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Vericel Corp（VCEL）与WD 40 CO（WDFC）财务数据对比。点击上方公司名可切换其他公司
WD 40 CO的季度营收约是Vericel Corp的1.7倍（$154.4M vs $92.9M），Vericel Corp净利率更高（25.0% vs 11.3%，领先13.7%），Vericel Corp同比增速更快（23.3% vs 0.6%），Vericel Corp自由现金流更多（$12.8M vs $9.1M），过去两年Vericel Corp的营收复合增速更高（34.6% vs 5.4%）
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。
WD-40公司是全球知名的消费及工业维护用品生产商，核心产品为同名多功能防锈润滑剂，同时布局清洁剂、除油剂、特殊润滑产品等品类，业务覆盖全球170余个国家和地区，服务零售、工业、汽车后市场等多个领域。
VCEL vs WDFC — 直观对比
营收规模更大
WDFC
是对方的1.7倍
$92.9M
营收增速更快
VCEL
高出22.7%
0.6%
净利率更高
VCEL
高出13.7%
11.3%
自由现金流更多
VCEL
多$3.8M
$9.1M
两年增速更快
VCEL
近两年复合增速
5.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $92.9M | $154.4M |
| 净利润 | $23.2M | $17.5M |
| 毛利率 | 78.7% | 56.2% |
| 营业利润率 | 24.1% | 15.1% |
| 净利率 | 25.0% | 11.3% |
| 营收同比 | 23.3% | 0.6% |
| 净利润同比 | 17.3% | -7.8% |
| 每股收益（稀释后） | $0.46 | $1.28 |
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VCELWDFC
| Q4 25 | $92.9M | $154.4M | ||
| Q3 25 | $67.5M | $163.5M | ||
| Q2 25 | $63.2M | $156.9M | ||
| Q1 25 | $52.6M | $146.1M | ||
| Q4 24 | $75.4M | $153.5M | ||
| Q3 24 | $57.9M | $156.0M | ||
| Q2 24 | $52.7M | $155.0M | ||
| Q1 24 | $51.3M | $139.1M |
净利润VCELWDFC
| Q4 25 | $23.2M | $17.5M | ||
| Q3 25 | $5.1M | $21.2M | ||
| Q2 25 | $-553.0K | $21.0M | ||
| Q1 25 | $-11.2M | $29.9M | ||
| Q4 24 | $19.8M | $18.9M | ||
| Q3 24 | $-901.0K | $16.8M | ||
| Q2 24 | $-4.7M | $19.8M | ||
| Q1 24 | $-3.9M | $15.5M |
毛利率VCELWDFC
| Q4 25 | 78.7% | 56.2% | ||
| Q3 25 | 73.5% | 54.7% | ||
| Q2 25 | 73.7% | 56.2% | ||
| Q1 25 | 69.0% | 54.6% | ||
| Q4 24 | 77.6% | 54.8% | ||
| Q3 24 | 71.9% | 54.1% | ||
| Q2 24 | 69.5% | 53.1% | ||
| Q1 24 | 68.9% | 52.4% |
营业利润率VCELWDFC
| Q4 25 | 24.1% | 15.1% | ||
| Q3 25 | 5.1% | 17.1% | ||
| Q2 25 | -3.2% | 17.4% | ||
| Q1 25 | -24.3% | 15.9% | ||
| Q4 24 | 24.5% | 16.4% | ||
| Q3 24 | -4.3% | 15.4% | ||
| Q2 24 | -11.5% | 17.5% | ||
| Q1 24 | -10.7% | 15.1% |
净利率VCELWDFC
| Q4 25 | 25.0% | 11.3% | ||
| Q3 25 | 7.5% | 13.0% | ||
| Q2 25 | -0.9% | 13.4% | ||
| Q1 25 | -21.4% | 20.4% | ||
| Q4 24 | 26.3% | 12.3% | ||
| Q3 24 | -1.6% | 10.8% | ||
| Q2 24 | -8.9% | 12.8% | ||
| Q1 24 | -7.5% | 11.2% |
每股收益（稀释后）VCELWDFC
| Q4 25 | $0.46 | $1.28 | ||
| Q3 25 | $0.10 | $1.57 | ||
| Q2 25 | $-0.01 | $1.54 | ||
| Q1 25 | $-0.23 | $2.19 | ||
| Q4 24 | $0.40 | $1.39 | ||
| Q3 24 | $-0.02 | $1.23 | ||
| Q2 24 | $-0.10 | $1.46 | ||
| Q1 24 | $-0.08 | $1.14 |
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 | $48.6M |
| 总债务越低越好 | — | $85.7M |
| 股东权益账面价值 | $354.6M | $264.1M |
| 总资产 | $488.0M | $459.7M |
| 负债/权益比越低杠杆越低 | — | 0.32× |
8季度趋势，按日历期对齐
现金及短期投资VCELWDFC
| Q4 25 | $137.5M | $48.6M | ||
| Q3 25 | $135.4M | $58.1M | ||
| Q2 25 | $116.9M | $51.7M | ||
| Q1 25 | $112.9M | $53.0M | ||
| Q4 24 | $116.2M | $54.9M | ||
| Q3 24 | $101.7M | $46.7M | ||
| Q2 24 | $102.5M | $45.3M | ||
| Q1 24 | $110.6M | $55.4M |
总债务VCELWDFC
| Q4 25 | — | $85.7M | ||
| Q3 25 | — | $86.2M | ||
| Q2 25 | — | $85.6M | ||
| Q1 25 | — | $84.4M | ||
| Q4 24 | — | $84.6M | ||
| Q3 24 | — | $86.0M | ||
| Q2 24 | — | $85.5M | ||
| Q1 24 | — | $85.9M |
股东权益VCELWDFC
| Q4 25 | $354.6M | $264.1M | ||
| Q3 25 | $321.9M | $268.2M | ||
| Q2 25 | $306.8M | $257.1M | ||
| Q1 25 | $295.5M | $242.1M | ||
| Q4 24 | $292.0M | $226.3M | ||
| Q3 24 | $257.5M | $230.5M | ||
| Q2 24 | $243.0M | $222.2M | ||
| Q1 24 | $233.9M | $216.3M |
总资产VCELWDFC
| Q4 25 | $488.0M | $459.7M | ||
| Q3 25 | $453.3M | $475.8M | ||
| Q2 25 | $435.6M | $456.0M | ||
| Q1 25 | $424.6M | $458.3M | ||
| Q4 24 | $432.7M | $447.3M | ||
| Q3 24 | $390.4M | $449.0M | ||
| Q2 24 | $376.8M | $443.6M | ||
| Q1 24 | $356.7M | $442.0M |
负债/权益比VCELWDFC
| Q4 25 | — | 0.32× | ||
| Q3 25 | — | 0.32× | ||
| Q2 25 | — | 0.33× | ||
| Q1 25 | — | 0.35× | ||
| Q4 24 | — | 0.37× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.38× | ||
| Q1 24 | — | 0.40× |
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 | $10.0M |
| 自由现金流经营现金流 - 资本支出 | $12.8M | $9.1M |
| 自由现金流率自由现金流/营收 | 13.8% | 5.9% |
| 资本支出强度资本支出/营收 | 2.4% | 0.6% |
| 现金转化率经营现金流/净利润 | 0.65× | 0.57× |
| 过去12个月自由现金流最近4个季度 | $24.7M | $78.2M |
8季度趋势，按日历期对齐
经营现金流VCELWDFC
| Q4 25 | $15.0M | $10.0M | ||
| Q3 25 | $22.1M | $29.9M | ||
| Q2 25 | $8.2M | $35.1M | ||
| Q1 25 | $6.6M | $8.0M | ||
| Q4 24 | $22.2M | $14.9M | ||
| Q3 24 | $10.2M | $27.2M | ||
| Q2 24 | $18.5M | $19.9M | ||
| Q1 24 | $7.2M | $18.0M |
自由现金流VCELWDFC
| Q4 25 | $12.8M | $9.1M | ||
| Q3 25 | $19.5M | $28.6M | ||
| Q2 25 | $81.0K | $34.0M | ||
| Q1 25 | $-7.6M | $6.6M | ||
| Q4 24 | $8.5M | $14.2M | ||
| Q3 24 | $-9.2M | $26.4M | ||
| Q2 24 | $1.8M | $18.7M | ||
| Q1 24 | $-6.8M | $16.7M |
自由现金流率VCELWDFC
| Q4 25 | 13.8% | 5.9% | ||
| Q3 25 | 28.8% | 17.5% | ||
| Q2 25 | 0.1% | 21.6% | ||
| Q1 25 | -14.5% | 4.5% | ||
| Q4 24 | 11.2% | 9.3% | ||
| Q3 24 | -15.9% | 16.9% | ||
| Q2 24 | 3.4% | 12.0% | ||
| Q1 24 | -13.3% | 12.0% |
资本支出强度VCELWDFC
| Q4 25 | 2.4% | 0.6% | ||
| Q3 25 | 3.9% | 0.8% | ||
| Q2 25 | 12.9% | 0.7% | ||
| Q1 25 | 27.0% | 0.9% | ||
| Q4 24 | 18.3% | 0.5% | ||
| Q3 24 | 33.5% | 0.5% | ||
| Q2 24 | 31.8% | 0.8% | ||
| Q1 24 | 27.3% | 0.9% |
现金转化率VCELWDFC
| Q4 25 | 0.65× | 0.57× | ||
| Q3 25 | 4.35× | 1.41× | ||
| Q2 25 | — | 1.67× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | 1.12× | 0.79× | ||
| Q3 24 | — | 1.62× | ||
| Q2 24 | — | 1.00× | ||
| Q1 24 | — | 1.16× |
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% |
WDFC
| Other | $82.6M | 53% |
| WD40Multi Use Product | $56.0M | 36% |
| WD40Specialist | $9.0M | 6% |
| Other Maintenance Products | $4.0M | 3% |
| Homecare And Cleaning Products | $2.7M | 2% |
