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Side-by-side financial comparison of IMAX CORP (IMAX) and Vericel Corp (VCEL). Click either name above to swap in a different company.
IMAX CORP is the larger business by last-quarter revenue ($125.2M vs $92.9M, roughly 1.3× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs 0.5%, a 24.5% gap on every dollar of revenue. On growth, IMAX CORP posted the faster year-over-year revenue change (35.1% vs 23.3%). IMAX CORP produced more free cash flow last quarter ($28.0M vs $12.8M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 25.8%).
IMAX Corporation is a Canadian production theatre company which designs and manufactures IMAX cameras and projection systems as well as performing film development, production, post-production and distribution to IMAX-affiliated theatres worldwide. Founded in Montreal in 1967, it has headquarters in the Toronto area, and operations in New York City and Los Angeles.
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.
IMAX vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $125.2M | $92.9M |
| Net Profit | $637.0K | $23.2M |
| Gross Margin | 57.6% | 78.7% |
| Operating Margin | 19.3% | 24.1% |
| Net Margin | 0.5% | 25.0% |
| Revenue YoY | 35.1% | 23.3% |
| Net Profit YoY | -88.0% | 17.3% |
| EPS (diluted) | $0.02 | $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 | $125.2M | $92.9M | ||
| Q3 25 | $106.7M | $67.5M | ||
| Q2 25 | $91.7M | $63.2M | ||
| Q1 25 | $86.7M | $52.6M | ||
| Q4 24 | $92.7M | $75.4M | ||
| Q3 24 | $91.5M | $57.9M | ||
| Q2 24 | $89.0M | $52.7M | ||
| Q1 24 | $79.1M | $51.3M |
| Q4 25 | $637.0K | $23.2M | ||
| Q3 25 | $20.7M | $5.1M | ||
| Q2 25 | $11.3M | $-553.0K | ||
| Q1 25 | $2.3M | $-11.2M | ||
| Q4 24 | $5.3M | $19.8M | ||
| Q3 24 | $13.9M | $-901.0K | ||
| Q2 24 | $3.6M | $-4.7M | ||
| Q1 24 | $3.3M | $-3.9M |
| Q4 25 | 57.6% | 78.7% | ||
| Q3 25 | 63.1% | 73.5% | ||
| Q2 25 | 58.5% | 73.7% | ||
| Q1 25 | 61.4% | 69.0% | ||
| Q4 24 | 52.2% | 77.6% | ||
| Q3 24 | 55.8% | 71.9% | ||
| Q2 24 | 49.4% | 69.5% | ||
| Q1 24 | 59.3% | 68.9% |
| Q4 25 | 19.3% | 24.1% | ||
| Q3 25 | 27.2% | 5.1% | ||
| Q2 25 | 15.6% | -3.2% | ||
| Q1 25 | 19.3% | -24.3% | ||
| Q4 24 | 10.3% | 24.5% | ||
| Q3 24 | 21.2% | -4.3% | ||
| Q2 24 | 3.2% | -11.5% | ||
| Q1 24 | 15.3% | -10.7% |
| Q4 25 | 0.5% | 25.0% | ||
| Q3 25 | 19.4% | 7.5% | ||
| Q2 25 | 12.3% | -0.9% | ||
| Q1 25 | 2.7% | -21.4% | ||
| Q4 24 | 5.7% | 26.3% | ||
| Q3 24 | 15.2% | -1.6% | ||
| Q2 24 | 4.0% | -8.9% | ||
| Q1 24 | 4.1% | -7.5% |
| Q4 25 | $0.02 | $0.46 | ||
| Q3 25 | $0.37 | $0.10 | ||
| Q2 25 | $0.20 | $-0.01 | ||
| Q1 25 | $0.04 | $-0.23 | ||
| Q4 24 | $0.09 | $0.40 | ||
| Q3 24 | $0.26 | $-0.02 | ||
| Q2 24 | $0.07 | $-0.10 | ||
| Q1 24 | $0.06 | $-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 | $151.2M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $337.9M | $354.6M |
| Total Assets | $894.0M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $151.2M | $137.5M | ||
| Q3 25 | $143.1M | $135.4M | ||
| Q2 25 | $109.3M | $116.9M | ||
| Q1 25 | $97.1M | $112.9M | ||
| Q4 24 | $100.6M | $116.2M | ||
| Q3 24 | $104.5M | $101.7M | ||
| Q2 24 | $91.6M | $102.5M | ||
| Q1 24 | $81.0M | $110.6M |
| Q4 25 | $337.9M | $354.6M | ||
| Q3 25 | $349.5M | $321.9M | ||
| Q2 25 | $320.4M | $306.8M | ||
| Q1 25 | $299.5M | $295.5M | ||
| Q4 24 | $299.5M | $292.0M | ||
| Q3 24 | $289.4M | $257.5M | ||
| Q2 24 | $267.2M | $243.0M | ||
| Q1 24 | $258.8M | $233.9M |
| Q4 25 | $894.0M | $488.0M | ||
| Q3 25 | $889.6M | $453.3M | ||
| Q2 25 | $868.6M | $435.6M | ||
| Q1 25 | $848.3M | $424.6M | ||
| Q4 24 | $830.4M | $432.7M | ||
| Q3 24 | $847.6M | $390.4M | ||
| Q2 24 | $827.4M | $376.8M | ||
| Q1 24 | $824.1M | $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 | $29.4M | $15.0M |
| Free Cash FlowOCF − Capex | $28.0M | $12.8M |
| FCF MarginFCF / Revenue | 22.3% | 13.8% |
| Capex IntensityCapex / Revenue | 1.1% | 2.4% |
| Cash ConversionOCF / Net Profit | 46.11× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $118.9M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.4M | $15.0M | ||
| Q3 25 | $67.5M | $22.1M | ||
| Q2 25 | $23.2M | $8.2M | ||
| Q1 25 | $7.0M | $6.6M | ||
| Q4 24 | $11.5M | $22.2M | ||
| Q3 24 | $35.3M | $10.2M | ||
| Q2 24 | $35.0M | $18.5M | ||
| Q1 24 | $-11.0M | $7.2M |
| Q4 25 | $28.0M | $12.8M | ||
| Q3 25 | $64.8M | $19.5M | ||
| Q2 25 | $20.9M | $81.0K | ||
| Q1 25 | $5.3M | $-7.6M | ||
| Q4 24 | $6.9M | $8.5M | ||
| Q3 24 | $34.2M | $-9.2M | ||
| Q2 24 | $33.5M | $1.8M | ||
| Q1 24 | $-12.1M | $-6.8M |
| Q4 25 | 22.3% | 13.8% | ||
| Q3 25 | 60.7% | 28.8% | ||
| Q2 25 | 22.8% | 0.1% | ||
| Q1 25 | 6.1% | -14.5% | ||
| Q4 24 | 7.4% | 11.2% | ||
| Q3 24 | 37.3% | -15.9% | ||
| Q2 24 | 37.6% | 3.4% | ||
| Q1 24 | -15.3% | -13.3% |
| Q4 25 | 1.1% | 2.4% | ||
| Q3 25 | 2.6% | 3.9% | ||
| Q2 25 | 2.6% | 12.9% | ||
| Q1 25 | 1.9% | 27.0% | ||
| Q4 24 | 5.0% | 18.3% | ||
| Q3 24 | 1.2% | 33.5% | ||
| Q2 24 | 1.8% | 31.8% | ||
| Q1 24 | 1.4% | 27.3% |
| Q4 25 | 46.11× | 0.65× | ||
| Q3 25 | 3.27× | 4.35× | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | 2.99× | — | ||
| Q4 24 | 2.16× | 1.12× | ||
| Q3 24 | 2.54× | — | ||
| Q2 24 | 9.78× | — | ||
| Q1 24 | -3.35× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IMAX
| Technology Sales | $46.6M | 37% |
| Image Enhancement And Maintenance Services | $38.1M | 30% |
| Joint Revenue Sharing Arrangement | $20.4M | 16% |
| Maintenance | $16.3M | 13% |
| Finance Income | $2.8M | 2% |
| Other Content Solutions | $1.6M | 1% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
