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Side-by-side financial comparison of Latham Group, Inc. (SWIM) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $92.9M, roughly 1.1× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -7.0%, a 32.0% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 14.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $12.8M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs -4.9%).
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
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.
SWIM vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $100.0M | $92.9M |
| Net Profit | $-7.0M | $23.2M |
| Gross Margin | 28.0% | 78.7% |
| Operating Margin | -10.7% | 24.1% |
| Net Margin | -7.0% | 25.0% |
| Revenue YoY | 14.5% | 23.3% |
| Net Profit YoY | 76.0% | 17.3% |
| EPS (diluted) | $-0.06 | $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 | $100.0M | $92.9M | ||
| Q3 25 | $161.9M | $67.5M | ||
| Q2 25 | $172.6M | $63.2M | ||
| Q1 25 | $111.4M | $52.6M | ||
| Q4 24 | $87.3M | $75.4M | ||
| Q3 24 | $150.5M | $57.9M | ||
| Q2 24 | $160.1M | $52.7M | ||
| Q1 24 | $110.6M | $51.3M |
| Q4 25 | $-7.0M | $23.2M | ||
| Q3 25 | $8.1M | $5.1M | ||
| Q2 25 | $16.0M | $-553.0K | ||
| Q1 25 | $-6.0M | $-11.2M | ||
| Q4 24 | $-29.2M | $19.8M | ||
| Q3 24 | $5.9M | $-901.0K | ||
| Q2 24 | $13.3M | $-4.7M | ||
| Q1 24 | $-7.9M | $-3.9M |
| Q4 25 | 28.0% | 78.7% | ||
| Q3 25 | 35.4% | 73.5% | ||
| Q2 25 | 37.1% | 73.7% | ||
| Q1 25 | 29.5% | 69.0% | ||
| Q4 24 | 24.6% | 77.6% | ||
| Q3 24 | 32.4% | 71.9% | ||
| Q2 24 | 33.1% | 69.5% | ||
| Q1 24 | 27.7% | 68.9% |
| Q4 25 | -10.7% | 24.1% | ||
| Q3 25 | 13.3% | 5.1% | ||
| Q2 25 | 14.3% | -3.2% | ||
| Q1 25 | -4.4% | -24.3% | ||
| Q4 24 | -14.9% | 24.5% | ||
| Q3 24 | 8.9% | -4.3% | ||
| Q2 24 | 12.5% | -11.5% | ||
| Q1 24 | -1.9% | -10.7% |
| Q4 25 | -7.0% | 25.0% | ||
| Q3 25 | 5.0% | 7.5% | ||
| Q2 25 | 9.3% | -0.9% | ||
| Q1 25 | -5.4% | -21.4% | ||
| Q4 24 | -33.4% | 26.3% | ||
| Q3 24 | 3.9% | -1.6% | ||
| Q2 24 | 8.3% | -8.9% | ||
| Q1 24 | -7.1% | -7.5% |
| Q4 25 | $-0.06 | $0.46 | ||
| Q3 25 | $0.07 | $0.10 | ||
| Q2 25 | $0.13 | $-0.01 | ||
| Q1 25 | $-0.05 | $-0.23 | ||
| Q4 24 | $-0.24 | $0.40 | ||
| Q3 24 | $0.05 | $-0.02 | ||
| Q2 24 | $0.11 | $-0.10 | ||
| Q1 24 | $-0.07 | $-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 | — | $137.5M |
| Total DebtLower is stronger | $279.8M | — |
| Stockholders' EquityBook value | $405.9M | $354.6M |
| Total Assets | $823.2M | $488.0M |
| Debt / EquityLower = less leverage | 0.69× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $137.5M | ||
| Q3 25 | — | $135.4M | ||
| Q2 25 | — | $116.9M | ||
| Q1 25 | — | $112.9M | ||
| Q4 24 | — | $116.2M | ||
| Q3 24 | — | $101.7M | ||
| Q2 24 | — | $102.5M | ||
| Q1 24 | — | $110.6M |
| Q4 25 | $279.8M | — | ||
| Q3 25 | $281.1M | — | ||
| Q2 25 | $281.5M | — | ||
| Q1 25 | $306.9M | — | ||
| Q4 24 | $281.5M | — | ||
| Q3 24 | $282.8M | — | ||
| Q2 24 | $282.4M | — | ||
| Q1 24 | $282.8M | — |
| Q4 25 | $405.9M | $354.6M | ||
| Q3 25 | $408.4M | $321.9M | ||
| Q2 25 | $398.4M | $306.8M | ||
| Q1 25 | $381.1M | $295.5M | ||
| Q4 24 | $387.2M | $292.0M | ||
| Q3 24 | $416.6M | $257.5M | ||
| Q2 24 | $408.1M | $243.0M | ||
| Q1 24 | $391.8M | $233.9M |
| Q4 25 | $823.2M | $488.0M | ||
| Q3 25 | $844.4M | $453.3M | ||
| Q2 25 | $822.1M | $435.6M | ||
| Q1 25 | $824.6M | $424.6M | ||
| Q4 24 | $794.2M | $432.7M | ||
| Q3 24 | $853.4M | $390.4M | ||
| Q2 24 | $830.0M | $376.8M | ||
| Q1 24 | $808.6M | $356.7M |
| Q4 25 | 0.69× | — | ||
| Q3 25 | 0.69× | — | ||
| Q2 25 | 0.71× | — | ||
| Q1 25 | 0.81× | — | ||
| Q4 24 | 0.73× | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 0.69× | — | ||
| Q1 24 | 0.72× | — |
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 | $23.3M | $15.0M |
| Free Cash FlowOCF − Capex | $14.1M | $12.8M |
| FCF MarginFCF / Revenue | 14.1% | 13.8% |
| Capex IntensityCapex / Revenue | 9.2% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $38.0M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.3M | $15.0M | ||
| Q3 25 | $51.0M | $22.1M | ||
| Q2 25 | $36.0M | $8.2M | ||
| Q1 25 | $-46.9M | $6.6M | ||
| Q4 24 | $6.2M | $22.2M | ||
| Q3 24 | $37.2M | $10.2M | ||
| Q2 24 | $52.4M | $18.5M | ||
| Q1 24 | $-34.5M | $7.2M |
| Q4 25 | $14.1M | $12.8M | ||
| Q3 25 | $45.2M | $19.5M | ||
| Q2 25 | $29.1M | $81.0K | ||
| Q1 25 | $-50.3M | $-7.6M | ||
| Q4 24 | $-98.0K | $8.5M | ||
| Q3 24 | $33.2M | $-9.2M | ||
| Q2 24 | $47.9M | $1.8M | ||
| Q1 24 | $-39.9M | $-6.8M |
| Q4 25 | 14.1% | 13.8% | ||
| Q3 25 | 27.9% | 28.8% | ||
| Q2 25 | 16.8% | 0.1% | ||
| Q1 25 | -45.2% | -14.5% | ||
| Q4 24 | -0.1% | 11.2% | ||
| Q3 24 | 22.1% | -15.9% | ||
| Q2 24 | 29.9% | 3.4% | ||
| Q1 24 | -36.0% | -13.3% |
| Q4 25 | 9.2% | 2.4% | ||
| Q3 25 | 3.6% | 3.9% | ||
| Q2 25 | 4.0% | 12.9% | ||
| Q1 25 | 3.1% | 27.0% | ||
| Q4 24 | 7.2% | 18.3% | ||
| Q3 24 | 2.7% | 33.5% | ||
| Q2 24 | 2.8% | 31.8% | ||
| Q1 24 | 4.8% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | 6.29× | 4.35× | ||
| Q2 25 | 2.25× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | 6.32× | — | ||
| Q2 24 | 3.95× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
