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PATHWARD FINANCIAL, INC.（CASH）与Vericel Corp（VCEL）财务数据对比。点击上方公司名可切换其他公司
PATHWARD FINANCIAL, INC.的季度营收约是Vericel Corp的3.0倍（$276.3M vs $92.9M），PATHWARD FINANCIAL, INC.净利率更高（26.4% vs 25.0%，领先1.4%），过去两年Vericel Corp的营收复合增速更高（34.6% vs 21.0%）
Pathward Financial, Inc.是一家总部位于美国的银行及金融服务企业，其前身为Meta金融集团旗下相关业务主体，2022年母公司将“Meta”商标出售给Meta Platforms后，正式启用现有名称。
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。
CASH vs VCEL — 直观对比
营收规模更大
CASH
是对方的3.0倍
$92.9M
净利率更高
CASH
高出1.4%
25.0%
两年增速更快
VCEL
近两年复合增速
21.0%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $276.3M | $92.9M |
| 净利润 | $72.9M | $23.2M |
| 毛利率 | — | 78.7% |
| 营业利润率 | — | 24.1% |
| 净利率 | 26.4% | 25.0% |
| 营收同比 | — | 23.3% |
| 净利润同比 | — | 17.3% |
| 每股收益（稀释后） | $3.35 | $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CASHVCEL
| Q1 26 | $276.3M | — | ||
| Q4 25 | $173.1M | $92.9M | ||
| Q3 25 | $186.7M | $67.5M | ||
| Q2 25 | $195.8M | $63.2M | ||
| Q1 25 | $274.8M | $52.6M | ||
| Q4 24 | $182.6M | $75.4M | ||
| Q3 24 | $179.5M | $57.9M | ||
| Q2 24 | $188.6M | $52.7M |
净利润CASHVCEL
| Q1 26 | $72.9M | — | ||
| Q4 25 | $35.2M | $23.2M | ||
| Q3 25 | $38.8M | $5.1M | ||
| Q2 25 | $42.1M | $-553.0K | ||
| Q1 25 | $75.0M | $-11.2M | ||
| Q4 24 | $30.0M | $19.8M | ||
| Q3 24 | $33.5M | $-901.0K | ||
| Q2 24 | $44.9M | $-4.7M |
毛利率CASHVCEL
| Q1 26 | — | — | ||
| 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% |
营业利润率CASHVCEL
| Q1 26 | — | — | ||
| Q4 25 | 24.6% | 24.1% | ||
| Q3 25 | 25.9% | 5.1% | ||
| Q2 25 | 24.1% | -3.2% | ||
| Q1 25 | 33.2% | -24.3% | ||
| Q4 24 | 19.8% | 24.5% | ||
| Q3 24 | 20.9% | -4.3% | ||
| Q2 24 | 27.1% | -11.5% |
净利率CASHVCEL
| Q1 26 | 26.4% | — | ||
| Q4 25 | 20.3% | 25.0% | ||
| Q3 25 | 20.8% | 7.5% | ||
| Q2 25 | 21.5% | -0.9% | ||
| Q1 25 | 27.3% | -21.4% | ||
| Q4 24 | 16.4% | 26.3% | ||
| Q3 24 | 18.7% | -1.6% | ||
| Q2 24 | 23.8% | -8.9% |
每股收益（稀释后）CASHVCEL
| Q1 26 | $3.35 | — | ||
| Q4 25 | $1.57 | $0.46 | ||
| Q3 25 | $1.69 | $0.10 | ||
| Q2 25 | $1.81 | $-0.01 | ||
| Q1 25 | $3.14 | $-0.23 | ||
| Q4 24 | $1.23 | $0.40 | ||
| Q3 24 | $1.34 | $-0.02 | ||
| Q2 24 | $1.78 | $-0.10 |
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 | $157.6M | $137.5M |
| 总债务越低越好 | $59.5M | — |
| 股东权益账面价值 | $850.7M | $354.6M |
| 总资产 | $7.1B | $488.0M |
| 负债/权益比越低杠杆越低 | 0.07× | — |
8季度趋势，按日历期对齐
现金及短期投资CASHVCEL
| Q1 26 | $157.6M | — | ||
| Q4 25 | $331.2M | $137.5M | ||
| Q3 25 | $120.6M | $135.4M | ||
| Q2 25 | $258.3M | $116.9M | ||
| Q1 25 | $254.2M | $112.9M | ||
| Q4 24 | $597.4M | $116.2M | ||
| Q3 24 | $158.3M | $101.7M | ||
| Q2 24 | $298.9M | $102.5M |
总债务CASHVCEL
| Q1 26 | $59.5M | — | ||
| Q4 25 | $33.5M | — | ||
| Q3 25 | $33.5M | — | ||
| Q2 25 | $33.4M | — | ||
| Q1 25 | $33.4M | — | ||
| Q4 24 | $33.4M | — | ||
| Q3 24 | $33.4M | — | ||
| Q2 24 | $33.3M | — |
股东权益CASHVCEL
| Q1 26 | $850.7M | — | ||
| Q4 25 | $854.5M | $354.6M | ||
| Q3 25 | $858.0M | $321.9M | ||
| Q2 25 | $819.0M | $306.8M | ||
| Q1 25 | $814.7M | $295.5M | ||
| Q4 24 | $758.3M | $292.0M | ||
| Q3 24 | $822.5M | $257.5M | ||
| Q2 24 | $748.4M | $243.0M |
总资产CASHVCEL
| Q1 26 | $7.1B | — | ||
| Q4 25 | $7.6B | $488.0M | ||
| Q3 25 | $7.2B | $453.3M | ||
| Q2 25 | $7.2B | $435.6M | ||
| Q1 25 | $7.0B | $424.6M | ||
| Q4 24 | $7.6B | $432.7M | ||
| Q3 24 | $7.5B | $390.4M | ||
| Q2 24 | $7.5B | $376.8M |
负债/权益比CASHVCEL
| Q1 26 | 0.07× | — | ||
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.04× | — | ||
| Q2 25 | 0.04× | — | ||
| Q1 25 | 0.04× | — | ||
| Q4 24 | 0.04× | — | ||
| Q3 24 | 0.04× | — | ||
| Q2 24 | 0.04× | — |
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 | — | $15.0M |
| 自由现金流经营现金流 - 资本支出 | — | $12.8M |
| 自由现金流率自由现金流/营收 | — | 13.8% |
| 资本支出强度资本支出/营收 | — | 2.4% |
| 现金转化率经营现金流/净利润 | — | 0.65× |
| 过去12个月自由现金流最近4个季度 | — | $24.7M |
8季度趋势，按日历期对齐
经营现金流CASHVCEL
| Q1 26 | — | — | ||
| Q4 25 | $108.3M | $15.0M | ||
| Q3 25 | $303.7M | $22.1M | ||
| Q2 25 | $30.4M | $8.2M | ||
| Q1 25 | $188.3M | $6.6M | ||
| Q4 24 | $-71.7M | $22.2M | ||
| Q3 24 | $143.1M | $10.2M | ||
| Q2 24 | $113.2M | $18.5M |
自由现金流CASHVCEL
| Q1 26 | — | — | ||
| Q4 25 | $104.1M | $12.8M | ||
| Q3 25 | $300.3M | $19.5M | ||
| Q2 25 | $27.7M | $81.0K | ||
| Q1 25 | $184.7M | $-7.6M | ||
| Q4 24 | $-73.8M | $8.5M | ||
| Q3 24 | $138.8M | $-9.2M | ||
| Q2 24 | $111.0M | $1.8M |
自由现金流率CASHVCEL
| Q1 26 | — | — | ||
| Q4 25 | 60.1% | 13.8% | ||
| Q3 25 | 160.9% | 28.8% | ||
| Q2 25 | 14.1% | 0.1% | ||
| Q1 25 | 67.2% | -14.5% | ||
| Q4 24 | -40.4% | 11.2% | ||
| Q3 24 | 77.3% | -15.9% | ||
| Q2 24 | 58.8% | 3.4% |
资本支出强度CASHVCEL
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | 2.4% | ||
| Q3 25 | 1.8% | 3.9% | ||
| Q2 25 | 1.4% | 12.9% | ||
| Q1 25 | 1.3% | 27.0% | ||
| Q4 24 | 1.1% | 18.3% | ||
| Q3 24 | 2.4% | 33.5% | ||
| Q2 24 | 1.2% | 31.8% |
现金转化率CASHVCEL
| Q1 26 | — | — | ||
| Q4 25 | 3.08× | 0.65× | ||
| Q3 25 | 7.83× | 4.35× | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 2.51× | — | ||
| Q4 24 | -2.39× | 1.12× | ||
| Q3 24 | 4.27× | — | ||
| Q2 24 | 2.52× | — |
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
CASH
| Noninterest Income | $151.2M | 55% |
| Net Interest Income | $125.1M | 45% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
