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MP Materials Corp.（MP）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MP Materials Corp.的1.8倍（$92.9M vs $52.7M），Vericel Corp净利率更高（25.0% vs 17.9%，领先7.1%），Vericel Corp同比增速更快（23.3% vs -13.6%），Vericel Corp自由现金流更多（$12.8M vs $-109.3M），过去两年Vericel Corp的营收复合增速更高（34.6% vs 4.0%）
MP Materials Corp.是总部位于美国的稀土材料生产商，拥有并运营加利福尼亚州芒廷帕斯矿，这是西半球唯一在产的稀土开采及加工设施，所产核心材料可广泛应用于电动汽车、风力发电机、国防工业等多个关键领域。
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。
MP vs VCEL — 直观对比
营收规模更大
VCEL
是对方的1.8倍
$52.7M
营收增速更快
VCEL
高出36.9%
-13.6%
净利率更高
VCEL
高出7.1%
17.9%
自由现金流更多
VCEL
多$122.1M
$-109.3M
两年增速更快
VCEL
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $52.7M | $92.9M |
| 净利润 | $9.4M | $23.2M |
| 毛利率 | — | 78.7% |
| 营业利润率 | -7.0% | 24.1% |
| 净利率 | 17.9% | 25.0% |
| 营收同比 | -13.6% | 23.3% |
| 净利润同比 | 142.2% | 17.3% |
| 每股收益（稀释后） | $0.07 | $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MPVCEL
| Q4 25 | $52.7M | $92.9M | ||
| Q3 25 | $53.6M | $67.5M | ||
| Q2 25 | $57.4M | $63.2M | ||
| Q1 25 | $60.8M | $52.6M | ||
| Q4 24 | $61.0M | $75.4M | ||
| Q3 24 | $62.9M | $57.9M | ||
| Q2 24 | $31.3M | $52.7M | ||
| Q1 24 | $48.7M | $51.3M |
净利润MPVCEL
| Q4 25 | $9.4M | $23.2M | ||
| Q3 25 | $-41.8M | $5.1M | ||
| Q2 25 | $-30.9M | $-553.0K | ||
| Q1 25 | $-22.6M | $-11.2M | ||
| Q4 24 | $-22.3M | $19.8M | ||
| Q3 24 | $-25.5M | $-901.0K | ||
| Q2 24 | $-34.1M | $-4.7M | ||
| Q1 24 | $16.5M | $-3.9M |
毛利率MPVCEL
| 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MPVCEL
| Q4 25 | -7.0% | 24.1% | ||
| Q3 25 | -125.2% | 5.1% | ||
| Q2 25 | -76.5% | -3.2% | ||
| Q1 25 | -57.2% | -24.3% | ||
| Q4 24 | -72.1% | 24.5% | ||
| Q3 24 | -62.8% | -4.3% | ||
| Q2 24 | -171.1% | -11.5% | ||
| Q1 24 | -66.6% | -10.7% |
净利率MPVCEL
| Q4 25 | 17.9% | 25.0% | ||
| Q3 25 | -78.0% | 7.5% | ||
| Q2 25 | -53.8% | -0.9% | ||
| Q1 25 | -37.2% | -21.4% | ||
| Q4 24 | -36.6% | 26.3% | ||
| Q3 24 | -40.5% | -1.6% | ||
| Q2 24 | -108.9% | -8.9% | ||
| Q1 24 | 33.9% | -7.5% |
每股收益（稀释后）MPVCEL
| Q4 25 | $0.07 | $0.46 | ||
| Q3 25 | $-0.24 | $0.10 | ||
| Q2 25 | $-0.19 | $-0.01 | ||
| Q1 25 | $-0.14 | $-0.23 | ||
| Q4 24 | $-0.12 | $0.40 | ||
| Q3 24 | $-0.16 | $-0.02 | ||
| Q2 24 | $-0.21 | $-0.10 | ||
| Q1 24 | $-0.08 | $-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 | $1.2B | $137.5M |
| 总债务越低越好 | $998.7M | — |
| 股东权益账面价值 | $2.0B | $354.6M |
| 总资产 | $3.9B | $488.0M |
| 负债/权益比越低杠杆越低 | 0.50× | — |
8季度趋势，按日历期对齐
现金及短期投资MPVCEL
| Q4 25 | $1.2B | $137.5M | ||
| Q3 25 | $1.1B | $135.4M | ||
| Q2 25 | $261.5M | $116.9M | ||
| Q1 25 | $198.3M | $112.9M | ||
| Q4 24 | $282.4M | $116.2M | ||
| Q3 24 | $284.4M | $101.7M | ||
| Q2 24 | $295.6M | $102.5M | ||
| Q1 24 | $296.5M | $110.6M |
总债务MPVCEL
| Q4 25 | $998.7M | — | ||
| Q3 25 | $997.3M | — | ||
| Q2 25 | $910.8M | — | ||
| Q1 25 | $909.8M | — | ||
| Q4 24 | $908.7M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MPVCEL
| Q4 25 | $2.0B | $354.6M | ||
| Q3 25 | $2.0B | $321.9M | ||
| Q2 25 | $1.0B | $306.8M | ||
| Q1 25 | $1.0B | $295.5M | ||
| Q4 24 | $1.1B | $292.0M | ||
| Q3 24 | $1.1B | $257.5M | ||
| Q2 24 | $1.1B | $243.0M | ||
| Q1 24 | $1.1B | $233.9M |
总资产MPVCEL
| Q4 25 | $3.9B | $488.0M | ||
| Q3 25 | $3.8B | $453.3M | ||
| Q2 25 | $2.3B | $435.6M | ||
| Q1 25 | $2.4B | $424.6M | ||
| Q4 24 | $2.3B | $432.7M | ||
| Q3 24 | $2.3B | $390.4M | ||
| Q2 24 | $2.4B | $376.8M | ||
| Q1 24 | $2.4B | $356.7M |
负债/权益比MPVCEL
| Q4 25 | 0.50× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | 0.88× | — | ||
| Q4 24 | 0.86× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $-46.9M | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | $12.8M |
| 自由现金流率自由现金流/营收 | -207.4% | 13.8% |
| 资本支出强度资本支出/营收 | 118.5% | 2.4% |
| 现金转化率经营现金流/净利润 | -4.97× | 0.65× |
| 过去12个月自由现金流最近4个季度 | $-328.1M | $24.7M |
8季度趋势，按日历期对齐
经营现金流MPVCEL
| Q4 25 | $-46.9M | $15.0M | ||
| Q3 25 | $-42.0M | $22.1M | ||
| Q2 25 | $-3.7M | $8.2M | ||
| Q1 25 | $-63.2M | $6.6M | ||
| Q4 24 | $30.5M | $22.2M | ||
| Q3 24 | $-6.8M | $10.2M | ||
| Q2 24 | $30.8M | $18.5M | ||
| Q1 24 | $-41.1M | $7.2M |
自由现金流MPVCEL
| Q4 25 | $-109.3M | $12.8M | ||
| Q3 25 | $-92.5M | $19.5M | ||
| Q2 25 | $-32.7M | $81.0K | ||
| Q1 25 | $-93.7M | $-7.6M | ||
| Q4 24 | $-11.2M | $8.5M | ||
| Q3 24 | $-53.3M | $-9.2M | ||
| Q2 24 | $-15.6M | $1.8M | ||
| Q1 24 | $-93.0M | $-6.8M |
自由现金流率MPVCEL
| Q4 25 | -207.4% | 13.8% | ||
| Q3 25 | -172.8% | 28.8% | ||
| Q2 25 | -56.9% | 0.1% | ||
| Q1 25 | -154.0% | -14.5% | ||
| Q4 24 | -18.3% | 11.2% | ||
| Q3 24 | -84.7% | -15.9% | ||
| Q2 24 | -50.1% | 3.4% | ||
| Q1 24 | -191.0% | -13.3% |
资本支出强度MPVCEL
| Q4 25 | 118.5% | 2.4% | ||
| Q3 25 | 94.3% | 3.9% | ||
| Q2 25 | 50.5% | 12.9% | ||
| Q1 25 | 50.1% | 27.0% | ||
| Q4 24 | 68.3% | 18.3% | ||
| Q3 24 | 73.8% | 33.5% | ||
| Q2 24 | 148.7% | 31.8% | ||
| Q1 24 | 106.5% | 27.3% |
现金转化率MPVCEL
| Q4 25 | -4.97× | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -2.49× | — |
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
MP
| Materials Segment | $35.6M | 68% |
| Other | $17.1M | 32% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
