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JBG SMITH Properties（JBGS）与Vericel Corp（VCEL）财务数据对比。点击上方公司名可切换其他公司
JBG SMITH Properties的季度营收约是Vericel Corp的1.4倍（$127.6M vs $92.9M），Vericel Corp净利率更高（25.0% vs -35.7%，领先60.7%），Vericel Corp同比增速更快（23.3% vs -2.5%），过去两年Vericel Corp的营收复合增速更高（34.6% vs -6.3%）
JBG SMITH Properties是一家总部位于马里兰州贝塞斯达的上市房地产投资信托公司，专注于持有并运营房地产资产，是美国商业地产领域的专业运营机构，面向市场提供多元化的不动产投资与管理服务。
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。
JBGS vs VCEL — 直观对比
营收规模更大
JBGS
是对方的1.4倍
$92.9M
营收增速更快
VCEL
高出25.7%
-2.5%
净利率更高
VCEL
高出60.7%
-35.7%
两年增速更快
VCEL
近两年复合增速
-6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $127.6M | $92.9M |
| 净利润 | $-45.5M | $23.2M |
| 毛利率 | — | 78.7% |
| 营业利润率 | -47.5% | 24.1% |
| 净利率 | -35.7% | 25.0% |
| 营收同比 | -2.5% | 23.3% |
| 净利润同比 | 24.0% | 17.3% |
| 每股收益（稀释后） | $-0.76 | $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JBGSVCEL
| Q4 25 | $127.6M | $92.9M | ||
| Q3 25 | $123.9M | $67.5M | ||
| Q2 25 | $126.5M | $63.2M | ||
| Q1 25 | $120.7M | $52.6M | ||
| Q4 24 | $130.8M | $75.4M | ||
| Q3 24 | $136.0M | $57.9M | ||
| Q2 24 | $135.3M | $52.7M | ||
| Q1 24 | $145.2M | $51.3M |
净利润JBGSVCEL
| Q4 25 | $-45.5M | $23.2M | ||
| Q3 25 | $-28.6M | $5.1M | ||
| Q2 25 | $-19.2M | $-553.0K | ||
| Q1 25 | $-45.7M | $-11.2M | ||
| Q4 24 | $-59.9M | $19.8M | ||
| Q3 24 | $-27.0M | $-901.0K | ||
| Q2 24 | $-24.4M | $-4.7M | ||
| Q1 24 | $-32.3M | $-3.9M |
毛利率JBGSVCEL
| 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JBGSVCEL
| Q4 25 | -47.5% | 24.1% | ||
| Q3 25 | -27.5% | 5.1% | ||
| Q2 25 | -18.4% | -3.2% | ||
| Q1 25 | -44.7% | -24.3% | ||
| Q4 24 | -53.6% | 24.5% | ||
| Q3 24 | -22.4% | -4.3% | ||
| Q2 24 | -24.3% | -11.5% | ||
| Q1 24 | -30.1% | -10.7% |
净利率JBGSVCEL
| Q4 25 | -35.7% | 25.0% | ||
| Q3 25 | -23.1% | 7.5% | ||
| Q2 25 | -15.2% | -0.9% | ||
| Q1 25 | -37.9% | -21.4% | ||
| Q4 24 | -45.8% | 26.3% | ||
| Q3 24 | -19.8% | -1.6% | ||
| Q2 24 | -18.0% | -8.9% | ||
| Q1 24 | -22.2% | -7.5% |
每股收益（稀释后）JBGSVCEL
| Q4 25 | $-0.76 | $0.46 | ||
| Q3 25 | $-0.48 | $0.10 | ||
| Q2 25 | $-0.29 | $-0.01 | ||
| Q1 25 | $-0.56 | $-0.23 | ||
| Q4 24 | $-0.70 | $0.40 | ||
| Q3 24 | $-0.32 | $-0.02 | ||
| Q2 24 | $-0.27 | $-0.10 | ||
| Q1 24 | $-0.36 | $-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 | $75.3M | $137.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $354.6M |
| 总资产 | $4.4B | $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JBGSVCEL
| Q4 25 | $75.3M | $137.5M | ||
| Q3 25 | $64.4M | $135.4M | ||
| Q2 25 | $61.4M | $116.9M | ||
| Q1 25 | $81.3M | $112.9M | ||
| Q4 24 | $145.8M | $116.2M | ||
| Q3 24 | $137.0M | $101.7M | ||
| Q2 24 | $163.5M | $102.5M | ||
| Q1 24 | $220.5M | $110.6M |
股东权益JBGSVCEL
| Q4 25 | $1.2B | $354.6M | ||
| Q3 25 | $1.2B | $321.9M | ||
| Q2 25 | $1.3B | $306.8M | ||
| Q1 25 | $1.6B | $295.5M | ||
| Q4 24 | $1.8B | $292.0M | ||
| Q3 24 | $1.9B | $257.5M | ||
| Q2 24 | $2.0B | $243.0M | ||
| Q1 24 | $2.1B | $233.9M |
总资产JBGSVCEL
| Q4 25 | $4.4B | $488.0M | ||
| Q3 25 | $4.4B | $453.3M | ||
| Q2 25 | $4.5B | $435.6M | ||
| Q1 25 | $4.7B | $424.6M | ||
| Q4 24 | $5.0B | $432.7M | ||
| Q3 24 | $5.2B | $390.4M | ||
| Q2 24 | $5.3B | $376.8M | ||
| Q1 24 | $5.4B | $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 | $73.3M | $15.0M |
| 自由现金流经营现金流 - 资本支出 | — | $12.8M |
| 自由现金流率自由现金流/营收 | — | 13.8% |
| 资本支出强度资本支出/营收 | — | 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JBGSVCEL
| Q4 25 | $73.3M | $15.0M | ||
| Q3 25 | $8.9M | $22.1M | ||
| Q2 25 | $18.8M | $8.2M | ||
| Q1 25 | $12.9M | $6.6M | ||
| Q4 24 | $129.4M | $22.2M | ||
| Q3 24 | $26.4M | $10.2M | ||
| Q2 24 | $23.8M | $18.5M | ||
| Q1 24 | $37.0M | $7.2M |
自由现金流JBGSVCEL
| Q4 25 | — | $12.8M | ||
| Q3 25 | — | $19.5M | ||
| Q2 25 | — | $81.0K | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | — | $-9.2M | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | — | $-6.8M |
自由现金流率JBGSVCEL
| Q4 25 | — | 13.8% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | -14.5% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | -15.9% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | — | -13.3% |
资本支出强度JBGSVCEL
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | — | 33.5% | ||
| Q2 24 | — | 31.8% | ||
| Q1 24 | — | 27.3% |
现金转化率JBGSVCEL
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 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
JBGS
暂无分部数据
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
