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CENTERSPACE（CSR）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CENTERSPACE的1.4倍（$92.9M vs $66.6M），Vericel Corp净利率更高（25.0% vs -27.7%，领先52.7%），Vericel Corp同比增速更快（23.3% vs 0.3%），CENTERSPACE自由现金流更多（$64.3M vs $12.8M），过去两年Vericel Corp的营收复合增速更高（34.6% vs 1.6%）
Centerspace是一家专注于多户住宅物业持有、运营与开发的房地产投资企业，核心业务覆盖美国中西部及落基山西部区域，面向不同租户群体提供经济型及高端住宅选择，重视租户体验与资产长期价值增长。
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。
CSR vs VCEL — 直观对比
营收规模更大
VCEL
是对方的1.4倍
$66.6M
营收增速更快
VCEL
高出23.0%
0.3%
净利率更高
VCEL
高出52.7%
-27.7%
自由现金流更多
CSR
多$51.5M
$12.8M
两年增速更快
VCEL
近两年复合增速
1.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $66.6M | $92.9M |
| 净利润 | $-18.4M | $23.2M |
| 毛利率 | 96.5% | 78.7% |
| 营业利润率 | -15.9% | 24.1% |
| 净利率 | -27.7% | 25.0% |
| 营收同比 | 0.3% | 23.3% |
| 净利润同比 | -262.9% | 17.3% |
| 每股收益（稀释后） | $-1.08 | $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CSRVCEL
| Q4 25 | $66.6M | $92.9M | ||
| Q3 25 | $71.4M | $67.5M | ||
| Q2 25 | $68.5M | $63.2M | ||
| Q1 25 | $67.1M | $52.6M | ||
| Q4 24 | $66.4M | $75.4M | ||
| Q3 24 | $65.0M | $57.9M | ||
| Q2 24 | $65.0M | $52.7M | ||
| Q1 24 | $64.5M | $51.3M |
净利润CSRVCEL
| Q4 25 | $-18.4M | $23.2M | ||
| Q3 25 | $53.8M | $5.1M | ||
| Q2 25 | $-14.5M | $-553.0K | ||
| Q1 25 | $-3.7M | $-11.2M | ||
| Q4 24 | $-5.1M | $19.8M | ||
| Q3 24 | $-1.0M | $-901.0K | ||
| Q2 24 | $-1.3M | $-4.7M | ||
| Q1 24 | $-3.9M | $-3.9M |
毛利率CSRVCEL
| Q4 25 | 96.5% | 78.7% | ||
| Q3 25 | 96.5% | 73.5% | ||
| Q2 25 | 96.5% | 73.7% | ||
| Q1 25 | 96.4% | 69.0% | ||
| Q4 24 | 96.5% | 77.6% | ||
| Q3 24 | 96.6% | 71.9% | ||
| Q2 24 | 96.6% | 69.5% | ||
| Q1 24 | 96.4% | 68.9% |
营业利润率CSRVCEL
| Q4 25 | -15.9% | 24.1% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | -9.9% | -3.2% | ||
| Q1 25 | 7.1% | -24.3% | ||
| Q4 24 | 4.3% | 24.5% | ||
| Q3 24 | 9.8% | -4.3% | ||
| Q2 24 | 11.1% | -11.5% | ||
| Q1 24 | 6.3% | -10.7% |
净利率CSRVCEL
| Q4 25 | -27.7% | 25.0% | ||
| Q3 25 | 75.3% | 7.5% | ||
| Q2 25 | -21.2% | -0.9% | ||
| Q1 25 | -5.6% | -21.4% | ||
| Q4 24 | -7.6% | 26.3% | ||
| Q3 24 | -1.6% | -1.6% | ||
| Q2 24 | -2.0% | -8.9% | ||
| Q1 24 | -6.1% | -7.5% |
每股收益（稀释后）CSRVCEL
| Q4 25 | $-1.08 | $0.46 | ||
| Q3 25 | $3.19 | $0.10 | ||
| Q2 25 | $-0.87 | $-0.01 | ||
| Q1 25 | $-0.22 | $-0.23 | ||
| Q4 24 | $-0.31 | $0.40 | ||
| Q3 24 | $-0.40 | $-0.02 | ||
| Q2 24 | $-0.19 | $-0.10 | ||
| Q1 24 | $-0.37 | $-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 | $12.8M | $137.5M |
| 总债务越低越好 | $1.0B | — |
| 股东权益账面价值 | $719.2M | $354.6M |
| 总资产 | $1.9B | $488.0M |
| 负债/权益比越低杠杆越低 | 1.42× | — |
8季度趋势，按日历期对齐
现金及短期投资CSRVCEL
| Q4 25 | $12.8M | $137.5M | ||
| Q3 25 | $12.9M | $135.4M | ||
| Q2 25 | $12.4M | $116.9M | ||
| Q1 25 | $11.9M | $112.9M | ||
| Q4 24 | $12.0M | $116.2M | ||
| Q3 24 | $14.5M | $101.7M | ||
| Q2 24 | $14.3M | $102.5M | ||
| Q1 24 | $12.7M | $110.6M |
总债务CSRVCEL
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $955.5M | — | ||
| Q4 24 | $955.4M | — | ||
| Q3 24 | $921.3M | — | ||
| Q2 24 | $931.7M | — | ||
| Q1 24 | $929.1M | — |
股东权益CSRVCEL
| Q4 25 | $719.2M | $354.6M | ||
| Q3 25 | $748.6M | $321.9M | ||
| Q2 25 | $710.1M | $306.8M | ||
| Q1 25 | $636.8M | $295.5M | ||
| Q4 24 | $752.0M | $292.0M | ||
| Q3 24 | $672.5M | $257.5M | ||
| Q2 24 | $680.7M | $243.0M | ||
| Q1 24 | $688.1M | $233.9M |
总资产CSRVCEL
| Q4 25 | $1.9B | $488.0M | ||
| Q3 25 | $2.1B | $453.3M | ||
| Q2 25 | $2.0B | $435.6M | ||
| Q1 25 | $1.9B | $424.6M | ||
| Q4 24 | $1.9B | $432.7M | ||
| Q3 24 | $1.9B | $390.4M | ||
| Q2 24 | $1.9B | $376.8M | ||
| Q1 24 | $1.9B | $356.7M |
负债/权益比CSRVCEL
| Q4 25 | 1.42× | — | ||
| Q3 25 | 1.53× | — | ||
| Q2 25 | 1.57× | — | ||
| Q1 25 | 1.50× | — | ||
| Q4 24 | 1.27× | — | ||
| Q3 24 | 1.37× | — | ||
| Q2 24 | 1.37× | — | ||
| Q1 24 | 1.35× | — |
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 | $98.5M | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $64.3M | $12.8M |
| 自由现金流率自由现金流/营收 | 96.5% | 13.8% |
| 资本支出强度资本支出/营收 | 51.3% | 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 | $125.9M | $24.7M |
8季度趋势，按日历期对齐
经营现金流CSRVCEL
| Q4 25 | $98.5M | $15.0M | ||
| Q3 25 | $35.1M | $22.1M | ||
| Q2 25 | $25.3M | $8.2M | ||
| Q1 25 | $25.4M | $6.6M | ||
| Q4 24 | $98.2M | $22.2M | ||
| Q3 24 | $32.3M | $10.2M | ||
| Q2 24 | $22.9M | $18.5M | ||
| Q1 24 | $24.4M | $7.2M |
自由现金流CSRVCEL
| Q4 25 | $64.3M | $12.8M | ||
| Q3 25 | $25.7M | $19.5M | ||
| Q2 25 | $15.5M | $81.0K | ||
| Q1 25 | $20.4M | $-7.6M | ||
| Q4 24 | $41.6M | $8.5M | ||
| Q3 24 | $20.5M | $-9.2M | ||
| Q2 24 | $9.1M | $1.8M | ||
| Q1 24 | $2.6M | $-6.8M |
自由现金流率CSRVCEL
| Q4 25 | 96.5% | 13.8% | ||
| Q3 25 | 36.0% | 28.8% | ||
| Q2 25 | 22.7% | 0.1% | ||
| Q1 25 | 30.4% | -14.5% | ||
| Q4 24 | 62.6% | 11.2% | ||
| Q3 24 | 31.5% | -15.9% | ||
| Q2 24 | 14.0% | 3.4% | ||
| Q1 24 | 4.0% | -13.3% |
资本支出强度CSRVCEL
| Q4 25 | 51.3% | 2.4% | ||
| Q3 25 | 13.1% | 3.9% | ||
| Q2 25 | 14.2% | 12.9% | ||
| Q1 25 | 7.5% | 27.0% | ||
| Q4 24 | 85.3% | 18.3% | ||
| Q3 24 | 18.2% | 33.5% | ||
| Q2 24 | 21.2% | 31.8% | ||
| Q1 24 | 33.8% | 27.3% |
现金转化率CSRVCEL
| Q4 25 | — | 0.65× | ||
| Q3 25 | 0.65× | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
CSR
| Multi Family Residential | $57.3M | 86% |
| Other | $8.1M | 12% |
| Other Property Revenue | $1.2M | 2% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
