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Side-by-side financial comparison of OneSpan Inc. (OSPN) 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 $62.9M, roughly 1.5× OneSpan Inc.). OneSpan Inc. runs the higher net margin — 69.2% vs 25.0%, a 44.2% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 2.9%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $9.6M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs -1.5%).
OneSpan Inc. is an information security company based in Boston, Massachusetts. Services include an internet fraud prevention platform, multi-factor authentication tools and electronic signature software.
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.
OSPN vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $62.9M | $92.9M |
| Net Profit | $43.5M | $23.2M |
| Gross Margin | 73.6% | 78.7% |
| Operating Margin | 19.9% | 24.1% |
| Net Margin | 69.2% | 25.0% |
| Revenue YoY | 2.9% | 23.3% |
| Net Profit YoY | 51.3% | 17.3% |
| EPS (diluted) | $1.13 | $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 | $62.9M | $92.9M | ||
| Q3 25 | $57.1M | $67.5M | ||
| Q2 25 | $59.8M | $63.2M | ||
| Q1 25 | $63.4M | $52.6M | ||
| Q4 24 | $61.2M | $75.4M | ||
| Q3 24 | $56.2M | $57.9M | ||
| Q2 24 | $60.9M | $52.7M | ||
| Q1 24 | $64.8M | $51.3M |
| Q4 25 | $43.5M | $23.2M | ||
| Q3 25 | $6.5M | $5.1M | ||
| Q2 25 | $8.3M | $-553.0K | ||
| Q1 25 | $14.5M | $-11.2M | ||
| Q4 24 | $28.8M | $19.8M | ||
| Q3 24 | $8.3M | $-901.0K | ||
| Q2 24 | $6.6M | $-4.7M | ||
| Q1 24 | $13.5M | $-3.9M |
| Q4 25 | 73.6% | 78.7% | ||
| Q3 25 | 73.6% | 73.5% | ||
| Q2 25 | 73.5% | 73.7% | ||
| Q1 25 | 74.3% | 69.0% | ||
| Q4 24 | 74.0% | 77.6% | ||
| Q3 24 | 73.9% | 71.9% | ||
| Q2 24 | 66.2% | 69.5% | ||
| Q1 24 | 73.1% | 68.9% |
| Q4 25 | 19.9% | 24.1% | ||
| Q3 25 | 14.4% | 5.1% | ||
| Q2 25 | 17.6% | -3.2% | ||
| Q1 25 | 27.1% | -24.3% | ||
| Q4 24 | 19.3% | 24.5% | ||
| Q3 24 | 20.0% | -4.3% | ||
| Q2 24 | 12.5% | -11.5% | ||
| Q1 24 | 21.8% | -10.7% |
| Q4 25 | 69.2% | 25.0% | ||
| Q3 25 | 11.4% | 7.5% | ||
| Q2 25 | 13.9% | -0.9% | ||
| Q1 25 | 22.9% | -21.4% | ||
| Q4 24 | 47.1% | 26.3% | ||
| Q3 24 | 14.7% | -1.6% | ||
| Q2 24 | 10.8% | -8.9% | ||
| Q1 24 | 20.8% | -7.5% |
| Q4 25 | $1.13 | $0.46 | ||
| Q3 25 | $0.17 | $0.10 | ||
| Q2 25 | $0.21 | $-0.01 | ||
| Q1 25 | $0.37 | $-0.23 | ||
| Q4 24 | $0.73 | $0.40 | ||
| Q3 24 | $0.21 | $-0.02 | ||
| Q2 24 | $0.17 | $-0.10 | ||
| Q1 24 | $0.35 | $-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 | $70.5M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $271.8M | $354.6M |
| Total Assets | $397.7M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $70.5M | $137.5M | ||
| Q3 25 | $85.6M | $135.4M | ||
| Q2 25 | $92.9M | $116.9M | ||
| Q1 25 | $105.2M | $112.9M | ||
| Q4 24 | $83.2M | $116.2M | ||
| Q3 24 | $77.5M | $101.7M | ||
| Q2 24 | $63.8M | $102.5M | ||
| Q1 24 | $63.9M | $110.6M |
| Q4 25 | $271.8M | $354.6M | ||
| Q3 25 | $238.3M | $321.9M | ||
| Q2 25 | $242.5M | $306.8M | ||
| Q1 25 | $231.1M | $295.5M | ||
| Q4 24 | $212.5M | $292.0M | ||
| Q3 24 | $194.6M | $257.5M | ||
| Q2 24 | $178.6M | $243.0M | ||
| Q1 24 | $170.9M | $233.9M |
| Q4 25 | $397.7M | $488.0M | ||
| Q3 25 | $343.5M | $453.3M | ||
| Q2 25 | $357.1M | $435.6M | ||
| Q1 25 | $333.8M | $424.6M | ||
| Q4 24 | $338.7M | $432.7M | ||
| Q3 24 | $289.3M | $390.4M | ||
| Q2 24 | $286.9M | $376.8M | ||
| Q1 24 | $277.1M | $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 | $12.6M | $15.0M |
| Free Cash FlowOCF − Capex | $9.6M | $12.8M |
| FCF MarginFCF / Revenue | 15.3% | 13.8% |
| Capex IntensityCapex / Revenue | 4.7% | 2.4% |
| Cash ConversionOCF / Net Profit | 0.29× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $50.5M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.6M | $15.0M | ||
| Q3 25 | $11.3M | $22.1M | ||
| Q2 25 | $6.2M | $8.2M | ||
| Q1 25 | $29.4M | $6.6M | ||
| Q4 24 | $12.4M | $22.2M | ||
| Q3 24 | $14.0M | $10.2M | ||
| Q2 24 | $2.3M | $18.5M | ||
| Q1 24 | $27.0M | $7.2M |
| Q4 25 | $9.6M | $12.8M | ||
| Q3 25 | $8.8M | $19.5M | ||
| Q2 25 | $4.4M | $81.0K | ||
| Q1 25 | $27.7M | $-7.6M | ||
| Q4 24 | $10.5M | $8.5M | ||
| Q3 24 | $12.0M | $-9.2M | ||
| Q2 24 | $26.0K | $1.8M | ||
| Q1 24 | $23.9M | $-6.8M |
| Q4 25 | 15.3% | 13.8% | ||
| Q3 25 | 15.4% | 28.8% | ||
| Q2 25 | 7.3% | 0.1% | ||
| Q1 25 | 43.8% | -14.5% | ||
| Q4 24 | 17.1% | 11.2% | ||
| Q3 24 | 21.4% | -15.9% | ||
| Q2 24 | 0.0% | 3.4% | ||
| Q1 24 | 36.9% | -13.3% |
| Q4 25 | 4.7% | 2.4% | ||
| Q3 25 | 4.4% | 3.9% | ||
| Q2 25 | 3.1% | 12.9% | ||
| Q1 25 | 2.6% | 27.0% | ||
| Q4 24 | 3.2% | 18.3% | ||
| Q3 24 | 3.5% | 33.5% | ||
| Q2 24 | 3.7% | 31.8% | ||
| Q1 24 | 4.7% | 27.3% |
| Q4 25 | 0.29× | 0.65× | ||
| Q3 25 | 1.74× | 4.35× | ||
| Q2 25 | 0.75× | — | ||
| Q1 25 | 2.02× | — | ||
| Q4 24 | 0.43× | 1.12× | ||
| Q3 24 | 1.69× | — | ||
| Q2 24 | 0.35× | — | ||
| Q1 24 | 2.00× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OSPN
| Transferred At Point In Time | $32.7M | 52% |
| Subscription | $21.1M | 34% |
| Maintenance Support And Other | $9.2M | 15% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
