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Side-by-side financial comparison of JBG SMITH Properties (JBGS) and Vericel Corp (VCEL). Click either name above to swap in a different company.
JBG SMITH Properties is the larger business by last-quarter revenue ($127.6M vs $92.9M, roughly 1.4× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -35.7%, a 60.7% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -2.5%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs -6.3%).
JBG SMITH PropertiesJBGSEarnings & Financial Report
JBG SMITH Properties is a publicly traded real estate investment trust based in Bethesda, Maryland.
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.
JBGS vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $127.6M | $92.9M |
| Net Profit | $-45.5M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | -47.5% | 24.1% |
| Net Margin | -35.7% | 25.0% |
| Revenue YoY | -2.5% | 23.3% |
| Net Profit YoY | 24.0% | 17.3% |
| EPS (diluted) | $-0.76 | $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 | $127.6M | $92.9M | ||
| Q3 25 | $123.9M | $67.5M | ||
| Q2 25 | $126.5M | $63.2M | ||
| Q1 25 | $120.7M | $52.6M | ||
| Q4 24 | $130.8M | $75.4M | ||
| Q3 24 | $136.0M | $57.9M | ||
| Q2 24 | $135.3M | $52.7M | ||
| Q1 24 | $145.2M | $51.3M |
| Q4 25 | $-45.5M | $23.2M | ||
| Q3 25 | $-28.6M | $5.1M | ||
| Q2 25 | $-19.2M | $-553.0K | ||
| Q1 25 | $-45.7M | $-11.2M | ||
| Q4 24 | $-59.9M | $19.8M | ||
| Q3 24 | $-27.0M | $-901.0K | ||
| Q2 24 | $-24.4M | $-4.7M | ||
| Q1 24 | $-32.3M | $-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 | -47.5% | 24.1% | ||
| Q3 25 | -27.5% | 5.1% | ||
| Q2 25 | -18.4% | -3.2% | ||
| Q1 25 | -44.7% | -24.3% | ||
| Q4 24 | -53.6% | 24.5% | ||
| Q3 24 | -22.4% | -4.3% | ||
| Q2 24 | -24.3% | -11.5% | ||
| Q1 24 | -30.1% | -10.7% |
| Q4 25 | -35.7% | 25.0% | ||
| Q3 25 | -23.1% | 7.5% | ||
| Q2 25 | -15.2% | -0.9% | ||
| Q1 25 | -37.9% | -21.4% | ||
| Q4 24 | -45.8% | 26.3% | ||
| Q3 24 | -19.8% | -1.6% | ||
| Q2 24 | -18.0% | -8.9% | ||
| Q1 24 | -22.2% | -7.5% |
| Q4 25 | $-0.76 | $0.46 | ||
| Q3 25 | $-0.48 | $0.10 | ||
| Q2 25 | $-0.29 | $-0.01 | ||
| Q1 25 | $-0.56 | $-0.23 | ||
| Q4 24 | $-0.70 | $0.40 | ||
| Q3 24 | $-0.32 | $-0.02 | ||
| Q2 24 | $-0.27 | $-0.10 | ||
| Q1 24 | $-0.36 | $-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 | $75.3M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $354.6M |
| Total Assets | $4.4B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.3M | $137.5M | ||
| Q3 25 | $64.4M | $135.4M | ||
| Q2 25 | $61.4M | $116.9M | ||
| Q1 25 | $81.3M | $112.9M | ||
| Q4 24 | $145.8M | $116.2M | ||
| Q3 24 | $137.0M | $101.7M | ||
| Q2 24 | $163.5M | $102.5M | ||
| Q1 24 | $220.5M | $110.6M |
| Q4 25 | $1.2B | $354.6M | ||
| Q3 25 | $1.2B | $321.9M | ||
| Q2 25 | $1.3B | $306.8M | ||
| Q1 25 | $1.6B | $295.5M | ||
| Q4 24 | $1.8B | $292.0M | ||
| Q3 24 | $1.9B | $257.5M | ||
| Q2 24 | $2.0B | $243.0M | ||
| Q1 24 | $2.1B | $233.9M |
| Q4 25 | $4.4B | $488.0M | ||
| Q3 25 | $4.4B | $453.3M | ||
| Q2 25 | $4.5B | $435.6M | ||
| Q1 25 | $4.7B | $424.6M | ||
| Q4 24 | $5.0B | $432.7M | ||
| Q3 24 | $5.2B | $390.4M | ||
| Q2 24 | $5.3B | $376.8M | ||
| Q1 24 | $5.4B | $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 | $73.3M | $15.0M |
| Free Cash FlowOCF − Capex | — | $12.8M |
| FCF MarginFCF / Revenue | — | 13.8% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $73.3M | $15.0M | ||
| Q3 25 | $8.9M | $22.1M | ||
| Q2 25 | $18.8M | $8.2M | ||
| Q1 25 | $12.9M | $6.6M | ||
| Q4 24 | $129.4M | $22.2M | ||
| Q3 24 | $26.4M | $10.2M | ||
| Q2 24 | $23.8M | $18.5M | ||
| Q1 24 | $37.0M | $7.2M |
| Q4 25 | — | $12.8M | ||
| Q3 25 | — | $19.5M | ||
| Q2 25 | — | $81.0K | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | — | $-9.2M | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | — | 13.8% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | -14.5% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | -15.9% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | — | -13.3% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | — | 33.5% | ||
| Q2 24 | — | 31.8% | ||
| Q1 24 | — | 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
JBGS
Segment breakdown not available.
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
