vs
Side-by-side financial comparison of MAXLINEAR, INC (MXL) and Vericel Corp (VCEL). Click either name above to swap in a different company.
MAXLINEAR, INC is the larger business by last-quarter revenue ($137.2M vs $92.9M, roughly 1.5× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -32.9%, a 57.9% gap on every dollar of revenue. On growth, MAXLINEAR, INC posted the faster year-over-year revenue change (43.0% vs 23.3%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 22.1%).
MaxLinear, Inc. is an American electronic hardware company. Founded in 2003, it provides highly integrated radio-frequency (RF) analog and mixed-signal semiconductor products for broadband communications applications. It is a New York Stock Exchange-traded company.
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.
MXL vs VCEL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $137.2M | $92.9M |
| Net Profit | $-45.1M | $23.2M |
| Gross Margin | 57.5% | 78.7% |
| Operating Margin | 30.0% | 24.1% |
| Net Margin | -32.9% | 25.0% |
| Revenue YoY | 43.0% | 23.3% |
| Net Profit YoY | -203.0% | 17.3% |
| EPS (diluted) | $-0.52 | $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 | $137.2M | — | ||
| Q4 25 | $136.4M | $92.9M | ||
| Q3 25 | $126.5M | $67.5M | ||
| Q2 25 | $108.8M | $63.2M | ||
| Q1 25 | $95.9M | $52.6M | ||
| Q4 24 | $92.2M | $75.4M | ||
| Q3 24 | $81.1M | $57.9M | ||
| Q2 24 | $92.0M | $52.7M |
| Q1 26 | $-45.1M | — | ||
| Q4 25 | $-14.9M | $23.2M | ||
| Q3 25 | $-45.5M | $5.1M | ||
| Q2 25 | $-26.6M | $-553.0K | ||
| Q1 25 | $-49.7M | $-11.2M | ||
| Q4 24 | $-57.8M | $19.8M | ||
| Q3 24 | $-75.8M | $-901.0K | ||
| Q2 24 | $-39.3M | $-4.7M |
| Q1 26 | 57.5% | — | ||
| Q4 25 | 57.6% | 78.7% | ||
| Q3 25 | 56.9% | 73.5% | ||
| Q2 25 | 56.5% | 73.7% | ||
| Q1 25 | 56.1% | 69.0% | ||
| Q4 24 | 55.6% | 77.6% | ||
| Q3 24 | 54.4% | 71.9% | ||
| Q2 24 | 54.6% | 69.5% |
| Q1 26 | 30.0% | — | ||
| Q4 25 | -10.9% | 24.1% | ||
| Q3 25 | -32.7% | 5.1% | ||
| Q2 25 | -22.6% | -3.2% | ||
| Q1 25 | -48.0% | -24.3% | ||
| Q4 24 | -44.7% | 24.5% | ||
| Q3 24 | -82.3% | -4.3% | ||
| Q2 24 | -44.4% | -11.5% |
| Q1 26 | -32.9% | — | ||
| Q4 25 | -10.9% | 25.0% | ||
| Q3 25 | -36.0% | 7.5% | ||
| Q2 25 | -24.4% | -0.9% | ||
| Q1 25 | -51.8% | -21.4% | ||
| Q4 24 | -62.8% | 26.3% | ||
| Q3 24 | -93.4% | -1.6% | ||
| Q2 24 | -42.7% | -8.9% |
| Q1 26 | $-0.52 | — | ||
| Q4 25 | $-0.17 | $0.46 | ||
| Q3 25 | $-0.52 | $0.10 | ||
| Q2 25 | $-0.31 | $-0.01 | ||
| Q1 25 | $-0.58 | $-0.23 | ||
| Q4 24 | $-0.68 | $0.40 | ||
| Q3 24 | $-0.90 | $-0.02 | ||
| Q2 24 | $-0.47 | $-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 | $61.1M | $137.5M |
| Total DebtLower is stronger | $123.8M | — |
| Stockholders' EquityBook value | $454.2M | $354.6M |
| Total Assets | $771.3M | $488.0M |
| Debt / EquityLower = less leverage | 0.27× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $61.1M | — | ||
| Q4 25 | $72.8M | $137.5M | ||
| Q3 25 | $111.9M | $135.4M | ||
| Q2 25 | $108.6M | $116.9M | ||
| Q1 25 | $102.8M | $112.9M | ||
| Q4 24 | $118.6M | $116.2M | ||
| Q3 24 | $148.5M | $101.7M | ||
| Q2 24 | $185.1M | $102.5M |
| Q1 26 | $123.8M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $454.2M | — | ||
| Q4 25 | $451.9M | $354.6M | ||
| Q3 25 | $464.7M | $321.9M | ||
| Q2 25 | $488.3M | $306.8M | ||
| Q1 25 | $493.2M | $295.5M | ||
| Q4 24 | $516.3M | $292.0M | ||
| Q3 24 | $556.9M | $257.5M | ||
| Q2 24 | $617.3M | $243.0M |
| Q1 26 | $771.3M | — | ||
| Q4 25 | $796.4M | $488.0M | ||
| Q3 25 | $808.1M | $453.3M | ||
| Q2 25 | $863.7M | $435.6M | ||
| Q1 25 | $855.3M | $424.6M | ||
| Q4 24 | $864.6M | $432.7M | ||
| Q3 24 | $895.3M | $390.4M | ||
| Q2 24 | $973.2M | $376.8M |
| Q1 26 | 0.27× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $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.
| Q1 26 | — | — | ||
| Q4 25 | $10.4M | $15.0M | ||
| Q3 25 | $10.1M | $22.1M | ||
| Q2 25 | $10.5M | $8.2M | ||
| Q1 25 | $-11.4M | $6.6M | ||
| Q4 24 | $-27.8M | $22.2M | ||
| Q3 24 | $-30.7M | $10.2M | ||
| Q2 24 | $-2.7M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | $6.7M | $12.8M | ||
| Q3 25 | $4.4M | $19.5M | ||
| Q2 25 | $9.3M | $81.0K | ||
| Q1 25 | $-13.4M | $-7.6M | ||
| Q4 24 | $-30.0M | $8.5M | ||
| Q3 24 | $-34.9M | $-9.2M | ||
| Q2 24 | $-5.7M | $1.8M |
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | 13.8% | ||
| Q3 25 | 3.5% | 28.8% | ||
| Q2 25 | 8.6% | 0.1% | ||
| Q1 25 | -14.0% | -14.5% | ||
| Q4 24 | -32.6% | 11.2% | ||
| Q3 24 | -43.0% | -15.9% | ||
| Q2 24 | -6.2% | 3.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.7% | 2.4% | ||
| Q3 25 | 4.5% | 3.9% | ||
| Q2 25 | 1.1% | 12.9% | ||
| Q1 25 | 2.1% | 27.0% | ||
| Q4 24 | 2.4% | 18.3% | ||
| Q3 24 | 5.1% | 33.5% | ||
| Q2 24 | 3.3% | 31.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MXL
Segment breakdown not available.
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
