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TELOS CORP（TLS）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TELOS CORP的2.0倍（$92.9M vs $46.8M），Vericel Corp净利率更高（25.0% vs -34.9%，领先59.9%），TELOS CORP同比增速更快（77.4% vs 23.3%），Vericel Corp自由现金流更多（$12.8M vs $8.0M），过去两年Vericel Corp的营收复合增速更高（34.6% vs 25.7%）
泰洛斯公司（Telos Corporation）是一家信息技术与网络安全企业，总部位于美国弗吉尼亚州阿什本。公司主要服务对象为政府与企业客户，业务合同大部分来自美国国防部，核心客户涵盖美国军方、情报机构、民政部门以及北约盟友机构。
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。
TLS vs VCEL — 直观对比
营收规模更大
VCEL
是对方的2.0倍
$46.8M
营收增速更快
TLS
高出54.1%
23.3%
净利率更高
VCEL
高出59.9%
-34.9%
自由现金流更多
VCEL
多$4.9M
$8.0M
两年增速更快
VCEL
近两年复合增速
25.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $46.8M | $92.9M |
| 净利润 | $-16.3M | $23.2M |
| 毛利率 | 35.0% | 78.7% |
| 营业利润率 | -39.6% | 24.1% |
| 净利率 | -34.9% | 25.0% |
| 营收同比 | 77.4% | 23.3% |
| 净利润同比 | -74.8% | 17.3% |
| 每股收益（稀释后） | $-0.22 | $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TLSVCEL
| Q4 25 | $46.8M | $92.9M | ||
| Q3 25 | $51.4M | $67.5M | ||
| Q2 25 | $36.0M | $63.2M | ||
| Q1 25 | $30.6M | $52.6M | ||
| Q4 24 | $26.4M | $75.4M | ||
| Q3 24 | $23.8M | $57.9M | ||
| Q2 24 | $28.5M | $52.7M | ||
| Q1 24 | $29.6M | $51.3M |
净利润TLSVCEL
| Q4 25 | $-16.3M | $23.2M | ||
| Q3 25 | $-2.1M | $5.1M | ||
| Q2 25 | $-9.5M | $-553.0K | ||
| Q1 25 | $-8.6M | $-11.2M | ||
| Q4 24 | $-9.3M | $19.8M | ||
| Q3 24 | $-28.1M | $-901.0K | ||
| Q2 24 | $-7.8M | $-4.7M | ||
| Q1 24 | $-7.4M | $-3.9M |
毛利率TLSVCEL
| Q4 25 | 35.0% | 78.7% | ||
| Q3 25 | 39.9% | 73.5% | ||
| Q2 25 | 33.2% | 73.7% | ||
| Q1 25 | 39.8% | 69.0% | ||
| Q4 24 | 40.3% | 77.6% | ||
| Q3 24 | 13.2% | 71.9% | ||
| Q2 24 | 34.1% | 69.5% | ||
| Q1 24 | 37.0% | 68.9% |
营业利润率TLSVCEL
| Q4 25 | -39.6% | 24.1% | ||
| Q3 25 | -4.8% | 5.1% | ||
| Q2 25 | -27.5% | -3.2% | ||
| Q1 25 | -29.5% | -24.3% | ||
| Q4 24 | -37.6% | 24.5% | ||
| Q3 24 | -121.4% | -4.3% | ||
| Q2 24 | -30.3% | -11.5% | ||
| Q1 24 | -28.5% | -10.7% |
净利率TLSVCEL
| Q4 25 | -34.9% | 25.0% | ||
| Q3 25 | -4.1% | 7.5% | ||
| Q2 25 | -26.5% | -0.9% | ||
| Q1 25 | -28.1% | -21.4% | ||
| Q4 24 | -35.4% | 26.3% | ||
| Q3 24 | -118.0% | -1.6% | ||
| Q2 24 | -27.2% | -8.9% | ||
| Q1 24 | -24.9% | -7.5% |
每股收益（稀释后）TLSVCEL
| Q4 25 | $-0.22 | $0.46 | ||
| Q3 25 | $-0.03 | $0.10 | ||
| Q2 25 | $-0.13 | $-0.01 | ||
| Q1 25 | $-0.12 | $-0.23 | ||
| Q4 24 | $-0.13 | $0.40 | ||
| Q3 24 | $-0.39 | $-0.02 | ||
| Q2 24 | $-0.11 | $-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 | $53.2M | $137.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $96.0M | $354.6M |
| 总资产 | $139.9M | $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TLSVCEL
| Q4 25 | $53.2M | $137.5M | ||
| Q3 25 | $59.0M | $135.4M | ||
| Q2 25 | $57.0M | $116.9M | ||
| Q1 25 | $57.8M | $112.9M | ||
| Q4 24 | $54.6M | $116.2M | ||
| Q3 24 | $69.8M | $101.7M | ||
| Q2 24 | $80.1M | $102.5M | ||
| Q1 24 | $93.9M | $110.6M |
股东权益TLSVCEL
| Q4 25 | $96.0M | $354.6M | ||
| Q3 25 | $119.7M | $321.9M | ||
| Q2 25 | $118.4M | $306.8M | ||
| Q1 25 | $126.1M | $295.5M | ||
| Q4 24 | $127.1M | $292.0M | ||
| Q3 24 | $129.5M | $257.5M | ||
| Q2 24 | $149.1M | $243.0M | ||
| Q1 24 | $154.4M | $233.9M |
总资产TLSVCEL
| Q4 25 | $139.9M | $488.0M | ||
| Q3 25 | $164.3M | $453.3M | ||
| Q2 25 | $165.0M | $435.6M | ||
| Q1 25 | $158.1M | $424.6M | ||
| Q4 24 | $158.2M | $432.7M | ||
| Q3 24 | $166.3M | $390.4M | ||
| Q2 24 | $182.4M | $376.8M | ||
| Q1 24 | $195.4M | $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 | $8.0M | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $8.0M | $12.8M |
| 自由现金流率自由现金流/营收 | 17.0% | 13.8% |
| 资本支出强度资本支出/营收 | 0.1% | 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 | $29.4M | $24.7M |
8季度趋势，按日历期对齐
经营现金流TLSVCEL
| Q4 25 | $8.0M | $15.0M | ||
| Q3 25 | $9.1M | $22.1M | ||
| Q2 25 | $7.0M | $8.2M | ||
| Q1 25 | $6.1M | $6.6M | ||
| Q4 24 | $-10.5M | $22.2M | ||
| Q3 24 | $-7.1M | $10.2M | ||
| Q2 24 | $-8.0M | $18.5M | ||
| Q1 24 | $-350.0K | $7.2M |
自由现金流TLSVCEL
| Q4 25 | $8.0M | $12.8M | ||
| Q3 25 | $8.7M | $19.5M | ||
| Q2 25 | $6.8M | $81.0K | ||
| Q1 25 | $6.0M | $-7.6M | ||
| Q4 24 | $-12.4M | $8.5M | ||
| Q3 24 | $-7.1M | $-9.2M | ||
| Q2 24 | $-8.2M | $1.8M | ||
| Q1 24 | $-447.0K | $-6.8M |
自由现金流率TLSVCEL
| Q4 25 | 17.0% | 13.8% | ||
| Q3 25 | 16.9% | 28.8% | ||
| Q2 25 | 19.0% | 0.1% | ||
| Q1 25 | 19.5% | -14.5% | ||
| Q4 24 | -47.0% | 11.2% | ||
| Q3 24 | -30.0% | -15.9% | ||
| Q2 24 | -28.9% | 3.4% | ||
| Q1 24 | -1.5% | -13.3% |
资本支出强度TLSVCEL
| Q4 25 | 0.1% | 2.4% | ||
| Q3 25 | 0.9% | 3.9% | ||
| Q2 25 | 0.4% | 12.9% | ||
| Q1 25 | 0.4% | 27.0% | ||
| Q4 24 | 7.1% | 18.3% | ||
| Q3 24 | 0.2% | 33.5% | ||
| Q2 24 | 0.8% | 31.8% | ||
| Q1 24 | 0.3% | 27.3% |
现金转化率TLSVCEL
| 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
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
