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Side-by-side financial comparison of STEM, INC. (STEM) 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 $47.1M, roughly 2.0× STEM, INC.). Vericel Corp runs the higher net margin — 25.0% vs -33.9%, a 58.9% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -15.6%). Over the past eight quarters, STEM, INC.'s revenue compounded faster (36.1% CAGR vs 34.6%).
StemCells, Inc. is a public biopharmaceutical company headquartered in Newark, California, that is developing purified human neural stem cells (HuCNS-SCs) in the hopes of treating central nervous system disorders and paralysis. StemCells' HuCNS-SCs have the ability to differentiate into the three main types of cells found in the central nervous system: neurons, astrocytes and oligodendrocytes.
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.
STEM vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $47.1M | $92.9M |
| Net Profit | $-16.0M | $23.2M |
| Gross Margin | 48.9% | 78.7% |
| Operating Margin | -17.7% | 24.1% |
| Net Margin | -33.9% | 25.0% |
| Revenue YoY | -15.6% | 23.3% |
| Net Profit YoY | 68.8% | 17.3% |
| EPS (diluted) | $-4.40 | $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 | $47.1M | $92.9M | ||
| Q3 25 | $38.2M | $67.5M | ||
| Q2 25 | $38.4M | $63.2M | ||
| Q1 25 | $32.5M | $52.6M | ||
| Q4 24 | $55.8M | $75.4M | ||
| Q3 24 | $29.3M | $57.9M | ||
| Q2 24 | $34.0M | $52.7M | ||
| Q1 24 | $25.5M | $51.3M |
| Q4 25 | $-16.0M | $23.2M | ||
| Q3 25 | $-23.8M | $5.1M | ||
| Q2 25 | $202.5M | $-553.0K | ||
| Q1 25 | $-25.0M | $-11.2M | ||
| Q4 24 | $-51.1M | $19.8M | ||
| Q3 24 | $-148.3M | $-901.0K | ||
| Q2 24 | $-582.3M | $-4.7M | ||
| Q1 24 | $-72.3M | $-3.9M |
| Q4 25 | 48.9% | 78.7% | ||
| Q3 25 | 35.5% | 73.5% | ||
| Q2 25 | 33.4% | 73.7% | ||
| Q1 25 | 32.4% | 69.0% | ||
| Q4 24 | -4.4% | 77.6% | ||
| Q3 24 | 21.2% | 71.9% | ||
| Q2 24 | 27.6% | 69.5% | ||
| Q1 24 | -95.0% | 68.9% |
| Q4 25 | -17.7% | 24.1% | ||
| Q3 25 | -33.6% | 5.1% | ||
| Q2 25 | -34.8% | -3.2% | ||
| Q1 25 | -65.0% | -24.3% | ||
| Q4 24 | -84.4% | 24.5% | ||
| Q3 24 | -493.2% | -4.3% | ||
| Q2 24 | -1705.5% | -11.5% | ||
| Q1 24 | -267.0% | -10.7% |
| Q4 25 | -33.9% | 25.0% | ||
| Q3 25 | -62.2% | 7.5% | ||
| Q2 25 | 527.8% | -0.9% | ||
| Q1 25 | -76.9% | -21.4% | ||
| Q4 24 | -91.6% | 26.3% | ||
| Q3 24 | -506.3% | -1.6% | ||
| Q2 24 | -1712.6% | -8.9% | ||
| Q1 24 | -283.9% | -7.5% |
| Q4 25 | $-4.40 | $0.46 | ||
| Q3 25 | $-2.84 | $0.10 | ||
| Q2 25 | $-1.79 | $-0.01 | ||
| Q1 25 | $-0.15 | $-0.23 | ||
| Q4 24 | $-15.29 | $0.40 | ||
| Q3 24 | $-18.24 | $-0.02 | ||
| Q2 24 | $-71.81 | $-0.10 | ||
| Q1 24 | $-0.46 | $-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 | $48.9M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-249.4M | $354.6M |
| Total Assets | $308.9M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $48.9M | $137.5M | ||
| Q3 25 | $43.1M | $135.4M | ||
| Q2 25 | $40.8M | $116.9M | ||
| Q1 25 | $58.6M | $112.9M | ||
| Q4 24 | $56.3M | $116.2M | ||
| Q3 24 | $75.4M | $101.7M | ||
| Q2 24 | $89.6M | $102.5M | ||
| Q1 24 | $112.8M | $110.6M |
| Q4 25 | $-249.4M | $354.6M | ||
| Q3 25 | $-235.7M | $321.9M | ||
| Q2 25 | $-214.1M | $306.8M | ||
| Q1 25 | $-417.5M | $295.5M | ||
| Q4 24 | $-398.4M | $292.0M | ||
| Q3 24 | $-344.1M | $257.5M | ||
| Q2 24 | $-203.2M | $243.0M | ||
| Q1 24 | $371.6M | $233.9M |
| Q4 25 | $308.9M | $488.0M | ||
| Q3 25 | $362.6M | $453.3M | ||
| Q2 25 | $379.2M | $435.6M | ||
| Q1 25 | $405.1M | $424.6M | ||
| Q4 24 | $437.4M | $432.7M | ||
| Q3 24 | $537.8M | $390.4M | ||
| Q2 24 | $691.5M | $376.8M | ||
| Q1 24 | $1.3B | $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 | $8.2M | $15.0M |
| Free Cash FlowOCF − Capex | — | $12.8M |
| FCF MarginFCF / Revenue | — | 13.8% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $15.0M | ||
| Q3 25 | $11.4M | $22.1M | ||
| Q2 25 | $-21.3M | $8.2M | ||
| Q1 25 | $8.5M | $6.6M | ||
| Q4 24 | $-14.7M | $22.2M | ||
| Q3 24 | $-9.4M | $10.2M | ||
| Q2 24 | $-11.9M | $18.5M | ||
| Q1 24 | $-621.0K | $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 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | -0.11× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 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
STEM
Segment breakdown not available.
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
