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IMAX（IMAX）与Vericel Corp（VCEL）财务数据对比。点击上方公司名可切换其他公司
IMAX的季度营收约是Vericel Corp的1.3倍（$125.2M vs $92.9M），Vericel Corp净利率更高（25.0% vs 0.5%，领先24.5%），IMAX同比增速更快（35.1% vs 23.3%），IMAX自由现金流更多（$28.0M vs $12.8M），过去两年Vericel Corp的营收复合增速更高（34.6% vs 25.8%）
IMAX公司是加拿大的影视放映技术企业，1967年创立于蒙特利尔，总部位于多伦多地区，在纽约、洛杉矶均设有业务点。核心业务包括IMAX摄影机与放映系统的设计制造，同时面向全球合作影院提供影片开发、制作、后期及发行服务，是沉浸式观影技术领域的领先企业。
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。
IMAX vs VCEL — 直观对比
营收规模更大
IMAX
是对方的1.3倍
$92.9M
营收增速更快
IMAX
高出11.8%
23.3%
净利率更高
VCEL
高出24.5%
0.5%
自由现金流更多
IMAX
多$15.1M
$12.8M
两年增速更快
VCEL
近两年复合增速
25.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $125.2M | $92.9M |
| 净利润 | $637.0K | $23.2M |
| 毛利率 | 57.6% | 78.7% |
| 营业利润率 | 19.3% | 24.1% |
| 净利率 | 0.5% | 25.0% |
| 营收同比 | 35.1% | 23.3% |
| 净利润同比 | -88.0% | 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IMAXVCEL
| Q4 25 | $125.2M | $92.9M | ||
| Q3 25 | $106.7M | $67.5M | ||
| Q2 25 | $91.7M | $63.2M | ||
| Q1 25 | $86.7M | $52.6M | ||
| Q4 24 | $92.7M | $75.4M | ||
| Q3 24 | $91.5M | $57.9M | ||
| Q2 24 | $89.0M | $52.7M | ||
| Q1 24 | $79.1M | $51.3M |
净利润IMAXVCEL
| Q4 25 | $637.0K | $23.2M | ||
| Q3 25 | $20.7M | $5.1M | ||
| Q2 25 | $11.3M | $-553.0K | ||
| Q1 25 | $2.3M | $-11.2M | ||
| Q4 24 | $5.3M | $19.8M | ||
| Q3 24 | $13.9M | $-901.0K | ||
| Q2 24 | $3.6M | $-4.7M | ||
| Q1 24 | $3.3M | $-3.9M |
毛利率IMAXVCEL
| Q4 25 | 57.6% | 78.7% | ||
| Q3 25 | 63.1% | 73.5% | ||
| Q2 25 | 58.5% | 73.7% | ||
| Q1 25 | 61.4% | 69.0% | ||
| Q4 24 | 52.2% | 77.6% | ||
| Q3 24 | 55.8% | 71.9% | ||
| Q2 24 | 49.4% | 69.5% | ||
| Q1 24 | 59.3% | 68.9% |
营业利润率IMAXVCEL
| Q4 25 | 19.3% | 24.1% | ||
| Q3 25 | 27.2% | 5.1% | ||
| Q2 25 | 15.6% | -3.2% | ||
| Q1 25 | 19.3% | -24.3% | ||
| Q4 24 | 10.3% | 24.5% | ||
| Q3 24 | 21.2% | -4.3% | ||
| Q2 24 | 3.2% | -11.5% | ||
| Q1 24 | 15.3% | -10.7% |
净利率IMAXVCEL
| Q4 25 | 0.5% | 25.0% | ||
| Q3 25 | 19.4% | 7.5% | ||
| Q2 25 | 12.3% | -0.9% | ||
| Q1 25 | 2.7% | -21.4% | ||
| Q4 24 | 5.7% | 26.3% | ||
| Q3 24 | 15.2% | -1.6% | ||
| Q2 24 | 4.0% | -8.9% | ||
| Q1 24 | 4.1% | -7.5% |
每股收益（稀释后）IMAXVCEL
| Q4 25 | $0.02 | $0.46 | ||
| Q3 25 | $0.37 | $0.10 | ||
| Q2 25 | $0.20 | $-0.01 | ||
| Q1 25 | $0.04 | $-0.23 | ||
| Q4 24 | $0.09 | $0.40 | ||
| Q3 24 | $0.26 | $-0.02 | ||
| Q2 24 | $0.07 | $-0.10 | ||
| Q1 24 | $0.06 | $-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 | $151.2M | $137.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $337.9M | $354.6M |
| 总资产 | $894.0M | $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IMAXVCEL
| Q4 25 | $151.2M | $137.5M | ||
| Q3 25 | $143.1M | $135.4M | ||
| Q2 25 | $109.3M | $116.9M | ||
| Q1 25 | $97.1M | $112.9M | ||
| Q4 24 | $100.6M | $116.2M | ||
| Q3 24 | $104.5M | $101.7M | ||
| Q2 24 | $91.6M | $102.5M | ||
| Q1 24 | $81.0M | $110.6M |
股东权益IMAXVCEL
| Q4 25 | $337.9M | $354.6M | ||
| Q3 25 | $349.5M | $321.9M | ||
| Q2 25 | $320.4M | $306.8M | ||
| Q1 25 | $299.5M | $295.5M | ||
| Q4 24 | $299.5M | $292.0M | ||
| Q3 24 | $289.4M | $257.5M | ||
| Q2 24 | $267.2M | $243.0M | ||
| Q1 24 | $258.8M | $233.9M |
总资产IMAXVCEL
| Q4 25 | $894.0M | $488.0M | ||
| Q3 25 | $889.6M | $453.3M | ||
| Q2 25 | $868.6M | $435.6M | ||
| Q1 25 | $848.3M | $424.6M | ||
| Q4 24 | $830.4M | $432.7M | ||
| Q3 24 | $847.6M | $390.4M | ||
| Q2 24 | $827.4M | $376.8M | ||
| Q1 24 | $824.1M | $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 | $29.4M | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $28.0M | $12.8M |
| 自由现金流率自由现金流/营收 | 22.3% | 13.8% |
| 资本支出强度资本支出/营收 | 1.1% | 2.4% |
| 现金转化率经营现金流/净利润 | 46.11× | 0.65× |
| 过去12个月自由现金流最近4个季度 | $118.9M | $24.7M |
8季度趋势，按日历期对齐
经营现金流IMAXVCEL
| Q4 25 | $29.4M | $15.0M | ||
| Q3 25 | $67.5M | $22.1M | ||
| Q2 25 | $23.2M | $8.2M | ||
| Q1 25 | $7.0M | $6.6M | ||
| Q4 24 | $11.5M | $22.2M | ||
| Q3 24 | $35.3M | $10.2M | ||
| Q2 24 | $35.0M | $18.5M | ||
| Q1 24 | $-11.0M | $7.2M |
自由现金流IMAXVCEL
| Q4 25 | $28.0M | $12.8M | ||
| Q3 25 | $64.8M | $19.5M | ||
| Q2 25 | $20.9M | $81.0K | ||
| Q1 25 | $5.3M | $-7.6M | ||
| Q4 24 | $6.9M | $8.5M | ||
| Q3 24 | $34.2M | $-9.2M | ||
| Q2 24 | $33.5M | $1.8M | ||
| Q1 24 | $-12.1M | $-6.8M |
自由现金流率IMAXVCEL
| Q4 25 | 22.3% | 13.8% | ||
| Q3 25 | 60.7% | 28.8% | ||
| Q2 25 | 22.8% | 0.1% | ||
| Q1 25 | 6.1% | -14.5% | ||
| Q4 24 | 7.4% | 11.2% | ||
| Q3 24 | 37.3% | -15.9% | ||
| Q2 24 | 37.6% | 3.4% | ||
| Q1 24 | -15.3% | -13.3% |
资本支出强度IMAXVCEL
| Q4 25 | 1.1% | 2.4% | ||
| Q3 25 | 2.6% | 3.9% | ||
| Q2 25 | 2.6% | 12.9% | ||
| Q1 25 | 1.9% | 27.0% | ||
| Q4 24 | 5.0% | 18.3% | ||
| Q3 24 | 1.2% | 33.5% | ||
| Q2 24 | 1.8% | 31.8% | ||
| Q1 24 | 1.4% | 27.3% |
现金转化率IMAXVCEL
| Q4 25 | 46.11× | 0.65× | ||
| Q3 25 | 3.27× | 4.35× | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | 2.99× | — | ||
| Q4 24 | 2.16× | 1.12× | ||
| Q3 24 | 2.54× | — | ||
| Q2 24 | 9.78× | — | ||
| Q1 24 | -3.35× | — |
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
IMAX
| Technology Sales | $46.6M | 37% |
| Image Enhancement And Maintenance Services | $38.1M | 30% |
| Joint Revenue Sharing Arrangement | $20.4M | 16% |
| Maintenance | $16.3M | 13% |
| Finance Income | $2.8M | 2% |
| Other Content Solutions | $1.6M | 1% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
