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Ingevity Corp（NGVT）与Vericel Corp（VCEL）财务数据对比。点击上方公司名可切换其他公司
Ingevity Corp的季度营收约是Vericel Corp的2.0倍（$185.4M vs $92.9M），Vericel Corp净利率更高（25.0% vs -45.6%，领先70.6%），Ingevity Corp同比增速更快（36.7% vs 23.3%），Ingevity Corp自由现金流更多（$73.5M vs $12.8M），过去两年Vericel Corp的营收复合增速更高（34.6% vs -26.2%）
Ingevity Corp是一家全球特种化学品与先进材料生产商，主营高性能碳材料、路面养护解决方案及特种化工产品，服务汽车排放控制、工业净化、道路基建、农业投入品等核心市场，业务覆盖北美、欧洲及亚太地区。
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。
NGVT vs VCEL — 直观对比
营收规模更大
NGVT
是对方的2.0倍
$92.9M
营收增速更快
NGVT
高出13.5%
23.3%
净利率更高
VCEL
高出70.6%
-45.6%
自由现金流更多
NGVT
多$60.7M
$12.8M
两年增速更快
VCEL
近两年复合增速
-26.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $185.4M | $92.9M |
| 净利润 | $-84.6M | $23.2M |
| 毛利率 | 41.2% | 78.7% |
| 营业利润率 | -47.7% | 24.1% |
| 净利率 | -45.6% | 25.0% |
| 营收同比 | 36.7% | 23.3% |
| 净利润同比 | -609.6% | 17.3% |
| 每股收益（稀释后） | $-2.33 | $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NGVTVCEL
| Q4 25 | $185.4M | $92.9M | ||
| Q3 25 | $333.1M | $67.5M | ||
| Q2 25 | $365.1M | $63.2M | ||
| Q1 25 | $284.0M | $52.6M | ||
| Q4 24 | $135.6M | $75.4M | ||
| Q3 24 | $333.8M | $57.9M | ||
| Q2 24 | $390.6M | $52.7M | ||
| Q1 24 | $340.1M | $51.3M |
净利润NGVTVCEL
| Q4 25 | $-84.6M | $23.2M | ||
| Q3 25 | $43.5M | $5.1M | ||
| Q2 25 | $-146.5M | $-553.0K | ||
| Q1 25 | $20.5M | $-11.2M | ||
| Q4 24 | $16.6M | $19.8M | ||
| Q3 24 | $-107.2M | $-901.0K | ||
| Q2 24 | $-283.7M | $-4.7M | ||
| Q1 24 | $-56.0M | $-3.9M |
毛利率NGVTVCEL
| Q4 25 | 41.2% | 78.7% | ||
| Q3 25 | 40.2% | 73.5% | ||
| Q2 25 | 37.8% | 73.7% | ||
| Q1 25 | 39.9% | 69.0% | ||
| Q4 24 | 81.3% | 77.6% | ||
| Q3 24 | 39.4% | 71.9% | ||
| Q2 24 | 31.5% | 69.5% | ||
| Q1 24 | 29.3% | 68.9% |
营业利润率NGVTVCEL
| Q4 25 | -47.7% | 24.1% | ||
| Q3 25 | 18.7% | 5.1% | ||
| Q2 25 | -39.1% | -3.2% | ||
| Q1 25 | 9.4% | -24.3% | ||
| Q4 24 | — | 24.5% | ||
| Q3 24 | 33.0% | -4.3% | ||
| Q2 24 | 25.9% | -11.5% | ||
| Q1 24 | 22.6% | -10.7% |
净利率NGVTVCEL
| Q4 25 | -45.6% | 25.0% | ||
| Q3 25 | 13.1% | 7.5% | ||
| Q2 25 | -40.1% | -0.9% | ||
| Q1 25 | 7.2% | -21.4% | ||
| Q4 24 | 12.2% | 26.3% | ||
| Q3 24 | -32.1% | -1.6% | ||
| Q2 24 | -72.6% | -8.9% | ||
| Q1 24 | -16.5% | -7.5% |
每股收益（稀释后）NGVTVCEL
| Q4 25 | $-2.33 | $0.46 | ||
| Q3 25 | $1.18 | $0.10 | ||
| Q2 25 | $-4.02 | $-0.01 | ||
| Q1 25 | $0.56 | $-0.23 | ||
| Q4 24 | $0.44 | $0.40 | ||
| Q3 24 | $-2.94 | $-0.02 | ||
| Q2 24 | $-7.81 | $-0.10 | ||
| Q1 24 | $-1.54 | $-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 | $78.1M | $137.5M |
| 总债务越低越好 | $1.2B | — |
| 股东权益账面价值 | $29.7M | $354.6M |
| 总资产 | $1.7B | $488.0M |
| 负债/权益比越低杠杆越低 | 39.10× | — |
8季度趋势，按日历期对齐
现金及短期投资NGVTVCEL
| Q4 25 | $78.1M | $137.5M | ||
| Q3 25 | $83.4M | $135.4M | ||
| Q2 25 | $76.9M | $116.9M | ||
| Q1 25 | $71.5M | $112.9M | ||
| Q4 24 | $68.0M | $116.2M | ||
| Q3 24 | $135.5M | $101.7M | ||
| Q2 24 | $107.4M | $102.5M | ||
| Q1 24 | $88.5M | $110.6M |
总债务NGVTVCEL
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
股东权益NGVTVCEL
| Q4 25 | $29.7M | $354.6M | ||
| Q3 25 | $138.1M | $321.9M | ||
| Q2 25 | $120.7M | $306.8M | ||
| Q1 25 | $234.6M | $295.5M | ||
| Q4 24 | $195.2M | $292.0M | ||
| Q3 24 | $214.5M | $257.5M | ||
| Q2 24 | $284.8M | $243.0M | ||
| Q1 24 | $568.2M | $233.9M |
总资产NGVTVCEL
| Q4 25 | $1.7B | $488.0M | ||
| Q3 25 | $1.8B | $453.3M | ||
| Q2 25 | $1.9B | $435.6M | ||
| Q1 25 | $2.1B | $424.6M | ||
| Q4 24 | $2.0B | $432.7M | ||
| Q3 24 | $2.2B | $390.4M | ||
| Q2 24 | $2.3B | $376.8M | ||
| Q1 24 | $2.6B | $356.7M |
负债/权益比NGVTVCEL
| Q4 25 | 39.10× | — | ||
| Q3 25 | 8.39× | — | ||
| Q2 25 | 10.24× | — | ||
| Q1 25 | 5.68× | — | ||
| Q4 24 | 6.86× | — | ||
| Q3 24 | 6.52× | — | ||
| Q2 24 | 4.92× | — | ||
| Q1 24 | 2.48× | — |
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 | $97.1M | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $73.5M | $12.8M |
| 自由现金流率自由现金流/营收 | 39.6% | 13.8% |
| 资本支出强度资本支出/营收 | 12.7% | 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 | $273.5M | $24.7M |
8季度趋势，按日历期对齐
经营现金流NGVTVCEL
| Q4 25 | $97.1M | $15.0M | ||
| Q3 25 | $129.7M | $22.1M | ||
| Q2 25 | $79.0M | $8.2M | ||
| Q1 25 | $25.4M | $6.6M | ||
| Q4 24 | $64.5M | $22.2M | ||
| Q3 24 | $46.5M | $10.2M | ||
| Q2 24 | $29.7M | $18.5M | ||
| Q1 24 | $-12.1M | $7.2M |
自由现金流NGVTVCEL
| Q4 25 | $73.5M | $12.8M | ||
| Q3 25 | $117.8M | $19.5M | ||
| Q2 25 | $66.8M | $81.0K | ||
| Q1 25 | $15.4M | $-7.6M | ||
| Q4 24 | $39.6M | $8.5M | ||
| Q3 24 | $28.5M | $-9.2M | ||
| Q2 24 | $11.6M | $1.8M | ||
| Q1 24 | $-28.7M | $-6.8M |
自由现金流率NGVTVCEL
| Q4 25 | 39.6% | 13.8% | ||
| Q3 25 | 35.4% | 28.8% | ||
| Q2 25 | 18.3% | 0.1% | ||
| Q1 25 | 5.4% | -14.5% | ||
| Q4 24 | 29.2% | 11.2% | ||
| Q3 24 | 8.5% | -15.9% | ||
| Q2 24 | 3.0% | 3.4% | ||
| Q1 24 | -8.4% | -13.3% |
资本支出强度NGVTVCEL
| Q4 25 | 12.7% | 2.4% | ||
| Q3 25 | 3.6% | 3.9% | ||
| Q2 25 | 3.3% | 12.9% | ||
| Q1 25 | 3.5% | 27.0% | ||
| Q4 24 | 18.4% | 18.3% | ||
| Q3 24 | 5.4% | 33.5% | ||
| Q2 24 | 4.6% | 31.8% | ||
| Q1 24 | 4.9% | 27.3% |
现金转化率NGVTVCEL
| Q4 25 | — | 0.65× | ||
| Q3 25 | 2.98× | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | 1.24× | — | ||
| Q4 24 | 3.89× | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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
NGVT
| Performance Materials | $151.2M | 82% |
| Advanced Polymer Technologies Segment | $36.5M | 20% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
