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Side-by-side financial comparison of HORIZON BANCORP INC (HBNC) 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 $63.5M, roughly 1.5× HORIZON BANCORP INC). HORIZON BANCORP INC runs the higher net margin — 42.4% vs 25.0%, a 17.4% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 19.5%). HORIZON BANCORP INC produced more free cash flow last quarter ($74.3M vs $12.8M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 9.2%).
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
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.
HBNC vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $63.5M | $92.9M |
| Net Profit | $26.9M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | 51.5% | 24.1% |
| Net Margin | 42.4% | 25.0% |
| Revenue YoY | 19.5% | 23.3% |
| Net Profit YoY | 347.4% | 17.3% |
| EPS (diluted) | $0.44 | $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 | $63.5M | $92.9M | ||
| Q3 25 | $58.4M | $67.5M | ||
| Q2 25 | $66.3M | $63.2M | ||
| Q1 25 | $68.8M | $52.6M | ||
| Q4 24 | $53.1M | $75.4M | ||
| Q3 24 | $58.4M | $57.9M | ||
| Q2 24 | $55.8M | $52.7M | ||
| Q1 24 | $53.2M | $51.3M |
| Q4 25 | $26.9M | $23.2M | ||
| Q3 25 | $-222.0M | $5.1M | ||
| Q2 25 | $20.6M | $-553.0K | ||
| Q1 25 | $23.9M | $-11.2M | ||
| Q4 24 | $-10.9M | $19.8M | ||
| Q3 24 | $18.2M | $-901.0K | ||
| Q2 24 | $14.1M | $-4.7M | ||
| Q1 24 | $14.0M | $-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 | 51.5% | 24.1% | ||
| Q3 25 | -490.4% | 5.1% | ||
| Q2 25 | 36.8% | -3.2% | ||
| Q1 25 | 40.8% | -24.3% | ||
| Q4 24 | -41.3% | 24.5% | ||
| Q3 24 | 31.0% | -4.3% | ||
| Q2 24 | 28.5% | -11.5% | ||
| Q1 24 | 28.8% | -10.7% |
| Q4 25 | 42.4% | 25.0% | ||
| Q3 25 | -380.2% | 7.5% | ||
| Q2 25 | 31.1% | -0.9% | ||
| Q1 25 | 34.8% | -21.4% | ||
| Q4 24 | -20.5% | 26.3% | ||
| Q3 24 | 31.1% | -1.6% | ||
| Q2 24 | 25.4% | -8.9% | ||
| Q1 24 | 26.3% | -7.5% |
| Q4 25 | $0.44 | $0.46 | ||
| Q3 25 | $-4.69 | $0.10 | ||
| Q2 25 | $0.47 | $-0.01 | ||
| Q1 25 | $0.54 | $-0.23 | ||
| Q4 24 | $-0.25 | $0.40 | ||
| Q3 24 | $0.41 | $-0.02 | ||
| Q2 24 | $0.32 | $-0.10 | ||
| Q1 24 | $0.32 | $-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 | $139.5M | $137.5M |
| Total DebtLower is stronger | $248.6M | — |
| Stockholders' EquityBook value | $688.3M | $354.6M |
| Total Assets | $6.4B | $488.0M |
| Debt / EquityLower = less leverage | 0.36× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.5M | $137.5M | ||
| Q3 25 | $458.3M | $135.4M | ||
| Q2 25 | $137.9M | $116.9M | ||
| Q1 25 | $169.7M | $112.9M | ||
| Q4 24 | $293.4M | $116.2M | ||
| Q3 24 | $234.8M | $101.7M | ||
| Q2 24 | $146.1M | $102.5M | ||
| Q1 24 | — | $110.6M |
| Q4 25 | $248.6M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $688.3M | $354.6M | ||
| Q3 25 | $660.8M | $321.9M | ||
| Q2 25 | $790.9M | $306.8M | ||
| Q1 25 | $776.1M | $295.5M | ||
| Q4 24 | $763.6M | $292.0M | ||
| Q3 24 | $754.8M | $257.5M | ||
| Q2 24 | $726.7M | $243.0M | ||
| Q1 24 | $721.3M | $233.9M |
| Q4 25 | $6.4B | $488.0M | ||
| Q3 25 | $6.7B | $453.3M | ||
| Q2 25 | $7.7B | $435.6M | ||
| Q1 25 | $7.6B | $424.6M | ||
| Q4 24 | $7.8B | $432.7M | ||
| Q3 24 | $7.9B | $390.4M | ||
| Q2 24 | $7.9B | $376.8M | ||
| Q1 24 | $7.9B | $356.7M |
| Q4 25 | 0.36× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.61× | — | ||
| 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 | $79.2M | $15.0M |
| Free Cash FlowOCF − Capex | $74.3M | $12.8M |
| FCF MarginFCF / Revenue | 117.0% | 13.8% |
| Capex IntensityCapex / Revenue | 7.8% | 2.4% |
| Cash ConversionOCF / Net Profit | 2.94× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $115.9M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $79.2M | $15.0M | ||
| Q3 25 | $10.9M | $22.1M | ||
| Q2 25 | $19.5M | $8.2M | ||
| Q1 25 | $15.2M | $6.6M | ||
| Q4 24 | $6.4M | $22.2M | ||
| Q3 24 | $32.3M | $10.2M | ||
| Q2 24 | $15.9M | $18.5M | ||
| Q1 24 | $6.5M | $7.2M |
| Q4 25 | $74.3M | $12.8M | ||
| Q3 25 | $9.4M | $19.5M | ||
| Q2 25 | $18.1M | $81.0K | ||
| Q1 25 | $14.1M | $-7.6M | ||
| Q4 24 | $1.3M | $8.5M | ||
| Q3 24 | $31.0M | $-9.2M | ||
| Q2 24 | $15.1M | $1.8M | ||
| Q1 24 | $5.4M | $-6.8M |
| Q4 25 | 117.0% | 13.8% | ||
| Q3 25 | 16.1% | 28.8% | ||
| Q2 25 | 27.3% | 0.1% | ||
| Q1 25 | 20.5% | -14.5% | ||
| Q4 24 | 2.4% | 11.2% | ||
| Q3 24 | 53.1% | -15.9% | ||
| Q2 24 | 27.1% | 3.4% | ||
| Q1 24 | 10.1% | -13.3% |
| Q4 25 | 7.8% | 2.4% | ||
| Q3 25 | 2.6% | 3.9% | ||
| Q2 25 | 2.1% | 12.9% | ||
| Q1 25 | 1.6% | 27.0% | ||
| Q4 24 | 9.6% | 18.3% | ||
| Q3 24 | 2.2% | 33.5% | ||
| Q2 24 | 1.5% | 31.8% | ||
| Q1 24 | 2.2% | 27.3% |
| Q4 25 | 2.94× | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | 0.94× | — | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | 1.13× | — | ||
| Q1 24 | 0.47× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HBNC
Segment breakdown not available.
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
