vs
PDF SOLUTIONS INC（PDFS）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PDF SOLUTIONS INC的1.5倍（$92.9M vs $62.4M），Vericel Corp净利率更高（25.0% vs -0.1%，领先25.1%），PDF SOLUTIONS INC同比增速更快（24.6% vs 23.3%），Vericel Corp自由现金流更多（$12.8M vs $7.5M），过去两年Vericel Corp的营收复合增速更高（34.6% vs 22.9%）
PDF Solutions Inc是一家总部位于美国加利福尼亚州圣克拉拉的跨国企业，主营软件业务与工程技术服务，目前在纳斯达克交易所挂牌上市，股票代码为PDFS。
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。
PDFS vs VCEL — 直观对比
营收规模更大
VCEL
是对方的1.5倍
$62.4M
营收增速更快
PDFS
高出1.3%
23.3%
净利率更高
VCEL
高出25.1%
-0.1%
自由现金流更多
VCEL
多$5.3M
$7.5M
两年增速更快
VCEL
近两年复合增速
22.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $62.4M | $92.9M |
| 净利润 | $-48.0K | $23.2M |
| 毛利率 | 72.9% | 78.7% |
| 营业利润率 | 5.5% | 24.1% |
| 净利率 | -0.1% | 25.0% |
| 营收同比 | 24.6% | 23.3% |
| 净利润同比 | -108.9% | 17.3% |
| 每股收益（稀释后） | $0.00 | $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PDFSVCEL
| Q4 25 | $62.4M | $92.9M | ||
| Q3 25 | $57.1M | $67.5M | ||
| Q2 25 | $51.7M | $63.2M | ||
| Q1 25 | $47.8M | $52.6M | ||
| Q4 24 | $50.1M | $75.4M | ||
| Q3 24 | $46.4M | $57.9M | ||
| Q2 24 | $41.7M | $52.7M | ||
| Q1 24 | $41.3M | $51.3M |
净利润PDFSVCEL
| Q4 25 | $-48.0K | $23.2M | ||
| Q3 25 | $1.3M | $5.1M | ||
| Q2 25 | $1.1M | $-553.0K | ||
| Q1 25 | $-3.0M | $-11.2M | ||
| Q4 24 | $539.0K | $19.8M | ||
| Q3 24 | $2.2M | $-901.0K | ||
| Q2 24 | $1.7M | $-4.7M | ||
| Q1 24 | $-393.0K | $-3.9M |
毛利率PDFSVCEL
| Q4 25 | 72.9% | 78.7% | ||
| Q3 25 | 72.3% | 73.5% | ||
| Q2 25 | 71.2% | 73.7% | ||
| Q1 25 | 72.9% | 69.0% | ||
| Q4 24 | 68.3% | 77.6% | ||
| Q3 24 | 73.1% | 71.9% | ||
| Q2 24 | 70.6% | 69.5% | ||
| Q1 24 | 67.3% | 68.9% |
营业利润率PDFSVCEL
| Q4 25 | 5.5% | 24.1% | ||
| Q3 25 | 8.5% | 5.1% | ||
| Q2 25 | 2.2% | -3.2% | ||
| Q1 25 | -7.4% | -24.3% | ||
| Q4 24 | 1.0% | 24.5% | ||
| Q3 24 | 4.6% | -4.3% | ||
| Q2 24 | 0.6% | -11.5% | ||
| Q1 24 | -4.7% | -10.7% |
净利率PDFSVCEL
| Q4 25 | -0.1% | 25.0% | ||
| Q3 25 | 2.3% | 7.5% | ||
| Q2 25 | 2.2% | -0.9% | ||
| Q1 25 | -6.3% | -21.4% | ||
| Q4 24 | 1.1% | 26.3% | ||
| Q3 24 | 4.8% | -1.6% | ||
| Q2 24 | 4.1% | -8.9% | ||
| Q1 24 | -1.0% | -7.5% |
每股收益（稀释后）PDFSVCEL
| Q4 25 | $0.00 | $0.46 | ||
| Q3 25 | $0.03 | $0.10 | ||
| Q2 25 | $0.03 | $-0.01 | ||
| Q1 25 | $-0.08 | $-0.23 | ||
| Q4 24 | $0.01 | $0.40 | ||
| Q3 24 | $0.06 | $-0.02 | ||
| Q2 24 | $0.04 | $-0.10 | ||
| Q1 24 | $-0.01 | $-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 | $42.2M | $137.5M |
| 总债务越低越好 | $67.0M | — |
| 股东权益账面价值 | $271.0M | $354.6M |
| 总资产 | $418.7M | $488.0M |
| 负债/权益比越低杠杆越低 | 0.25× | — |
8季度趋势，按日历期对齐
现金及短期投资PDFSVCEL
| Q4 25 | $42.2M | $137.5M | ||
| Q3 25 | $35.9M | $135.4M | ||
| Q2 25 | $40.4M | $116.9M | ||
| Q1 25 | $54.1M | $112.9M | ||
| Q4 24 | $114.9M | $116.2M | ||
| Q3 24 | $120.2M | $101.7M | ||
| Q2 24 | $117.9M | $102.5M | ||
| Q1 24 | $122.9M | $110.6M |
总债务PDFSVCEL
| Q4 25 | $67.0M | — | ||
| Q3 25 | $67.6M | — | ||
| Q2 25 | $68.1M | — | ||
| Q1 25 | $68.7M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PDFSVCEL
| Q4 25 | $271.0M | $354.6M | ||
| Q3 25 | $264.4M | $321.9M | ||
| Q2 25 | $257.5M | $306.8M | ||
| Q1 25 | $249.0M | $295.5M | ||
| Q4 24 | $246.0M | $292.0M | ||
| Q3 24 | $240.5M | $257.5M | ||
| Q2 24 | $232.2M | $243.0M | ||
| Q1 24 | $225.4M | $233.9M |
总资产PDFSVCEL
| Q4 25 | $418.7M | $488.0M | ||
| Q3 25 | $406.4M | $453.3M | ||
| Q2 25 | $391.1M | $435.6M | ||
| Q1 25 | $390.0M | $424.6M | ||
| Q4 24 | $315.3M | $432.7M | ||
| Q3 24 | $307.4M | $390.4M | ||
| Q2 24 | $298.0M | $376.8M | ||
| Q1 24 | $286.8M | $356.7M |
负债/权益比PDFSVCEL
| Q4 25 | 0.25× | — | ||
| Q3 25 | 0.26× | — | ||
| Q2 25 | 0.26× | — | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | — | — | ||
| 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 | $17.3M | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $7.5M | $12.8M |
| 自由现金流率自由现金流/营收 | 12.1% | 13.8% |
| 资本支出强度资本支出/营收 | 15.7% | 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 | $-8.6M | $24.7M |
8季度趋势，按日历期对齐
经营现金流PDFSVCEL
| Q4 25 | $17.3M | $15.0M | ||
| Q3 25 | $3.3M | $22.1M | ||
| Q2 25 | $-5.2M | $8.2M | ||
| Q1 25 | $8.6M | $6.6M | ||
| Q4 24 | $1.6M | $22.2M | ||
| Q3 24 | $9.3M | $10.2M | ||
| Q2 24 | $684.0K | $18.5M | ||
| Q1 24 | $-1.9M | $7.2M |
自由现金流PDFSVCEL
| Q4 25 | $7.5M | $12.8M | ||
| Q3 25 | $-2.9M | $19.5M | ||
| Q2 25 | $-13.8M | $81.0K | ||
| Q1 25 | $535.0K | $-7.6M | ||
| Q4 24 | $-4.0M | $8.5M | ||
| Q3 24 | $5.1M | $-9.2M | ||
| Q2 24 | $-4.6M | $1.8M | ||
| Q1 24 | $-3.9M | $-6.8M |
自由现金流率PDFSVCEL
| Q4 25 | 12.1% | 13.8% | ||
| Q3 25 | -5.1% | 28.8% | ||
| Q2 25 | -26.6% | 0.1% | ||
| Q1 25 | 1.1% | -14.5% | ||
| Q4 24 | -8.0% | 11.2% | ||
| Q3 24 | 11.0% | -15.9% | ||
| Q2 24 | -11.1% | 3.4% | ||
| Q1 24 | -9.4% | -13.3% |
资本支出强度PDFSVCEL
| Q4 25 | 15.7% | 2.4% | ||
| Q3 25 | 10.8% | 3.9% | ||
| Q2 25 | 16.5% | 12.9% | ||
| Q1 25 | 17.0% | 27.0% | ||
| Q4 24 | 11.3% | 18.3% | ||
| Q3 24 | 9.0% | 33.5% | ||
| Q2 24 | 12.8% | 31.8% | ||
| Q1 24 | 4.9% | 27.3% |
现金转化率PDFSVCEL
| Q4 25 | — | 0.65× | ||
| Q3 25 | 2.54× | 4.35× | ||
| Q2 25 | -4.55× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.98× | 1.12× | ||
| Q3 24 | 4.20× | — | ||
| Q2 24 | 0.40× | — | ||
| 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
PDFS
| Volumebased | $38.0M | 61% |
| Other | $24.4M | 39% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
