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Side-by-side financial comparison of GRAHAM CORP (GHM) 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 $56.7M, roughly 1.6× GRAHAM CORP). Vericel Corp runs the higher net margin — 25.0% vs 5.0%, a 20.0% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 20.5%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $2.4M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 7.5%).
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
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.
GHM vs VCEL — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $56.7M | $92.9M |
| Net Profit | $2.8M | $23.2M |
| Gross Margin | 23.8% | 78.7% |
| Operating Margin | 5.5% | 24.1% |
| Net Margin | 5.0% | 25.0% |
| Revenue YoY | 20.5% | 23.3% |
| Net Profit YoY | 79.2% | 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 | $56.7M | $92.9M | ||
| Q3 25 | $66.0M | $67.5M | ||
| Q2 25 | $55.5M | $63.2M | ||
| Q1 25 | $59.3M | $52.6M | ||
| Q4 24 | $47.0M | $75.4M | ||
| Q3 24 | $53.6M | $57.9M | ||
| Q2 24 | $50.0M | $52.7M | ||
| Q1 24 | $49.1M | $51.3M |
| Q4 25 | $2.8M | $23.2M | ||
| Q3 25 | $3.1M | $5.1M | ||
| Q2 25 | $4.6M | $-553.0K | ||
| Q1 25 | $4.4M | $-11.2M | ||
| Q4 24 | $1.6M | $19.8M | ||
| Q3 24 | $3.3M | $-901.0K | ||
| Q2 24 | $3.0M | $-4.7M | ||
| Q1 24 | $1.3M | $-3.9M |
| Q4 25 | 23.8% | 78.7% | ||
| Q3 25 | 21.7% | 73.5% | ||
| Q2 25 | 26.5% | 73.7% | ||
| Q1 25 | 27.0% | 69.0% | ||
| Q4 24 | 24.8% | 77.6% | ||
| Q3 24 | 23.9% | 71.9% | ||
| Q2 24 | 24.8% | 69.5% | ||
| Q1 24 | 25.9% | 68.9% |
| Q4 25 | 5.5% | 24.1% | ||
| Q3 25 | 6.5% | 5.1% | ||
| Q2 25 | 8.9% | -3.2% | ||
| Q1 25 | 9.3% | -24.3% | ||
| Q4 24 | 4.7% | 24.5% | ||
| Q3 24 | 7.9% | -4.3% | ||
| Q2 24 | 6.5% | -11.5% | ||
| Q1 24 | 3.1% | -10.7% |
| Q4 25 | 5.0% | 25.0% | ||
| Q3 25 | 4.7% | 7.5% | ||
| Q2 25 | 8.3% | -0.9% | ||
| Q1 25 | 7.4% | -21.4% | ||
| Q4 24 | 3.4% | 26.3% | ||
| Q3 24 | 6.1% | -1.6% | ||
| Q2 24 | 5.9% | -8.9% | ||
| Q1 24 | 2.7% | -7.5% |
| Q4 25 | $0.25 | $0.46 | ||
| Q3 25 | $0.28 | $0.10 | ||
| Q2 25 | $0.42 | $-0.01 | ||
| Q1 25 | $0.40 | $-0.23 | ||
| Q4 24 | $0.14 | $0.40 | ||
| Q3 24 | $0.30 | $-0.02 | ||
| Q2 24 | $0.27 | $-0.10 | ||
| Q1 24 | $0.11 | $-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 | $22.3M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $131.3M | $354.6M |
| Total Assets | $292.9M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.3M | $137.5M | ||
| Q3 25 | $20.6M | $135.4M | ||
| Q2 25 | $10.8M | $116.9M | ||
| Q1 25 | $21.6M | $112.9M | ||
| Q4 24 | $30.0M | $116.2M | ||
| Q3 24 | $32.3M | $101.7M | ||
| Q2 24 | $21.6M | $102.5M | ||
| Q1 24 | $16.9M | $110.6M |
| Q4 25 | $131.3M | $354.6M | ||
| Q3 25 | $127.6M | $321.9M | ||
| Q2 25 | $123.4M | $306.8M | ||
| Q1 25 | $119.6M | $295.5M | ||
| Q4 24 | $114.4M | $292.0M | ||
| Q3 24 | $112.5M | $257.5M | ||
| Q2 24 | $108.2M | $243.0M | ||
| Q1 24 | $105.6M | $233.9M |
| Q4 25 | $292.9M | $488.0M | ||
| Q3 25 | $287.0M | $453.3M | ||
| Q2 25 | $252.3M | $435.6M | ||
| Q1 25 | $264.1M | $424.6M | ||
| Q4 24 | $264.3M | $432.7M | ||
| Q3 24 | $249.5M | $390.4M | ||
| Q2 24 | $244.2M | $376.8M | ||
| Q1 24 | $233.9M | $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 | $4.8M | $15.0M |
| Free Cash FlowOCF − Capex | $2.4M | $12.8M |
| FCF MarginFCF / Revenue | 4.3% | 13.8% |
| Capex IntensityCapex / Revenue | 4.1% | 2.4% |
| Cash ConversionOCF / Net Profit | 1.67× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-6.1M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.8M | $15.0M | ||
| Q3 25 | $13.6M | $22.1M | ||
| Q2 25 | $-2.3M | $8.2M | ||
| Q1 25 | $-3.6M | $6.6M | ||
| Q4 24 | $5.2M | $22.2M | ||
| Q3 24 | $13.9M | $10.2M | ||
| Q2 24 | $8.7M | $18.5M | ||
| Q1 24 | $8.6M | $7.2M |
| Q4 25 | $2.4M | $12.8M | ||
| Q3 25 | $9.4M | $19.5M | ||
| Q2 25 | $-9.3M | $81.0K | ||
| Q1 25 | $-8.7M | $-7.6M | ||
| Q4 24 | $-2.1M | $8.5M | ||
| Q3 24 | $10.4M | $-9.2M | ||
| Q2 24 | $5.7M | $1.8M | ||
| Q1 24 | $4.6M | $-6.8M |
| Q4 25 | 4.3% | 13.8% | ||
| Q3 25 | 14.3% | 28.8% | ||
| Q2 25 | -16.7% | 0.1% | ||
| Q1 25 | -14.7% | -14.5% | ||
| Q4 24 | -4.5% | 11.2% | ||
| Q3 24 | 19.5% | -15.9% | ||
| Q2 24 | 11.5% | 3.4% | ||
| Q1 24 | 9.4% | -13.3% |
| Q4 25 | 4.1% | 2.4% | ||
| Q3 25 | 6.3% | 3.9% | ||
| Q2 25 | 12.6% | 12.9% | ||
| Q1 25 | 8.7% | 27.0% | ||
| Q4 24 | 15.6% | 18.3% | ||
| Q3 24 | 6.5% | 33.5% | ||
| Q2 24 | 6.0% | 31.8% | ||
| Q1 24 | 8.2% | 27.3% |
| Q4 25 | 1.67× | 0.65× | ||
| Q3 25 | 4.40× | 4.35× | ||
| Q2 25 | -0.49× | — | ||
| Q1 25 | -0.81× | — | ||
| Q4 24 | 3.29× | 1.12× | ||
| Q3 24 | 4.25× | — | ||
| Q2 24 | 2.94× | — | ||
| Q1 24 | 6.45× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GHM
| Defense | $35.3M | 62% |
| Energy And Process | $18.3M | 32% |
| Space | $3.1M | 6% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
