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Side-by-side financial comparison of Smart Sand, Inc. (SND) 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 $86.0M, roughly 1.1× Smart Sand, Inc.). Vericel Corp runs the higher net margin — 25.0% vs 1.4%, a 23.6% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $12.8M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 1.8%).
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
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.
SND vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.0M | $92.9M |
| Net Profit | $1.2M | $23.2M |
| Gross Margin | 13.0% | 78.7% |
| Operating Margin | -3.1% | 24.1% |
| Net Margin | 1.4% | 25.0% |
| Revenue YoY | -5.8% | 23.3% |
| Net Profit YoY | -68.5% | 17.3% |
| EPS (diluted) | $0.03 | $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 | $86.0M | $92.9M | ||
| Q3 25 | $92.8M | $67.5M | ||
| Q2 25 | $85.8M | $63.2M | ||
| Q1 25 | $65.6M | $52.6M | ||
| Q4 24 | $91.4M | $75.4M | ||
| Q3 24 | $63.2M | $57.9M | ||
| Q2 24 | $73.8M | $52.7M | ||
| Q1 24 | $83.1M | $51.3M |
| Q4 25 | $1.2M | $23.2M | ||
| Q3 25 | $3.0M | $5.1M | ||
| Q2 25 | $21.4M | $-553.0K | ||
| Q1 25 | $-24.2M | $-11.2M | ||
| Q4 24 | $3.7M | $19.8M | ||
| Q3 24 | $-98.0K | $-901.0K | ||
| Q2 24 | $-430.0K | $-4.7M | ||
| Q1 24 | $-216.0K | $-3.9M |
| Q4 25 | 13.0% | 78.7% | ||
| Q3 25 | 16.1% | 73.5% | ||
| Q2 25 | 10.4% | 73.7% | ||
| Q1 25 | 4.2% | 69.0% | ||
| Q4 24 | 14.7% | 77.6% | ||
| Q3 24 | 10.3% | 71.9% | ||
| Q2 24 | 17.7% | 69.5% | ||
| Q1 24 | 14.2% | 68.9% |
| Q4 25 | -3.1% | 24.1% | ||
| Q3 25 | 5.8% | 5.1% | ||
| Q2 25 | -0.1% | -3.2% | ||
| Q1 25 | -10.8% | -24.3% | ||
| Q4 24 | 3.9% | 24.5% | ||
| Q3 24 | -7.8% | -4.3% | ||
| Q2 24 | 4.8% | -11.5% | ||
| Q1 24 | 0.9% | -10.7% |
| Q4 25 | 1.4% | 25.0% | ||
| Q3 25 | 3.2% | 7.5% | ||
| Q2 25 | 24.9% | -0.9% | ||
| Q1 25 | -37.0% | -21.4% | ||
| Q4 24 | 4.1% | 26.3% | ||
| Q3 24 | -0.2% | -1.6% | ||
| Q2 24 | -0.6% | -8.9% | ||
| Q1 24 | -0.3% | -7.5% |
| Q4 25 | $0.03 | $0.46 | ||
| Q3 25 | $0.08 | $0.10 | ||
| Q2 25 | $0.54 | $-0.01 | ||
| Q1 25 | $-0.62 | $-0.23 | ||
| Q4 24 | $0.10 | $0.40 | ||
| Q3 24 | $0.00 | $-0.02 | ||
| Q2 24 | $-0.01 | $-0.10 | ||
| Q1 24 | $-0.01 | $-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 | $22.6M | $137.5M |
| Total DebtLower is stronger | $15.0M | — |
| Stockholders' EquityBook value | $239.7M | $354.6M |
| Total Assets | $340.0M | $488.0M |
| Debt / EquityLower = less leverage | 0.06× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.6M | $137.5M | ||
| Q3 25 | $5.1M | $135.4M | ||
| Q2 25 | $4.3M | $116.9M | ||
| Q1 25 | $5.1M | $112.9M | ||
| Q4 24 | $1.6M | $116.2M | ||
| Q3 24 | $7.2M | $101.7M | ||
| Q2 24 | $6.3M | $102.5M | ||
| Q1 24 | $4.6M | $110.6M |
| Q4 25 | $15.0M | — | ||
| Q3 25 | $14.3M | — | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $13.7M | — | ||
| Q4 24 | $14.7M | — | ||
| Q3 24 | $15.7M | — | ||
| Q2 24 | $17.1M | — | ||
| Q1 24 | $25.5M | — |
| Q4 25 | $239.7M | $354.6M | ||
| Q3 25 | $239.9M | $321.9M | ||
| Q2 25 | $240.5M | $306.8M | ||
| Q1 25 | $219.9M | $295.5M | ||
| Q4 24 | $243.8M | $292.0M | ||
| Q3 24 | $243.6M | $257.5M | ||
| Q2 24 | $242.9M | $243.0M | ||
| Q1 24 | $242.5M | $233.9M |
| Q4 25 | $340.0M | $488.0M | ||
| Q3 25 | $343.1M | $453.3M | ||
| Q2 25 | $345.8M | $435.6M | ||
| Q1 25 | $326.9M | $424.6M | ||
| Q4 24 | $341.5M | $432.7M | ||
| Q3 24 | $335.8M | $390.4M | ||
| Q2 24 | $341.8M | $376.8M | ||
| Q1 24 | $349.3M | $356.7M |
| Q4 25 | 0.06× | — | ||
| Q3 25 | 0.06× | — | ||
| Q2 25 | 0.10× | — | ||
| Q1 25 | 0.06× | — | ||
| Q4 24 | 0.06× | — | ||
| Q3 24 | 0.06× | — | ||
| Q2 24 | 0.07× | — | ||
| Q1 24 | 0.11× | — |
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 | $22.4M | $15.0M |
| Free Cash FlowOCF − Capex | $20.4M | $12.8M |
| FCF MarginFCF / Revenue | 23.7% | 13.8% |
| Capex IntensityCapex / Revenue | 2.3% | 2.4% |
| Cash ConversionOCF / Net Profit | 18.99× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $32.5M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.4M | $15.0M | ||
| Q3 25 | $18.2M | $22.1M | ||
| Q2 25 | $-5.1M | $8.2M | ||
| Q1 25 | $8.7M | $6.6M | ||
| Q4 24 | $1.0M | $22.2M | ||
| Q3 24 | $5.8M | $10.2M | ||
| Q2 24 | $14.9M | $18.5M | ||
| Q1 24 | $-3.9M | $7.2M |
| Q4 25 | $20.4M | $12.8M | ||
| Q3 25 | $14.8M | $19.5M | ||
| Q2 25 | $-7.8M | $81.0K | ||
| Q1 25 | $5.2M | $-7.6M | ||
| Q4 24 | $-840.0K | $8.5M | ||
| Q3 24 | $3.7M | $-9.2M | ||
| Q2 24 | $13.5M | $1.8M | ||
| Q1 24 | $-5.5M | $-6.8M |
| Q4 25 | 23.7% | 13.8% | ||
| Q3 25 | 15.9% | 28.8% | ||
| Q2 25 | -9.1% | 0.1% | ||
| Q1 25 | 7.9% | -14.5% | ||
| Q4 24 | -0.9% | 11.2% | ||
| Q3 24 | 5.8% | -15.9% | ||
| Q2 24 | 18.3% | 3.4% | ||
| Q1 24 | -6.6% | -13.3% |
| Q4 25 | 2.3% | 2.4% | ||
| Q3 25 | 3.6% | 3.9% | ||
| Q2 25 | 3.1% | 12.9% | ||
| Q1 25 | 5.4% | 27.0% | ||
| Q4 24 | 2.1% | 18.3% | ||
| Q3 24 | 3.4% | 33.5% | ||
| Q2 24 | 1.8% | 31.8% | ||
| Q1 24 | 2.0% | 27.3% |
| Q4 25 | 18.99× | 0.65× | ||
| Q3 25 | 6.05× | 4.35× | ||
| Q2 25 | -0.24× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.28× | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
