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Side-by-side financial comparison of PubMatic, Inc. (PUBM) 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 $80.0M, roughly 1.2× PubMatic, Inc.). On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -6.4%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $11.3M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 9.5%).
PubMatic, Inc. develops and implements online advertising software and strategies for the digital publishing and advertising industry. PubMatic's sell-side, real-time programmatic ad transaction advertising software puts publishers of websites, videos, and mobile apps into contact with ad buyers by using automated systems, while allowing users to opt-out of having their personal information collected on internet searches. PubMatic has a number of offices in countries around the world.
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.
PUBM vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $80.0M | $92.9M |
| Net Profit | — | $23.2M |
| Gross Margin | 68.2% | 78.7% |
| Operating Margin | 10.6% | 24.1% |
| Net Margin | — | 25.0% |
| Revenue YoY | -6.4% | 23.3% |
| Net Profit YoY | — | 17.3% |
| EPS (diluted) | $0.14 | $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 | $80.0M | $92.9M | ||
| Q3 25 | $68.0M | $67.5M | ||
| Q2 25 | $71.1M | $63.2M | ||
| Q1 25 | $63.8M | $52.6M | ||
| Q4 24 | $85.5M | $75.4M | ||
| Q3 24 | $71.8M | $57.9M | ||
| Q2 24 | $67.3M | $52.7M | ||
| Q1 24 | $66.7M | $51.3M |
| Q4 25 | — | $23.2M | ||
| Q3 25 | $-6.5M | $5.1M | ||
| Q2 25 | $-5.2M | $-553.0K | ||
| Q1 25 | $-9.5M | $-11.2M | ||
| Q4 24 | — | $19.8M | ||
| Q3 24 | $-912.0K | $-901.0K | ||
| Q2 24 | $2.0M | $-4.7M | ||
| Q1 24 | $-2.5M | $-3.9M |
| Q4 25 | 68.2% | 78.7% | ||
| Q3 25 | 62.6% | 73.5% | ||
| Q2 25 | 62.6% | 73.7% | ||
| Q1 25 | 59.9% | 69.0% | ||
| Q4 24 | 70.8% | 77.6% | ||
| Q3 24 | 64.5% | 71.9% | ||
| Q2 24 | 62.6% | 69.5% | ||
| Q1 24 | 61.9% | 68.9% |
| Q4 25 | 10.6% | 24.1% | ||
| Q3 25 | -12.4% | 5.1% | ||
| Q2 25 | -7.7% | -3.2% | ||
| Q1 25 | -18.6% | -24.3% | ||
| Q4 24 | 17.3% | 24.5% | ||
| Q3 24 | -1.9% | -4.3% | ||
| Q2 24 | -5.9% | -11.5% | ||
| Q1 24 | -8.3% | -10.7% |
| Q4 25 | — | 25.0% | ||
| Q3 25 | -9.5% | 7.5% | ||
| Q2 25 | -7.3% | -0.9% | ||
| Q1 25 | -14.9% | -21.4% | ||
| Q4 24 | — | 26.3% | ||
| Q3 24 | -1.3% | -1.6% | ||
| Q2 24 | 2.9% | -8.9% | ||
| Q1 24 | -3.7% | -7.5% |
| Q4 25 | $0.14 | $0.46 | ||
| Q3 25 | $-0.14 | $0.10 | ||
| Q2 25 | $-0.11 | $-0.01 | ||
| Q1 25 | $-0.20 | $-0.23 | ||
| Q4 24 | $0.26 | $0.40 | ||
| Q3 24 | $-0.02 | $-0.02 | ||
| Q2 24 | $0.04 | $-0.10 | ||
| Q1 24 | $-0.05 | $-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 | $145.5M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $262.6M | $354.6M |
| Total Assets | $680.2M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $145.5M | $137.5M | ||
| Q3 25 | $136.5M | $135.4M | ||
| Q2 25 | $90.5M | $116.9M | ||
| Q1 25 | $101.8M | $112.9M | ||
| Q4 24 | $100.5M | $116.2M | ||
| Q3 24 | $78.9M | $101.7M | ||
| Q2 24 | $73.5M | $102.5M | ||
| Q1 24 | $80.2M | $110.6M |
| Q4 25 | $262.6M | $354.6M | ||
| Q3 25 | $245.1M | $321.9M | ||
| Q2 25 | $243.3M | $306.8M | ||
| Q1 25 | $275.6M | $295.5M | ||
| Q4 24 | $277.3M | $292.0M | ||
| Q3 24 | $263.2M | $257.5M | ||
| Q2 24 | $282.7M | $243.0M | ||
| Q1 24 | $288.7M | $233.9M |
| Q4 25 | $680.2M | $488.0M | ||
| Q3 25 | $676.2M | $453.3M | ||
| Q2 25 | $675.2M | $435.6M | ||
| Q1 25 | $668.6M | $424.6M | ||
| Q4 24 | $739.5M | $432.7M | ||
| Q3 24 | $689.1M | $390.4M | ||
| Q2 24 | $673.1M | $376.8M | ||
| Q1 24 | $626.2M | $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 | $18.2M | $15.0M |
| Free Cash FlowOCF − Capex | $11.3M | $12.8M |
| FCF MarginFCF / Revenue | 14.1% | 13.8% |
| Capex IntensityCapex / Revenue | 8.6% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $66.7M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.2M | $15.0M | ||
| Q3 25 | $32.4M | $22.1M | ||
| Q2 25 | $14.9M | $8.2M | ||
| Q1 25 | $15.6M | $6.6M | ||
| Q4 24 | $18.0M | $22.2M | ||
| Q3 24 | $19.1M | $10.2M | ||
| Q2 24 | $11.9M | $18.5M | ||
| Q1 24 | $24.3M | $7.2M |
| Q4 25 | $11.3M | $12.8M | ||
| Q3 25 | $27.7M | $19.5M | ||
| Q2 25 | $13.6M | $81.0K | ||
| Q1 25 | $14.2M | $-7.6M | ||
| Q4 24 | $13.7M | $8.5M | ||
| Q3 24 | $7.4M | $-9.2M | ||
| Q2 24 | $11.2M | $1.8M | ||
| Q1 24 | $23.5M | $-6.8M |
| Q4 25 | 14.1% | 13.8% | ||
| Q3 25 | 40.8% | 28.8% | ||
| Q2 25 | 19.1% | 0.1% | ||
| Q1 25 | 22.2% | -14.5% | ||
| Q4 24 | 16.1% | 11.2% | ||
| Q3 24 | 10.3% | -15.9% | ||
| Q2 24 | 16.7% | 3.4% | ||
| Q1 24 | 35.2% | -13.3% |
| Q4 25 | 8.6% | 2.4% | ||
| Q3 25 | 6.9% | 3.9% | ||
| Q2 25 | 1.9% | 12.9% | ||
| Q1 25 | 2.3% | 27.0% | ||
| Q4 24 | 5.1% | 18.3% | ||
| Q3 24 | 16.3% | 33.5% | ||
| Q2 24 | 1.1% | 31.8% | ||
| Q1 24 | 1.2% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | 6.06× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PUBM
Segment breakdown not available.
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
