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MERCANTILE BANK CORP（MBWM）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MERCANTILE BANK CORP的1.4倍（$92.9M vs $67.6M），MERCANTILE BANK CORP净利率更高（33.6% vs 25.0%，领先8.5%），过去两年Vericel Corp的营收复合增速更高（34.6% vs 9.1%）
泰米尔纳德商业银行（TMB）是一家印度银行，总部位于泰米尔纳德邦杜蒂戈林。该行始建于1921年，最初名为纳达尔银行，1962年11月更名为泰米尔纳德商业银行，以拓展纳达尔社群以外的业务。目前该银行在印度全境拥有600家全功能网点、12个区域办事处及各类配套服务中心与自助设施。
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。
MBWM vs VCEL — 直观对比
营收规模更大
VCEL
是对方的1.4倍
$67.6M
净利率更高
MBWM
高出8.5%
25.0%
两年增速更快
VCEL
近两年复合增速
9.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $67.6M | $92.9M |
| 净利润 | $22.7M | $23.2M |
| 毛利率 | — | 78.7% |
| 营业利润率 | — | 24.1% |
| 净利率 | 33.6% | 25.0% |
| 营收同比 | — | 23.3% |
| 净利润同比 | 16.1% | 17.3% |
| 每股收益（稀释后） | $1.32 | $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MBWMVCEL
| Q1 26 | $67.6M | — | ||
| Q4 25 | $62.1M | $92.9M | ||
| Q3 25 | $62.4M | $67.5M | ||
| Q2 25 | $60.9M | $63.2M | ||
| Q1 25 | $57.3M | $52.6M | ||
| Q4 24 | $58.5M | $75.4M | ||
| Q3 24 | $58.0M | $57.9M | ||
| Q2 24 | $56.8M | $52.7M |
净利润MBWMVCEL
| Q1 26 | $22.7M | — | ||
| Q4 25 | $22.8M | $23.2M | ||
| Q3 25 | $23.8M | $5.1M | ||
| Q2 25 | $22.6M | $-553.0K | ||
| Q1 25 | $19.5M | $-11.2M | ||
| Q4 24 | $19.6M | $19.8M | ||
| Q3 24 | $19.6M | $-901.0K | ||
| Q2 24 | $18.8M | $-4.7M |
毛利率MBWMVCEL
| 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MBWMVCEL
| Q1 26 | — | — | ||
| Q4 25 | 42.0% | 24.1% | ||
| Q3 25 | 44.0% | 5.1% | ||
| Q2 25 | 42.6% | -3.2% | ||
| Q1 25 | 42.0% | -24.3% | ||
| Q4 24 | 39.7% | 24.5% | ||
| Q3 24 | 42.4% | -4.3% | ||
| Q2 24 | 41.4% | -11.5% |
净利率MBWMVCEL
| Q1 26 | 33.6% | — | ||
| Q4 25 | 36.8% | 25.0% | ||
| Q3 25 | 38.1% | 7.5% | ||
| Q2 25 | 37.1% | -0.9% | ||
| Q1 25 | 34.1% | -21.4% | ||
| Q4 24 | 33.5% | 26.3% | ||
| Q3 24 | 33.8% | -1.6% | ||
| Q2 24 | 33.1% | -8.9% |
每股收益（稀释后）MBWMVCEL
| Q1 26 | $1.32 | — | ||
| Q4 25 | $1.41 | $0.46 | ||
| Q3 25 | $1.46 | $0.10 | ||
| Q2 25 | $1.39 | $-0.01 | ||
| Q1 25 | $1.21 | $-0.23 | ||
| Q4 24 | $1.20 | $0.40 | ||
| Q3 24 | $1.22 | $-0.02 | ||
| Q2 24 | $1.17 | $-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 | — | $137.5M |
| 总债务越低越好 | $1.5M | — |
| 股东权益账面价值 | $736.9M | $354.6M |
| 总资产 | $6.9B | $488.0M |
| 负债/权益比越低杠杆越低 | 0.00× | — |
8季度趋势，按日历期对齐
现金及短期投资MBWMVCEL
| Q1 26 | — | — | ||
| Q4 25 | — | $137.5M | ||
| Q3 25 | — | $135.4M | ||
| Q2 25 | — | $116.9M | ||
| Q1 25 | — | $112.9M | ||
| Q4 24 | — | $116.2M | ||
| Q3 24 | — | $101.7M | ||
| Q2 24 | — | $102.5M |
总债务MBWMVCEL
| Q1 26 | $1.5M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益MBWMVCEL
| Q1 26 | $736.9M | — | ||
| Q4 25 | $724.9M | $354.6M | ||
| Q3 25 | $657.6M | $321.9M | ||
| Q2 25 | $631.5M | $306.8M | ||
| Q1 25 | $608.3M | $295.5M | ||
| Q4 24 | $584.5M | $292.0M | ||
| Q3 24 | $583.3M | $257.5M | ||
| Q2 24 | $551.2M | $243.0M |
总资产MBWMVCEL
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.8B | $488.0M | ||
| Q3 25 | $6.3B | $453.3M | ||
| Q2 25 | $6.2B | $435.6M | ||
| Q1 25 | $6.1B | $424.6M | ||
| Q4 24 | $6.1B | $432.7M | ||
| Q3 24 | $5.9B | $390.4M | ||
| Q2 24 | $5.6B | $376.8M |
负债/权益比MBWMVCEL
| Q1 26 | 0.00× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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MBWMVCEL
| Q1 26 | — | — | ||
| Q4 25 | $18.0M | $15.0M | ||
| Q3 25 | $23.1M | $22.1M | ||
| Q2 25 | $-7.8M | $8.2M | ||
| Q1 25 | $-3.0M | $6.6M | ||
| Q4 24 | $101.1M | $22.2M | ||
| Q3 24 | $-8.1M | $10.2M | ||
| Q2 24 | $9.1M | $18.5M |
自由现金流MBWMVCEL
| Q1 26 | — | — | ||
| 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 |
自由现金流率MBWMVCEL
| Q1 26 | — | — | ||
| 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% |
资本支出强度MBWMVCEL
| Q1 26 | — | — | ||
| 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% |
现金转化率MBWMVCEL
| Q1 26 | — | — | ||
| Q4 25 | 0.79× | 0.65× | ||
| Q3 25 | 0.97× | 4.35× | ||
| Q2 25 | -0.35× | — | ||
| Q1 25 | -0.15× | — | ||
| Q4 24 | 5.15× | 1.12× | ||
| Q3 24 | -0.41× | — | ||
| Q2 24 | 0.49× | — |
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
MBWM
| Net Interest Income | $55.9M | 83% |
| Noninterest Income | $11.7M | 17% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
