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Side-by-side financial comparison of TELOS CORP (TLS) 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 $46.8M, roughly 2.0× TELOS CORP). Vericel Corp runs the higher net margin — 25.0% vs -34.9%, a 59.9% gap on every dollar of revenue. On growth, TELOS CORP posted the faster year-over-year revenue change (77.4% vs 23.3%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $8.0M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 25.7%).
Telos Corporation is an information technology and cybersecurity company located in Ashburn, Virginia. Telos primarily serves government and enterprise clients, receiving a large number of its contracts from the United States Department of Defense. Customers are primarily military, intelligence and civilian agencies of the US government and NATO allies.
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.
TLS vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $46.8M | $92.9M |
| Net Profit | $-16.3M | $23.2M |
| Gross Margin | 35.0% | 78.7% |
| Operating Margin | -39.6% | 24.1% |
| Net Margin | -34.9% | 25.0% |
| Revenue YoY | 77.4% | 23.3% |
| Net Profit YoY | -74.8% | 17.3% |
| EPS (diluted) | $-0.22 | $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 | $46.8M | $92.9M | ||
| Q3 25 | $51.4M | $67.5M | ||
| Q2 25 | $36.0M | $63.2M | ||
| Q1 25 | $30.6M | $52.6M | ||
| Q4 24 | $26.4M | $75.4M | ||
| Q3 24 | $23.8M | $57.9M | ||
| Q2 24 | $28.5M | $52.7M | ||
| Q1 24 | $29.6M | $51.3M |
| Q4 25 | $-16.3M | $23.2M | ||
| Q3 25 | $-2.1M | $5.1M | ||
| Q2 25 | $-9.5M | $-553.0K | ||
| Q1 25 | $-8.6M | $-11.2M | ||
| Q4 24 | $-9.3M | $19.8M | ||
| Q3 24 | $-28.1M | $-901.0K | ||
| Q2 24 | $-7.8M | $-4.7M | ||
| Q1 24 | $-7.4M | $-3.9M |
| Q4 25 | 35.0% | 78.7% | ||
| Q3 25 | 39.9% | 73.5% | ||
| Q2 25 | 33.2% | 73.7% | ||
| Q1 25 | 39.8% | 69.0% | ||
| Q4 24 | 40.3% | 77.6% | ||
| Q3 24 | 13.2% | 71.9% | ||
| Q2 24 | 34.1% | 69.5% | ||
| Q1 24 | 37.0% | 68.9% |
| Q4 25 | -39.6% | 24.1% | ||
| Q3 25 | -4.8% | 5.1% | ||
| Q2 25 | -27.5% | -3.2% | ||
| Q1 25 | -29.5% | -24.3% | ||
| Q4 24 | -37.6% | 24.5% | ||
| Q3 24 | -121.4% | -4.3% | ||
| Q2 24 | -30.3% | -11.5% | ||
| Q1 24 | -28.5% | -10.7% |
| Q4 25 | -34.9% | 25.0% | ||
| Q3 25 | -4.1% | 7.5% | ||
| Q2 25 | -26.5% | -0.9% | ||
| Q1 25 | -28.1% | -21.4% | ||
| Q4 24 | -35.4% | 26.3% | ||
| Q3 24 | -118.0% | -1.6% | ||
| Q2 24 | -27.2% | -8.9% | ||
| Q1 24 | -24.9% | -7.5% |
| Q4 25 | $-0.22 | $0.46 | ||
| Q3 25 | $-0.03 | $0.10 | ||
| Q2 25 | $-0.13 | $-0.01 | ||
| Q1 25 | $-0.12 | $-0.23 | ||
| Q4 24 | $-0.13 | $0.40 | ||
| Q3 24 | $-0.39 | $-0.02 | ||
| Q2 24 | $-0.11 | $-0.10 | ||
| Q1 24 | $-0.10 | $-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 | $53.2M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $96.0M | $354.6M |
| Total Assets | $139.9M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $53.2M | $137.5M | ||
| Q3 25 | $59.0M | $135.4M | ||
| Q2 25 | $57.0M | $116.9M | ||
| Q1 25 | $57.8M | $112.9M | ||
| Q4 24 | $54.6M | $116.2M | ||
| Q3 24 | $69.8M | $101.7M | ||
| Q2 24 | $80.1M | $102.5M | ||
| Q1 24 | $93.9M | $110.6M |
| Q4 25 | $96.0M | $354.6M | ||
| Q3 25 | $119.7M | $321.9M | ||
| Q2 25 | $118.4M | $306.8M | ||
| Q1 25 | $126.1M | $295.5M | ||
| Q4 24 | $127.1M | $292.0M | ||
| Q3 24 | $129.5M | $257.5M | ||
| Q2 24 | $149.1M | $243.0M | ||
| Q1 24 | $154.4M | $233.9M |
| Q4 25 | $139.9M | $488.0M | ||
| Q3 25 | $164.3M | $453.3M | ||
| Q2 25 | $165.0M | $435.6M | ||
| Q1 25 | $158.1M | $424.6M | ||
| Q4 24 | $158.2M | $432.7M | ||
| Q3 24 | $166.3M | $390.4M | ||
| Q2 24 | $182.4M | $376.8M | ||
| Q1 24 | $195.4M | $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 | $8.0M | $15.0M |
| Free Cash FlowOCF − Capex | $8.0M | $12.8M |
| FCF MarginFCF / Revenue | 17.0% | 13.8% |
| Capex IntensityCapex / Revenue | 0.1% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $29.4M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.0M | $15.0M | ||
| Q3 25 | $9.1M | $22.1M | ||
| Q2 25 | $7.0M | $8.2M | ||
| Q1 25 | $6.1M | $6.6M | ||
| Q4 24 | $-10.5M | $22.2M | ||
| Q3 24 | $-7.1M | $10.2M | ||
| Q2 24 | $-8.0M | $18.5M | ||
| Q1 24 | $-350.0K | $7.2M |
| Q4 25 | $8.0M | $12.8M | ||
| Q3 25 | $8.7M | $19.5M | ||
| Q2 25 | $6.8M | $81.0K | ||
| Q1 25 | $6.0M | $-7.6M | ||
| Q4 24 | $-12.4M | $8.5M | ||
| Q3 24 | $-7.1M | $-9.2M | ||
| Q2 24 | $-8.2M | $1.8M | ||
| Q1 24 | $-447.0K | $-6.8M |
| Q4 25 | 17.0% | 13.8% | ||
| Q3 25 | 16.9% | 28.8% | ||
| Q2 25 | 19.0% | 0.1% | ||
| Q1 25 | 19.5% | -14.5% | ||
| Q4 24 | -47.0% | 11.2% | ||
| Q3 24 | -30.0% | -15.9% | ||
| Q2 24 | -28.9% | 3.4% | ||
| Q1 24 | -1.5% | -13.3% |
| Q4 25 | 0.1% | 2.4% | ||
| Q3 25 | 0.9% | 3.9% | ||
| Q2 25 | 0.4% | 12.9% | ||
| Q1 25 | 0.4% | 27.0% | ||
| Q4 24 | 7.1% | 18.3% | ||
| Q3 24 | 0.2% | 33.5% | ||
| Q2 24 | 0.8% | 31.8% | ||
| Q1 24 | 0.3% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| 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
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
