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Side-by-side financial comparison of Piedmont Realty Trust, Inc. (PDM) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Piedmont Realty Trust, Inc. is the larger business by last-quarter revenue ($143.3M vs $92.9M, roughly 1.5× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -31.4%, a 56.4% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 0.4%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 0.0%).
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
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.
PDM vs VCEL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.3M | $92.9M |
| Net Profit | $-45.0M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | — | 24.1% |
| Net Margin | -31.4% | 25.0% |
| Revenue YoY | 0.4% | 23.3% |
| Net Profit YoY | -27.9% | 17.3% |
| EPS (diluted) | $-0.10 | $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 | $143.3M | — | ||
| Q4 25 | $142.9M | $92.9M | ||
| Q3 25 | $139.2M | $67.5M | ||
| Q2 25 | $140.3M | $63.2M | ||
| Q1 25 | $142.7M | $52.6M | ||
| Q4 24 | $143.2M | $75.4M | ||
| Q3 24 | $139.3M | $57.9M | ||
| Q2 24 | $143.3M | $52.7M |
| Q1 26 | $-45.0M | — | ||
| Q4 25 | $-43.2M | $23.2M | ||
| Q3 25 | $-13.5M | $5.1M | ||
| Q2 25 | $-16.8M | $-553.0K | ||
| Q1 25 | $-10.1M | $-11.2M | ||
| Q4 24 | $-30.0M | $19.8M | ||
| Q3 24 | $-11.5M | $-901.0K | ||
| Q2 24 | $-9.8M | $-4.7M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | — | 24.1% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | — | -3.2% | ||
| Q1 25 | — | -24.3% | ||
| Q4 24 | — | 24.5% | ||
| Q3 24 | — | -4.3% | ||
| Q2 24 | — | -11.5% |
| Q1 26 | -31.4% | — | ||
| Q4 25 | -30.3% | 25.0% | ||
| Q3 25 | -9.7% | 7.5% | ||
| Q2 25 | -12.0% | -0.9% | ||
| Q1 25 | -7.1% | -21.4% | ||
| Q4 24 | -20.9% | 26.3% | ||
| Q3 24 | -8.3% | -1.6% | ||
| Q2 24 | -6.8% | -8.9% |
| Q1 26 | $-0.10 | — | ||
| Q4 25 | $-0.34 | $0.46 | ||
| Q3 25 | $-0.11 | $0.10 | ||
| Q2 25 | $-0.14 | $-0.01 | ||
| Q1 25 | $-0.08 | $-0.23 | ||
| Q4 24 | $-0.25 | $0.40 | ||
| Q3 24 | $-0.09 | $-0.02 | ||
| Q2 24 | $-0.08 | $-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 | $2.3M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $354.6M |
| Total Assets | $4.0B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.3M | — | ||
| Q4 25 | $731.0K | $137.5M | ||
| Q3 25 | $3.0M | $135.4M | ||
| Q2 25 | $3.3M | $116.9M | ||
| Q1 25 | $2.9M | $112.9M | ||
| Q4 24 | $109.6M | $116.2M | ||
| Q3 24 | $133.6M | $101.7M | ||
| Q2 24 | $138.5M | $102.5M |
| Q1 26 | — | — | ||
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.2B | — | ||
| Q2 24 | $2.2B | — |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $1.5B | $354.6M | ||
| Q3 25 | $1.5B | $321.9M | ||
| Q2 25 | $1.5B | $306.8M | ||
| Q1 25 | $1.6B | $295.5M | ||
| Q4 24 | $1.6B | $292.0M | ||
| Q3 24 | $1.6B | $257.5M | ||
| Q2 24 | $1.7B | $243.0M |
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.0B | $488.0M | ||
| Q3 25 | $4.0B | $453.3M | ||
| Q2 25 | $4.0B | $435.6M | ||
| Q1 25 | $4.0B | $424.6M | ||
| Q4 24 | $4.1B | $432.7M | ||
| Q3 24 | $4.1B | $390.4M | ||
| Q2 24 | $4.2B | $376.8M |
| Q1 26 | — | — | ||
| Q4 25 | 1.49× | — | ||
| Q3 25 | 1.43× | — | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 1.40× | — | ||
| Q4 24 | 1.40× | — | ||
| Q3 24 | 1.36× | — | ||
| Q2 24 | 1.34× | — |
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 | 110.3% | 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 | $140.6M | $15.0M | ||
| Q3 25 | $35.8M | $22.1M | ||
| Q2 25 | $50.1M | $8.2M | ||
| Q1 25 | $3.7M | $6.6M | ||
| Q4 24 | $198.1M | $22.2M | ||
| Q3 24 | $42.9M | $10.2M | ||
| Q2 24 | $66.8M | $18.5M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | 110.3% | — | ||
| 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 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
PDM
Segment breakdown not available.
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
