vs
Planet Labs PBC（PL）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Planet Labs PBC的1.1倍（$92.9M vs $81.3M），Vericel Corp净利率更高（25.0% vs -72.8%，领先97.9%），Planet Labs PBC同比增速更快（32.6% vs 23.3%），Vericel Corp自由现金流更多（$12.8M vs $1.9M），过去两年Vericel Corp的营收复合增速更高（34.6% vs 17.5%）
Planet Labs PBC（常简称为Planet）是总部位于美国加利福尼亚州旧金山的上市地球影像企业，核心目标是实现全球范围的每日成像，以此监测地表变化、精准识别相关趋势，为多行业的地理数据分析需求提供可靠的数据支持。
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。
PL vs VCEL — 直观对比
营收规模更大
VCEL
是对方的1.1倍
$81.3M
营收增速更快
PL
高出9.4%
23.3%
净利率更高
VCEL
高出97.9%
-72.8%
自由现金流更多
VCEL
多$10.9M
$1.9M
两年增速更快
VCEL
近两年复合增速
17.5%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $81.3M | $92.9M |
| 净利润 | $-59.2M | $23.2M |
| 毛利率 | 57.3% | 78.7% |
| 营业利润率 | -22.6% | 24.1% |
| 净利率 | -72.8% | 25.0% |
| 营收同比 | 32.6% | 23.3% |
| 净利润同比 | -194.7% | 17.3% |
| 每股收益（稀释后） | $-0.19 | $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PLVCEL
| Q4 25 | $81.3M | $92.9M | ||
| Q3 25 | $73.4M | $67.5M | ||
| Q2 25 | $66.3M | $63.2M | ||
| Q1 25 | $61.6M | $52.6M | ||
| Q4 24 | $61.3M | $75.4M | ||
| Q3 24 | $61.1M | $57.9M | ||
| Q2 24 | $60.4M | $52.7M | ||
| Q1 24 | $58.9M | $51.3M |
净利润PLVCEL
| Q4 25 | $-59.2M | $23.2M | ||
| Q3 25 | $-22.6M | $5.1M | ||
| Q2 25 | $-12.6M | $-553.0K | ||
| Q1 25 | $-35.2M | $-11.2M | ||
| Q4 24 | $-20.1M | $19.8M | ||
| Q3 24 | $-38.7M | $-901.0K | ||
| Q2 24 | $-29.3M | $-4.7M | ||
| Q1 24 | $-30.1M | $-3.9M |
毛利率PLVCEL
| Q4 25 | 57.3% | 78.7% | ||
| Q3 25 | 57.6% | 73.5% | ||
| Q2 25 | 55.2% | 73.7% | ||
| Q1 25 | 62.1% | 69.0% | ||
| Q4 24 | 61.2% | 77.6% | ||
| Q3 24 | 52.9% | 71.9% | ||
| Q2 24 | 52.4% | 69.5% | ||
| Q1 24 | 55.2% | 68.9% |
营业利润率PLVCEL
| Q4 25 | -22.6% | 24.1% | ||
| Q3 25 | -24.5% | 5.1% | ||
| Q2 25 | -34.4% | -3.2% | ||
| Q1 25 | -31.5% | -24.3% | ||
| Q4 24 | -36.9% | 24.5% | ||
| Q3 24 | -64.8% | -4.3% | ||
| Q2 24 | -57.2% | -11.5% | ||
| Q1 24 | -57.6% | -10.7% |
净利率PLVCEL
| Q4 25 | -72.8% | 25.0% | ||
| Q3 25 | -30.8% | 7.5% | ||
| Q2 25 | -19.1% | -0.9% | ||
| Q1 25 | -57.1% | -21.4% | ||
| Q4 24 | -32.8% | 26.3% | ||
| Q3 24 | -63.3% | -1.6% | ||
| Q2 24 | -48.5% | -8.9% | ||
| Q1 24 | -51.1% | -7.5% |
每股收益（稀释后）PLVCEL
| Q4 25 | $-0.19 | $0.46 | ||
| Q3 25 | $-0.07 | $0.10 | ||
| Q2 25 | $-0.04 | $-0.01 | ||
| Q1 25 | $-0.12 | $-0.23 | ||
| Q4 24 | $-0.07 | $0.40 | ||
| Q3 24 | $-0.13 | $-0.02 | ||
| Q2 24 | $-0.10 | $-0.10 | ||
| Q1 24 | $-0.10 | $-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 | $443.3M | $137.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $349.6M | $354.6M |
| 总资产 | $1.1B | $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PLVCEL
| Q4 25 | $443.3M | $137.5M | ||
| Q3 25 | $181.1M | $135.4M | ||
| Q2 25 | $133.5M | $116.9M | ||
| Q1 25 | $118.0M | $112.9M | ||
| Q4 24 | $139.0M | $116.2M | ||
| Q3 24 | $148.3M | $101.7M | ||
| Q2 24 | $107.4M | $102.5M | ||
| Q1 24 | $83.9M | $110.6M |
股东权益PLVCEL
| Q4 25 | $349.6M | $354.6M | ||
| Q3 25 | $435.7M | $321.9M | ||
| Q2 25 | $444.8M | $306.8M | ||
| Q1 25 | $441.3M | $295.5M | ||
| Q4 24 | $464.6M | $292.0M | ||
| Q3 24 | $473.2M | $257.5M | ||
| Q2 24 | $500.3M | $243.0M | ||
| Q1 24 | $518.0M | $233.9M |
总资产PLVCEL
| Q4 25 | $1.1B | $488.0M | ||
| Q3 25 | $696.4M | $453.3M | ||
| Q2 25 | $658.4M | $435.6M | ||
| Q1 25 | $633.8M | $424.6M | ||
| Q4 24 | $630.8M | $432.7M | ||
| Q3 24 | $658.4M | $390.4M | ||
| Q2 24 | $674.6M | $376.8M | ||
| Q1 24 | $702.0M | $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 | $28.6M | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $1.9M | $12.8M |
| 自由现金流率自由现金流/营收 | 2.3% | 13.8% |
| 资本支出强度资本支出/营收 | 32.9% | 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 | $40.7M | $24.7M |
8季度趋势，按日历期对齐
经营现金流PLVCEL
| Q4 25 | $28.6M | $15.0M | ||
| Q3 25 | $67.8M | $22.1M | ||
| Q2 25 | $17.3M | $8.2M | ||
| Q1 25 | $-6.3M | $6.6M | ||
| Q4 24 | $4.1M | $22.2M | ||
| Q3 24 | $-7.9M | $10.2M | ||
| Q2 24 | $-4.3M | $18.5M | ||
| Q1 24 | $-6.8M | $7.2M |
自由现金流PLVCEL
| Q4 25 | $1.9M | $12.8M | ||
| Q3 25 | $47.5M | $19.5M | ||
| Q2 25 | $9.2M | $81.0K | ||
| Q1 25 | $-17.9M | $-7.6M | ||
| Q4 24 | $-3.6M | $8.5M | ||
| Q3 24 | $-23.0M | $-9.2M | ||
| Q2 24 | $-14.2M | $1.8M | ||
| Q1 24 | $-15.7M | $-6.8M |
自由现金流率PLVCEL
| Q4 25 | 2.3% | 13.8% | ||
| Q3 25 | 64.7% | 28.8% | ||
| Q2 25 | 13.9% | 0.1% | ||
| Q1 25 | -29.1% | -14.5% | ||
| Q4 24 | -5.8% | 11.2% | ||
| Q3 24 | -37.6% | -15.9% | ||
| Q2 24 | -23.6% | 3.4% | ||
| Q1 24 | -26.7% | -13.3% |
资本支出强度PLVCEL
| Q4 25 | 32.9% | 2.4% | ||
| Q3 25 | 27.6% | 3.9% | ||
| Q2 25 | 12.3% | 12.9% | ||
| Q1 25 | 18.9% | 27.0% | ||
| Q4 24 | 12.5% | 18.3% | ||
| Q3 24 | 24.8% | 33.5% | ||
| Q2 24 | 16.4% | 31.8% | ||
| Q1 24 | 15.1% | 27.3% |
现金转化率PLVCEL
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 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
PL
| Defense And Intelligence | $49.4M | 61% |
| Civil Government | $18.8M | 23% |
| Commercial | $13.1M | 16% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
