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Limbach Holdings, Inc.（LMB）与Vericel Corp（VCEL）财务数据对比。点击上方公司名可切换其他公司
Limbach Holdings, Inc.的季度营收约是Vericel Corp的1.5倍（$138.9M vs $92.9M），Vericel Corp净利率更高（25.0% vs 3.2%，领先21.9%），Vericel Corp同比增速更快（23.3% vs 4.3%），过去两年Vericel Corp的营收复合增速更高（34.6% vs 6.6%）
林巴赫航空发动机是一家由中资控股、总部位于德国的企业，主营航空发动机的研发与制造业务，在航空动力装备领域拥有成熟的生产技术与行业经验。
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。
LMB vs VCEL — 直观对比
营收规模更大
LMB
是对方的1.5倍
$92.9M
营收增速更快
VCEL
高出19.0%
4.3%
净利率更高
VCEL
高出21.9%
3.2%
两年增速更快
VCEL
近两年复合增速
6.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $138.9M | $92.9M |
| 净利润 | $4.4M | $23.2M |
| 毛利率 | 22.4% | 78.7% |
| 营业利润率 | 0.8% | 24.1% |
| 净利率 | 3.2% | 25.0% |
| 营收同比 | 4.3% | 23.3% |
| 净利润同比 | — | 17.3% |
| 每股收益（稀释后） | $0.36 | $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LMBVCEL
| Q1 26 | $138.9M | — | ||
| Q4 25 | $186.9M | $92.9M | ||
| Q3 25 | $184.6M | $67.5M | ||
| Q2 25 | $142.2M | $63.2M | ||
| Q1 25 | $133.1M | $52.6M | ||
| Q4 24 | $143.7M | $75.4M | ||
| Q3 24 | $133.9M | $57.9M | ||
| Q2 24 | $122.2M | $52.7M |
净利润LMBVCEL
| Q1 26 | $4.4M | — | ||
| Q4 25 | $12.3M | $23.2M | ||
| Q3 25 | $8.8M | $5.1M | ||
| Q2 25 | $7.8M | $-553.0K | ||
| Q1 25 | $10.2M | $-11.2M | ||
| Q4 24 | $9.8M | $19.8M | ||
| Q3 24 | $7.5M | $-901.0K | ||
| Q2 24 | $6.0M | $-4.7M |
毛利率LMBVCEL
| Q1 26 | 22.4% | — | ||
| Q4 25 | 25.7% | 78.7% | ||
| Q3 25 | 24.2% | 73.5% | ||
| Q2 25 | 28.0% | 73.7% | ||
| Q1 25 | 27.6% | 69.0% | ||
| Q4 24 | 30.3% | 77.6% | ||
| Q3 24 | 27.0% | 71.9% | ||
| Q2 24 | 27.4% | 69.5% |
营业利润率LMBVCEL
| Q1 26 | 0.8% | — | ||
| Q4 25 | 9.4% | 24.1% | ||
| Q3 25 | 7.2% | 5.1% | ||
| Q2 25 | 7.5% | -3.2% | ||
| Q1 25 | 5.9% | -24.3% | ||
| Q4 24 | 9.1% | 24.5% | ||
| Q3 24 | 8.1% | -4.3% | ||
| Q2 24 | 6.7% | -11.5% |
净利率LMBVCEL
| Q1 26 | 3.2% | — | ||
| Q4 25 | 6.6% | 25.0% | ||
| Q3 25 | 4.8% | 7.5% | ||
| Q2 25 | 5.5% | -0.9% | ||
| Q1 25 | 7.7% | -21.4% | ||
| Q4 24 | 6.9% | 26.3% | ||
| Q3 24 | 5.6% | -1.6% | ||
| Q2 24 | 4.9% | -8.9% |
每股收益（稀释后）LMBVCEL
| Q1 26 | $0.36 | — | ||
| Q4 25 | $1.01 | $0.46 | ||
| Q3 25 | $0.73 | $0.10 | ||
| Q2 25 | $0.64 | $-0.01 | ||
| Q1 25 | $0.85 | $-0.23 | ||
| Q4 24 | $0.81 | $0.40 | ||
| Q3 24 | $0.62 | $-0.02 | ||
| Q2 24 | $0.50 | $-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 | $15.8M | $137.5M |
| 总债务越低越好 | $56.6M | — |
| 股东权益账面价值 | $196.3M | $354.6M |
| 总资产 | $377.0M | $488.0M |
| 负债/权益比越低杠杆越低 | 0.29× | — |
8季度趋势，按日历期对齐
现金及短期投资LMBVCEL
| Q1 26 | $15.8M | — | ||
| Q4 25 | $11.3M | $137.5M | ||
| Q3 25 | $9.8M | $135.4M | ||
| Q2 25 | $38.9M | $116.9M | ||
| Q1 25 | $38.1M | $112.9M | ||
| Q4 24 | $44.9M | $116.2M | ||
| Q3 24 | $51.2M | $101.7M | ||
| Q2 24 | $59.5M | $102.5M |
总债务LMBVCEL
| Q1 26 | $56.6M | — | ||
| Q4 25 | $30.5M | — | ||
| Q3 25 | $56.3M | — | ||
| Q2 25 | $28.4M | — | ||
| Q1 25 | $23.7M | — | ||
| Q4 24 | $23.6M | — | ||
| Q3 24 | $20.5M | — | ||
| Q2 24 | $19.7M | — |
股东权益LMBVCEL
| Q1 26 | $196.3M | — | ||
| Q4 25 | $195.7M | $354.6M | ||
| Q3 25 | $181.6M | $321.9M | ||
| Q2 25 | $170.5M | $306.8M | ||
| Q1 25 | $161.1M | $295.5M | ||
| Q4 24 | $153.5M | $292.0M | ||
| Q3 24 | $142.2M | $257.5M | ||
| Q2 24 | $133.0M | $243.0M |
总资产LMBVCEL
| Q1 26 | $377.0M | — | ||
| Q4 25 | $381.1M | $488.0M | ||
| Q3 25 | $409.1M | $453.3M | ||
| Q2 25 | $343.0M | $435.6M | ||
| Q1 25 | $336.4M | $424.6M | ||
| Q4 24 | $352.1M | $432.7M | ||
| Q3 24 | $324.4M | $390.4M | ||
| Q2 24 | $303.9M | $376.8M |
负债/权益比LMBVCEL
| Q1 26 | 0.29× | — | ||
| Q4 25 | 0.16× | — | ||
| Q3 25 | 0.31× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.15× | — | ||
| Q4 24 | 0.15× | — | ||
| Q3 24 | 0.14× | — | ||
| Q2 24 | 0.15× | — |
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 | — | $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LMBVCEL
| Q1 26 | — | — | ||
| Q4 25 | $28.1M | $15.0M | ||
| Q3 25 | $13.3M | $22.1M | ||
| Q2 25 | $2.0M | $8.2M | ||
| Q1 25 | $2.2M | $6.6M | ||
| Q4 24 | $19.3M | $22.2M | ||
| Q3 24 | $4.9M | $10.2M | ||
| Q2 24 | $16.5M | $18.5M |
自由现金流LMBVCEL
| Q1 26 | — | — | ||
| Q4 25 | $27.9M | $12.8M | ||
| Q3 25 | $12.8M | $19.5M | ||
| Q2 25 | $1.2M | $81.0K | ||
| Q1 25 | $11.0K | $-7.6M | ||
| Q4 24 | $18.0M | $8.5M | ||
| Q3 24 | $4.6M | $-9.2M | ||
| Q2 24 | $13.2M | $1.8M |
自由现金流率LMBVCEL
| Q1 26 | — | — | ||
| Q4 25 | 14.9% | 13.8% | ||
| Q3 25 | 7.0% | 28.8% | ||
| Q2 25 | 0.8% | 0.1% | ||
| Q1 25 | 0.0% | -14.5% | ||
| Q4 24 | 12.5% | 11.2% | ||
| Q3 24 | 3.4% | -15.9% | ||
| Q2 24 | 10.8% | 3.4% |
资本支出强度LMBVCEL
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 2.4% | ||
| Q3 25 | 0.3% | 3.9% | ||
| Q2 25 | 0.6% | 12.9% | ||
| Q1 25 | 1.7% | 27.0% | ||
| Q4 24 | 0.9% | 18.3% | ||
| Q3 24 | 0.3% | 33.5% | ||
| Q2 24 | 2.7% | 31.8% |
现金转化率LMBVCEL
| Q1 26 | — | — | ||
| Q4 25 | 2.29× | 0.65× | ||
| Q3 25 | 1.52× | 4.35× | ||
| Q2 25 | 0.26× | — | ||
| Q1 25 | 0.22× | — | ||
| Q4 24 | 1.96× | 1.12× | ||
| Q3 24 | 0.66× | — | ||
| Q2 24 | 2.77× | — |
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
LMB
| ODR | $99.8M | 72% |
| GCR | $39.0M | 28% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
