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Side-by-side financial comparison of Wheels Up Experience Inc. (UP) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Wheels Up Experience Inc. is the larger business by last-quarter revenue ($183.8M vs $92.9M, roughly 2.0× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -15.7%, a 40.7% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -10.2%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-58.3M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs -3.4%).
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
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.
UP vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.8M | $92.9M |
| Net Profit | $-28.9M | $23.2M |
| Gross Margin | 14.3% | 78.7% |
| Operating Margin | -0.9% | 24.1% |
| Net Margin | -15.7% | 25.0% |
| Revenue YoY | -10.2% | 23.3% |
| Net Profit YoY | 67.0% | 17.3% |
| EPS (diluted) | $-0.04 | $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 | $183.8M | $92.9M | ||
| Q3 25 | $185.5M | $67.5M | ||
| Q2 25 | $189.6M | $63.2M | ||
| Q1 25 | $177.5M | $52.6M | ||
| Q4 24 | $204.8M | $75.4M | ||
| Q3 24 | $193.9M | $57.9M | ||
| Q2 24 | $196.3M | $52.7M | ||
| Q1 24 | $197.1M | $51.3M |
| Q4 25 | $-28.9M | $23.2M | ||
| Q3 25 | $-83.7M | $5.1M | ||
| Q2 25 | $-82.3M | $-553.0K | ||
| Q1 25 | $-99.3M | $-11.2M | ||
| Q4 24 | $-87.5M | $19.8M | ||
| Q3 24 | $-57.7M | $-901.0K | ||
| Q2 24 | $-97.0M | $-4.7M | ||
| Q1 24 | $-97.4M | $-3.9M |
| Q4 25 | 14.3% | 78.7% | ||
| Q3 25 | 6.8% | 73.5% | ||
| Q2 25 | 8.3% | 73.7% | ||
| Q1 25 | 10.8% | 69.0% | ||
| Q4 24 | 13.9% | 77.6% | ||
| Q3 24 | 13.9% | 71.9% | ||
| Q2 24 | 2.3% | 69.5% | ||
| Q1 24 | -0.6% | 68.9% |
| Q4 25 | -0.9% | 24.1% | ||
| Q3 25 | -33.1% | 5.1% | ||
| Q2 25 | -31.4% | -3.2% | ||
| Q1 25 | -45.5% | -24.3% | ||
| Q4 24 | -26.0% | 24.5% | ||
| Q3 24 | -21.6% | -4.3% | ||
| Q2 24 | -40.3% | -11.5% | ||
| Q1 24 | -42.9% | -10.7% |
| Q4 25 | -15.7% | 25.0% | ||
| Q3 25 | -45.1% | 7.5% | ||
| Q2 25 | -43.4% | -0.9% | ||
| Q1 25 | -55.9% | -21.4% | ||
| Q4 24 | -42.7% | 26.3% | ||
| Q3 24 | -29.8% | -1.6% | ||
| Q2 24 | -49.4% | -8.9% | ||
| Q1 24 | -49.4% | -7.5% |
| Q4 25 | $-0.04 | $0.46 | ||
| Q3 25 | $-0.12 | $0.10 | ||
| Q2 25 | $-0.12 | $-0.01 | ||
| Q1 25 | $-0.14 | $-0.23 | ||
| Q4 24 | $-0.13 | $0.40 | ||
| Q3 24 | $-0.08 | $-0.02 | ||
| Q2 24 | $-0.14 | $-0.10 | ||
| Q1 24 | $-0.14 | $-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 | $133.9M | $137.5M |
| Total DebtLower is stronger | $671.3M | — |
| Stockholders' EquityBook value | $-392.1M | $354.6M |
| Total Assets | $968.8M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $133.9M | $137.5M | ||
| Q3 25 | $125.3M | $135.4M | ||
| Q2 25 | $107.0M | $116.9M | ||
| Q1 25 | $171.8M | $112.9M | ||
| Q4 24 | $216.4M | $116.2M | ||
| Q3 24 | $115.9M | $101.7M | ||
| Q2 24 | $141.5M | $102.5M | ||
| Q1 24 | $180.9M | $110.6M |
| Q4 25 | $671.3M | — | ||
| Q3 25 | $766.5M | — | ||
| Q2 25 | $770.5M | — | ||
| Q1 25 | $765.8M | — | ||
| Q4 24 | $761.3M | — | ||
| Q3 24 | $596.9M | — | ||
| Q2 24 | $597.4M | — | ||
| Q1 24 | $603.2M | — |
| Q4 25 | $-392.1M | $354.6M | ||
| Q3 25 | $-374.5M | $321.9M | ||
| Q2 25 | $-347.8M | $306.8M | ||
| Q1 25 | $-288.1M | $295.5M | ||
| Q4 24 | $-202.1M | $292.0M | ||
| Q3 24 | $-117.7M | $257.5M | ||
| Q2 24 | $-72.2M | $243.0M | ||
| Q1 24 | $936.0K | $233.9M |
| Q4 25 | $968.8M | $488.0M | ||
| Q3 25 | $973.0M | $453.3M | ||
| Q2 25 | $1.0B | $435.6M | ||
| Q1 25 | $1.1B | $424.6M | ||
| Q4 24 | $1.2B | $432.7M | ||
| Q3 24 | $1.0B | $390.4M | ||
| Q2 24 | $1.1B | $376.8M | ||
| Q1 24 | $1.2B | $356.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 644.43× | — |
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 | $-18.4M | $15.0M |
| Free Cash FlowOCF − Capex | $-58.3M | $12.8M |
| FCF MarginFCF / Revenue | -31.7% | 13.8% |
| Capex IntensityCapex / Revenue | 21.7% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-259.9M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-18.4M | $15.0M | ||
| Q3 25 | $-37.1M | $22.1M | ||
| Q2 25 | $-62.9M | $8.2M | ||
| Q1 25 | $-47.9M | $6.6M | ||
| Q4 24 | $37.9M | $22.2M | ||
| Q3 24 | $-16.9M | $10.2M | ||
| Q2 24 | $-25.2M | $18.5M | ||
| Q1 24 | $-73.8M | $7.2M |
| Q4 25 | $-58.3M | $12.8M | ||
| Q3 25 | $-60.4M | $19.5M | ||
| Q2 25 | $-78.6M | $81.0K | ||
| Q1 25 | $-62.6M | $-7.6M | ||
| Q4 24 | $-70.2M | $8.5M | ||
| Q3 24 | $-21.9M | $-9.2M | ||
| Q2 24 | $-30.8M | $1.8M | ||
| Q1 24 | $-77.8M | $-6.8M |
| Q4 25 | -31.7% | 13.8% | ||
| Q3 25 | -32.6% | 28.8% | ||
| Q2 25 | -41.5% | 0.1% | ||
| Q1 25 | -35.3% | -14.5% | ||
| Q4 24 | -34.3% | 11.2% | ||
| Q3 24 | -11.3% | -15.9% | ||
| Q2 24 | -15.7% | 3.4% | ||
| Q1 24 | -39.5% | -13.3% |
| Q4 25 | 21.7% | 2.4% | ||
| Q3 25 | 12.5% | 3.9% | ||
| Q2 25 | 8.3% | 12.9% | ||
| Q1 25 | 8.3% | 27.0% | ||
| Q4 24 | 52.8% | 18.3% | ||
| Q3 24 | 2.6% | 33.5% | ||
| Q2 24 | 2.9% | 31.8% | ||
| Q1 24 | 2.0% | 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
UP
Segment breakdown not available.
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
