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Mayville Engineering Company, Inc.（MEC）与Vericel Corp（VCEL）财务数据对比。点击上方公司名可切换其他公司
Mayville Engineering Company, Inc.的季度营收约是Vericel Corp的1.4倍（$134.3M vs $92.9M），Vericel Corp净利率更高（25.0% vs -3.2%，领先28.3%），Vericel Corp同比增速更快（23.3% vs 10.7%），Vericel Corp自由现金流更多（$12.8M vs $10.2M），过去两年Vericel Corp的营收复合增速更高（34.6% vs -8.8%）
Mayville Engineering Company（MEC）是总部位于美国的领先金属零部件、装配组件及定制工程解决方案供应商，主要服务农业、建筑、商用运输、国防、动力运动等领域的原始设备制造商客户，提供从原型开发到大规模量产的全流程服务。
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。
MEC vs VCEL — 直观对比
营收规模更大
MEC
是对方的1.4倍
$92.9M
营收增速更快
VCEL
高出12.6%
10.7%
净利率更高
VCEL
高出28.3%
-3.2%
自由现金流更多
VCEL
多$2.7M
$10.2M
两年增速更快
VCEL
近两年复合增速
-8.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $134.3M | $92.9M |
| 净利润 | $-4.4M | $23.2M |
| 毛利率 | 6.8% | 78.7% |
| 营业利润率 | -4.1% | 24.1% |
| 净利率 | -3.2% | 25.0% |
| 营收同比 | 10.7% | 23.3% |
| 净利润同比 | -127.3% | 17.3% |
| 每股收益（稀释后） | $-0.22 | $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MECVCEL
| Q4 25 | $134.3M | $92.9M | ||
| Q3 25 | $144.3M | $67.5M | ||
| Q2 25 | $132.3M | $63.2M | ||
| Q1 25 | $135.6M | $52.6M | ||
| Q4 24 | $121.3M | $75.4M | ||
| Q3 24 | $135.4M | $57.9M | ||
| Q2 24 | $163.6M | $52.7M | ||
| Q1 24 | $161.3M | $51.3M |
净利润MECVCEL
| Q4 25 | $-4.4M | $23.2M | ||
| Q3 25 | $-2.7M | $5.1M | ||
| Q2 25 | $-1.1M | $-553.0K | ||
| Q1 25 | $20.0K | $-11.2M | ||
| Q4 24 | $16.0M | $19.8M | ||
| Q3 24 | $3.0M | $-901.0K | ||
| Q2 24 | $3.8M | $-4.7M | ||
| Q1 24 | $3.2M | $-3.9M |
毛利率MECVCEL
| Q4 25 | 6.8% | 78.7% | ||
| Q3 25 | 11.0% | 73.5% | ||
| Q2 25 | 10.3% | 73.7% | ||
| Q1 25 | 11.3% | 69.0% | ||
| Q4 24 | 8.9% | 77.6% | ||
| Q3 24 | 12.6% | 71.9% | ||
| Q2 24 | 13.6% | 69.5% | ||
| Q1 24 | 13.0% | 68.9% |
营业利润率MECVCEL
| Q4 25 | -4.1% | 24.1% | ||
| Q3 25 | 0.0% | 5.1% | ||
| Q2 25 | 0.1% | -3.2% | ||
| Q1 25 | 1.2% | -24.3% | ||
| Q4 24 | 19.0% | 24.5% | ||
| Q3 24 | 4.2% | -4.3% | ||
| Q2 24 | 5.0% | -11.5% | ||
| Q1 24 | 4.7% | -10.7% |
净利率MECVCEL
| Q4 25 | -3.2% | 25.0% | ||
| Q3 25 | -1.9% | 7.5% | ||
| Q2 25 | -0.8% | -0.9% | ||
| Q1 25 | 0.0% | -21.4% | ||
| Q4 24 | 13.2% | 26.3% | ||
| Q3 24 | 2.2% | -1.6% | ||
| Q2 24 | 2.3% | -8.9% | ||
| Q1 24 | 2.0% | -7.5% |
每股收益（稀释后）MECVCEL
| Q4 25 | $-0.22 | $0.46 | ||
| Q3 25 | $-0.13 | $0.10 | ||
| Q2 25 | $-0.05 | $-0.01 | ||
| Q1 25 | $0.00 | $-0.23 | ||
| Q4 24 | $0.76 | $0.40 | ||
| Q3 24 | $0.14 | $-0.02 | ||
| Q2 24 | $0.18 | $-0.10 | ||
| Q1 24 | $0.16 | $-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 | $1.5M | $137.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $240.7M | $354.6M |
| 总资产 | $563.6M | $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MECVCEL
| Q4 25 | $1.5M | $137.5M | ||
| Q3 25 | $1.2M | $135.4M | ||
| Q2 25 | $206.0K | $116.9M | ||
| Q1 25 | $183.0K | $112.9M | ||
| Q4 24 | $206.0K | $116.2M | ||
| Q3 24 | $178.0K | $101.7M | ||
| Q2 24 | $314.0K | $102.5M | ||
| Q1 24 | $314.0K | $110.6M |
股东权益MECVCEL
| Q4 25 | $240.7M | $354.6M | ||
| Q3 25 | $244.8M | $321.9M | ||
| Q2 25 | $246.8M | $306.8M | ||
| Q1 25 | $250.0M | $295.5M | ||
| Q4 24 | $251.8M | $292.0M | ||
| Q3 24 | $238.4M | $257.5M | ||
| Q2 24 | $238.1M | $243.0M | ||
| Q1 24 | $234.0M | $233.9M |
总资产MECVCEL
| Q4 25 | $563.6M | $488.0M | ||
| Q3 25 | $585.6M | $453.3M | ||
| Q2 25 | $433.7M | $435.6M | ||
| Q1 25 | $447.7M | $424.6M | ||
| Q4 24 | $445.6M | $432.7M | ||
| Q3 24 | $466.0M | $390.4M | ||
| Q2 24 | $488.2M | $376.8M | ||
| Q1 24 | $499.9M | $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 | $13.4M | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $10.2M | $12.8M |
| 自由现金流率自由现金流/营收 | 7.6% | 13.8% |
| 资本支出强度资本支出/营收 | 2.4% | 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 | $26.9M | $24.7M |
8季度趋势，按日历期对齐
经营现金流MECVCEL
| Q4 25 | $13.4M | $15.0M | ||
| Q3 25 | $1.9M | $22.1M | ||
| Q2 25 | $15.0M | $8.2M | ||
| Q1 25 | $8.3M | $6.6M | ||
| Q4 24 | $38.0M | $22.2M | ||
| Q3 24 | $17.9M | $10.2M | ||
| Q2 24 | $23.3M | $18.5M | ||
| Q1 24 | $10.6M | $7.2M |
自由现金流MECVCEL
| Q4 25 | $10.2M | $12.8M | ||
| Q3 25 | $-1.1M | $19.5M | ||
| Q2 25 | $12.5M | $81.0K | ||
| Q1 25 | $5.4M | $-7.6M | ||
| Q4 24 | $35.6M | $8.5M | ||
| Q3 24 | $15.1M | $-9.2M | ||
| Q2 24 | $19.2M | $1.8M | ||
| Q1 24 | $7.8M | $-6.8M |
自由现金流率MECVCEL
| Q4 25 | 7.6% | 13.8% | ||
| Q3 25 | -0.8% | 28.8% | ||
| Q2 25 | 9.5% | 0.1% | ||
| Q1 25 | 4.0% | -14.5% | ||
| Q4 24 | 29.4% | 11.2% | ||
| Q3 24 | 11.1% | -15.9% | ||
| Q2 24 | 11.7% | 3.4% | ||
| Q1 24 | 4.9% | -13.3% |
资本支出强度MECVCEL
| Q4 25 | 2.4% | 2.4% | ||
| Q3 25 | 2.1% | 3.9% | ||
| Q2 25 | 1.8% | 12.9% | ||
| Q1 25 | 2.2% | 27.0% | ||
| Q4 24 | 1.9% | 18.3% | ||
| Q3 24 | 2.1% | 33.5% | ||
| Q2 24 | 2.5% | 31.8% | ||
| Q1 24 | 1.7% | 27.3% |
现金转化率MECVCEL
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | 416.65× | — | ||
| Q4 24 | 2.38× | 1.12× | ||
| Q3 24 | 6.03× | — | ||
| Q2 24 | 6.15× | — | ||
| Q1 24 | 3.28× | — |
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
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
