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Side-by-side financial comparison of Vericel Corp (VCEL) and WaterBridge Infrastructure LLC (WBI). Click either name above to swap in a different company.
WaterBridge Infrastructure LLC is the larger business by last-quarter revenue ($201.0M vs $92.9M, roughly 2.2× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs 4.7%, a 20.3% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -3.8%).
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.
Global Infrastructure Partners, LLC (GIP) is an American infrastructure investment fund making equity and selected debt investments across markets worldwide. GIP's main headquarters are located in New York City and its equity investments are based on infrastructure assets in the energy, transport and water & waste sectors. GIP employs approximately 150 investment and operational professionals and has offices in New York, London, Stamford, Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore ...
VCEL vs WBI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $92.9M | $201.0M |
| Net Profit | $23.2M | $9.5M |
| Gross Margin | 78.7% | 24.0% |
| Operating Margin | 24.1% | 15.2% |
| Net Margin | 25.0% | 4.7% |
| Revenue YoY | 23.3% | -3.8% |
| Net Profit YoY | 17.3% | — |
| EPS (diluted) | $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.
| Q1 26 | — | $201.0M | ||
| Q4 25 | $92.9M | $208.9M | ||
| Q3 25 | $67.5M | $123.3M | ||
| Q2 25 | $63.2M | — | ||
| Q1 25 | $52.6M | — | ||
| Q4 24 | $75.4M | — | ||
| Q3 24 | $57.9M | — | ||
| Q2 24 | $52.7M | — |
| Q1 26 | — | $9.5M | ||
| Q4 25 | $23.2M | $9.0K | ||
| Q3 25 | $5.1M | $-667.0K | ||
| Q2 25 | $-553.0K | — | ||
| Q1 25 | $-11.2M | — | ||
| Q4 24 | $19.8M | — | ||
| Q3 24 | $-901.0K | — | ||
| Q2 24 | $-4.7M | — |
| Q1 26 | — | 24.0% | ||
| Q4 25 | 78.7% | 22.4% | ||
| Q3 25 | 73.5% | 28.4% | ||
| Q2 25 | 73.7% | — | ||
| Q1 25 | 69.0% | — | ||
| Q4 24 | 77.6% | — | ||
| Q3 24 | 71.9% | — | ||
| Q2 24 | 69.5% | — |
| Q1 26 | — | 15.2% | ||
| Q4 25 | 24.1% | 10.7% | ||
| Q3 25 | 5.1% | 19.2% | ||
| Q2 25 | -3.2% | — | ||
| Q1 25 | -24.3% | — | ||
| Q4 24 | 24.5% | — | ||
| Q3 24 | -4.3% | — | ||
| Q2 24 | -11.5% | — |
| Q1 26 | — | 4.7% | ||
| Q4 25 | 25.0% | 0.0% | ||
| Q3 25 | 7.5% | -0.5% | ||
| Q2 25 | -0.9% | — | ||
| Q1 25 | -21.4% | — | ||
| Q4 24 | 26.3% | — | ||
| Q3 24 | -1.6% | — | ||
| Q2 24 | -8.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | $0.46 | — | ||
| Q3 25 | $0.10 | $-0.02 | ||
| Q2 25 | $-0.01 | — | ||
| Q1 25 | $-0.23 | — | ||
| Q4 24 | $0.40 | — | ||
| Q3 24 | $-0.02 | — | ||
| Q2 24 | $-0.10 | — |
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 | $50.7M |
| Total DebtLower is stronger | — | $9.1M |
| Stockholders' EquityBook value | $354.6M | — |
| Total Assets | $488.0M | $3.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $50.7M | ||
| Q4 25 | $137.5M | $51.5M | ||
| Q3 25 | $135.4M | $346.6M | ||
| Q2 25 | $116.9M | — | ||
| Q1 25 | $112.9M | — | ||
| Q4 24 | $116.2M | — | ||
| Q3 24 | $101.7M | — | ||
| Q2 24 | $102.5M | — |
| Q1 26 | — | $9.1M | ||
| Q4 25 | — | $12.5M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $354.6M | — | ||
| Q3 25 | $321.9M | $607.7M | ||
| Q2 25 | $306.8M | — | ||
| Q1 25 | $295.5M | — | ||
| Q4 24 | $292.0M | — | ||
| Q3 24 | $257.5M | — | ||
| Q2 24 | $243.0M | — |
| Q1 26 | — | $3.8B | ||
| Q4 25 | $488.0M | $3.7B | ||
| Q3 25 | $453.3M | $3.9B | ||
| Q2 25 | $435.6M | — | ||
| Q1 25 | $424.6M | — | ||
| Q4 24 | $432.7M | — | ||
| Q3 24 | $390.4M | — | ||
| Q2 24 | $376.8M | — |
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 | $15.0M | $95.1M |
| Free Cash FlowOCF − Capex | $12.8M | — |
| FCF MarginFCF / Revenue | 13.8% | — |
| Capex IntensityCapex / Revenue | 2.4% | — |
| Cash ConversionOCF / Net Profit | 0.65× | 9.99× |
| TTM Free Cash FlowTrailing 4 quarters | $24.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $95.1M | ||
| Q4 25 | $15.0M | $159.7M | ||
| Q3 25 | $22.1M | $71.5M | ||
| Q2 25 | $8.2M | — | ||
| Q1 25 | $6.6M | — | ||
| Q4 24 | $22.2M | — | ||
| Q3 24 | $10.2M | — | ||
| Q2 24 | $18.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | $12.8M | — | ||
| Q3 25 | $19.5M | $-117.8M | ||
| Q2 25 | $81.0K | — | ||
| Q1 25 | $-7.6M | — | ||
| Q4 24 | $8.5M | — | ||
| Q3 24 | $-9.2M | — | ||
| Q2 24 | $1.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | 13.8% | — | ||
| Q3 25 | 28.8% | -95.6% | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | -14.5% | — | ||
| Q4 24 | 11.2% | — | ||
| Q3 24 | -15.9% | — | ||
| Q2 24 | 3.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | — | ||
| Q3 25 | 3.9% | 153.6% | ||
| Q2 25 | 12.9% | — | ||
| Q1 25 | 27.0% | — | ||
| Q4 24 | 18.3% | — | ||
| Q3 24 | 33.5% | — | ||
| Q2 24 | 31.8% | — |
| Q1 26 | — | 9.99× | ||
| Q4 25 | 0.65× | 17743.89× | ||
| Q3 25 | 4.35× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.12× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
WBI
| Produced water handling | $153.2M | 76% |
| Produced water handling - related party | $28.7M | 14% |
| Other revenues | $8.7M | 4% |
| Water solutions | $8.5M | 4% |
| Water solutions - related party | $524.0K | 0% |
