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Side-by-side financial comparison of Terreno Realty Corp (TRNO) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Terreno Realty Corp is the larger business by last-quarter revenue ($137.5M vs $92.9M, roughly 1.5× Vericel Corp). Terreno Realty Corp runs the higher net margin — 115.1% vs 25.0%, a 90.1% gap on every dollar of revenue. On growth, Terreno Realty Corp posted the faster year-over-year revenue change (32.6% vs 23.3%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 27.2%).
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
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.
TRNO vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $137.5M | $92.9M |
| Net Profit | $158.2M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | — | 24.1% |
| Net Margin | 115.1% | 25.0% |
| Revenue YoY | 32.6% | 23.3% |
| Net Profit YoY | 107.9% | 17.3% |
| EPS (diluted) | $1.54 | $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 | $137.5M | $92.9M | ||
| Q3 25 | $116.2M | $67.5M | ||
| Q2 25 | $112.2M | $63.2M | ||
| Q1 25 | $110.4M | $52.6M | ||
| Q4 24 | $103.7M | $75.4M | ||
| Q3 24 | $99.6M | $57.9M | ||
| Q2 24 | $94.2M | $52.7M | ||
| Q1 24 | $85.0M | $51.3M |
| Q4 25 | $158.2M | $23.2M | ||
| Q3 25 | $103.4M | $5.1M | ||
| Q2 25 | $93.3M | $-553.0K | ||
| Q1 25 | $48.1M | $-11.2M | ||
| Q4 24 | $76.1M | $19.8M | ||
| Q3 24 | $36.6M | $-901.0K | ||
| Q2 24 | $35.7M | $-4.7M | ||
| Q1 24 | $36.1M | $-3.9M |
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | — | 24.1% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | — | -3.2% | ||
| Q1 25 | — | -24.3% | ||
| Q4 24 | — | 24.5% | ||
| Q3 24 | — | -4.3% | ||
| Q2 24 | — | -11.5% | ||
| Q1 24 | — | -10.7% |
| Q4 25 | 115.1% | 25.0% | ||
| Q3 25 | 88.9% | 7.5% | ||
| Q2 25 | 83.1% | -0.9% | ||
| Q1 25 | 43.6% | -21.4% | ||
| Q4 24 | 73.4% | 26.3% | ||
| Q3 24 | 36.8% | -1.6% | ||
| Q2 24 | 37.9% | -8.9% | ||
| Q1 24 | 42.4% | -7.5% |
| Q4 25 | $1.54 | $0.46 | ||
| Q3 25 | $1.00 | $0.10 | ||
| Q2 25 | $0.90 | $-0.01 | ||
| Q1 25 | $0.47 | $-0.23 | ||
| Q4 24 | $0.78 | $0.40 | ||
| Q3 24 | $0.37 | $-0.02 | ||
| Q2 24 | $0.37 | $-0.10 | ||
| Q1 24 | $0.40 | $-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 | $25.0M | $137.5M |
| Total DebtLower is stronger | $943.3M | — |
| Stockholders' EquityBook value | $4.1B | $354.6M |
| Total Assets | $5.4B | $488.0M |
| Debt / EquityLower = less leverage | 0.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $25.0M | $137.5M | ||
| Q3 25 | $26.2M | $135.4M | ||
| Q2 25 | $128.4M | $116.9M | ||
| Q1 25 | $156.5M | $112.9M | ||
| Q4 24 | $18.1M | $116.2M | ||
| Q3 24 | $243.7M | $101.7M | ||
| Q2 24 | $182.0M | $102.5M | ||
| Q1 24 | $649.6M | $110.6M |
| Q4 25 | $943.3M | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $742.4M | — | ||
| Q1 25 | $741.9M | — | ||
| Q4 24 | $823.4M | — | ||
| Q3 24 | $672.2M | — | ||
| Q2 24 | $772.0M | — | ||
| Q1 24 | $771.8M | — |
| Q4 25 | $4.1B | $354.6M | ||
| Q3 25 | $4.0B | $321.9M | ||
| Q2 25 | $3.9B | $306.8M | ||
| Q1 25 | $3.9B | $295.5M | ||
| Q4 24 | $3.7B | $292.0M | ||
| Q3 24 | $3.6B | $257.5M | ||
| Q2 24 | $3.4B | $243.0M | ||
| Q1 24 | $3.4B | $233.9M |
| Q4 25 | $5.4B | $488.0M | ||
| Q3 25 | $5.3B | $453.3M | ||
| Q2 25 | $5.0B | $435.6M | ||
| Q1 25 | $4.9B | $424.6M | ||
| Q4 24 | $4.8B | $432.7M | ||
| Q3 24 | $4.6B | $390.4M | ||
| Q2 24 | $4.5B | $376.8M | ||
| Q1 24 | $4.4B | $356.7M |
| Q4 25 | 0.23× | — | ||
| Q3 25 | 0.26× | — | ||
| Q2 25 | 0.19× | — | ||
| Q1 25 | 0.19× | — | ||
| Q4 24 | 0.22× | — | ||
| Q3 24 | 0.19× | — | ||
| Q2 24 | 0.22× | — | ||
| Q1 24 | 0.22× | — |
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 | $271.9M | $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 | $271.9M | $15.0M | ||
| Q3 25 | $79.5M | $22.1M | ||
| Q2 25 | $60.6M | $8.2M | ||
| Q1 25 | $61.4M | $6.6M | ||
| Q4 24 | $232.7M | $22.2M | ||
| Q3 24 | $70.0M | $10.2M | ||
| Q2 24 | $64.3M | $18.5M | ||
| Q1 24 | $47.0M | $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 | 0.77× | 4.35× | ||
| Q2 25 | 0.65× | — | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | 3.06× | 1.12× | ||
| Q3 24 | 1.91× | — | ||
| Q2 24 | 1.80× | — | ||
| Q1 24 | 1.30× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
