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STEM, INC.（STEM）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STEM, INC.的2.0倍（$92.9M vs $47.1M），Vericel Corp净利率更高（25.0% vs -33.9%，领先58.9%），Vericel Corp同比增速更快（23.3% vs -15.6%），过去两年STEM, INC.的营收复合增速更高（36.1% vs 34.6%）
该公司是一家公开上市的生物制药企业，总部位于加利福尼亚州纽瓦克，专注研发纯化人类神经干细胞，旨在治疗中枢神经系统疾病与瘫痪，其所研发的神经干细胞可分化为中枢神经系统的神经元、星形胶质细胞与少突胶质细胞这三大主要细胞类型。
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。
STEM vs VCEL — 直观对比
营收规模更大
VCEL
是对方的2.0倍
$47.1M
营收增速更快
VCEL
高出38.8%
-15.6%
净利率更高
VCEL
高出58.9%
-33.9%
两年增速更快
STEM
近两年复合增速
34.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $47.1M | $92.9M |
| 净利润 | $-16.0M | $23.2M |
| 毛利率 | 48.9% | 78.7% |
| 营业利润率 | -17.7% | 24.1% |
| 净利率 | -33.9% | 25.0% |
| 营收同比 | -15.6% | 23.3% |
| 净利润同比 | 68.8% | 17.3% |
| 每股收益（稀释后） | $-4.40 | $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STEMVCEL
| Q4 25 | $47.1M | $92.9M | ||
| Q3 25 | $38.2M | $67.5M | ||
| Q2 25 | $38.4M | $63.2M | ||
| Q1 25 | $32.5M | $52.6M | ||
| Q4 24 | $55.8M | $75.4M | ||
| Q3 24 | $29.3M | $57.9M | ||
| Q2 24 | $34.0M | $52.7M | ||
| Q1 24 | $25.5M | $51.3M |
净利润STEMVCEL
| Q4 25 | $-16.0M | $23.2M | ||
| Q3 25 | $-23.8M | $5.1M | ||
| Q2 25 | $202.5M | $-553.0K | ||
| Q1 25 | $-25.0M | $-11.2M | ||
| Q4 24 | $-51.1M | $19.8M | ||
| Q3 24 | $-148.3M | $-901.0K | ||
| Q2 24 | $-582.3M | $-4.7M | ||
| Q1 24 | $-72.3M | $-3.9M |
毛利率STEMVCEL
| Q4 25 | 48.9% | 78.7% | ||
| Q3 25 | 35.5% | 73.5% | ||
| Q2 25 | 33.4% | 73.7% | ||
| Q1 25 | 32.4% | 69.0% | ||
| Q4 24 | -4.4% | 77.6% | ||
| Q3 24 | 21.2% | 71.9% | ||
| Q2 24 | 27.6% | 69.5% | ||
| Q1 24 | -95.0% | 68.9% |
营业利润率STEMVCEL
| Q4 25 | -17.7% | 24.1% | ||
| Q3 25 | -33.6% | 5.1% | ||
| Q2 25 | -34.8% | -3.2% | ||
| Q1 25 | -65.0% | -24.3% | ||
| Q4 24 | -84.4% | 24.5% | ||
| Q3 24 | -493.2% | -4.3% | ||
| Q2 24 | -1705.5% | -11.5% | ||
| Q1 24 | -267.0% | -10.7% |
净利率STEMVCEL
| Q4 25 | -33.9% | 25.0% | ||
| Q3 25 | -62.2% | 7.5% | ||
| Q2 25 | 527.8% | -0.9% | ||
| Q1 25 | -76.9% | -21.4% | ||
| Q4 24 | -91.6% | 26.3% | ||
| Q3 24 | -506.3% | -1.6% | ||
| Q2 24 | -1712.6% | -8.9% | ||
| Q1 24 | -283.9% | -7.5% |
每股收益（稀释后）STEMVCEL
| Q4 25 | $-4.40 | $0.46 | ||
| Q3 25 | $-2.84 | $0.10 | ||
| Q2 25 | $-1.79 | $-0.01 | ||
| Q1 25 | $-0.15 | $-0.23 | ||
| Q4 24 | $-15.29 | $0.40 | ||
| Q3 24 | $-18.24 | $-0.02 | ||
| Q2 24 | $-71.81 | $-0.10 | ||
| Q1 24 | $-0.46 | $-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 | $48.9M | $137.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-249.4M | $354.6M |
| 总资产 | $308.9M | $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STEMVCEL
| Q4 25 | $48.9M | $137.5M | ||
| Q3 25 | $43.1M | $135.4M | ||
| Q2 25 | $40.8M | $116.9M | ||
| Q1 25 | $58.6M | $112.9M | ||
| Q4 24 | $56.3M | $116.2M | ||
| Q3 24 | $75.4M | $101.7M | ||
| Q2 24 | $89.6M | $102.5M | ||
| Q1 24 | $112.8M | $110.6M |
股东权益STEMVCEL
| Q4 25 | $-249.4M | $354.6M | ||
| Q3 25 | $-235.7M | $321.9M | ||
| Q2 25 | $-214.1M | $306.8M | ||
| Q1 25 | $-417.5M | $295.5M | ||
| Q4 24 | $-398.4M | $292.0M | ||
| Q3 24 | $-344.1M | $257.5M | ||
| Q2 24 | $-203.2M | $243.0M | ||
| Q1 24 | $371.6M | $233.9M |
总资产STEMVCEL
| Q4 25 | $308.9M | $488.0M | ||
| Q3 25 | $362.6M | $453.3M | ||
| Q2 25 | $379.2M | $435.6M | ||
| Q1 25 | $405.1M | $424.6M | ||
| Q4 24 | $437.4M | $432.7M | ||
| Q3 24 | $537.8M | $390.4M | ||
| Q2 24 | $691.5M | $376.8M | ||
| Q1 24 | $1.3B | $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 | $8.2M | $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 | — | 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STEMVCEL
| Q4 25 | $8.2M | $15.0M | ||
| Q3 25 | $11.4M | $22.1M | ||
| Q2 25 | $-21.3M | $8.2M | ||
| Q1 25 | $8.5M | $6.6M | ||
| Q4 24 | $-14.7M | $22.2M | ||
| Q3 24 | $-9.4M | $10.2M | ||
| Q2 24 | $-11.9M | $18.5M | ||
| Q1 24 | $-621.0K | $7.2M |
自由现金流STEMVCEL
| Q4 25 | — | $12.8M | ||
| Q3 25 | — | $19.5M | ||
| Q2 25 | — | $81.0K | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | — | $-9.2M | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | — | $-6.8M |
自由现金流率STEMVCEL
| Q4 25 | — | 13.8% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | -14.5% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | -15.9% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | — | -13.3% |
资本支出强度STEMVCEL
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | — | 33.5% | ||
| Q2 24 | — | 31.8% | ||
| Q1 24 | — | 27.3% |
现金转化率STEMVCEL
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | -0.11× | — | ||
| 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
STEM
暂无分部数据
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
