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Side-by-side financial comparison of National CineMedia, Inc. (NCMI) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Vericel Corp is the larger business by last-quarter revenue ($92.9M vs $63.4M, roughly 1.5× National CineMedia, Inc.). Vericel Corp runs the higher net margin — 25.0% vs 2.5%, a 22.5% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 1.6%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-2.0M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs -16.4%).
National CineMedia, Inc. (NCM) is an American cinema advertising company. NCM displays ads to U.S. consumers in movie theaters, online and through mobile technology. NCM presents cinema advertising across a digital in-theater network, consisting of theaters owned by AMC Theatres, Cinemark Theatres, Regal Cinemas and other regional theater circuits.
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.
NCMI vs VCEL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $63.4M | $92.9M |
| Net Profit | $1.6M | $23.2M |
| Gross Margin | 95.0% | 78.7% |
| Operating Margin | -2.8% | 24.1% |
| Net Margin | 2.5% | 25.0% |
| Revenue YoY | 1.6% | 23.3% |
| Net Profit YoY | 144.4% | 17.3% |
| EPS (diluted) | $0.02 | $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 | — | $92.9M | ||
| Q3 25 | $63.4M | $67.5M | ||
| Q2 25 | $51.8M | $63.2M | ||
| Q1 25 | $34.9M | $52.6M | ||
| Q4 24 | $86.3M | $75.4M | ||
| Q3 24 | $62.4M | $57.9M | ||
| Q2 24 | $54.7M | $52.7M | ||
| Q1 24 | $37.4M | $51.3M |
| Q4 25 | — | $23.2M | ||
| Q3 25 | $1.6M | $5.1M | ||
| Q2 25 | $-10.7M | $-553.0K | ||
| Q1 25 | $-30.7M | $-11.2M | ||
| Q4 24 | $24.7M | $19.8M | ||
| Q3 24 | $-3.6M | $-901.0K | ||
| Q2 24 | $-8.7M | $-4.7M | ||
| Q1 24 | $-34.7M | $-3.9M |
| Q4 25 | — | 78.7% | ||
| Q3 25 | 95.0% | 73.5% | ||
| Q2 25 | 93.8% | 73.7% | ||
| Q1 25 | 91.1% | 69.0% | ||
| Q4 24 | 96.4% | 77.6% | ||
| Q3 24 | 94.7% | 71.9% | ||
| Q2 24 | 93.2% | 69.5% | ||
| Q1 24 | 90.4% | 68.9% |
| Q4 25 | — | 24.1% | ||
| Q3 25 | -2.8% | 5.1% | ||
| Q2 25 | -23.2% | -3.2% | ||
| Q1 25 | -68.5% | -24.3% | ||
| Q4 24 | 23.2% | 24.5% | ||
| Q3 24 | -12.0% | -4.3% | ||
| Q2 24 | -17.0% | -11.5% | ||
| Q1 24 | -60.7% | -10.7% |
| Q4 25 | — | 25.0% | ||
| Q3 25 | 2.5% | 7.5% | ||
| Q2 25 | -20.7% | -0.9% | ||
| Q1 25 | -88.0% | -21.4% | ||
| Q4 24 | 28.6% | 26.3% | ||
| Q3 24 | -5.8% | -1.6% | ||
| Q2 24 | -15.9% | -8.9% | ||
| Q1 24 | -92.8% | -7.5% |
| Q4 25 | — | $0.46 | ||
| Q3 25 | $0.02 | $0.10 | ||
| Q2 25 | $-0.11 | $-0.01 | ||
| Q1 25 | $-0.32 | $-0.23 | ||
| Q4 24 | $0.26 | $0.40 | ||
| Q3 24 | $-0.04 | $-0.02 | ||
| Q2 24 | $-0.09 | $-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 | $29.9M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $350.5M | $354.6M |
| Total Assets | $451.9M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $137.5M | ||
| Q3 25 | $29.9M | $135.4M | ||
| Q2 25 | $37.2M | $116.9M | ||
| Q1 25 | $59.8M | $112.9M | ||
| Q4 24 | $75.2M | $116.2M | ||
| Q3 24 | $49.5M | $101.7M | ||
| Q2 24 | $53.8M | $102.5M | ||
| Q1 24 | $57.1M | $110.6M |
| Q4 25 | — | $354.6M | ||
| Q3 25 | $350.5M | $321.9M | ||
| Q2 25 | $350.0M | $306.8M | ||
| Q1 25 | $370.8M | $295.5M | ||
| Q4 24 | $411.2M | $292.0M | ||
| Q3 24 | $385.5M | $257.5M | ||
| Q2 24 | $387.9M | $243.0M | ||
| Q1 24 | $402.3M | $233.9M |
| Q4 25 | — | $488.0M | ||
| Q3 25 | $451.9M | $453.3M | ||
| Q2 25 | $462.0M | $435.6M | ||
| Q1 25 | $503.8M | $424.6M | ||
| Q4 24 | $568.6M | $432.7M | ||
| Q3 24 | $526.1M | $390.4M | ||
| Q2 24 | $527.2M | $376.8M | ||
| Q1 24 | $538.6M | $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 | $-1.0M | $15.0M |
| Free Cash FlowOCF − Capex | $-2.0M | $12.8M |
| FCF MarginFCF / Revenue | -3.2% | 13.8% |
| Capex IntensityCapex / Revenue | 1.6% | 2.4% |
| Cash ConversionOCF / Net Profit | -0.63× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $24.8M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $15.0M | ||
| Q3 25 | $-1.0M | $22.1M | ||
| Q2 25 | $-4.9M | $8.2M | ||
| Q1 25 | $6.0M | $6.6M | ||
| Q4 24 | $30.5M | $22.2M | ||
| Q3 24 | $-2.0M | $10.2M | ||
| Q2 24 | $7.7M | $18.5M | ||
| Q1 24 | $24.1M | $7.2M |
| Q4 25 | — | $12.8M | ||
| Q3 25 | $-2.0M | $19.5M | ||
| Q2 25 | $-6.6M | $81.0K | ||
| Q1 25 | $5.3M | $-7.6M | ||
| Q4 24 | $28.1M | $8.5M | ||
| Q3 24 | $-2.6M | $-9.2M | ||
| Q2 24 | $6.4M | $1.8M | ||
| Q1 24 | $22.6M | $-6.8M |
| Q4 25 | — | 13.8% | ||
| Q3 25 | -3.2% | 28.8% | ||
| Q2 25 | -12.7% | 0.1% | ||
| Q1 25 | 15.2% | -14.5% | ||
| Q4 24 | 32.6% | 11.2% | ||
| Q3 24 | -4.2% | -15.9% | ||
| Q2 24 | 11.7% | 3.4% | ||
| Q1 24 | 60.4% | -13.3% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | 1.6% | 3.9% | ||
| Q2 25 | 3.3% | 12.9% | ||
| Q1 25 | 2.0% | 27.0% | ||
| Q4 24 | 2.8% | 18.3% | ||
| Q3 24 | 1.0% | 33.5% | ||
| Q2 24 | 2.4% | 31.8% | ||
| Q1 24 | 4.0% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | -0.63× | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.23× | 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
NCMI
| National Advertising Revenue | $49.9M | 79% |
| Local Advertising Revenue | $9.6M | 15% |
| Founding Member Advertising Revenue From Beverage Concessionaire Agreements | $3.9M | 6% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
