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Side-by-side financial comparison of P10, Inc. (PX) 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 $81.0M, roughly 1.1× P10, Inc.). Vericel Corp runs the higher net margin — 25.0% vs 11.7%, a 13.4% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $12.8M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 10.7%).
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
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.
PX vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $81.0M | $92.9M |
| Net Profit | $9.5M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | 31.9% | 24.1% |
| Net Margin | 11.7% | 25.0% |
| Revenue YoY | -4.7% | 23.3% |
| Net Profit YoY | 79.0% | 17.3% |
| EPS (diluted) | $0.08 | $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 | $81.0M | $92.9M | ||
| Q3 25 | $75.9M | $67.5M | ||
| Q2 25 | $72.7M | $63.2M | ||
| Q1 25 | $67.7M | $52.6M | ||
| Q4 24 | $85.0M | $75.4M | ||
| Q3 24 | $74.2M | $57.9M | ||
| Q2 24 | $71.1M | $52.7M | ||
| Q1 24 | $66.1M | $51.3M |
| Q4 25 | $9.5M | $23.2M | ||
| Q3 25 | $2.1M | $5.1M | ||
| Q2 25 | $3.4M | $-553.0K | ||
| Q1 25 | $4.5M | $-11.2M | ||
| Q4 24 | $5.3M | $19.8M | ||
| Q3 24 | $1.4M | $-901.0K | ||
| Q2 24 | $7.0M | $-4.7M | ||
| Q1 24 | $5.0M | $-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 | 31.9% | 24.1% | ||
| Q3 25 | 14.1% | 5.1% | ||
| Q2 25 | 24.4% | -3.2% | ||
| Q1 25 | 16.6% | -24.3% | ||
| Q4 24 | 26.9% | 24.5% | ||
| Q3 24 | 11.9% | -4.3% | ||
| Q2 24 | 23.7% | -11.5% | ||
| Q1 24 | 18.3% | -10.7% |
| Q4 25 | 11.7% | 25.0% | ||
| Q3 25 | 2.8% | 7.5% | ||
| Q2 25 | 4.7% | -0.9% | ||
| Q1 25 | 6.7% | -21.4% | ||
| Q4 24 | 6.2% | 26.3% | ||
| Q3 24 | 1.9% | -1.6% | ||
| Q2 24 | 9.8% | -8.9% | ||
| Q1 24 | 7.6% | -7.5% |
| Q4 25 | $0.08 | $0.46 | ||
| Q3 25 | $0.02 | $0.10 | ||
| Q2 25 | $0.03 | $-0.01 | ||
| Q1 25 | $0.04 | $-0.23 | ||
| Q4 24 | $0.05 | $0.40 | ||
| Q3 24 | $0.01 | $-0.02 | ||
| Q2 24 | $0.06 | $-0.10 | ||
| Q1 24 | $0.04 | $-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 | $28.2M | $137.5M |
| Total DebtLower is stronger | $373.2M | — |
| Stockholders' EquityBook value | $403.5M | $354.6M |
| Total Assets | $928.3M | $488.0M |
| Debt / EquityLower = less leverage | 0.93× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.2M | $137.5M | ||
| Q3 25 | $40.0M | $135.4M | ||
| Q2 25 | $33.4M | $116.9M | ||
| Q1 25 | $74.4M | $112.9M | ||
| Q4 24 | $67.5M | $116.2M | ||
| Q3 24 | $61.5M | $101.7M | ||
| Q2 24 | $31.2M | $102.5M | ||
| Q1 24 | $29.0M | $110.6M |
| Q4 25 | $373.2M | — | ||
| Q3 25 | $393.4M | — | ||
| Q2 25 | $373.0M | — | ||
| Q1 25 | $357.2M | — | ||
| Q4 24 | $319.8M | — | ||
| Q3 24 | $319.4M | — | ||
| Q2 24 | $300.6M | — | ||
| Q1 24 | $314.0M | — |
| Q4 25 | $403.5M | $354.6M | ||
| Q3 25 | $396.8M | $321.9M | ||
| Q2 25 | $388.9M | $306.8M | ||
| Q1 25 | $374.3M | $295.5M | ||
| Q4 24 | $386.9M | $292.0M | ||
| Q3 24 | $394.1M | $257.5M | ||
| Q2 24 | $396.9M | $243.0M | ||
| Q1 24 | $400.1M | $233.9M |
| Q4 25 | $928.3M | $488.0M | ||
| Q3 25 | $936.0M | $453.3M | ||
| Q2 25 | $932.2M | $435.6M | ||
| Q1 25 | $877.4M | $424.6M | ||
| Q4 24 | $869.3M | $432.7M | ||
| Q3 24 | $857.0M | $390.4M | ||
| Q2 24 | $823.2M | $376.8M | ||
| Q1 24 | $832.8M | $356.7M |
| Q4 25 | 0.93× | — | ||
| Q3 25 | 0.99× | — | ||
| Q2 25 | 0.96× | — | ||
| Q1 25 | 0.95× | — | ||
| Q4 24 | 0.83× | — | ||
| Q3 24 | 0.81× | — | ||
| Q2 24 | 0.76× | — | ||
| Q1 24 | 0.78× | — |
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 | $23.0M | $15.0M |
| Free Cash FlowOCF − Capex | $18.1M | $12.8M |
| FCF MarginFCF / Revenue | 22.3% | 13.8% |
| Capex IntensityCapex / Revenue | 6.0% | 2.4% |
| Cash ConversionOCF / Net Profit | 2.43× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $14.1M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.0M | $15.0M | ||
| Q3 25 | $-8.6M | $22.1M | ||
| Q2 25 | $13.4M | $8.2M | ||
| Q1 25 | $-4.7M | $6.6M | ||
| Q4 24 | $101.0M | $22.2M | ||
| Q3 24 | $27.5M | $10.2M | ||
| Q2 24 | $34.8M | $18.5M | ||
| Q1 24 | $11.0M | $7.2M |
| Q4 25 | $18.1M | $12.8M | ||
| Q3 25 | $-9.5M | $19.5M | ||
| Q2 25 | $11.6M | $81.0K | ||
| Q1 25 | $-6.0M | $-7.6M | ||
| Q4 24 | $96.6M | $8.5M | ||
| Q3 24 | $25.2M | $-9.2M | ||
| Q2 24 | $33.9M | $1.8M | ||
| Q1 24 | $10.7M | $-6.8M |
| Q4 25 | 22.3% | 13.8% | ||
| Q3 25 | -12.6% | 28.8% | ||
| Q2 25 | 15.9% | 0.1% | ||
| Q1 25 | -8.9% | -14.5% | ||
| Q4 24 | 113.6% | 11.2% | ||
| Q3 24 | 34.0% | -15.9% | ||
| Q2 24 | 47.7% | 3.4% | ||
| Q1 24 | 16.2% | -13.3% |
| Q4 25 | 6.0% | 2.4% | ||
| Q3 25 | 1.2% | 3.9% | ||
| Q2 25 | 2.5% | 12.9% | ||
| Q1 25 | 1.9% | 27.0% | ||
| Q4 24 | 5.2% | 18.3% | ||
| Q3 24 | 3.0% | 33.5% | ||
| Q2 24 | 1.3% | 31.8% | ||
| Q1 24 | 0.4% | 27.3% |
| Q4 25 | 2.43× | 0.65× | ||
| Q3 25 | -4.01× | 4.35× | ||
| Q2 25 | 3.96× | — | ||
| Q1 25 | -1.05× | — | ||
| Q4 24 | 19.12× | 1.12× | ||
| Q3 24 | 19.54× | — | ||
| Q2 24 | 4.98× | — | ||
| Q1 24 | 2.18× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
