vs
Side-by-side financial comparison of PennyMac Mortgage Investment Trust (PMT) and Vericel Corp (VCEL). Click either name above to swap in a different company.
PennyMac Mortgage Investment Trust is the larger business by last-quarter revenue ($93.6M vs $92.9M, roughly 1.0× Vericel Corp). PennyMac Mortgage Investment Trust runs the higher net margin — 56.0% vs 25.0%, a 30.9% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -13.3%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 12.3%).
PennyMac Mortgage Investment Trust is a U.S.-headquartered real estate investment trust specializing in residential mortgage assets. It invests in performing and non-performing mortgage loans, mortgage-backed securities, and credit risk transfer instruments, operating across investment management and mortgage servicing segments in the U.S. housing market.
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.
PMT vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $93.6M | $92.9M |
| Net Profit | $52.4M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | 38.6% | 24.1% |
| Net Margin | 56.0% | 25.0% |
| Revenue YoY | -13.3% | 23.3% |
| Net Profit YoY | 12.5% | 17.3% |
| EPS (diluted) | $0.49 | $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 | $93.6M | $92.9M | ||
| Q3 25 | $99.2M | $67.5M | ||
| Q2 25 | $70.2M | $63.2M | ||
| Q1 25 | $44.5M | $52.6M | ||
| Q4 24 | $107.9M | $75.4M | ||
| Q3 24 | $80.9M | $57.9M | ||
| Q2 24 | $71.2M | $52.7M | ||
| Q1 24 | $74.2M | $51.3M |
| Q4 25 | $52.4M | $23.2M | ||
| Q3 25 | $58.3M | $5.1M | ||
| Q2 25 | $7.5M | $-553.0K | ||
| Q1 25 | $9.7M | $-11.2M | ||
| Q4 24 | $46.5M | $19.8M | ||
| Q3 24 | $41.4M | $-901.0K | ||
| Q2 24 | $25.4M | $-4.7M | ||
| Q1 24 | $47.6M | $-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 | 38.6% | 24.1% | ||
| Q3 25 | 47.4% | 5.1% | ||
| Q2 25 | 24.2% | -3.2% | ||
| Q1 25 | -14.2% | -24.3% | ||
| Q4 24 | 51.1% | 24.5% | ||
| Q3 24 | 32.8% | -4.3% | ||
| Q2 24 | 40.2% | -11.5% | ||
| Q1 24 | 43.6% | -10.7% |
| Q4 25 | 56.0% | 25.0% | ||
| Q3 25 | 58.7% | 7.5% | ||
| Q2 25 | 10.7% | -0.9% | ||
| Q1 25 | 21.8% | -21.4% | ||
| Q4 24 | 43.1% | 26.3% | ||
| Q3 24 | 51.2% | -1.6% | ||
| Q2 24 | 35.7% | -8.9% | ||
| Q1 24 | 64.2% | -7.5% |
| Q4 25 | $0.49 | $0.46 | ||
| Q3 25 | $0.55 | $0.10 | ||
| Q2 25 | $-0.04 | $-0.01 | ||
| Q1 25 | $-0.01 | $-0.23 | ||
| Q4 24 | $0.45 | $0.40 | ||
| Q3 24 | $0.36 | $-0.02 | ||
| Q2 24 | $0.17 | $-0.10 | ||
| Q1 24 | $0.39 | $-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 | $190.5M | $137.5M |
| Total DebtLower is stronger | $1.1B | — |
| Stockholders' EquityBook value | $1.9B | $354.6M |
| Total Assets | $21.3B | $488.0M |
| Debt / EquityLower = less leverage | 0.58× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.5M | $137.5M | ||
| Q3 25 | $181.0M | $135.4M | ||
| Q2 25 | $108.6M | $116.9M | ||
| Q1 25 | $204.2M | $112.9M | ||
| Q4 24 | $103.2M | $116.2M | ||
| Q3 24 | $102.8M | $101.7M | ||
| Q2 24 | $336.3M | $102.5M | ||
| Q1 24 | $343.3M | $110.6M |
| Q4 25 | $1.1B | — | ||
| Q3 25 | $299.0M | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $968.4M | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $5.2B | — | ||
| Q2 24 | $5.4B | — | ||
| Q1 24 | $5.1B | — |
| Q4 25 | $1.9B | $354.6M | ||
| Q3 25 | $1.9B | $321.9M | ||
| Q2 25 | $1.9B | $306.8M | ||
| Q1 25 | $1.9B | $295.5M | ||
| Q4 24 | $1.9B | $292.0M | ||
| Q3 24 | $1.9B | $257.5M | ||
| Q2 24 | $1.9B | $243.0M | ||
| Q1 24 | $2.0B | $233.9M |
| Q4 25 | $21.3B | $488.0M | ||
| Q3 25 | $18.5B | $453.3M | ||
| Q2 25 | $16.8B | $435.6M | ||
| Q1 25 | $14.9B | $424.6M | ||
| Q4 24 | $14.4B | $432.7M | ||
| Q3 24 | $13.1B | $390.4M | ||
| Q2 24 | $12.1B | $376.8M | ||
| Q1 24 | $12.3B | $356.7M |
| Q4 25 | 0.58× | — | ||
| Q3 25 | 0.16× | — | ||
| Q2 25 | 0.65× | — | ||
| Q1 25 | 0.51× | — | ||
| Q4 24 | 0.52× | — | ||
| Q3 24 | 2.70× | — | ||
| Q2 24 | 2.76× | — | ||
| Q1 24 | 2.60× | — |
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 | $-7.2B | $15.0M |
| Free Cash FlowOCF − Capex | — | $12.8M |
| FCF MarginFCF / Revenue | — | 13.8% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | -137.76× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-7.2B | $15.0M | ||
| Q3 25 | $-1.3B | $22.1M | ||
| Q2 25 | $-2.0B | $8.2M | ||
| Q1 25 | $-594.3M | $6.6M | ||
| Q4 24 | $-2.7B | $22.2M | ||
| Q3 24 | $-983.8M | $10.2M | ||
| Q2 24 | $243.8M | $18.5M | ||
| Q1 24 | $-342.4M | $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 | -137.76× | 0.65× | ||
| Q3 25 | -22.26× | 4.35× | ||
| Q2 25 | -267.53× | — | ||
| Q1 25 | -61.39× | — | ||
| Q4 24 | -58.08× | 1.12× | ||
| Q3 24 | -23.76× | — | ||
| Q2 24 | 9.59× | — | ||
| Q1 24 | -7.19× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PMT
| Other | $55.0M | 59% |
| Interest Rate Sensitive Strategies | $31.4M | 34% |
| Correspondent Production | $7.2M | 8% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
