vs
Side-by-side financial comparison of Safehold Inc. (SAFE) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Safehold Inc. is the larger business by last-quarter revenue ($97.9M vs $92.9M, roughly 1.1× Vericel Corp). Safehold Inc. runs the higher net margin — 28.5% vs 25.0%, a 3.5% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 6.5%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 2.5%).
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
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.
SAFE vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $97.9M | $92.9M |
| Net Profit | $27.9M | $23.2M |
| Gross Margin | 98.6% | 78.7% |
| Operating Margin | 27.4% | 24.1% |
| Net Margin | 28.5% | 25.0% |
| Revenue YoY | 6.5% | 23.3% |
| Net Profit YoY | 7.1% | 17.3% |
| EPS (diluted) | $0.38 | $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 | $97.9M | $92.9M | ||
| Q3 25 | $96.2M | $67.5M | ||
| Q2 25 | $93.8M | $63.2M | ||
| Q1 25 | $97.7M | $52.6M | ||
| Q4 24 | $91.9M | $75.4M | ||
| Q3 24 | $90.7M | $57.9M | ||
| Q2 24 | $89.9M | $52.7M | ||
| Q1 24 | $93.2M | $51.3M |
| Q4 25 | $27.9M | $23.2M | ||
| Q3 25 | $29.3M | $5.1M | ||
| Q2 25 | $27.9M | $-553.0K | ||
| Q1 25 | $29.4M | $-11.2M | ||
| Q4 24 | $26.0M | $19.8M | ||
| Q3 24 | $19.3M | $-901.0K | ||
| Q2 24 | $29.7M | $-4.7M | ||
| Q1 24 | $30.7M | $-3.9M |
| Q4 25 | 98.6% | 78.7% | ||
| Q3 25 | 98.5% | 73.5% | ||
| Q2 25 | 99.1% | 73.7% | ||
| Q1 25 | 98.8% | 69.0% | ||
| Q4 24 | 98.8% | 77.6% | ||
| Q3 24 | 98.8% | 71.9% | ||
| Q2 24 | 98.8% | 69.5% | ||
| Q1 24 | 98.8% | 68.9% |
| Q4 25 | 27.4% | 24.1% | ||
| Q3 25 | 25.9% | 5.1% | ||
| Q2 25 | 25.5% | -3.2% | ||
| Q1 25 | 25.9% | -24.3% | ||
| Q4 24 | 24.6% | 24.5% | ||
| Q3 24 | 17.5% | -4.3% | ||
| Q2 24 | 26.7% | -11.5% | ||
| Q1 24 | 26.4% | -10.7% |
| Q4 25 | 28.5% | 25.0% | ||
| Q3 25 | 30.5% | 7.5% | ||
| Q2 25 | 29.8% | -0.9% | ||
| Q1 25 | 30.1% | -21.4% | ||
| Q4 24 | 28.3% | 26.3% | ||
| Q3 24 | 21.3% | -1.6% | ||
| Q2 24 | 33.0% | -8.9% | ||
| Q1 24 | 33.0% | -7.5% |
| Q4 25 | $0.38 | $0.46 | ||
| Q3 25 | $0.41 | $0.10 | ||
| Q2 25 | $0.39 | $-0.01 | ||
| Q1 25 | $0.41 | $-0.23 | ||
| Q4 24 | $0.36 | $0.40 | ||
| Q3 24 | $0.27 | $-0.02 | ||
| Q2 24 | $0.42 | $-0.10 | ||
| Q1 24 | $0.43 | $-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 | $21.7M | $137.5M |
| Total DebtLower is stronger | $4.6B | — |
| Stockholders' EquityBook value | $2.4B | $354.6M |
| Total Assets | $7.2B | $488.0M |
| Debt / EquityLower = less leverage | 1.90× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.7M | $137.5M | ||
| Q3 25 | $12.1M | $135.4M | ||
| Q2 25 | $13.9M | $116.9M | ||
| Q1 25 | $17.3M | $112.9M | ||
| Q4 24 | $8.3M | $116.2M | ||
| Q3 24 | $15.6M | $101.7M | ||
| Q2 24 | $13.4M | $102.5M | ||
| Q1 24 | $11.3M | $110.6M |
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $4.1B | — |
| Q4 25 | $2.4B | $354.6M | ||
| Q3 25 | $2.4B | $321.9M | ||
| Q2 25 | $2.4B | $306.8M | ||
| Q1 25 | $2.4B | $295.5M | ||
| Q4 24 | $2.3B | $292.0M | ||
| Q3 24 | $2.3B | $257.5M | ||
| Q2 24 | $2.3B | $243.0M | ||
| Q1 24 | $2.3B | $233.9M |
| Q4 25 | $7.2B | $488.0M | ||
| Q3 25 | $7.1B | $453.3M | ||
| Q2 25 | $7.1B | $435.6M | ||
| Q1 25 | $6.9B | $424.6M | ||
| Q4 24 | $6.9B | $432.7M | ||
| Q3 24 | $6.8B | $390.4M | ||
| Q2 24 | $6.8B | $376.8M | ||
| Q1 24 | $6.7B | $356.7M |
| Q4 25 | 1.90× | — | ||
| Q3 25 | 1.89× | — | ||
| Q2 25 | 1.87× | — | ||
| Q1 25 | 1.85× | — | ||
| Q4 24 | 1.84× | — | ||
| Q3 24 | 1.88× | — | ||
| Q2 24 | 1.81× | — | ||
| Q1 24 | 1.81× | — |
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 | $47.8M | $15.0M |
| Free Cash FlowOCF − Capex | — | $12.8M |
| FCF MarginFCF / Revenue | — | 13.8% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | 1.72× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $47.8M | $15.0M | ||
| Q3 25 | $-1.4M | $22.1M | ||
| Q2 25 | $28.0M | $8.2M | ||
| Q1 25 | $8.9M | $6.6M | ||
| Q4 24 | $37.9M | $22.2M | ||
| Q3 24 | $8.3M | $10.2M | ||
| Q2 24 | $24.8M | $18.5M | ||
| Q1 24 | $-3.1M | $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 | 1.72× | 0.65× | ||
| Q3 25 | -0.05× | 4.35× | ||
| Q2 25 | 1.00× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 1.45× | 1.12× | ||
| Q3 24 | 0.43× | — | ||
| Q2 24 | 0.83× | — | ||
| Q1 24 | -0.10× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
