
| Q1 24 | 54.9% | 68.9% |
| Q4 25 | -36.6% | 24.1% | ||
| Q3 25 | 4.7% | 5.1% | ||
| Q2 25 | 6.2% | -3.2% | ||
| Q1 25 | -97.5% | -24.3% | ||
| Q4 24 | -0.5% | 24.5% | ||
| Q3 24 | -0.7% | -4.3% | ||
| Q2 24 | 9.3% | -11.5% | ||
| Q1 24 | -9.3% | -10.7% |
| Q4 25 | -33.5% | 25.0% | ||
| Q3 25 | -2.3% | 7.5% | ||
| Q2 25 | 3.5% | -0.9% | ||
| Q1 25 | -97.1% | -21.4% | ||
| Q4 24 | 0.4% | 26.3% | ||
| Q3 24 | -5.7% | -1.6% | ||
| Q2 24 | 5.2% | -8.9% | ||
| Q1 24 | -6.7% | -7.5% |
| Q4 25 | $-1.75 | $0.46 | ||
| Q3 25 | $-0.11 | $0.10 | ||
| Q2 25 | $0.20 | $-0.01 | ||
| Q1 25 | $-4.62 | $-0.23 | ||
| Q4 24 | $0.02 | $0.40 | ||
| Q3 24 | $-0.30 | $-0.02 | ||
| Q2 24 | $0.33 | $-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 | $63.3M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $126.5M | $354.6M |
| Total Assets | $404.0M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.3M | $137.5M | ||
| Q3 25 | $65.1M | $135.4M | ||
| Q2 25 | $67.8M | $116.9M | ||
| Q1 25 | $75.6M | $112.9M | ||
| Q4 24 | $56.1M | $116.2M | ||
| Q3 24 | $62.8M | $101.7M | ||
| Q2 24 | $58.9M | $102.5M | ||
| Q1 24 | $61.4M | $110.6M |
| Q4 25 | $126.5M | $354.6M | ||
| Q3 25 | $157.7M | $321.9M | ||
| Q2 25 | $159.5M | $306.8M | ||
| Q1 25 | $147.4M | $295.5M | ||
| Q4 24 | $229.5M | $292.0M | ||
| Q3 24 | $234.3M | $257.5M | ||
| Q2 24 | $237.1M | $243.0M | ||
| Q1 24 | $230.9M | $233.9M |
| Q4 25 | $404.0M | $488.0M | ||
| Q3 25 | $414.2M | $453.3M | ||
| Q2 25 | $436.0M | $435.6M | ||
| Q1 25 | $439.8M | $424.6M | ||
| Q4 24 | $503.9M | $432.7M | ||
| Q3 24 | $505.3M | $390.4M | ||
| Q2 24 | $524.2M | $376.8M | ||
| Q1 24 | $555.7M | $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 | $-3.2M | $15.0M |
| Free Cash FlowOCF − Capex | $-4.3M | $12.8M |
| FCF MarginFCF / Revenue | -4.2% | 13.8% |
| Capex IntensityCapex / Revenue | 1.1% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $18.1M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.2M | $15.0M | ||
| Q3 25 | $1.2M | $22.1M | ||
| Q2 25 | $-3.6M | $8.2M | ||
| Q1 25 | $26.7M | $6.6M | ||
| Q4 24 | $-1.8M | $22.2M | ||
| Q3 24 | $264.0K | $10.2M | ||
| Q2 24 | $-2.9M | $18.5M | ||
| Q1 24 | $611.0K | $7.2M |
| Q4 25 | $-4.3M | $12.8M | ||
| Q3 25 | $524.0K | $19.5M | ||
| Q2 25 | $-4.2M | $81.0K | ||
| Q1 25 | $26.1M | $-7.6M | ||
| Q4 24 | $-2.5M | $8.5M | ||
| Q3 24 | $-223.0K | $-9.2M | ||
| Q2 24 | $-3.7M | $1.8M | ||
| Q1 24 | $-815.0K | $-6.8M |
| Q4 25 | -4.2% | 13.8% | ||
| Q3 25 | 0.6% | 28.8% | ||
| Q2 25 | -3.8% | 0.1% | ||
| Q1 25 | 29.0% | -14.5% | ||
| Q4 24 | -2.3% | 11.2% | ||
| Q3 24 | -0.2% | -15.9% | ||
| Q2 24 | -3.1% | 3.4% | ||
| Q1 24 | -0.8% | -13.3% |
| Q4 25 | 1.1% | 2.4% | ||
| Q3 25 | 0.7% | 3.9% | ||
| Q2 25 | 0.5% | 12.9% | ||
| Q1 25 | 0.7% | 27.0% | ||
| Q4 24 | 0.6% | 18.3% | ||
| Q3 24 | 0.5% | 33.5% | ||
| Q2 24 | 0.7% | 31.8% | ||
| Q1 24 | 1.4% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.46× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
