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IBEX Ltd（IBEX）与Vericel Corp（VCEL）财务数据对比。点击上方公司名可切换其他公司
IBEX Ltd的季度营收约是Vericel Corp的1.8倍（$164.2M vs $92.9M），Vericel Corp净利率更高（25.0% vs 7.4%，领先17.6%），Vericel Corp同比增速更快（23.3% vs 16.7%），Vericel Corp自由现金流更多（$12.8M vs $-5.1M），过去两年Vericel Corp的营收复合增速更高（34.6% vs 13.8%）
IBEX 35是西班牙主要交易所马德里证券交易所的基准股票指数，该指数始创于1992年，由西班牙证券市场集团BME旗下的交易所公司负责计算与管理。它以市值加权编制，涵盖马德里证券交易所流动性最高的35只西班牙股票，每年进行两次成分股调整。
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。
IBEX vs VCEL — 直观对比
营收规模更大
IBEX
是对方的1.8倍
$92.9M
营收增速更快
VCEL
高出6.5%
16.7%
净利率更高
VCEL
高出17.6%
7.4%
自由现金流更多
VCEL
多$17.9M
$-5.1M
两年增速更快
VCEL
近两年复合增速
13.8%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $164.2M | $92.9M |
| 净利润 | $12.2M | $23.2M |
| 毛利率 | — | 78.7% |
| 营业利润率 | 9.3% | 24.1% |
| 净利率 | 7.4% | 25.0% |
| 营收同比 | 16.7% | 23.3% |
| 净利润同比 | 31.8% | 17.3% |
| 每股收益（稀释后） | $0.83 | $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IBEXVCEL
| Q4 25 | $164.2M | $92.9M | ||
| Q3 25 | $151.2M | $67.5M | ||
| Q2 25 | $147.1M | $63.2M | ||
| Q1 25 | $140.7M | $52.6M | ||
| Q4 24 | $140.7M | $75.4M | ||
| Q3 24 | $129.7M | $57.9M | ||
| Q2 24 | $124.5M | $52.7M | ||
| Q1 24 | $126.8M | $51.3M |
净利润IBEXVCEL
| Q4 25 | $12.2M | $23.2M | ||
| Q3 25 | $12.0M | $5.1M | ||
| Q2 25 | $9.6M | $-553.0K | ||
| Q1 25 | $10.5M | $-11.2M | ||
| Q4 24 | $9.3M | $19.8M | ||
| Q3 24 | $7.5M | $-901.0K | ||
| Q2 24 | $9.8M | $-4.7M | ||
| Q1 24 | $10.3M | $-3.9M |
毛利率IBEXVCEL
| 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IBEXVCEL
| Q4 25 | 9.3% | 24.1% | ||
| Q3 25 | 9.1% | 5.1% | ||
| Q2 25 | 8.3% | -3.2% | ||
| Q1 25 | 9.5% | -24.3% | ||
| Q4 24 | 8.5% | 24.5% | ||
| Q3 24 | 7.0% | -4.3% | ||
| Q2 24 | 10.3% | -11.5% | ||
| Q1 24 | 8.9% | -10.7% |
净利率IBEXVCEL
| Q4 25 | 7.4% | 25.0% | ||
| Q3 25 | 8.0% | 7.5% | ||
| Q2 25 | 6.5% | -0.9% | ||
| Q1 25 | 7.4% | -21.4% | ||
| Q4 24 | 6.6% | 26.3% | ||
| Q3 24 | 5.8% | -1.6% | ||
| Q2 24 | 7.9% | -8.9% | ||
| Q1 24 | 8.1% | -7.5% |
每股收益（稀释后）IBEXVCEL
| Q4 25 | $0.83 | $0.46 | ||
| Q3 25 | $0.82 | $0.10 | ||
| Q2 25 | $0.63 | $-0.01 | ||
| Q1 25 | $0.73 | $-0.23 | ||
| Q4 24 | $0.57 | $0.40 | ||
| Q3 24 | $0.43 | $-0.02 | ||
| Q2 24 | $0.55 | $-0.10 | ||
| Q1 24 | $0.57 | $-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 | $15.5M | $137.5M |
| 总债务越低越好 | $594.0K | — |
| 股东权益账面价值 | $154.5M | $354.6M |
| 总资产 | $295.8M | $488.0M |
| 负债/权益比越低杠杆越低 | 0.00× | — |
8季度趋势，按日历期对齐
现金及短期投资IBEXVCEL
| Q4 25 | $15.5M | $137.5M | ||
| Q3 25 | $22.7M | $135.4M | ||
| Q2 25 | $15.3M | $116.9M | ||
| Q1 25 | $13.0M | $112.9M | ||
| Q4 24 | $20.2M | $116.2M | ||
| Q3 24 | $62.3M | $101.7M | ||
| Q2 24 | $62.7M | $102.5M | ||
| Q1 24 | $50.7M | $110.6M |
总债务IBEXVCEL
| Q4 25 | $594.0K | — | ||
| Q3 25 | $726.0K | — | ||
| Q2 25 | $796.0K | — | ||
| Q1 25 | $735.0K | — | ||
| Q4 24 | $695.0K | — | ||
| Q3 24 | $802.0K | — | ||
| Q2 24 | $867.0K | — | ||
| Q1 24 | $820.0K | — |
股东权益IBEXVCEL
| Q4 25 | $154.5M | $354.6M | ||
| Q3 25 | $143.6M | $321.9M | ||
| Q2 25 | $134.3M | $306.8M | ||
| Q1 25 | $124.2M | $295.5M | ||
| Q4 24 | $108.9M | $292.0M | ||
| Q3 24 | $171.1M | $257.5M | ||
| Q2 24 | $165.8M | $243.0M | ||
| Q1 24 | $159.3M | $233.9M |
总资产IBEXVCEL
| Q4 25 | $295.8M | $488.0M | ||
| Q3 25 | $283.9M | $453.3M | ||
| Q2 25 | $273.2M | $435.6M | ||
| Q1 25 | $274.7M | $424.6M | ||
| Q4 24 | $272.5M | $432.7M | ||
| Q3 24 | $306.3M | $390.4M | ||
| Q2 24 | $293.9M | $376.8M | ||
| Q1 24 | $289.6M | $356.7M |
负债/权益比IBEXVCEL
| Q4 25 | 0.00× | — | ||
| Q3 25 | 0.01× | — | ||
| Q2 25 | 0.01× | — | ||
| Q1 25 | 0.01× | — | ||
| Q4 24 | 0.01× | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | 0.01× | — | ||
| Q1 24 | 0.01× | — |
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 | $6.6M | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $-5.1M | $12.8M |
| 自由现金流率自由现金流/营收 | -3.1% | 13.8% |
| 资本支出强度资本支出/营收 | 7.1% | 2.4% |
| 现金转化率经营现金流/净利润 | 0.54× | 0.65× |
| 过去12个月自由现金流最近4个季度 | $29.3M | $24.7M |
8季度趋势，按日历期对齐
经营现金流IBEXVCEL
| Q4 25 | $6.6M | $15.0M | ||
| Q3 25 | $15.7M | $22.1M | ||
| Q2 25 | $27.9M | $8.2M | ||
| Q1 25 | $8.8M | $6.6M | ||
| Q4 24 | $1.1M | $22.2M | ||
| Q3 24 | $7.8M | $10.2M | ||
| Q2 24 | $17.4M | $18.5M | ||
| Q1 24 | $11.4M | $7.2M |
自由现金流IBEXVCEL
| Q4 25 | $-5.1M | $12.8M | ||
| Q3 25 | $8.0M | $19.5M | ||
| Q2 25 | $22.8M | $81.0K | ||
| Q1 25 | $3.6M | $-7.6M | ||
| Q4 24 | $-3.2M | $8.5M | ||
| Q3 24 | $4.1M | $-9.2M | ||
| Q2 24 | $15.2M | $1.8M | ||
| Q1 24 | $9.7M | $-6.8M |
自由现金流率IBEXVCEL
| Q4 25 | -3.1% | 13.8% | ||
| Q3 25 | 5.3% | 28.8% | ||
| Q2 25 | 15.5% | 0.1% | ||
| Q1 25 | 2.5% | -14.5% | ||
| Q4 24 | -2.3% | 11.2% | ||
| Q3 24 | 3.2% | -15.9% | ||
| Q2 24 | 12.2% | 3.4% | ||
| Q1 24 | 7.7% | -13.3% |
资本支出强度IBEXVCEL
| Q4 25 | 7.1% | 2.4% | ||
| Q3 25 | 5.1% | 3.9% | ||
| Q2 25 | 3.5% | 12.9% | ||
| Q1 25 | 3.7% | 27.0% | ||
| Q4 24 | 3.1% | 18.3% | ||
| Q3 24 | 2.8% | 33.5% | ||
| Q2 24 | 1.8% | 31.8% | ||
| Q1 24 | 1.3% | 27.3% |
现金转化率IBEXVCEL
| Q4 25 | 0.54× | 0.65× | ||
| Q3 25 | 1.30× | 4.35× | ||
| Q2 25 | 2.91× | — | ||
| Q1 25 | 0.84× | — | ||
| Q4 24 | 0.12× | 1.12× | ||
| Q3 24 | 1.03× | — | ||
| Q2 24 | 1.77× | — | ||
| Q1 24 | 1.11× | — |
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
IBEX
| Transferred Over Time | $147.1M | 90% |
| Transferred At Point In Time | $17.1M | 10% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
