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Side-by-side financial comparison of Pangaea Logistics Solutions Ltd. (PANL) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Pangaea Logistics Solutions Ltd. is the larger business by last-quarter revenue ($183.9M vs $92.9M, roughly 2.0× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs 6.5%, a 18.6% gap on every dollar of revenue. On growth, Pangaea Logistics Solutions Ltd. posted the faster year-over-year revenue change (24.9% vs 23.3%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 32.5%).
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
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.
PANL vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.9M | $92.9M |
| Net Profit | $11.9M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | 9.5% | 24.1% |
| Net Margin | 6.5% | 25.0% |
| Revenue YoY | 24.9% | 23.3% |
| Net Profit YoY | 40.9% | 17.3% |
| EPS (diluted) | $0.18 | $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 | $183.9M | $92.9M | ||
| Q3 25 | $168.7M | $67.5M | ||
| Q2 25 | $156.7M | $63.2M | ||
| Q1 25 | $122.8M | $52.6M | ||
| Q4 24 | $147.2M | $75.4M | ||
| Q3 24 | $153.1M | $57.9M | ||
| Q2 24 | $131.5M | $52.7M | ||
| Q1 24 | $104.7M | $51.3M |
| Q4 25 | $11.9M | $23.2M | ||
| Q3 25 | $12.2M | $5.1M | ||
| Q2 25 | $-2.7M | $-553.0K | ||
| Q1 25 | $-2.0M | $-11.2M | ||
| Q4 24 | $8.4M | $19.8M | ||
| Q3 24 | $5.1M | $-901.0K | ||
| Q2 24 | $3.7M | $-4.7M | ||
| Q1 24 | $11.7M | $-3.9M |
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | 9.5% | 24.1% | ||
| Q3 25 | 10.0% | 5.1% | ||
| Q2 25 | 2.3% | -3.2% | ||
| Q1 25 | 2.4% | -24.3% | ||
| Q4 24 | 10.1% | 24.5% | ||
| Q3 24 | 9.8% | -4.3% | ||
| Q2 24 | 5.8% | -11.5% | ||
| Q1 24 | 10.5% | -10.7% |
| Q4 25 | 6.5% | 25.0% | ||
| Q3 25 | 7.2% | 7.5% | ||
| Q2 25 | -1.8% | -0.9% | ||
| Q1 25 | -1.6% | -21.4% | ||
| Q4 24 | 5.7% | 26.3% | ||
| Q3 24 | 3.3% | -1.6% | ||
| Q2 24 | 2.8% | -8.9% | ||
| Q1 24 | 11.1% | -7.5% |
| Q4 25 | $0.18 | $0.46 | ||
| Q3 25 | $0.19 | $0.10 | ||
| Q2 25 | $-0.04 | $-0.01 | ||
| Q1 25 | $-0.03 | $-0.23 | ||
| Q4 24 | $0.19 | $0.40 | ||
| Q3 24 | $0.11 | $-0.02 | ||
| Q2 24 | $0.08 | $-0.10 | ||
| Q1 24 | $0.25 | $-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 | $103.1M | $137.5M |
| Total DebtLower is stronger | $249.6M | — |
| Stockholders' EquityBook value | $429.3M | $354.6M |
| Total Assets | $928.1M | $488.0M |
| Debt / EquityLower = less leverage | 0.58× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $103.1M | $137.5M | ||
| Q3 25 | $94.0M | $135.4M | ||
| Q2 25 | $59.3M | $116.9M | ||
| Q1 25 | $63.9M | $112.9M | ||
| Q4 24 | $86.8M | $116.2M | ||
| Q3 24 | $93.1M | $101.7M | ||
| Q2 24 | $77.9M | $102.5M | ||
| Q1 24 | $95.9M | $110.6M |
| Q4 25 | $249.6M | — | ||
| Q3 25 | $256.2M | — | ||
| Q2 25 | $244.7M | — | ||
| Q1 25 | $251.0M | — | ||
| Q4 24 | $257.2M | — | ||
| Q3 24 | $133.6M | — | ||
| Q2 24 | $90.5M | — | ||
| Q1 24 | $95.9M | — |
| Q4 25 | $429.3M | $354.6M | ||
| Q3 25 | $420.3M | $321.9M | ||
| Q2 25 | $414.4M | $306.8M | ||
| Q1 25 | $420.8M | $295.5M | ||
| Q4 24 | $427.8M | $292.0M | ||
| Q3 24 | $332.6M | $257.5M | ||
| Q2 24 | $331.5M | $243.0M | ||
| Q1 24 | $332.0M | $233.9M |
| Q4 25 | $928.1M | $488.0M | ||
| Q3 25 | $932.1M | $453.3M | ||
| Q2 25 | $916.0M | $435.6M | ||
| Q1 25 | $918.0M | $424.6M | ||
| Q4 24 | $936.5M | $432.7M | ||
| Q3 24 | $749.2M | $390.4M | ||
| Q2 24 | $692.9M | $376.8M | ||
| Q1 24 | $703.3M | $356.7M |
| Q4 25 | 0.58× | — | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.59× | — | ||
| Q1 25 | 0.60× | — | ||
| Q4 24 | 0.60× | — | ||
| Q3 24 | 0.40× | — | ||
| Q2 24 | 0.27× | — | ||
| Q1 24 | 0.29× | — |
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 | $15.1M | $15.0M |
| Free Cash FlowOCF − Capex | — | $12.8M |
| FCF MarginFCF / Revenue | — | 13.8% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | 1.27× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.1M | $15.0M | ||
| Q3 25 | $28.6M | $22.1M | ||
| Q2 25 | $14.4M | $8.2M | ||
| Q1 25 | $-4.4M | $6.6M | ||
| Q4 24 | $19.3M | $22.2M | ||
| Q3 24 | $28.5M | $10.2M | ||
| Q2 24 | $9.0M | $18.5M | ||
| Q1 24 | $9.0M | $7.2M |
| Q4 25 | — | $12.8M | ||
| Q3 25 | — | $19.5M | ||
| Q2 25 | — | $81.0K | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | — | $-9.2M | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | — | 13.8% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | -14.5% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | -15.9% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | — | -13.3% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | — | 33.5% | ||
| Q2 24 | — | 31.8% | ||
| Q1 24 | — | 27.3% |
| Q4 25 | 1.27× | 0.65× | ||
| Q3 25 | 2.34× | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.29× | 1.12× | ||
| Q3 24 | 5.57× | — | ||
| Q2 24 | 2.43× | — | ||
| Q1 24 | 0.77× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
