vs
Side-by-side financial comparison of Perma-Pipe International Holdings, Inc. (PPIH) 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 $61.1M, roughly 1.5× Perma-Pipe International Holdings, Inc.). Vericel Corp runs the higher net margin — 25.0% vs 10.3%, a 14.7% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 23.3%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $12.4M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 23.4%).
Perma-Pipe International Holdings, Inc. designs, manufactures and supplies pre-insulated piping systems and integrated leak detection solutions. Its offerings cater to oil & gas, district heating and cooling, industrial, and municipal infrastructure segments, with a global footprint spanning North America, the Middle East, Europe and Asia.
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.
PPIH vs VCEL — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.1M | $92.9M |
| Net Profit | $6.3M | $23.2M |
| Gross Margin | 34.4% | 78.7% |
| Operating Margin | 18.6% | 24.1% |
| Net Margin | 10.3% | 25.0% |
| Revenue YoY | 47.1% | 23.3% |
| Net Profit YoY | 153.5% | 17.3% |
| EPS (diluted) | $0.77 | $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 | $61.1M | $92.9M | ||
| Q3 25 | $47.9M | $67.5M | ||
| Q2 25 | $46.7M | $63.2M | ||
| Q1 25 | $45.0M | $52.6M | ||
| Q4 24 | $41.6M | $75.4M | ||
| Q3 24 | $37.5M | $57.9M | ||
| Q2 24 | $34.3M | $52.7M | ||
| Q1 24 | $40.2M | $51.3M |
| Q4 25 | $6.3M | $23.2M | ||
| Q3 25 | $851.0K | $5.1M | ||
| Q2 25 | $5.0M | $-553.0K | ||
| Q1 25 | $1.8M | $-11.2M | ||
| Q4 24 | $2.5M | $19.8M | ||
| Q3 24 | $3.3M | $-901.0K | ||
| Q2 24 | $1.4M | $-4.7M | ||
| Q1 24 | $8.6M | $-3.9M |
| Q4 25 | 34.4% | 78.7% | ||
| Q3 25 | 30.1% | 73.5% | ||
| Q2 25 | 35.8% | 73.7% | ||
| Q1 25 | 33.7% | 69.0% | ||
| Q4 24 | 33.9% | 77.6% | ||
| Q3 24 | 35.9% | 71.9% | ||
| Q2 24 | 30.6% | 69.5% | ||
| Q1 24 | 30.0% | 68.9% |
| Q4 25 | 18.6% | 24.1% | ||
| Q3 25 | 6.7% | 5.1% | ||
| Q2 25 | 16.9% | -3.2% | ||
| Q1 25 | 12.1% | -24.3% | ||
| Q4 24 | 13.4% | 24.5% | ||
| Q3 24 | 16.4% | -4.3% | ||
| Q2 24 | 9.1% | -11.5% | ||
| Q1 24 | 11.3% | -10.7% |
| Q4 25 | 10.3% | 25.0% | ||
| Q3 25 | 1.8% | 7.5% | ||
| Q2 25 | 10.6% | -0.9% | ||
| Q1 25 | 3.9% | -21.4% | ||
| Q4 24 | 6.0% | 26.3% | ||
| Q3 24 | 8.8% | -1.6% | ||
| Q2 24 | 4.2% | -8.9% | ||
| Q1 24 | 21.5% | -7.5% |
| Q4 25 | $0.77 | $0.46 | ||
| Q3 25 | $0.10 | $0.10 | ||
| Q2 25 | $0.61 | $-0.01 | ||
| Q1 25 | $0.23 | $-0.23 | ||
| Q4 24 | $0.31 | $0.40 | ||
| Q3 24 | $0.40 | $-0.02 | ||
| Q2 24 | $0.18 | $-0.10 | ||
| Q1 24 | $1.07 | $-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 | $27.2M | $137.5M |
| Total DebtLower is stronger | $12.7M | — |
| Stockholders' EquityBook value | $85.8M | $354.6M |
| Total Assets | $217.0M | $488.0M |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.2M | $137.5M | ||
| Q3 25 | $17.3M | $135.4M | ||
| Q2 25 | $18.8M | $116.9M | ||
| Q1 25 | $15.7M | $112.9M | ||
| Q4 24 | $13.3M | $116.2M | ||
| Q3 24 | $9.5M | $101.7M | ||
| Q2 24 | $7.7M | $102.5M | ||
| Q1 24 | $5.8M | $110.6M |
| Q4 25 | $12.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $15.2M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $15.2M | — |
| Q4 25 | $85.8M | $354.6M | ||
| Q3 25 | $80.2M | $321.9M | ||
| Q2 25 | $77.9M | $306.8M | ||
| Q1 25 | $72.1M | $295.5M | ||
| Q4 24 | $71.2M | $292.0M | ||
| Q3 24 | $68.6M | $257.5M | ||
| Q2 24 | $65.5M | $243.0M | ||
| Q1 24 | $65.7M | $233.9M |
| Q4 25 | $217.0M | $488.0M | ||
| Q3 25 | $189.0M | $453.3M | ||
| Q2 25 | $178.3M | $435.6M | ||
| Q1 25 | $165.2M | $424.6M | ||
| Q4 24 | $160.7M | $432.7M | ||
| Q3 24 | $157.8M | $390.4M | ||
| Q2 24 | $155.7M | $376.8M | ||
| Q1 24 | $155.7M | $356.7M |
| Q4 25 | 0.15× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.21× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.23× | — |
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 | $17.3M | $15.0M |
| Free Cash FlowOCF − Capex | $12.4M | $12.8M |
| FCF MarginFCF / Revenue | 20.2% | 13.8% |
| Capex IntensityCapex / Revenue | 8.1% | 2.4% |
| Cash ConversionOCF / Net Profit | 2.74× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $12.3M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.3M | $15.0M | ||
| Q3 25 | $-2.0M | $22.1M | ||
| Q2 25 | $733.0K | $8.2M | ||
| Q1 25 | $6.0M | $6.6M | ||
| Q4 24 | $5.2M | $22.2M | ||
| Q3 24 | $2.8M | $10.2M | ||
| Q2 24 | $-73.0K | $18.5M | ||
| Q1 24 | $7.1M | $7.2M |
| Q4 25 | $12.4M | $12.8M | ||
| Q3 25 | $-4.6M | $19.5M | ||
| Q2 25 | $-194.0K | $81.0K | ||
| Q1 25 | $4.7M | $-7.6M | ||
| Q4 24 | $4.8M | $8.5M | ||
| Q3 24 | $2.2M | $-9.2M | ||
| Q2 24 | $-662.0K | $1.8M | ||
| Q1 24 | $4.2M | $-6.8M |
| Q4 25 | 20.2% | 13.8% | ||
| Q3 25 | -9.6% | 28.8% | ||
| Q2 25 | -0.4% | 0.1% | ||
| Q1 25 | 10.5% | -14.5% | ||
| Q4 24 | 11.6% | 11.2% | ||
| Q3 24 | 5.8% | -15.9% | ||
| Q2 24 | -1.9% | 3.4% | ||
| Q1 24 | 10.5% | -13.3% |
| Q4 25 | 8.1% | 2.4% | ||
| Q3 25 | 5.3% | 3.9% | ||
| Q2 25 | 2.0% | 12.9% | ||
| Q1 25 | 2.9% | 27.0% | ||
| Q4 24 | 0.8% | 18.3% | ||
| Q3 24 | 1.7% | 33.5% | ||
| Q2 24 | 1.7% | 31.8% | ||
| Q1 24 | 7.2% | 27.3% |
| Q4 25 | 2.74× | 0.65× | ||
| Q3 25 | -2.40× | 4.35× | ||
| Q2 25 | 0.15× | — | ||
| Q1 25 | 3.42× | — | ||
| Q4 24 | 2.07× | 1.12× | ||
| Q3 24 | 0.86× | — | ||
| Q2 24 | -0.05× | — | ||
| Q1 24 | 0.82× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PPIH
Segment breakdown not available.
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
