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TSS, Inc.（TSSI）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TSS, Inc.的1.5倍（$92.9M vs $60.9M），Vericel Corp净利率更高（25.0% vs 20.0%，领先5.0%），Vericel Corp同比增速更快（23.3% vs 21.8%），TSS, Inc.自由现金流更多（$15.8M vs $12.8M），过去两年TSS, Inc.的营收复合增速更高（95.8% vs 34.6%）
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。
TSSI vs VCEL — 直观对比
营收规模更大
VCEL
是对方的1.5倍
$60.9M
营收增速更快
VCEL
高出1.5%
21.8%
净利率更高
VCEL
高出5.0%
20.0%
自由现金流更多
TSSI
多$3.0M
$12.8M
两年增速更快
TSSI
近两年复合增速
34.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $60.9M | $92.9M |
| 净利润 | $12.2M | $23.2M |
| 毛利率 | 17.6% | 78.7% |
| 营业利润率 | 1.5% | 24.1% |
| 净利率 | 20.0% | 25.0% |
| 营收同比 | 21.8% | 23.3% |
| 净利润同比 | 535.7% | 17.3% |
| 每股收益（稀释后） | $0.44 | $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TSSIVCEL
| Q4 25 | $60.9M | $92.9M | ||
| Q3 25 | $41.9M | $67.5M | ||
| Q2 25 | $44.0M | $63.2M | ||
| Q1 25 | $99.0M | $52.6M | ||
| Q4 24 | $50.0M | $75.4M | ||
| Q3 24 | $70.1M | $57.9M | ||
| Q2 24 | $12.2M | $52.7M | ||
| Q1 24 | $15.9M | $51.3M |
净利润TSSIVCEL
| Q4 25 | $12.2M | $23.2M | ||
| Q3 25 | $-1.5M | $5.1M | ||
| Q2 25 | $1.5M | $-553.0K | ||
| Q1 25 | $3.0M | $-11.2M | ||
| Q4 24 | $1.9M | $19.8M | ||
| Q3 24 | $2.6M | $-901.0K | ||
| Q2 24 | $1.4M | $-4.7M | ||
| Q1 24 | $15.0K | $-3.9M |
毛利率TSSIVCEL
| Q4 25 | 17.6% | 78.7% | ||
| Q3 25 | 11.1% | 73.5% | ||
| Q2 25 | 17.8% | 73.7% | ||
| Q1 25 | 9.3% | 69.0% | ||
| Q4 24 | 14.4% | 77.6% | ||
| Q3 24 | 11.3% | 71.9% | ||
| Q2 24 | 37.3% | 69.5% | ||
| Q1 24 | 17.1% | 68.9% |
营业利润率TSSIVCEL
| Q4 25 | 1.5% | 24.1% | ||
| Q3 25 | -2.2% | 5.1% | ||
| Q2 25 | 5.1% | -3.2% | ||
| Q1 25 | 4.2% | -24.3% | ||
| Q4 24 | 0.0% | 24.5% | ||
| Q3 24 | 5.4% | -4.3% | ||
| Q2 24 | 14.0% | -11.5% | ||
| Q1 24 | 1.6% | -10.7% |
净利率TSSIVCEL
| Q4 25 | 20.0% | 25.0% | ||
| Q3 25 | -3.6% | 7.5% | ||
| Q2 25 | 3.4% | -0.9% | ||
| Q1 25 | 3.0% | -21.4% | ||
| Q4 24 | 3.8% | 26.3% | ||
| Q3 24 | 3.8% | -1.6% | ||
| Q2 24 | 11.5% | -8.9% | ||
| Q1 24 | 0.1% | -7.5% |
每股收益（稀释后）TSSIVCEL
| Q4 25 | $0.44 | $0.46 | ||
| Q3 25 | $-0.06 | $0.10 | ||
| Q2 25 | $0.06 | $-0.01 | ||
| Q1 25 | $0.12 | $-0.23 | ||
| Q4 24 | $0.08 | $0.40 | ||
| Q3 24 | $0.10 | $-0.02 | ||
| Q2 24 | $0.06 | $-0.10 | ||
| Q1 24 | $0.00 | $-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 | $85.5M | $137.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $76.6M | $354.6M |
| 总资产 | $184.9M | $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TSSIVCEL
| Q4 25 | $85.5M | $137.5M | ||
| Q3 25 | $70.7M | $135.4M | ||
| Q2 25 | — | $116.9M | ||
| Q1 25 | — | $112.9M | ||
| Q4 24 | $23.2M | $116.2M | ||
| Q3 24 | $46.4M | $101.7M | ||
| Q2 24 | $8.3M | $102.5M | ||
| Q1 24 | $14.4M | $110.6M |
股东权益TSSIVCEL
| Q4 25 | $76.6M | $354.6M | ||
| Q3 25 | $63.4M | $321.9M | ||
| Q2 25 | $9.5M | $306.8M | ||
| Q1 25 | $9.4M | $295.5M | ||
| Q4 24 | $7.1M | $292.0M | ||
| Q3 24 | $7.7M | $257.5M | ||
| Q2 24 | $5.2M | $243.0M | ||
| Q1 24 | $3.7M | $233.9M |
总资产TSSIVCEL
| Q4 25 | $184.9M | $488.0M | ||
| Q3 25 | $165.4M | $453.3M | ||
| Q2 25 | $139.5M | $435.6M | ||
| Q1 25 | $113.5M | $424.6M | ||
| Q4 24 | $96.6M | $432.7M | ||
| Q3 24 | $67.3M | $390.4M | ||
| Q2 24 | $28.9M | $376.8M | ||
| Q1 24 | $26.8M | $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 | $16.3M | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $15.8M | $12.8M |
| 自由现金流率自由现金流/营收 | 25.9% | 13.8% |
| 资本支出强度资本支出/营收 | 0.9% | 2.4% |
| 现金转化率经营现金流/净利润 | 1.34× | 0.65× |
| 过去12个月自由现金流最近4个季度 | $2.1M | $24.7M |
8季度趋势，按日历期对齐
经营现金流TSSIVCEL
| Q4 25 | $16.3M | $15.0M | ||
| Q3 25 | $-18.4M | $22.1M | ||
| Q2 25 | $16.3M | $8.2M | ||
| Q1 25 | $20.6M | $6.6M | ||
| Q4 24 | $-21.6M | $22.2M | ||
| Q3 24 | $38.6M | $10.2M | ||
| Q2 24 | $-4.3M | $18.5M | ||
| Q1 24 | $2.6M | $7.2M |
自由现金流TSSIVCEL
| Q4 25 | $15.8M | $12.8M | ||
| Q3 25 | $-24.9M | $19.5M | ||
| Q2 25 | $5.4M | $81.0K | ||
| Q1 25 | $5.8M | $-7.6M | ||
| Q4 24 | $-28.4M | $8.5M | ||
| Q3 24 | $38.6M | $-9.2M | ||
| Q2 24 | $-6.0M | $1.8M | ||
| Q1 24 | $2.6M | $-6.8M |
自由现金流率TSSIVCEL
| Q4 25 | 25.9% | 13.8% | ||
| Q3 25 | -59.3% | 28.8% | ||
| Q2 25 | 12.3% | 0.1% | ||
| Q1 25 | 5.8% | -14.5% | ||
| Q4 24 | -56.7% | 11.2% | ||
| Q3 24 | 55.1% | -15.9% | ||
| Q2 24 | -49.4% | 3.4% | ||
| Q1 24 | 16.4% | -13.3% |
资本支出强度TSSIVCEL
| Q4 25 | 0.9% | 2.4% | ||
| Q3 25 | 15.3% | 3.9% | ||
| Q2 25 | 24.8% | 12.9% | ||
| Q1 25 | 15.0% | 27.0% | ||
| Q4 24 | 13.4% | 18.3% | ||
| Q3 24 | 0.1% | 33.5% | ||
| Q2 24 | 13.8% | 31.8% | ||
| Q1 24 | 0.2% | 27.3% |
现金转化率TSSIVCEL
| Q4 25 | 1.34× | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | 11.02× | — | ||
| Q1 25 | 6.93× | — | ||
| Q4 24 | -11.32× | 1.12× | ||
| Q3 24 | 14.60× | — | ||
| Q2 24 | -3.09× | — | ||
| Q1 24 | 176.40× | — |
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
TSSI
| Procurement Revenues Segment | $43.2M | 71% |
| System Integration Services Segment | $14.2M | 23% |
| Facilities Segment | $3.5M | 6% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
