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FARMER BROTHERS CO（FARM）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FARMER BROTHERS CO的1.0倍（$92.9M vs $88.9M），Vericel Corp净利率更高（25.0% vs -5.5%，领先30.5%），Vericel Corp同比增速更快（23.3% vs -1.2%），Vericel Corp自由现金流更多（$12.8M vs $-2.6M），过去两年Vericel Corp的营收复合增速更高（34.6% vs 2.1%）
Farmer Bros. Co.是一家总部位于美国得克萨斯州沃斯堡的餐饮服务企业，主打咖啡与茶类产品的生产分销，同时还供应约300种餐厅及其他经营场所所需的餐饮配套用品，目前由约翰·摩尔担任公司首席执行官兼总裁。
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。
FARM vs VCEL — 直观对比
营收规模更大
VCEL
是对方的1.0倍
$88.9M
营收增速更快
VCEL
高出24.5%
-1.2%
净利率更高
VCEL
高出30.5%
-5.5%
自由现金流更多
VCEL
多$15.4M
$-2.6M
两年增速更快
VCEL
近两年复合增速
2.1%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $88.9M | $92.9M |
| 净利润 | $-4.9M | $23.2M |
| 毛利率 | 36.3% | 78.7% |
| 营业利润率 | -4.7% | 24.1% |
| 净利率 | -5.5% | 25.0% |
| 营收同比 | -1.2% | 23.3% |
| 净利润同比 | -2417.1% | 17.3% |
| 每股收益（稀释后） | $-0.22 | $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FARMVCEL
| Q4 25 | $88.9M | $92.9M | ||
| Q3 25 | $81.6M | $67.5M | ||
| Q2 25 | $85.1M | $63.2M | ||
| Q1 25 | $82.1M | $52.6M | ||
| Q4 24 | $90.0M | $75.4M | ||
| Q3 24 | $85.1M | $57.9M | ||
| Q2 24 | $84.4M | $52.7M | ||
| Q1 24 | $85.4M | $51.3M |
净利润FARMVCEL
| Q4 25 | $-4.9M | $23.2M | ||
| Q3 25 | $-4.0M | $5.1M | ||
| Q2 25 | $-4.7M | $-553.0K | ||
| Q1 25 | $-5.0M | $-11.2M | ||
| Q4 24 | $210.0K | $19.8M | ||
| Q3 24 | $-5.0M | $-901.0K | ||
| Q2 24 | $-4.6M | $-4.7M | ||
| Q1 24 | $-682.0K | $-3.9M |
毛利率FARMVCEL
| Q4 25 | 36.3% | 78.7% | ||
| Q3 25 | 39.7% | 73.5% | ||
| Q2 25 | 44.9% | 73.7% | ||
| Q1 25 | 42.1% | 69.0% | ||
| Q4 24 | 43.1% | 77.6% | ||
| Q3 24 | 43.9% | 71.9% | ||
| Q2 24 | 38.8% | 69.5% | ||
| Q1 24 | 40.1% | 68.9% |
营业利润率FARMVCEL
| Q4 25 | -4.7% | 24.1% | ||
| Q3 25 | -3.9% | 5.1% | ||
| Q2 25 | 4.6% | -3.2% | ||
| Q1 25 | -4.3% | -24.3% | ||
| Q4 24 | 1.1% | 24.5% | ||
| Q3 24 | -3.3% | -4.3% | ||
| Q2 24 | -4.9% | -11.5% | ||
| Q1 24 | -0.5% | -10.7% |
净利率FARMVCEL
| Q4 25 | -5.5% | 25.0% | ||
| Q3 25 | -4.9% | 7.5% | ||
| Q2 25 | -5.6% | -0.9% | ||
| Q1 25 | -6.1% | -21.4% | ||
| Q4 24 | 0.2% | 26.3% | ||
| Q3 24 | -5.9% | -1.6% | ||
| Q2 24 | -5.4% | -8.9% | ||
| Q1 24 | -0.8% | -7.5% |
每股收益（稀释后）FARMVCEL
| Q4 25 | $-0.22 | $0.46 | ||
| Q3 25 | $-0.19 | $0.10 | ||
| Q2 25 | $-0.22 | $-0.01 | ||
| Q1 25 | $-0.23 | $-0.23 | ||
| Q4 24 | $0.01 | $0.40 | ||
| Q3 24 | $-0.24 | $-0.02 | ||
| Q2 24 | $-0.23 | $-0.10 | ||
| Q1 24 | $-0.03 | $-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 | $4.2M | $137.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $35.7M | $354.6M |
| 总资产 | $151.4M | $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FARMVCEL
| Q4 25 | $4.2M | $137.5M | ||
| Q3 25 | $3.8M | $135.4M | ||
| Q2 25 | $6.8M | $116.9M | ||
| Q1 25 | $4.1M | $112.9M | ||
| Q4 24 | $5.5M | $116.2M | ||
| Q3 24 | $3.3M | $101.7M | ||
| Q2 24 | $5.8M | $102.5M | ||
| Q1 24 | $5.5M | $110.6M |
股东权益FARMVCEL
| Q4 25 | $35.7M | $354.6M | ||
| Q3 25 | $40.0M | $321.9M | ||
| Q2 25 | $43.5M | $306.8M | ||
| Q1 25 | $37.3M | $295.5M | ||
| Q4 24 | $41.5M | $292.0M | ||
| Q3 24 | $40.9M | $257.5M | ||
| Q2 24 | $45.5M | $243.0M | ||
| Q1 24 | $43.1M | $233.9M |
总资产FARMVCEL
| Q4 25 | $151.4M | $488.0M | ||
| Q3 25 | $158.8M | $453.3M | ||
| Q2 25 | $161.2M | $435.6M | ||
| Q1 25 | $163.2M | $424.6M | ||
| Q4 24 | $179.1M | $432.7M | ||
| Q3 24 | $182.0M | $390.4M | ||
| Q2 24 | $185.2M | $376.8M | ||
| Q1 24 | $179.1M | $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 | $-786.0K | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $-2.6M | $12.8M |
| 自由现金流率自由现金流/营收 | -2.9% | 13.8% |
| 资本支出强度资本支出/营收 | 2.1% | 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FARMVCEL
| Q4 25 | $-786.0K | $15.0M | ||
| Q3 25 | $-5.0M | $22.1M | ||
| Q2 25 | $9.7M | $8.2M | ||
| Q1 25 | $1.3M | $6.6M | ||
| Q4 24 | $2.6M | $22.2M | ||
| Q3 24 | $2.5M | $10.2M | ||
| Q2 24 | $-995.0K | $18.5M | ||
| Q1 24 | $-2.3M | $7.2M |
自由现金流FARMVCEL
| Q4 25 | $-2.6M | $12.8M | ||
| Q3 25 | $-6.9M | $19.5M | ||
| Q2 25 | — | $81.0K | ||
| Q1 25 | $-684.0K | $-7.6M | ||
| Q4 24 | $521.0K | $8.5M | ||
| Q3 24 | $-837.0K | $-9.2M | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | $-5.7M | $-6.8M |
自由现金流率FARMVCEL
| Q4 25 | -2.9% | 13.8% | ||
| Q3 25 | -8.5% | 28.8% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | -0.8% | -14.5% | ||
| Q4 24 | 0.6% | 11.2% | ||
| Q3 24 | -1.0% | -15.9% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | -6.7% | -13.3% |
资本支出强度FARMVCEL
| Q4 25 | 2.1% | 2.4% | ||
| Q3 25 | 2.4% | 3.9% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | 2.4% | 27.0% | ||
| Q4 24 | 2.3% | 18.3% | ||
| Q3 24 | 3.9% | 33.5% | ||
| Q2 24 | — | 31.8% | ||
| Q1 24 | 4.0% | 27.3% |
现金转化率FARMVCEL
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 12.16× | 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
FARM
| Coffee Roasted | $45.5M | 51% |
| Tea Iced Hot | $23.3M | 26% |
| Culinary | $14.1M | 16% |
| Spice | $4.9M | 5% |
| Fuel Surcharge | $1.2M | 1% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
