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RICHARDSON ELECTRONICS, LTD.（RELL）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RICHARDSON ELECTRONICS, LTD.的1.8倍（$92.9M vs $52.3M），Vericel Corp净利率更高（25.0% vs -0.2%，领先25.2%），Vericel Corp同比增速更快（23.3% vs 5.7%），Vericel Corp自由现金流更多（$12.8M vs $-1.7M），过去两年Vericel Corp的营收复合增速更高（34.6% vs -0.3%）
詹姆斯·理查森集团（又名JR集团）是澳大利亚私有综合企业，业务涵盖家具、酒店、房地产及零售领域，总部位于墨尔本阿伯茨福德区，全球雇员约2300人。该企业最为消费者熟知的是其分布在澳大拉西亚和中东地区机场、边境口岸的免税零售门店，在以色列是家喻户晓的企业。
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。
RELL vs VCEL — 直观对比
营收规模更大
VCEL
是对方的1.8倍
$52.3M
营收增速更快
VCEL
高出17.6%
5.7%
净利率更高
VCEL
高出25.2%
-0.2%
自由现金流更多
VCEL
多$14.5M
$-1.7M
两年增速更快
VCEL
近两年复合增速
-0.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $52.3M | $92.9M |
| 净利润 | $-121.0K | $23.2M |
| 毛利率 | 30.7% | 78.7% |
| 营业利润率 | 0.3% | 24.1% |
| 净利率 | -0.2% | 25.0% |
| 营收同比 | 5.7% | 23.3% |
| 净利润同比 | 83.9% | 17.3% |
| 每股收益（稀释后） | — | $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RELLVCEL
| Q4 25 | $52.3M | $92.9M | ||
| Q3 25 | $54.6M | $67.5M | ||
| Q2 25 | — | $63.2M | ||
| Q1 25 | $53.8M | $52.6M | ||
| Q4 24 | $49.5M | $75.4M | ||
| Q3 24 | $53.7M | $57.9M | ||
| Q2 24 | — | $52.7M | ||
| Q1 24 | $52.4M | $51.3M |
净利润RELLVCEL
| Q4 25 | $-121.0K | $23.2M | ||
| Q3 25 | $1.9M | $5.1M | ||
| Q2 25 | — | $-553.0K | ||
| Q1 25 | $-2.1M | $-11.2M | ||
| Q4 24 | $-751.0K | $19.8M | ||
| Q3 24 | $590.0K | $-901.0K | ||
| Q2 24 | — | $-4.7M | ||
| Q1 24 | $750.0K | $-3.9M |
毛利率RELLVCEL
| Q4 25 | 30.7% | 78.7% | ||
| Q3 25 | 31.0% | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | 31.0% | 69.0% | ||
| Q4 24 | 31.0% | 77.6% | ||
| Q3 24 | 30.6% | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | 29.5% | 68.9% |
营业利润率RELLVCEL
| Q4 25 | 0.3% | 24.1% | ||
| Q3 25 | 1.8% | 5.1% | ||
| Q2 25 | — | -3.2% | ||
| Q1 25 | -5.1% | -24.3% | ||
| Q4 24 | -1.3% | 24.5% | ||
| Q3 24 | 0.6% | -4.3% | ||
| Q2 24 | — | -11.5% | ||
| Q1 24 | 1.9% | -10.7% |
净利率RELLVCEL
| Q4 25 | -0.2% | 25.0% | ||
| Q3 25 | 3.5% | 7.5% | ||
| Q2 25 | — | -0.9% | ||
| Q1 25 | -3.8% | -21.4% | ||
| Q4 24 | -1.5% | 26.3% | ||
| Q3 24 | 1.1% | -1.6% | ||
| Q2 24 | — | -8.9% | ||
| Q1 24 | 1.4% | -7.5% |
每股收益（稀释后）RELLVCEL
| Q4 25 | — | $0.46 | ||
| Q3 25 | — | $0.10 | ||
| Q2 25 | — | $-0.01 | ||
| Q1 25 | — | $-0.23 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | — | $-0.02 | ||
| Q2 24 | — | $-0.10 | ||
| Q1 24 | — | $-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 | $33.1M | $137.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $158.5M | $354.6M |
| 总资产 | $201.8M | $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RELLVCEL
| Q4 25 | $33.1M | $137.5M | ||
| Q3 25 | $35.7M | $135.4M | ||
| Q2 25 | — | $116.9M | ||
| Q1 25 | $36.7M | $112.9M | ||
| Q4 24 | $26.6M | $116.2M | ||
| Q3 24 | $23.0M | $101.7M | ||
| Q2 24 | — | $102.5M | ||
| Q1 24 | $18.9M | $110.6M |
股东权益RELLVCEL
| Q4 25 | $158.5M | $354.6M | ||
| Q3 25 | $159.4M | $321.9M | ||
| Q2 25 | — | $306.8M | ||
| Q1 25 | $152.9M | $295.5M | ||
| Q4 24 | $156.2M | $292.0M | ||
| Q3 24 | $159.1M | $257.5M | ||
| Q2 24 | — | $243.0M | ||
| Q1 24 | $158.6M | $233.9M |
总资产RELLVCEL
| Q4 25 | $201.8M | $488.0M | ||
| Q3 25 | $200.1M | $453.3M | ||
| Q2 25 | — | $435.6M | ||
| Q1 25 | $189.8M | $424.6M | ||
| Q4 24 | $195.2M | $432.7M | ||
| Q3 24 | $197.9M | $390.4M | ||
| Q2 24 | — | $376.8M | ||
| Q1 24 | $193.6M | $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 | $-99.0K | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.7M | $12.8M |
| 自由现金流率自由现金流/营收 | -3.3% | 13.8% |
| 资本支出强度资本支出/营收 | 3.1% | 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 | $7.6M | $24.7M |
8季度趋势，按日历期对齐
经营现金流RELLVCEL
| Q4 25 | $-99.0K | $15.0M | ||
| Q3 25 | $1.4M | $22.1M | ||
| Q2 25 | — | $8.2M | ||
| Q1 25 | $4.6M | $6.6M | ||
| Q4 24 | $5.5M | $22.2M | ||
| Q3 24 | $412.0K | $10.2M | ||
| Q2 24 | — | $18.5M | ||
| Q1 24 | $-2.5M | $7.2M |
自由现金流RELLVCEL
| Q4 25 | $-1.7M | $12.8M | ||
| Q3 25 | $342.0K | $19.5M | ||
| Q2 25 | — | $81.0K | ||
| Q1 25 | $4.1M | $-7.6M | ||
| Q4 24 | $4.9M | $8.5M | ||
| Q3 24 | $-514.0K | $-9.2M | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | $-2.9M | $-6.8M |
自由现金流率RELLVCEL
| Q4 25 | -3.3% | 13.8% | ||
| Q3 25 | 0.6% | 28.8% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | 7.5% | -14.5% | ||
| Q4 24 | 10.0% | 11.2% | ||
| Q3 24 | -1.0% | -15.9% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | -5.6% | -13.3% |
资本支出强度RELLVCEL
| Q4 25 | 3.1% | 2.4% | ||
| Q3 25 | 1.9% | 3.9% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | 1.0% | 27.0% | ||
| Q4 24 | 1.0% | 18.3% | ||
| Q3 24 | 1.7% | 33.5% | ||
| Q2 24 | — | 31.8% | ||
| Q1 24 | 0.8% | 27.3% |
现金转化率RELLVCEL
| Q4 25 | — | 0.65× | ||
| Q3 25 | 0.72× | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.37× | — |
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
RELL
| Power And Microwave Technologies Group | $35.2M | 67% |
| Canvys | $8.8M | 17% |
| Global Energy Solutions | $8.3M | 16% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
