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Vericel Corp（VCEL）与合众银行（WASH）财务数据对比。点击上方公司名可切换其他公司
Vericel Corp的季度营收约是合众银行的1.6倍（$92.9M vs $57.8M），Vericel Corp净利率更高（25.0% vs 21.8%，领先3.2%），过去两年Vericel Corp的营收复合增速更高（34.6% vs 9.5%）
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。
美国合众银行是一家美国跨国金融机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年，该银行为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为具有系统重要性的金融机构。它主营银行、投资、抵押贷款等多元金融业务。
VCEL vs WASH — 直观对比
营收规模更大
VCEL
是对方的1.6倍
$57.8M
净利率更高
VCEL
高出3.2%
21.8%
两年增速更快
VCEL
近两年复合增速
9.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $92.9M | $57.8M |
| 净利润 | $23.2M | $12.6M |
| 毛利率 | 78.7% | — |
| 营业利润率 | 24.1% | — |
| 净利率 | 25.0% | 21.8% |
| 营收同比 | 23.3% | — |
| 净利润同比 | 17.3% | 3.5% |
| 每股收益（稀释后） | $0.46 | $0.66 |
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VCELWASH
| Q1 26 | — | $57.8M | ||
| Q4 25 | $92.9M | $59.3M | ||
| Q3 25 | $67.5M | $56.5M | ||
| Q2 25 | $63.2M | $54.3M | ||
| Q1 25 | $52.6M | $59.1M | ||
| Q4 24 | $75.4M | $12.4M | ||
| Q3 24 | $57.9M | $48.5M | ||
| Q2 24 | $52.7M | $48.2M |
净利润VCELWASH
| Q1 26 | — | $12.6M | ||
| Q4 25 | $23.2M | $16.0M | ||
| Q3 25 | $5.1M | $10.8M | ||
| Q2 25 | $-553.0K | $13.2M | ||
| Q1 25 | $-11.2M | $12.2M | ||
| Q4 24 | $19.8M | $-60.8M | ||
| Q3 24 | $-901.0K | $11.0M | ||
| Q2 24 | $-4.7M | $10.8M |
毛利率VCELWASH
| Q1 26 | — | — | ||
| Q4 25 | 78.7% | — | ||
| Q3 25 | 73.5% | — | ||
| Q2 25 | 73.7% | — | ||
| Q1 25 | 69.0% | — | ||
| Q4 24 | 77.6% | — | ||
| Q3 24 | 71.9% | — | ||
| Q2 24 | 69.5% | — |
营业利润率VCELWASH
| Q1 26 | — | — | ||
| Q4 25 | 24.1% | 34.9% | ||
| Q3 25 | 5.1% | 24.7% | ||
| Q2 25 | -3.2% | 31.6% | ||
| Q1 25 | -24.3% | 26.5% | ||
| Q4 24 | 24.5% | -648.7% | ||
| Q3 24 | -4.3% | 28.5% | ||
| Q2 24 | -11.5% | 28.7% |
净利率VCELWASH
| Q1 26 | — | 21.8% | ||
| Q4 25 | 25.0% | 27.0% | ||
| Q3 25 | 7.5% | 19.2% | ||
| Q2 25 | -0.9% | 24.4% | ||
| Q1 25 | -21.4% | 20.6% | ||
| Q4 24 | 26.3% | -491.4% | ||
| Q3 24 | -1.6% | 22.6% | ||
| Q2 24 | -8.9% | 22.4% |
每股收益（稀释后）VCELWASH
| Q1 26 | — | $0.66 | ||
| Q4 25 | $0.46 | $0.84 | ||
| Q3 25 | $0.10 | $0.56 | ||
| Q2 25 | $-0.01 | $0.68 | ||
| Q1 25 | $-0.23 | $0.63 | ||
| Q4 24 | $0.40 | $-3.54 | ||
| Q3 24 | $-0.02 | $0.64 | ||
| Q2 24 | $-0.10 | $0.63 |
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 | $137.5M | $12.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $354.6M | $546.8M |
| 总资产 | $488.0M | $6.5B |
| 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VCELWASH
| Q1 26 | — | $12.3M | ||
| Q4 25 | $137.5M | — | ||
| Q3 25 | $135.4M | — | ||
| Q2 25 | $116.9M | — | ||
| Q1 25 | $112.9M | — | ||
| Q4 24 | $116.2M | — | ||
| Q3 24 | $101.7M | — | ||
| Q2 24 | $102.5M | — |
股东权益VCELWASH
| Q1 26 | — | $546.8M | ||
| Q4 25 | $354.6M | $543.6M | ||
| Q3 25 | $321.9M | $533.0M | ||
| Q2 25 | $306.8M | $527.5M | ||
| Q1 25 | $295.5M | $521.7M | ||
| Q4 24 | $292.0M | $499.7M | ||
| Q3 24 | $257.5M | $502.2M | ||
| Q2 24 | $243.0M | $471.0M |
总资产VCELWASH
| Q1 26 | — | $6.5B | ||
| Q4 25 | $488.0M | $6.6B | ||
| Q3 25 | $453.3M | $6.7B | ||
| Q2 25 | $435.6M | $6.7B | ||
| Q1 25 | $424.6M | $6.6B | ||
| Q4 24 | $432.7M | $6.9B | ||
| Q3 24 | $390.4M | $7.1B | ||
| Q2 24 | $376.8M | $7.2B |
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 | $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VCELWASH
| Q1 26 | — | — | ||
| Q4 25 | $15.0M | $80.3M | ||
| Q3 25 | $22.1M | $39.6M | ||
| Q2 25 | $8.2M | $11.3M | ||
| Q1 25 | $6.6M | $8.4M | ||
| Q4 24 | $22.2M | $57.7M | ||
| Q3 24 | $10.2M | $25.7M | ||
| Q2 24 | $18.5M | $11.2M |
自由现金流VCELWASH
| Q1 26 | — | — | ||
| Q4 25 | $12.8M | $78.3M | ||
| Q3 25 | $19.5M | $39.3M | ||
| Q2 25 | $81.0K | $10.9M | ||
| Q1 25 | $-7.6M | $8.4M | ||
| Q4 24 | $8.5M | $53.7M | ||
| Q3 24 | $-9.2M | $24.4M | ||
| Q2 24 | $1.8M | $9.6M |
自由现金流率VCELWASH
| Q1 26 | — | — | ||
| Q4 25 | 13.8% | 132.2% | ||
| Q3 25 | 28.8% | 69.6% | ||
| Q2 25 | 0.1% | 20.2% | ||
| Q1 25 | -14.5% | 14.2% | ||
| Q4 24 | 11.2% | 433.8% | ||
| Q3 24 | -15.9% | 50.4% | ||
| Q2 24 | 3.4% | 19.8% |
资本支出强度VCELWASH
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | 3.4% | ||
| Q3 25 | 3.9% | 0.6% | ||
| Q2 25 | 12.9% | 0.7% | ||
| Q1 25 | 27.0% | 0.1% | ||
| Q4 24 | 18.3% | 32.3% | ||
| Q3 24 | 33.5% | 2.6% | ||
| Q2 24 | 31.8% | 3.4% |
现金转化率VCELWASH
| Q1 26 | — | — | ||
| Q4 25 | 0.65× | 5.03× | ||
| Q3 25 | 4.35× | 3.65× | ||
| Q2 25 | — | 0.86× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | 1.12× | — | ||
| Q3 24 | — | 2.34× | ||
| Q2 24 | — | 1.03× |
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
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
WASH
| Net Interest Income | $40.5M | 70% |
| Noninterest Income | $17.3M | 30% |
