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HERITAGE COMMERCE CORP（HTBK）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HERITAGE COMMERCE CORP的1.7倍（$92.9M vs $53.6M），HERITAGE COMMERCE CORP净利率更高（28.2% vs 25.0%，领先3.2%），Vericel Corp同比增速更快（23.3% vs 15.6%），HERITAGE COMMERCE CORP自由现金流更多（$61.3M vs $12.8M），过去两年Vericel Corp的营收复合增速更高（34.6% vs 12.8%）
本文介绍的企业主体信息与内容描述不符，描述内容实际为美国商会，该商会成立于1912年4月23日，是美国规模最大的游说类商业协会 advocacy 团体，成立之初得益于时任总统威廉·霍华德·塔夫脱与劳工商务部长查尔斯·内格尔推动，旨在代表工商界发声。
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。
HTBK vs VCEL — 直观对比
营收规模更大
VCEL
是对方的1.7倍
$53.6M
营收增速更快
VCEL
高出7.6%
15.6%
净利率更高
HTBK
高出3.2%
25.0%
自由现金流更多
HTBK
多$48.5M
$12.8M
两年增速更快
VCEL
近两年复合增速
12.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $53.6M | $92.9M |
| 净利润 | $15.1M | $23.2M |
| 毛利率 | — | 78.7% |
| 营业利润率 | 41.0% | 24.1% |
| 净利率 | 28.2% | 25.0% |
| 营收同比 | 15.6% | 23.3% |
| 净利润同比 | 42.3% | 17.3% |
| 每股收益（稀释后） | $0.25 | $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HTBKVCEL
| Q4 25 | $53.6M | $92.9M | ||
| Q3 25 | $50.0M | $67.5M | ||
| Q2 25 | $47.8M | $63.2M | ||
| Q1 25 | $46.1M | $52.6M | ||
| Q4 24 | $46.4M | $75.4M | ||
| Q3 24 | $42.2M | $57.9M | ||
| Q2 24 | $41.7M | $52.7M | ||
| Q1 24 | $42.1M | $51.3M |
净利润HTBKVCEL
| Q4 25 | $15.1M | $23.2M | ||
| Q3 25 | $14.7M | $5.1M | ||
| Q2 25 | $6.4M | $-553.0K | ||
| Q1 25 | $11.6M | $-11.2M | ||
| Q4 24 | $10.6M | $19.8M | ||
| Q3 24 | $10.5M | $-901.0K | ||
| Q2 24 | $9.2M | $-4.7M | ||
| Q1 24 | $10.2M | $-3.9M |
毛利率HTBKVCEL
| 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% | ||
| Q1 24 | — | 68.9% |
营业利润率HTBKVCEL
| Q4 25 | 41.0% | 24.1% | ||
| Q3 25 | 41.1% | 5.1% | ||
| Q2 25 | 18.7% | -3.2% | ||
| Q1 25 | 35.4% | -24.3% | ||
| Q4 24 | 31.8% | 24.5% | ||
| Q3 24 | 34.3% | -4.3% | ||
| Q2 24 | 31.3% | -11.5% | ||
| Q1 24 | 34.2% | -10.7% |
净利率HTBKVCEL
| Q4 25 | 28.2% | 25.0% | ||
| Q3 25 | 29.4% | 7.5% | ||
| Q2 25 | 13.4% | -0.9% | ||
| Q1 25 | 25.2% | -21.4% | ||
| Q4 24 | 22.9% | 26.3% | ||
| Q3 24 | 24.9% | -1.6% | ||
| Q2 24 | 22.1% | -8.9% | ||
| Q1 24 | 24.1% | -7.5% |
每股收益（稀释后）HTBKVCEL
| Q4 25 | $0.25 | $0.46 | ||
| Q3 25 | $0.24 | $0.10 | ||
| Q2 25 | $0.10 | $-0.01 | ||
| Q1 25 | $0.19 | $-0.23 | ||
| Q4 24 | $0.17 | $0.40 | ||
| Q3 24 | $0.17 | $-0.02 | ||
| Q2 24 | $0.15 | $-0.10 | ||
| Q1 24 | $0.17 | $-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 | — | $137.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $708.6M | $354.6M |
| 总资产 | $5.8B | $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HTBKVCEL
| Q4 25 | — | $137.5M | ||
| Q3 25 | — | $135.4M | ||
| Q2 25 | — | $116.9M | ||
| Q1 25 | — | $112.9M | ||
| Q4 24 | — | $116.2M | ||
| Q3 24 | — | $101.7M | ||
| Q2 24 | — | $102.5M | ||
| Q1 24 | — | $110.6M |
股东权益HTBKVCEL
| Q4 25 | $708.6M | $354.6M | ||
| Q3 25 | $700.0M | $321.9M | ||
| Q2 25 | $694.7M | $306.8M | ||
| Q1 25 | $696.2M | $295.5M | ||
| Q4 24 | $689.7M | $292.0M | ||
| Q3 24 | $685.4M | $257.5M | ||
| Q2 24 | $679.2M | $243.0M | ||
| Q1 24 | $676.3M | $233.9M |
总资产HTBKVCEL
| Q4 25 | $5.8B | $488.0M | ||
| Q3 25 | $5.6B | $453.3M | ||
| Q2 25 | $5.5B | $435.6M | ||
| Q1 25 | $5.5B | $424.6M | ||
| Q4 24 | $5.6B | $432.7M | ||
| Q3 24 | $5.6B | $390.4M | ||
| Q2 24 | $5.3B | $376.8M | ||
| Q1 24 | $5.3B | $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 | $61.7M | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $61.3M | $12.8M |
| 自由现金流率自由现金流/营收 | 114.3% | 13.8% |
| 资本支出强度资本支出/营收 | 0.7% | 2.4% |
| 现金转化率经营现金流/净利润 | 4.08× | 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HTBKVCEL
| Q4 25 | $61.7M | $15.0M | ||
| Q3 25 | $18.9M | $22.1M | ||
| Q2 25 | $8.0M | $8.2M | ||
| Q1 25 | $14.8M | $6.6M | ||
| Q4 24 | $39.0M | $22.2M | ||
| Q3 24 | $5.3M | $10.2M | ||
| Q2 24 | $10.5M | $18.5M | ||
| Q1 24 | $7.3M | $7.2M |
自由现金流HTBKVCEL
| Q4 25 | $61.3M | $12.8M | ||
| Q3 25 | $18.8M | $19.5M | ||
| Q2 25 | — | $81.0K | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | $37.3M | $8.5M | ||
| Q3 24 | $4.9M | $-9.2M | ||
| Q2 24 | $9.9M | $1.8M | ||
| Q1 24 | $6.9M | $-6.8M |
自由现金流率HTBKVCEL
| Q4 25 | 114.3% | 13.8% | ||
| Q3 25 | 37.7% | 28.8% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | -14.5% | ||
| Q4 24 | 80.5% | 11.2% | ||
| Q3 24 | 11.6% | -15.9% | ||
| Q2 24 | 23.6% | 3.4% | ||
| Q1 24 | 16.4% | -13.3% |
资本支出强度HTBKVCEL
| Q4 25 | 0.7% | 2.4% | ||
| Q3 25 | 0.1% | 3.9% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | 3.5% | 18.3% | ||
| Q3 24 | 1.0% | 33.5% | ||
| Q2 24 | 1.6% | 31.8% | ||
| Q1 24 | 1.0% | 27.3% |
现金转化率HTBKVCEL
| Q4 25 | 4.08× | 0.65× | ||
| Q3 25 | 1.28× | 4.35× | ||
| Q2 25 | 1.25× | — | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | 3.67× | 1.12× | ||
| Q3 24 | 0.50× | — | ||
| Q2 24 | 1.14× | — | ||
| Q1 24 | 0.72× | — |
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
HTBK
暂无分部数据
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
