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Side-by-side financial comparison of Kennedy-Wilson Holdings, Inc. (KW) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Kennedy-Wilson Holdings, Inc. is the larger business by last-quarter revenue ($120.6M vs $92.9M, roughly 1.3× Vericel Corp). Kennedy-Wilson Holdings, Inc. runs the higher net margin — 48.1% vs 25.0%, a 23.1% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -11.0%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-55.2M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs -6.0%).
Kennedy Wilson is a real estate investment company headquartered in Beverly Hills, California, United States.
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.
KW vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $120.6M | $92.9M |
| Net Profit | $58.0M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | 57.3% | 24.1% |
| Net Margin | 48.1% | 25.0% |
| Revenue YoY | -11.0% | 23.3% |
| Net Profit YoY | 32.7% | 17.3% |
| EPS (diluted) | $0.22 | $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 | $120.6M | $92.9M | ||
| Q3 25 | $116.4M | $67.5M | ||
| Q2 25 | $135.7M | $63.2M | ||
| Q1 25 | $128.3M | $52.6M | ||
| Q4 24 | $135.5M | $75.4M | ||
| Q3 24 | $127.5M | $57.9M | ||
| Q2 24 | $132.0M | $52.7M | ||
| Q1 24 | $136.4M | $51.3M |
| Q4 25 | $58.0M | $23.2M | ||
| Q3 25 | $-10.2M | $5.1M | ||
| Q2 25 | $5.6M | $-553.0K | ||
| Q1 25 | $-29.6M | $-11.2M | ||
| Q4 24 | $43.7M | $19.8M | ||
| Q3 24 | $-66.8M | $-901.0K | ||
| Q2 24 | $-48.3M | $-4.7M | ||
| Q1 24 | $37.7M | $-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 | 57.3% | 24.1% | ||
| Q3 25 | -6.2% | 5.1% | ||
| Q2 25 | 7.4% | -3.2% | ||
| Q1 25 | -26.9% | -24.3% | ||
| Q4 24 | 36.7% | 24.5% | ||
| Q3 24 | -60.8% | -4.3% | ||
| Q2 24 | -45.5% | -11.5% | ||
| Q1 24 | 47.2% | -10.7% |
| Q4 25 | 48.1% | 25.0% | ||
| Q3 25 | -8.8% | 7.5% | ||
| Q2 25 | 4.1% | -0.9% | ||
| Q1 25 | -23.1% | -21.4% | ||
| Q4 24 | 32.3% | 26.3% | ||
| Q3 24 | -52.4% | -1.6% | ||
| Q2 24 | -36.6% | -8.9% | ||
| Q1 24 | 27.6% | -7.5% |
| Q4 25 | $0.22 | $0.46 | ||
| Q3 25 | $-0.15 | $0.10 | ||
| Q2 25 | $-0.05 | $-0.01 | ||
| Q1 25 | $-0.30 | $-0.23 | ||
| Q4 24 | $0.24 | $0.40 | ||
| Q3 24 | $-0.56 | $-0.02 | ||
| Q2 24 | $-0.43 | $-0.10 | ||
| Q1 24 | $0.19 | $-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 | $184.5M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $354.6M |
| Total Assets | $6.6B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $184.5M | $137.5M | ||
| Q3 25 | $382.6M | $135.4M | ||
| Q2 25 | $309.1M | $116.9M | ||
| Q1 25 | $356.6M | $112.9M | ||
| Q4 24 | $217.5M | $116.2M | ||
| Q3 24 | $367.1M | $101.7M | ||
| Q2 24 | $366.5M | $102.5M | ||
| Q1 24 | $541.9M | $110.6M |
| Q4 25 | $1.5B | $354.6M | ||
| Q3 25 | $1.5B | $321.9M | ||
| Q2 25 | $1.6B | $306.8M | ||
| Q1 25 | $1.6B | $295.5M | ||
| Q4 24 | $1.6B | $292.0M | ||
| Q3 24 | $1.6B | $257.5M | ||
| Q2 24 | $1.7B | $243.0M | ||
| Q1 24 | $1.7B | $233.9M |
| Q4 25 | $6.6B | $488.0M | ||
| Q3 25 | $6.7B | $453.3M | ||
| Q2 25 | $6.8B | $435.6M | ||
| Q1 25 | $7.2B | $424.6M | ||
| Q4 24 | $7.0B | $432.7M | ||
| Q3 24 | $7.4B | $390.4M | ||
| Q2 24 | $7.5B | $376.8M | ||
| Q1 24 | $7.7B | $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 | $11.4M | $15.0M |
| Free Cash FlowOCF − Capex | $-55.2M | $12.8M |
| FCF MarginFCF / Revenue | -45.8% | 13.8% |
| Capex IntensityCapex / Revenue | 55.2% | 2.4% |
| Cash ConversionOCF / Net Profit | 0.20× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-103.5M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.4M | $15.0M | ||
| Q3 25 | $-7.6M | $22.1M | ||
| Q2 25 | $42.0M | $8.2M | ||
| Q1 25 | $-51.9M | $6.6M | ||
| Q4 24 | $55.1M | $22.2M | ||
| Q3 24 | $-5.6M | $10.2M | ||
| Q2 24 | $36.7M | $18.5M | ||
| Q1 24 | $-5.6M | $7.2M |
| Q4 25 | $-55.2M | $12.8M | ||
| Q3 25 | $-18.0M | $19.5M | ||
| Q2 25 | $29.4M | $81.0K | ||
| Q1 25 | $-59.7M | $-7.6M | ||
| Q4 24 | $-76.5M | $8.5M | ||
| Q3 24 | $-27.7M | $-9.2M | ||
| Q2 24 | $-500.0K | $1.8M | ||
| Q1 24 | $-57.1M | $-6.8M |
| Q4 25 | -45.8% | 13.8% | ||
| Q3 25 | -15.5% | 28.8% | ||
| Q2 25 | 21.7% | 0.1% | ||
| Q1 25 | -46.5% | -14.5% | ||
| Q4 24 | -56.5% | 11.2% | ||
| Q3 24 | -21.7% | -15.9% | ||
| Q2 24 | -0.4% | 3.4% | ||
| Q1 24 | -41.9% | -13.3% |
| Q4 25 | 55.2% | 2.4% | ||
| Q3 25 | 8.9% | 3.9% | ||
| Q2 25 | 9.3% | 12.9% | ||
| Q1 25 | 6.1% | 27.0% | ||
| Q4 24 | 97.1% | 18.3% | ||
| Q3 24 | 17.3% | 33.5% | ||
| Q2 24 | 28.2% | 31.8% | ||
| Q1 24 | 37.8% | 27.3% |
| Q4 25 | 0.20× | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | 7.50× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.15× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KW
| Consolidated Portfolio Segment | $84.9M | 70% |
| Investment Management Fees | $30.4M | 25% |
| Real Estate | $5.1M | 4% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
