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AerSale Corp（ASLE）与Vericel Corp（VCEL）财务数据对比。点击上方公司名可切换其他公司
Vericel Corp的季度营收约是AerSale Corp的1.0倍（$92.9M vs $90.9M），Vericel Corp净利率更高（25.0% vs 5.9%，领先19.1%），Vericel Corp同比增速更快（23.3% vs -4.0%），Vericel Corp自由现金流更多（$12.8M vs $9.8M），过去两年Vericel Corp的营收复合增速更高（34.6% vs 0.2%）
AerSale Corp总部位于美国佛罗里达州多拉市，是一家面向航空领域的全球供应商，主要为客运及货运航空公司、政府机构、跨国整机制造商与独立维修机构提供商用喷气飞机二手整机、发动机、航空耗材，并提供航空工程服务，同时该公司也是飞机机队回收协会的成员企业。
Vericel Corp是一家美国上市生物制药企业，前身为1989年在密歇根州安娜堡成立的Aastrom Bio，2014年10月正式更为现名，专注于生物制药相关领域的研发与商业化运营。
ASLE vs VCEL — 直观对比
营收规模更大
VCEL
是对方的1.0倍
$90.9M
营收增速更快
VCEL
高出27.3%
-4.0%
净利率更高
VCEL
高出19.1%
5.9%
自由现金流更多
VCEL
多$3.0M
$9.8M
两年增速更快
VCEL
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $90.9M | $92.9M |
| 净利润 | $5.4M | $23.2M |
| 毛利率 | 34.1% | 78.7% |
| 营业利润率 | 7.8% | 24.1% |
| 净利率 | 5.9% | 25.0% |
| 营收同比 | -4.0% | 23.3% |
| 净利润同比 | 99.7% | 17.3% |
| 每股收益（稀释后） | $0.10 | $0.46 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ASLEVCEL
| Q4 25 | $90.9M | $92.9M | ||
| Q3 25 | $71.2M | $67.5M | ||
| Q2 25 | $107.4M | $63.2M | ||
| Q1 25 | $65.8M | $52.6M | ||
| Q4 24 | $94.7M | $75.4M | ||
| Q3 24 | $82.7M | $57.9M | ||
| Q2 24 | $77.1M | $52.7M | ||
| Q1 24 | $90.5M | $51.3M |
净利润ASLEVCEL
| Q4 25 | $5.4M | $23.2M | ||
| Q3 25 | $-120.0K | $5.1M | ||
| Q2 25 | $8.6M | $-553.0K | ||
| Q1 25 | $-5.3M | $-11.2M | ||
| Q4 24 | $2.7M | $19.8M | ||
| Q3 24 | $509.0K | $-901.0K | ||
| Q2 24 | $-3.6M | $-4.7M | ||
| Q1 24 | $6.3M | $-3.9M |
毛利率ASLEVCEL
| Q4 25 | 34.1% | 78.7% | ||
| Q3 25 | 30.2% | 73.5% | ||
| Q2 25 | 32.9% | 73.7% | ||
| Q1 25 | 27.3% | 69.0% | ||
| Q4 24 | 31.4% | 77.6% | ||
| Q3 24 | 28.6% | 71.9% | ||
| Q2 24 | 28.2% | 69.5% | ||
| Q1 24 | 31.8% | 68.9% |
营业利润率ASLEVCEL
| Q4 25 | 7.8% | 24.1% | ||
| Q3 25 | 4.0% | 5.1% | ||
| Q2 25 | 11.7% | -3.2% | ||
| Q1 25 | -10.1% | -24.3% | ||
| Q4 24 | 5.2% | 24.5% | ||
| Q3 24 | 2.4% | -4.3% | ||
| Q2 24 | -2.4% | -11.5% | ||
| Q1 24 | 5.2% | -10.7% |
净利率ASLEVCEL
| Q4 25 | 5.9% | 25.0% | ||
| Q3 25 | -0.2% | 7.5% | ||
| Q2 25 | 8.0% | -0.9% | ||
| Q1 25 | -8.0% | -21.4% | ||
| Q4 24 | 2.9% | 26.3% | ||
| Q3 24 | 0.6% | -1.6% | ||
| Q2 24 | -4.7% | -8.9% | ||
| Q1 24 | 6.9% | -7.5% |
每股收益（稀释后）ASLEVCEL
| Q4 25 | $0.10 | $0.46 | ||
| Q3 25 | $0.00 | $0.10 | ||
| Q2 25 | $0.18 | $-0.01 | ||
| Q1 25 | $-0.10 | $-0.23 | ||
| Q4 24 | $0.05 | $0.40 | ||
| Q3 24 | $0.01 | $-0.02 | ||
| Q2 24 | $-0.07 | $-0.10 | ||
| Q1 24 | $0.12 | $-0.08 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $4.4M | $137.5M |
| 总债务越低越好 | $1.3M | — |
| 股东权益账面价值 | $424.4M | $354.6M |
| 总资产 | $640.5M | $488.0M |
| 负债/权益比越低杠杆越低 | 0.00× | — |
8季度趋势，按日历期对齐
现金及短期投资ASLEVCEL
| Q4 25 | $4.4M | $137.5M | ||
| Q3 25 | $5.3M | $135.4M | ||
| Q2 25 | $5.7M | $116.9M | ||
| Q1 25 | $4.7M | $112.9M | ||
| Q4 24 | $4.7M | $116.2M | ||
| Q3 24 | $9.8M | $101.7M | ||
| Q2 24 | $4.3M | $102.5M | ||
| Q1 24 | $2.6M | $110.6M |
总债务ASLEVCEL
| Q4 25 | $1.3M | — | ||
| Q3 25 | $1.5M | — | ||
| Q2 25 | $907.0K | — | ||
| Q1 25 | $1.1M | — | ||
| Q4 24 | $1.2M | — | ||
| Q3 24 | $376.0K | — | ||
| Q2 24 | $522.0K | — | ||
| Q1 24 | $3.5M | — |
股东权益ASLEVCEL
| Q4 25 | $424.4M | $354.6M | ||
| Q3 25 | $417.1M | $321.9M | ||
| Q2 25 | $415.9M | $306.8M | ||
| Q1 25 | $406.5M | $295.5M | ||
| Q4 24 | $455.6M | $292.0M | ||
| Q3 24 | $451.5M | $257.5M | ||
| Q2 24 | $449.8M | $243.0M | ||
| Q1 24 | $452.0M | $233.9M |
总资产ASLEVCEL
| Q4 25 | $640.5M | $488.0M | ||
| Q3 25 | $646.3M | $453.3M | ||
| Q2 25 | $646.7M | $435.6M | ||
| Q1 25 | $646.1M | $424.6M | ||
| Q4 24 | $604.7M | $432.7M | ||
| Q3 24 | $601.5M | $390.4M | ||
| Q2 24 | $598.7M | $376.8M | ||
| Q1 24 | $571.7M | $356.7M |
负债/权益比ASLEVCEL
| Q4 25 | 0.00× | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | 0.01× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $11.4M | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $9.8M | $12.8M |
| 自由现金流率自由现金流/营收 | 10.8% | 13.8% |
| 资本支出强度资本支出/营收 | 1.7% | 2.4% |
| 现金转化率经营现金流/净利润 | 2.11× | 0.65× |
| 过去12个月自由现金流最近4个季度 | $-29.1M | $24.7M |
8季度趋势，按日历期对齐
经营现金流ASLEVCEL
| Q4 25 | $11.4M | $15.0M | ||
| Q3 25 | $-8.9M | $22.1M | ||
| Q2 25 | $19.8M | $8.2M | ||
| Q1 25 | $-45.2M | $6.6M | ||
| Q4 24 | $37.5M | $22.2M | ||
| Q3 24 | $10.4M | $10.2M | ||
| Q2 24 | $-15.3M | $18.5M | ||
| Q1 24 | $-21.5M | $7.2M |
自由现金流ASLEVCEL
| Q4 25 | $9.8M | $12.8M | ||
| Q3 25 | $-9.8M | $19.5M | ||
| Q2 25 | $18.6M | $81.0K | ||
| Q1 25 | $-47.6M | $-7.6M | ||
| Q4 24 | $32.3M | $8.5M | ||
| Q3 24 | $8.9M | $-9.2M | ||
| Q2 24 | $-18.9M | $1.8M | ||
| Q1 24 | $-25.0M | $-6.8M |
自由现金流率ASLEVCEL
| Q4 25 | 10.8% | 13.8% | ||
| Q3 25 | -13.8% | 28.8% | ||
| Q2 25 | 17.3% | 0.1% | ||
| Q1 25 | -72.4% | -14.5% | ||
| Q4 24 | 34.0% | 11.2% | ||
| Q3 24 | 10.7% | -15.9% | ||
| Q2 24 | -24.6% | 3.4% | ||
| Q1 24 | -27.7% | -13.3% |
资本支出强度ASLEVCEL
| Q4 25 | 1.7% | 2.4% | ||
| Q3 25 | 1.3% | 3.9% | ||
| Q2 25 | 1.1% | 12.9% | ||
| Q1 25 | 3.7% | 27.0% | ||
| Q4 24 | 5.6% | 18.3% | ||
| Q3 24 | 1.9% | 33.5% | ||
| Q2 24 | 4.7% | 31.8% | ||
| Q1 24 | 3.9% | 27.3% |
现金转化率ASLEVCEL
| Q4 25 | 2.11× | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | 2.31× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 13.89× | 1.12× | ||
| Q3 24 | 20.52× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.42× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ASLE
| Products | $57.8M | 64% |
| Maintenance | $23.2M | 26% |
| Leasing Arrangements | $9.9M | 11% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
