vs
LandBridge Co LLC（LB）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LandBridge Co LLC的1.8倍（$92.9M vs $51.0M），LandBridge Co LLC净利率更高（35.0% vs 25.0%，领先10.0%），Vericel Corp同比增速更快（23.3% vs 16.0%），LandBridge Co LLC自由现金流更多（$40.9M vs $12.8M），过去两年LandBridge Co LLC的营收复合增速更高（40.2% vs 34.6%）
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。
LB vs VCEL — 直观对比
营收规模更大
VCEL
是对方的1.8倍
$51.0M
营收增速更快
VCEL
高出7.2%
16.0%
净利率更高
LB
高出10.0%
25.0%
自由现金流更多
LB
多$28.1M
$12.8M
两年增速更快
LB
近两年复合增速
34.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $51.0M | $92.9M |
| 净利润 | $17.9M | $23.2M |
| 毛利率 | — | 78.7% |
| 营业利润率 | 57.2% | 24.1% |
| 净利率 | 35.0% | 25.0% |
| 营收同比 | 16.0% | 23.3% |
| 净利润同比 | 15.6% | 17.3% |
| 每股收益（稀释后） | — | $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LBVCEL
| Q1 26 | $51.0M | — | ||
| Q4 25 | $56.8M | $92.9M | ||
| Q3 25 | $50.8M | $67.5M | ||
| Q2 25 | $47.5M | $63.2M | ||
| Q1 25 | $44.0M | $52.6M | ||
| Q4 24 | $36.5M | $75.4M | ||
| Q3 24 | $28.5M | $57.9M | ||
| Q2 24 | $26.0M | $52.7M |
净利润LBVCEL
| Q1 26 | $17.9M | — | ||
| Q4 25 | $8.1M | $23.2M | ||
| Q3 25 | $8.1M | $5.1M | ||
| Q2 25 | $7.5M | $-553.0K | ||
| Q1 25 | $6.5M | $-11.2M | ||
| Q4 24 | $49.3M | $19.8M | ||
| Q3 24 | $2.7M | $-901.0K | ||
| Q2 24 | $-57.7M | $-4.7M |
毛利率LBVCEL
| Q1 26 | — | — | ||
| 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% |
营业利润率LBVCEL
| Q1 26 | 57.2% | — | ||
| Q4 25 | 60.0% | 24.1% | ||
| Q3 25 | 60.8% | 5.1% | ||
| Q2 25 | 60.0% | -3.2% | ||
| Q1 25 | 57.0% | -24.3% | ||
| Q4 24 | 49.4% | 24.5% | ||
| Q3 24 | 11.2% | -4.3% | ||
| Q2 24 | -197.4% | -11.5% |
净利率LBVCEL
| Q1 26 | 35.0% | — | ||
| Q4 25 | 14.2% | 25.0% | ||
| Q3 25 | 15.9% | 7.5% | ||
| Q2 25 | 15.8% | -0.9% | ||
| Q1 25 | 14.7% | -21.4% | ||
| Q4 24 | 135.2% | 26.3% | ||
| Q3 24 | 9.3% | -1.6% | ||
| Q2 24 | -222.1% | -8.9% |
每股收益（稀释后）LBVCEL
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $0.46 | ||
| Q3 25 | $0.26 | $0.10 | ||
| Q2 25 | $0.24 | $-0.01 | ||
| Q1 25 | $0.20 | $-0.23 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | $-0.04 | $-0.02 | ||
| Q2 24 | — | $-0.10 |
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 | $29.7M | $137.5M |
| 总债务越低越好 | $433.0K | — |
| 股东权益账面价值 | — | $354.6M |
| 总资产 | $1.4B | $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LBVCEL
| Q1 26 | $29.7M | — | ||
| Q4 25 | $30.7M | $137.5M | ||
| Q3 25 | $28.3M | $135.4M | ||
| Q2 25 | $20.3M | $116.9M | ||
| Q1 25 | $14.9M | $112.9M | ||
| Q4 24 | $37.0M | $116.2M | ||
| Q3 24 | $14.4M | $101.7M | ||
| Q2 24 | $24.6M | $102.5M |
总债务LBVCEL
| Q1 26 | $433.0K | — | ||
| Q4 25 | $570.7M | — | ||
| Q3 25 | $366.1M | — | ||
| Q2 25 | $370.9M | — | ||
| Q1 25 | $375.5M | — | ||
| Q4 24 | $385.5M | — | ||
| Q3 24 | $242.4M | — | ||
| Q2 24 | $360.8M | — |
股东权益LBVCEL
| Q1 26 | — | — | ||
| Q4 25 | $340.3M | $354.6M | ||
| Q3 25 | $272.0M | $321.9M | ||
| Q2 25 | $266.4M | $306.8M | ||
| Q1 25 | $217.0M | $295.5M | ||
| Q4 24 | $211.8M | $292.0M | ||
| Q3 24 | $97.2M | $257.5M | ||
| Q2 24 | $296.4M | $243.0M |
总资产LBVCEL
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | $488.0M | ||
| Q3 25 | $1.1B | $453.3M | ||
| Q2 25 | $1.1B | $435.6M | ||
| Q1 25 | $1.0B | $424.6M | ||
| Q4 24 | $1.0B | $432.7M | ||
| Q3 24 | $689.9M | $390.4M | ||
| Q2 24 | $710.5M | $376.8M |
负债/权益比LBVCEL
| Q1 26 | — | — | ||
| Q4 25 | 1.68× | — | ||
| Q3 25 | 1.35× | — | ||
| Q2 25 | 1.39× | — | ||
| Q1 25 | 1.73× | — | ||
| Q4 24 | 1.82× | — | ||
| Q3 24 | 2.49× | — | ||
| Q2 24 | 1.22× | — |
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 | $41.1M | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $40.9M | $12.8M |
| 自由现金流率自由现金流/营收 | 80.3% | 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 | 2.30× | 0.65× |
| 过去12个月自由现金流最近4个季度 | $232.8M | $24.7M |
8季度趋势，按日历期对齐
经营现金流LBVCEL
| Q1 26 | $41.1M | — | ||
| Q4 25 | $126.3M | $15.0M | ||
| Q3 25 | $34.9M | $22.1M | ||
| Q2 25 | $37.3M | $8.2M | ||
| Q1 25 | $15.9M | $6.6M | ||
| Q4 24 | $67.6M | $22.2M | ||
| Q3 24 | $7.5M | $10.2M | ||
| Q2 24 | $16.0M | $18.5M |
自由现金流LBVCEL
| Q1 26 | $40.9M | — | ||
| Q4 25 | $122.0M | $12.8M | ||
| Q3 25 | $33.7M | $19.5M | ||
| Q2 25 | $36.1M | $81.0K | ||
| Q1 25 | $15.8M | $-7.6M | ||
| Q4 24 | $66.7M | $8.5M | ||
| Q3 24 | $7.1M | $-9.2M | ||
| Q2 24 | $15.7M | $1.8M |
自由现金流率LBVCEL
| Q1 26 | 80.3% | — | ||
| Q4 25 | 214.9% | 13.8% | ||
| Q3 25 | 66.3% | 28.8% | ||
| Q2 25 | 75.9% | 0.1% | ||
| Q1 25 | 36.0% | -14.5% | ||
| Q4 24 | 182.6% | 11.2% | ||
| Q3 24 | 25.1% | -15.9% | ||
| Q2 24 | 60.4% | 3.4% |
资本支出强度LBVCEL
| Q1 26 | — | — | ||
| Q4 25 | 7.5% | 2.4% | ||
| Q3 25 | 2.3% | 3.9% | ||
| Q2 25 | 2.6% | 12.9% | ||
| Q1 25 | 0.2% | 27.0% | ||
| Q4 24 | 2.7% | 18.3% | ||
| Q3 24 | 1.1% | 33.5% | ||
| Q2 24 | 1.4% | 31.8% |
现金转化率LBVCEL
| Q1 26 | 2.30× | — | ||
| Q4 25 | 15.68× | 0.65× | ||
| Q3 25 | 4.31× | 4.35× | ||
| Q2 25 | 4.98× | — | ||
| Q1 25 | 2.46× | — | ||
| Q4 24 | 1.37× | 1.12× | ||
| Q3 24 | 2.80× | — | ||
| Q2 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
LB
| Other | $14.2M | 28% |
| Easements and other surface-related revenues | $11.6M | 23% |
| Surface use royalties - related party | $11.0M | 22% |
| Resource sales | $5.2M | 10% |
| Resource royalties | $4.3M | 8% |
| Easements and other surface-related revenues - related party | $3.2M | 6% |
| Resource royalties - related party | $1.3M | 2% |
| Resource sales - related party | $205.0K | 0% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
