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Side-by-side financial comparison of LIQUIDITY SERVICES INC (LQDT) and Vericel Corp (VCEL). Click either name above to swap in a different company.
LIQUIDITY SERVICES INC is the larger business by last-quarter revenue ($120.7M vs $92.9M, roughly 1.3× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs 6.2%, a 18.8% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 3.7%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 13.6%).
Liquidity Services, Inc. is an American e-commerce company providing surplus asset management services through a network of online marketplaces. It serves businesses and government agencies by facilitating the resale of surplus, returned, and end-of-life goods. Founded in 1999 and headquartered in Bethesda, Maryland, 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.
LQDT vs VCEL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $120.7M | $92.9M |
| Net Profit | $7.5M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | 8.0% | 24.1% |
| Net Margin | 6.2% | 25.0% |
| Revenue YoY | 3.7% | 23.3% |
| Net Profit YoY | 6.7% | 17.3% |
| EPS (diluted) | $0.23 | $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.
| Q1 26 | $120.7M | — | ||
| Q4 25 | $121.2M | $92.9M | ||
| Q3 25 | $118.1M | $67.5M | ||
| Q2 25 | $119.9M | $63.2M | ||
| Q1 25 | $116.4M | $52.6M | ||
| Q4 24 | $122.3M | $75.4M | ||
| Q3 24 | $106.9M | $57.9M | ||
| Q2 24 | $93.6M | $52.7M |
| Q1 26 | $7.5M | — | ||
| Q4 25 | $7.5M | $23.2M | ||
| Q3 25 | $7.8M | $5.1M | ||
| Q2 25 | $7.4M | $-553.0K | ||
| Q1 25 | $7.1M | $-11.2M | ||
| Q4 24 | $5.8M | $19.8M | ||
| Q3 24 | $6.4M | $-901.0K | ||
| Q2 24 | $6.0M | $-4.7M |
| Q1 26 | — | — | ||
| Q4 25 | 47.0% | 78.7% | ||
| Q3 25 | 47.8% | 73.5% | ||
| Q2 25 | 45.7% | 73.7% | ||
| Q1 25 | 40.8% | 69.0% | ||
| Q4 24 | 41.0% | 77.6% | ||
| Q3 24 | 45.6% | 71.9% | ||
| Q2 24 | 52.8% | 69.5% |
| Q1 26 | 8.0% | — | ||
| Q4 25 | 7.7% | 24.1% | ||
| Q3 25 | 9.3% | 5.1% | ||
| Q2 25 | 8.5% | -3.2% | ||
| Q1 25 | 5.8% | -24.3% | ||
| Q4 24 | 5.8% | 24.5% | ||
| Q3 24 | 6.8% | -4.3% | ||
| Q2 24 | 8.4% | -11.5% |
| Q1 26 | 6.2% | — | ||
| Q4 25 | 6.2% | 25.0% | ||
| Q3 25 | 6.6% | 7.5% | ||
| Q2 25 | 6.2% | -0.9% | ||
| Q1 25 | 6.1% | -21.4% | ||
| Q4 24 | 4.7% | 26.3% | ||
| Q3 24 | 6.0% | -1.6% | ||
| Q2 24 | 6.4% | -8.9% |
| Q1 26 | $0.23 | — | ||
| Q4 25 | $0.23 | $0.46 | ||
| Q3 25 | $0.24 | $0.10 | ||
| Q2 25 | $0.23 | $-0.01 | ||
| Q1 25 | $0.22 | $-0.23 | ||
| Q4 24 | $0.18 | $0.40 | ||
| Q3 24 | $0.20 | $-0.02 | ||
| Q2 24 | $0.19 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $204.0M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $354.6M |
| Total Assets | $400.4M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $204.0M | — | ||
| Q4 25 | $11.6M | $137.5M | ||
| Q3 25 | $11.2M | $135.4M | ||
| Q2 25 | $11.4M | $116.9M | ||
| Q1 25 | $10.5M | $112.9M | ||
| Q4 24 | $10.4M | $116.2M | ||
| Q3 24 | $2.3M | $101.7M | ||
| Q2 24 | $6.5M | $102.5M |
| Q1 26 | — | — | ||
| Q4 25 | $215.3M | $354.6M | ||
| Q3 25 | $203.2M | $321.9M | ||
| Q2 25 | $208.7M | $306.8M | ||
| Q1 25 | $196.3M | $295.5M | ||
| Q4 24 | $189.2M | $292.0M | ||
| Q3 24 | $182.6M | $257.5M | ||
| Q2 24 | $172.0M | $243.0M |
| Q1 26 | $400.4M | — | ||
| Q4 25 | $369.1M | $488.0M | ||
| Q3 25 | $375.1M | $453.3M | ||
| Q2 25 | $372.4M | $435.6M | ||
| Q1 25 | $358.8M | $424.6M | ||
| Q4 24 | $333.2M | $432.7M | ||
| Q3 24 | $346.9M | $390.4M | ||
| Q2 24 | $325.5M | $376.8M |
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 | $29.0M | $15.0M |
| Free Cash FlowOCF − Capex | — | $12.8M |
| FCF MarginFCF / Revenue | — | 13.8% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | 3.86× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $29.0M | — | ||
| Q4 25 | $-526.0K | $15.0M | ||
| Q3 25 | $38.0M | $22.1M | ||
| Q2 25 | $19.3M | $8.2M | ||
| Q1 25 | $21.6M | $6.6M | ||
| Q4 24 | $-12.1M | $22.2M | ||
| Q3 24 | $22.0M | $10.2M | ||
| Q2 24 | $22.2M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | $-2.8M | $12.8M | ||
| Q3 25 | $36.0M | $19.5M | ||
| Q2 25 | $17.2M | $81.0K | ||
| Q1 25 | $19.8M | $-7.6M | ||
| Q4 24 | $-14.0M | $8.5M | ||
| Q3 24 | $19.2M | $-9.2M | ||
| Q2 24 | $20.3M | $1.8M |
| Q1 26 | — | — | ||
| Q4 25 | -2.3% | 13.8% | ||
| Q3 25 | 30.5% | 28.8% | ||
| Q2 25 | 14.3% | 0.1% | ||
| Q1 25 | 17.0% | -14.5% | ||
| Q4 24 | -11.4% | 11.2% | ||
| Q3 24 | 17.9% | -15.9% | ||
| Q2 24 | 21.7% | 3.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 2.4% | ||
| Q3 25 | 1.7% | 3.9% | ||
| Q2 25 | 1.8% | 12.9% | ||
| Q1 25 | 1.6% | 27.0% | ||
| Q4 24 | 1.5% | 18.3% | ||
| Q3 24 | 2.7% | 33.5% | ||
| Q2 24 | 2.1% | 31.8% |
| Q1 26 | 3.86× | — | ||
| Q4 25 | -0.07× | 0.65× | ||
| Q3 25 | 4.86× | 4.35× | ||
| Q2 25 | 2.60× | — | ||
| Q1 25 | 3.07× | — | ||
| Q4 24 | -2.09× | 1.12× | ||
| Q3 24 | 3.45× | — | ||
| Q2 24 | 3.71× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LQDT
| Purchase revenues | $77.9M | 64% |
| Consignment and other fee revenues | $42.9M | 36% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
