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i3 Verticals, Inc.（IIIV）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i3 Verticals, Inc.的1.8倍（$92.9M vs $52.7M），Vericel Corp净利率更高（25.0% vs 0.9%，领先24.1%），Vericel Corp同比增速更快（23.3% vs -14.6%），i3 Verticals, Inc.自由现金流更多（$13.8M vs $12.8M），过去两年Vericel Corp的营收复合增速更高（34.6% vs -4.7%）
Prusa i3是捷克Prusa Research公司生产的熔融沉积成型3D打印机系列，以Original Prusa i3为注册商标推出，同时也是RepRap项目的组成部分。2016年该系列就被评为全球使用率最高的3D打印机，最早由Josef Průša在2012年完成设计，2015年正式推出商用套件版本，目前最新型号同时提供散件套件和原厂组装版本，具备性价比高、易操作的优势。
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。
IIIV vs VCEL — 直观对比
营收规模更大
VCEL
是对方的1.8倍
$52.7M
营收增速更快
VCEL
高出37.9%
-14.6%
净利率更高
VCEL
高出24.1%
0.9%
自由现金流更多
IIIV
多$981.0K
$12.8M
两年增速更快
VCEL
近两年复合增速
-4.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $52.7M | $92.9M |
| 净利润 | $484.0K | $23.2M |
| 毛利率 | — | 78.7% |
| 营业利润率 | 3.1% | 24.1% |
| 净利率 | 0.9% | 25.0% |
| 营收同比 | -14.6% | 23.3% |
| 净利润同比 | -76.5% | 17.3% |
| 每股收益（稀释后） | $0.02 | $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IIIVVCEL
| Q4 25 | $52.7M | $92.9M | ||
| Q3 25 | $46.0M | $67.5M | ||
| Q2 25 | $51.9M | $63.2M | ||
| Q1 25 | $63.1M | $52.6M | ||
| Q4 24 | $52.2M | $75.4M | ||
| Q3 24 | $32.0M | $57.9M | ||
| Q2 24 | $46.2M | $52.7M | ||
| Q1 24 | $58.0M | $51.3M |
净利润IIIVVCEL
| Q4 25 | $484.0K | $23.2M | ||
| Q3 25 | $3.1M | $5.1M | ||
| Q2 25 | $12.9M | $-553.0K | ||
| Q1 25 | $-154.0K | $-11.2M | ||
| Q4 24 | $2.1M | $19.8M | ||
| Q3 24 | $117.9M | $-901.0K | ||
| Q2 24 | $-7.5M | $-4.7M | ||
| Q1 24 | $1.9M | $-3.9M |
毛利率IIIVVCEL
| 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IIIVVCEL
| Q4 25 | 3.1% | 24.1% | ||
| Q3 25 | 3.2% | 5.1% | ||
| Q2 25 | -9.3% | -3.2% | ||
| Q1 25 | 8.0% | -24.3% | ||
| Q4 24 | 3.9% | 24.5% | ||
| Q3 24 | 10.6% | -4.3% | ||
| Q2 24 | -2.8% | -11.5% | ||
| Q1 24 | 3.4% | -10.7% |
净利率IIIVVCEL
| Q4 25 | 0.9% | 25.0% | ||
| Q3 25 | 6.7% | 7.5% | ||
| Q2 25 | 24.8% | -0.9% | ||
| Q1 25 | -0.2% | -21.4% | ||
| Q4 24 | 3.9% | 26.3% | ||
| Q3 24 | 368.2% | -1.6% | ||
| Q2 24 | -16.3% | -8.9% | ||
| Q1 24 | 3.2% | -7.5% |
每股收益（稀释后）IIIVVCEL
| Q4 25 | $0.02 | $0.46 | ||
| Q3 25 | $0.14 | $0.10 | ||
| Q2 25 | $0.50 | $-0.01 | ||
| Q1 25 | $0.00 | $-0.23 | ||
| Q4 24 | $0.08 | $0.40 | ||
| Q3 24 | $4.93 | $-0.02 | ||
| Q2 24 | $-0.32 | $-0.10 | ||
| Q1 24 | $0.08 | $-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 | $37.5M | $137.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $358.5M | $354.6M |
| 总资产 | $595.9M | $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IIIVVCEL
| Q4 25 | $37.5M | $137.5M | ||
| Q3 25 | $66.7M | $135.4M | ||
| Q2 25 | $55.5M | $116.9M | ||
| Q1 25 | $7.7M | $112.9M | ||
| Q4 24 | $85.6M | $116.2M | ||
| Q3 24 | $86.5M | $101.7M | ||
| Q2 24 | $9.7M | $102.5M | ||
| Q1 24 | $3.1M | $110.6M |
总债务IIIVVCEL
| Q4 25 | — | — | ||
| Q3 25 | $0 | — | ||
| Q2 25 | $0 | — | ||
| Q1 25 | $12.0M | — | ||
| Q4 24 | $26.2M | — | ||
| Q3 24 | $26.2M | — | ||
| Q2 24 | $374.1M | — | ||
| Q1 24 | $369.6M | — |
股东权益IIIVVCEL
| Q4 25 | $358.5M | $354.6M | ||
| Q3 25 | $389.6M | $321.9M | ||
| Q2 25 | $383.3M | $306.8M | ||
| Q1 25 | $385.2M | $295.5M | ||
| Q4 24 | $375.0M | $292.0M | ||
| Q3 24 | $379.7M | $257.5M | ||
| Q2 24 | $249.7M | $243.0M | ||
| Q1 24 | $249.3M | $233.9M |
总资产IIIVVCEL
| Q4 25 | $595.9M | $488.0M | ||
| Q3 25 | $638.4M | $453.3M | ||
| Q2 25 | $623.3M | $435.6M | ||
| Q1 25 | $646.4M | $424.6M | ||
| Q4 24 | $726.2M | $432.7M | ||
| Q3 24 | $730.7M | $390.4M | ||
| Q2 24 | $861.7M | $376.8M | ||
| Q1 24 | $625.8M | $356.7M |
负债/权益比IIIVVCEL
| Q4 25 | — | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.03× | — | ||
| Q4 24 | 0.07× | — | ||
| Q3 24 | 0.07× | — | ||
| Q2 24 | 1.50× | — | ||
| Q1 24 | 1.48× | — |
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 | $13.8M | $12.8M |
| 自由现金流率自由现金流/营收 | 26.2% | 13.8% |
| 资本支出强度资本支出/营收 | 0.6% | 2.4% |
| 现金转化率经营现金流/净利润 | 29.18× | 0.65× |
| 过去12个月自由现金流最近4个季度 | $6.5M | $24.7M |
8季度趋势，按日历期对齐
经营现金流IIIVVCEL
| Q4 25 | $14.1M | $15.0M | ||
| Q3 25 | $14.0M | $22.1M | ||
| Q2 25 | $7.4M | $8.2M | ||
| Q1 25 | $-27.1M | $6.6M | ||
| Q4 24 | $11.5M | $22.2M | ||
| Q3 24 | $15.1M | $10.2M | ||
| Q2 24 | $8.1M | $18.5M | ||
| Q1 24 | $10.7M | $7.2M |
自由现金流IIIVVCEL
| Q4 25 | $13.8M | $12.8M | ||
| Q3 25 | $13.5M | $19.5M | ||
| Q2 25 | $6.8M | $81.0K | ||
| Q1 25 | $-27.6M | $-7.6M | ||
| Q4 24 | $11.0M | $8.5M | ||
| Q3 24 | $14.6M | $-9.2M | ||
| Q2 24 | $7.2M | $1.8M | ||
| Q1 24 | $9.9M | $-6.8M |
自由现金流率IIIVVCEL
| Q4 25 | 26.2% | 13.8% | ||
| Q3 25 | 29.5% | 28.8% | ||
| Q2 25 | 13.1% | 0.1% | ||
| Q1 25 | -43.8% | -14.5% | ||
| Q4 24 | 21.1% | 11.2% | ||
| Q3 24 | 45.6% | -15.9% | ||
| Q2 24 | 15.6% | 3.4% | ||
| Q1 24 | 17.1% | -13.3% |
资本支出强度IIIVVCEL
| Q4 25 | 0.6% | 2.4% | ||
| Q3 25 | 0.9% | 3.9% | ||
| Q2 25 | 1.0% | 12.9% | ||
| Q1 25 | 0.8% | 27.0% | ||
| Q4 24 | 0.9% | 18.3% | ||
| Q3 24 | 1.7% | 33.5% | ||
| Q2 24 | 1.9% | 31.8% | ||
| Q1 24 | 1.4% | 27.3% |
现金转化率IIIVVCEL
| Q4 25 | 29.18× | 0.65× | ||
| Q3 25 | 4.52× | 4.35× | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 5.59× | 1.12× | ||
| Q3 24 | 0.13× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 5.72× | — |
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
IIIV
| License And Service | $35.7M | 68% |
| Proprietary Payments Revenue | $14.5M | 27% |
| Other Revenue | $2.5M | 5% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
