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Proto Labs Inc（PRLB）与Vericel Corp（VCEL）财务数据对比。点击上方公司名可切换其他公司
Proto Labs Inc的季度营收约是Vericel Corp的1.5倍（$139.3M vs $92.9M），Vericel Corp净利率更高（25.0% vs 5.8%，领先19.2%），Vericel Corp同比增速更快（23.3% vs 10.4%），过去两年Vericel Corp的营收复合增速更高（34.6% vs 5.3%）
Proto Labs是一家提供快速制造服务的企业，可通过3D打印、CNC加工、钣金加工以及注塑成型工艺，为客户生产用于原型制作和量产的定制零部件，产品广泛应用于医疗设备、航空航天、电子、家电、汽车、消费品等多个领域，公司总部位于美国明尼苏达州，在美国多地设有生产基地。
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。
PRLB vs VCEL — 直观对比
营收规模更大
PRLB
是对方的1.5倍
$92.9M
营收增速更快
VCEL
高出12.9%
10.4%
净利率更高
VCEL
高出19.2%
5.8%
两年增速更快
VCEL
近两年复合增速
5.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $139.3M | $92.9M |
| 净利润 | $8.1M | $23.2M |
| 毛利率 | 45.6% | 78.7% |
| 营业利润率 | 7.1% | 24.1% |
| 净利率 | 5.8% | 25.0% |
| 营收同比 | 10.4% | 23.3% |
| 净利润同比 | 125.4% | 17.3% |
| 每股收益（稀释后） | $0.29 | $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PRLBVCEL
| Q1 26 | $139.3M | — | ||
| Q4 25 | $136.5M | $92.9M | ||
| Q3 25 | $135.4M | $67.5M | ||
| Q2 25 | $135.1M | $63.2M | ||
| Q1 25 | $126.2M | $52.6M | ||
| Q4 24 | $121.8M | $75.4M | ||
| Q3 24 | $125.6M | $57.9M | ||
| Q2 24 | $125.6M | $52.7M |
净利润PRLBVCEL
| Q1 26 | $8.1M | — | ||
| Q4 25 | — | $23.2M | ||
| Q3 25 | $7.2M | $5.1M | ||
| Q2 25 | $4.4M | $-553.0K | ||
| Q1 25 | $3.6M | $-11.2M | ||
| Q4 24 | — | $19.8M | ||
| Q3 24 | $7.2M | $-901.0K | ||
| Q2 24 | $4.5M | $-4.7M |
毛利率PRLBVCEL
| Q1 26 | 45.6% | — | ||
| Q4 25 | 44.2% | 78.7% | ||
| Q3 25 | 45.3% | 73.5% | ||
| Q2 25 | 44.3% | 73.7% | ||
| Q1 25 | 44.1% | 69.0% | ||
| Q4 24 | 42.7% | 77.6% | ||
| Q3 24 | 45.6% | 71.9% | ||
| Q2 24 | 45.0% | 69.5% |
营业利润率PRLBVCEL
| Q1 26 | 7.1% | — | ||
| Q4 25 | 5.0% | 24.1% | ||
| Q3 25 | 6.5% | 5.1% | ||
| Q2 25 | 3.7% | -3.2% | ||
| Q1 25 | 3.6% | -24.3% | ||
| Q4 24 | -1.2% | 24.5% | ||
| Q3 24 | 6.8% | -4.3% | ||
| Q2 24 | 4.8% | -11.5% |
净利率PRLBVCEL
| Q1 26 | 5.8% | — | ||
| Q4 25 | — | 25.0% | ||
| Q3 25 | 5.3% | 7.5% | ||
| Q2 25 | 3.3% | -0.9% | ||
| Q1 25 | 2.9% | -21.4% | ||
| Q4 24 | — | 26.3% | ||
| Q3 24 | 5.7% | -1.6% | ||
| Q2 24 | 3.6% | -8.9% |
每股收益（稀释后）PRLBVCEL
| Q1 26 | $0.29 | — | ||
| Q4 25 | $0.25 | $0.46 | ||
| Q3 25 | $0.30 | $0.10 | ||
| Q2 25 | $0.18 | $-0.01 | ||
| Q1 25 | $0.15 | $-0.23 | ||
| Q4 24 | $-0.01 | $0.40 | ||
| Q3 24 | $0.29 | $-0.02 | ||
| Q2 24 | $0.18 | $-0.10 |
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 | $124.0M | $137.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $683.1M | $354.6M |
| 总资产 | $778.6M | $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PRLBVCEL
| Q1 26 | $124.0M | — | ||
| Q4 25 | $128.1M | $137.5M | ||
| Q3 25 | $119.2M | $135.4M | ||
| Q2 25 | $103.2M | $116.9M | ||
| Q1 25 | $96.8M | $112.9M | ||
| Q4 24 | $103.1M | $116.2M | ||
| Q3 24 | $100.5M | $101.7M | ||
| Q2 24 | $112.9M | $102.5M |
股东权益PRLBVCEL
| Q1 26 | $683.1M | — | ||
| Q4 25 | $673.9M | $354.6M | ||
| Q3 25 | $664.7M | $321.9M | ||
| Q2 25 | $664.7M | $306.8M | ||
| Q1 25 | $656.8M | $295.5M | ||
| Q4 24 | $670.2M | $292.0M | ||
| Q3 24 | $680.0M | $257.5M | ||
| Q2 24 | $685.2M | $243.0M |
总资产PRLBVCEL
| Q1 26 | $778.6M | — | ||
| Q4 25 | $763.4M | $488.0M | ||
| Q3 25 | $756.9M | $453.3M | ||
| Q2 25 | $743.3M | $435.6M | ||
| Q1 25 | $737.5M | $424.6M | ||
| Q4 24 | $743.5M | $432.7M | ||
| Q3 24 | $753.8M | $390.4M | ||
| Q2 24 | $758.2M | $376.8M |
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 | $17.5M | $15.0M |
| 自由现金流经营现金流 - 资本支出 | — | $12.8M |
| 自由现金流率自由现金流/营收 | — | 13.8% |
| 资本支出强度资本支出/营收 | — | 2.4% |
| 现金转化率经营现金流/净利润 | 2.16× | 0.65× |
| 过去12个月自由现金流最近4个季度 | — | $24.7M |
8季度趋势，按日历期对齐
经营现金流PRLBVCEL
| Q1 26 | $17.5M | — | ||
| Q4 25 | $16.5M | $15.0M | ||
| Q3 25 | $29.1M | $22.1M | ||
| Q2 25 | $10.6M | $8.2M | ||
| Q1 25 | $18.4M | $6.6M | ||
| Q4 24 | $17.3M | $22.2M | ||
| Q3 24 | $24.8M | $10.2M | ||
| Q2 24 | $14.4M | $18.5M |
自由现金流PRLBVCEL
| Q1 26 | — | — | ||
| Q4 25 | $8.4M | $12.8M | ||
| Q3 25 | $25.0M | $19.5M | ||
| Q2 25 | $9.1M | $81.0K | ||
| Q1 25 | $17.1M | $-7.6M | ||
| Q4 24 | $16.5M | $8.5M | ||
| Q3 24 | $23.2M | $-9.2M | ||
| Q2 24 | $10.2M | $1.8M |
自由现金流率PRLBVCEL
| Q1 26 | — | — | ||
| Q4 25 | 6.2% | 13.8% | ||
| Q3 25 | 18.5% | 28.8% | ||
| Q2 25 | 6.7% | 0.1% | ||
| Q1 25 | 13.6% | -14.5% | ||
| Q4 24 | 13.5% | 11.2% | ||
| Q3 24 | 18.5% | -15.9% | ||
| Q2 24 | 8.2% | 3.4% |
资本支出强度PRLBVCEL
| Q1 26 | — | — | ||
| Q4 25 | 5.9% | 2.4% | ||
| Q3 25 | 3.0% | 3.9% | ||
| Q2 25 | 1.1% | 12.9% | ||
| Q1 25 | 1.0% | 27.0% | ||
| Q4 24 | 0.7% | 18.3% | ||
| Q3 24 | 1.2% | 33.5% | ||
| Q2 24 | 3.3% | 31.8% |
现金转化率PRLBVCEL
| Q1 26 | 2.16× | — | ||
| Q4 25 | — | 0.65× | ||
| Q3 25 | 4.03× | 4.35× | ||
| Q2 25 | 2.39× | — | ||
| Q1 25 | 5.11× | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | 3.44× | — | ||
| Q2 24 | 3.18× | — |
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
PRLB
| CNC Machining | $63.2M | 45% |
| Injection Molding | $51.1M | 37% |
| 3D Printing | $20.5M | 15% |
| Sheet Metal | $4.4M | 3% |
| Other Revenue | $207.0K | 0% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
