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Side-by-side financial comparison of Mayville Engineering Company, Inc. (MEC) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Mayville Engineering Company, Inc. is the larger business by last-quarter revenue ($134.3M vs $92.9M, roughly 1.4× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -3.2%, a 28.3% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 10.7%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $10.2M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs -8.8%).
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
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.
MEC vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.3M | $92.9M |
| Net Profit | $-4.4M | $23.2M |
| Gross Margin | 6.8% | 78.7% |
| Operating Margin | -4.1% | 24.1% |
| Net Margin | -3.2% | 25.0% |
| Revenue YoY | 10.7% | 23.3% |
| Net Profit YoY | -127.3% | 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 | $134.3M | $92.9M | ||
| Q3 25 | $144.3M | $67.5M | ||
| Q2 25 | $132.3M | $63.2M | ||
| Q1 25 | $135.6M | $52.6M | ||
| Q4 24 | $121.3M | $75.4M | ||
| Q3 24 | $135.4M | $57.9M | ||
| Q2 24 | $163.6M | $52.7M | ||
| Q1 24 | $161.3M | $51.3M |
| Q4 25 | $-4.4M | $23.2M | ||
| Q3 25 | $-2.7M | $5.1M | ||
| Q2 25 | $-1.1M | $-553.0K | ||
| Q1 25 | $20.0K | $-11.2M | ||
| Q4 24 | $16.0M | $19.8M | ||
| Q3 24 | $3.0M | $-901.0K | ||
| Q2 24 | $3.8M | $-4.7M | ||
| Q1 24 | $3.2M | $-3.9M |
| Q4 25 | 6.8% | 78.7% | ||
| Q3 25 | 11.0% | 73.5% | ||
| Q2 25 | 10.3% | 73.7% | ||
| Q1 25 | 11.3% | 69.0% | ||
| Q4 24 | 8.9% | 77.6% | ||
| Q3 24 | 12.6% | 71.9% | ||
| Q2 24 | 13.6% | 69.5% | ||
| Q1 24 | 13.0% | 68.9% |
| Q4 25 | -4.1% | 24.1% | ||
| Q3 25 | 0.0% | 5.1% | ||
| Q2 25 | 0.1% | -3.2% | ||
| Q1 25 | 1.2% | -24.3% | ||
| Q4 24 | 19.0% | 24.5% | ||
| Q3 24 | 4.2% | -4.3% | ||
| Q2 24 | 5.0% | -11.5% | ||
| Q1 24 | 4.7% | -10.7% |
| Q4 25 | -3.2% | 25.0% | ||
| Q3 25 | -1.9% | 7.5% | ||
| Q2 25 | -0.8% | -0.9% | ||
| Q1 25 | 0.0% | -21.4% | ||
| Q4 24 | 13.2% | 26.3% | ||
| Q3 24 | 2.2% | -1.6% | ||
| Q2 24 | 2.3% | -8.9% | ||
| Q1 24 | 2.0% | -7.5% |
| Q4 25 | $-0.22 | $0.46 | ||
| Q3 25 | $-0.13 | $0.10 | ||
| Q2 25 | $-0.05 | $-0.01 | ||
| Q1 25 | $0.00 | $-0.23 | ||
| Q4 24 | $0.76 | $0.40 | ||
| Q3 24 | $0.14 | $-0.02 | ||
| Q2 24 | $0.18 | $-0.10 | ||
| Q1 24 | $0.16 | $-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 | $1.5M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $240.7M | $354.6M |
| Total Assets | $563.6M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $137.5M | ||
| Q3 25 | $1.2M | $135.4M | ||
| Q2 25 | $206.0K | $116.9M | ||
| Q1 25 | $183.0K | $112.9M | ||
| Q4 24 | $206.0K | $116.2M | ||
| Q3 24 | $178.0K | $101.7M | ||
| Q2 24 | $314.0K | $102.5M | ||
| Q1 24 | $314.0K | $110.6M |
| Q4 25 | $240.7M | $354.6M | ||
| Q3 25 | $244.8M | $321.9M | ||
| Q2 25 | $246.8M | $306.8M | ||
| Q1 25 | $250.0M | $295.5M | ||
| Q4 24 | $251.8M | $292.0M | ||
| Q3 24 | $238.4M | $257.5M | ||
| Q2 24 | $238.1M | $243.0M | ||
| Q1 24 | $234.0M | $233.9M |
| Q4 25 | $563.6M | $488.0M | ||
| Q3 25 | $585.6M | $453.3M | ||
| Q2 25 | $433.7M | $435.6M | ||
| Q1 25 | $447.7M | $424.6M | ||
| Q4 24 | $445.6M | $432.7M | ||
| Q3 24 | $466.0M | $390.4M | ||
| Q2 24 | $488.2M | $376.8M | ||
| Q1 24 | $499.9M | $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 | $13.4M | $15.0M |
| Free Cash FlowOCF − Capex | $10.2M | $12.8M |
| FCF MarginFCF / Revenue | 7.6% | 13.8% |
| Capex IntensityCapex / Revenue | 2.4% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $26.9M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.4M | $15.0M | ||
| Q3 25 | $1.9M | $22.1M | ||
| Q2 25 | $15.0M | $8.2M | ||
| Q1 25 | $8.3M | $6.6M | ||
| Q4 24 | $38.0M | $22.2M | ||
| Q3 24 | $17.9M | $10.2M | ||
| Q2 24 | $23.3M | $18.5M | ||
| Q1 24 | $10.6M | $7.2M |
| Q4 25 | $10.2M | $12.8M | ||
| Q3 25 | $-1.1M | $19.5M | ||
| Q2 25 | $12.5M | $81.0K | ||
| Q1 25 | $5.4M | $-7.6M | ||
| Q4 24 | $35.6M | $8.5M | ||
| Q3 24 | $15.1M | $-9.2M | ||
| Q2 24 | $19.2M | $1.8M | ||
| Q1 24 | $7.8M | $-6.8M |
| Q4 25 | 7.6% | 13.8% | ||
| Q3 25 | -0.8% | 28.8% | ||
| Q2 25 | 9.5% | 0.1% | ||
| Q1 25 | 4.0% | -14.5% | ||
| Q4 24 | 29.4% | 11.2% | ||
| Q3 24 | 11.1% | -15.9% | ||
| Q2 24 | 11.7% | 3.4% | ||
| Q1 24 | 4.9% | -13.3% |
| Q4 25 | 2.4% | 2.4% | ||
| Q3 25 | 2.1% | 3.9% | ||
| Q2 25 | 1.8% | 12.9% | ||
| Q1 25 | 2.2% | 27.0% | ||
| Q4 24 | 1.9% | 18.3% | ||
| Q3 24 | 2.1% | 33.5% | ||
| Q2 24 | 2.5% | 31.8% | ||
| Q1 24 | 1.7% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | 416.65× | — | ||
| Q4 24 | 2.38× | 1.12× | ||
| Q3 24 | 6.03× | — | ||
| Q2 24 | 6.15× | — | ||
| Q1 24 | 3.28× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
