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CARRIAGE SERVICES INC（CSV）与Vericel Corp（VCEL）财务数据对比。点击上方公司名可切换其他公司
CARRIAGE SERVICES INC的季度营收约是Vericel Corp的1.1倍（$105.5M vs $92.9M），Vericel Corp净利率更高（25.0% vs 11.6%，领先13.4%），Vericel Corp同比增速更快（23.3% vs 8.0%），Vericel Corp自由现金流更多（$12.8M vs $6.2M），过去两年Vericel Corp的营收复合增速更高（34.6% vs 1.0%）
怡和Cycle & Carriage有限公司是怡和集团在东南亚的投资控股公司，目前该集团持有其75%的股份，是怡和集团在东南亚区域开展资本布局与投资业务的核心平台。
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。
CSV vs VCEL — 直观对比
营收规模更大
CSV
是对方的1.1倍
$92.9M
营收增速更快
VCEL
高出15.3%
8.0%
净利率更高
VCEL
高出13.4%
11.6%
自由现金流更多
VCEL
多$6.6M
$6.2M
两年增速更快
VCEL
近两年复合增速
1.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $105.5M | $92.9M |
| 净利润 | $12.3M | $23.2M |
| 毛利率 | 34.8% | 78.7% |
| 营业利润率 | 23.3% | 24.1% |
| 净利率 | 11.6% | 25.0% |
| 营收同比 | 8.0% | 23.3% |
| 净利润同比 | 24.5% | 17.3% |
| 每股收益（稀释后） | $0.76 | $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CSVVCEL
| Q4 25 | $105.5M | $92.9M | ||
| Q3 25 | $102.7M | $67.5M | ||
| Q2 25 | $102.1M | $63.2M | ||
| Q1 25 | $107.1M | $52.6M | ||
| Q4 24 | $97.7M | $75.4M | ||
| Q3 24 | $100.7M | $57.9M | ||
| Q2 24 | $102.3M | $52.7M | ||
| Q1 24 | $103.5M | $51.3M |
净利润CSVVCEL
| Q4 25 | $12.3M | $23.2M | ||
| Q3 25 | $6.6M | $5.1M | ||
| Q2 25 | $11.7M | $-553.0K | ||
| Q1 25 | $20.9M | $-11.2M | ||
| Q4 24 | $9.9M | $19.8M | ||
| Q3 24 | $9.9M | $-901.0K | ||
| Q2 24 | $6.3M | $-4.7M | ||
| Q1 24 | $7.0M | $-3.9M |
毛利率CSVVCEL
| Q4 25 | 34.8% | 78.7% | ||
| Q3 25 | 35.3% | 73.5% | ||
| Q2 25 | 35.2% | 73.7% | ||
| Q1 25 | 35.3% | 69.0% | ||
| Q4 24 | 34.4% | 77.6% | ||
| Q3 24 | 35.2% | 71.9% | ||
| Q2 24 | 36.2% | 69.5% | ||
| Q1 24 | 36.0% | 68.9% |
营业利润率CSVVCEL
| Q4 25 | 23.3% | 24.1% | ||
| Q3 25 | 17.0% | 5.1% | ||
| Q2 25 | 23.5% | -3.2% | ||
| Q1 25 | 29.5% | -24.3% | ||
| Q4 24 | 21.6% | 24.5% | ||
| Q3 24 | 22.7% | -4.3% | ||
| Q2 24 | 18.0% | -11.5% | ||
| Q1 24 | 18.8% | -10.7% |
净利率CSVVCEL
| Q4 25 | 11.6% | 25.0% | ||
| Q3 25 | 6.4% | 7.5% | ||
| Q2 25 | 11.5% | -0.9% | ||
| Q1 25 | 19.5% | -21.4% | ||
| Q4 24 | 10.1% | 26.3% | ||
| Q3 24 | 9.8% | -1.6% | ||
| Q2 24 | 6.1% | -8.9% | ||
| Q1 24 | 6.7% | -7.5% |
每股收益（稀释后）CSVVCEL
| Q4 25 | $0.76 | $0.46 | ||
| Q3 25 | $0.41 | $0.10 | ||
| Q2 25 | $0.74 | $-0.01 | ||
| Q1 25 | $1.34 | $-0.23 | ||
| Q4 24 | $0.62 | $0.40 | ||
| Q3 24 | $0.63 | $-0.02 | ||
| Q2 24 | $0.40 | $-0.10 | ||
| Q1 24 | $0.45 | $-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 | $1.7M | $137.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $254.8M | $354.6M |
| 总资产 | $1.3B | $488.0M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CSVVCEL
| Q4 25 | $1.7M | $137.5M | ||
| Q3 25 | $1.2M | $135.4M | ||
| Q2 25 | $1.4M | $116.9M | ||
| Q1 25 | $4.6M | $112.9M | ||
| Q4 24 | $1.2M | $116.2M | ||
| Q3 24 | $1.3M | $101.7M | ||
| Q2 24 | $1.5M | $102.5M | ||
| Q1 24 | $1.7M | $110.6M |
股东权益CSVVCEL
| Q4 25 | $254.8M | $354.6M | ||
| Q3 25 | $242.1M | $321.9M | ||
| Q2 25 | $235.4M | $306.8M | ||
| Q1 25 | $223.1M | $295.5M | ||
| Q4 24 | $208.6M | $292.0M | ||
| Q3 24 | $198.1M | $257.5M | ||
| Q2 24 | $187.9M | $243.0M | ||
| Q1 24 | $179.6M | $233.9M |
总资产CSVVCEL
| Q4 25 | $1.3B | $488.0M | ||
| Q3 25 | $1.3B | $453.3M | ||
| Q2 25 | $1.3B | $435.6M | ||
| Q1 25 | $1.3B | $424.6M | ||
| Q4 24 | $1.3B | $432.7M | ||
| Q3 24 | $1.3B | $390.4M | ||
| Q2 24 | $1.3B | $376.8M | ||
| Q1 24 | $1.3B | $356.7M |
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 | $14.1M | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $6.2M | $12.8M |
| 自由现金流率自由现金流/营收 | 5.9% | 13.8% |
| 资本支出强度资本支出/营收 | 7.5% | 2.4% |
| 现金转化率经营现金流/净利润 | 1.15× | 0.65× |
| 过去12个月自由现金流最近4个季度 | $40.1M | $24.7M |
8季度趋势，按日历期对齐
经营现金流CSVVCEL
| Q4 25 | $14.1M | $15.0M | ||
| Q3 25 | $24.7M | $22.1M | ||
| Q2 25 | $8.1M | $8.2M | ||
| Q1 25 | $13.8M | $6.6M | ||
| Q4 24 | $9.3M | $22.2M | ||
| Q3 24 | $20.9M | $10.2M | ||
| Q2 24 | $2.2M | $18.5M | ||
| Q1 24 | $19.7M | $7.2M |
自由现金流CSVVCEL
| Q4 25 | $6.2M | $12.8M | ||
| Q3 25 | $18.0M | $19.5M | ||
| Q2 25 | $5.2M | $81.0K | ||
| Q1 25 | $10.6M | $-7.6M | ||
| Q4 24 | $4.9M | $8.5M | ||
| Q3 24 | $16.2M | $-9.2M | ||
| Q2 24 | $-1.4M | $1.8M | ||
| Q1 24 | $16.2M | $-6.8M |
自由现金流率CSVVCEL
| Q4 25 | 5.9% | 13.8% | ||
| Q3 25 | 17.5% | 28.8% | ||
| Q2 25 | 5.1% | 0.1% | ||
| Q1 25 | 9.9% | -14.5% | ||
| Q4 24 | 5.0% | 11.2% | ||
| Q3 24 | 16.1% | -15.9% | ||
| Q2 24 | -1.4% | 3.4% | ||
| Q1 24 | 15.6% | -13.3% |
资本支出强度CSVVCEL
| Q4 25 | 7.5% | 2.4% | ||
| Q3 25 | 6.5% | 3.9% | ||
| Q2 25 | 2.8% | 12.9% | ||
| Q1 25 | 3.0% | 27.0% | ||
| Q4 24 | 4.5% | 18.3% | ||
| Q3 24 | 4.6% | 33.5% | ||
| Q2 24 | 3.5% | 31.8% | ||
| Q1 24 | 3.4% | 27.3% |
现金转化率CSVVCEL
| Q4 25 | 1.15× | 0.65× | ||
| Q3 25 | 3.76× | 4.35× | ||
| Q2 25 | 0.69× | — | ||
| Q1 25 | 0.66× | — | ||
| Q4 24 | 0.94× | 1.12× | ||
| Q3 24 | 2.11× | — | ||
| Q2 24 | 0.34× | — | ||
| Q1 24 | 2.83× | — |
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
CSV
| Propertyand Merchandise | $47.8M | 45% |
| Cemetery Interment Rights | $24.8M | 23% |
| Merchandise | $18.9M | 18% |
| Other Revenue | $10.2M | 10% |
| Other | $3.9M | 4% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
