Vericel Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Vericel Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	54.4	63.9	90.9	118	124	156	164	198	237	276
Cost of revenue	28.3	30.4	32.2	37.6	40	50.2	54.6	61.9	65.1	70.7
Gross profit	26.1	33.6	58.7	80.3	84.2	106	110	136	172	206
Research and development	15.3	12.9	13.6	30.4	13	16.3	19.9	21	24.8	27.6
Selling, general and administrative	27.4	35.6	49	61.1	68.8	97.6	107	121	143	167
Selling and marketing							60.9	69	82.1	90.2
General and administrative							46	52	60.6	76.8
Operating expenses	45.3	48.6	62.6	91.5	81.9	114	127	142	168	195
Operating income	-19.2	-15	-3.91	-11.3	2.37	-7.85	-17.1	-6.46	4.52	11
Interest expense	0.02	0.09	0.03	0.01	0.01	0	0.37	0.6	0.61	0.63
Interest income	0.01	0.01	0.9	1.61	0.69	0.22	1.34	4.63	6.41	7.01
Other non-operating income	-0.32	-2.3	-4.23	1.59	0.67	0.27	1.07	4.1	5.99	6.33
Pre-tax income	-19.6	-17.3	-8.14	-9.67	3.04	-7.58	-16	-2.37	10.5	17.4
Income tax	0	0	0	0	0.18	-0.11	0.72	0.81	0.15	0.86
Net income	-19.6	-17.3	-8.14	-9.67	2.86	-7.47	-16.7	-3.18	10.4	16.5
EBITDA	-17.4	-13.4	-2.48	-9.55	4.76	-4.89	-13.1	-1.83	10	22.6
EPS, basic	-1.18	-0.52	-0.20	-0.22	0.06	-0.16	-0.35	-0.07	0.21	0.33
EPS, diluted	-1.18	-0.52	-0.20	-0.22	0.06	-0.16	-0.35	-0.07	0.20	0.32
Shares, basic (weighted)	23.1	33.4	40.2	44.2	45.2	46.5	47.1	47.6	48.8	50.3
Shares, diluted (weighted)	23.1	33.4	40.2	44.2	47.3	46.5	47.1	47.6	51.7	52.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	23	26.9	18.3	26.9	33.6	68.3	51.1	69.1	74.5	100
Short-term investments		0	64.6	42.8	42.2	35.1	68.5	40.5	41.7	37.4
Receivables	17.1	18.3	23.5	32.2	34.5	37.4	46.5	58.4	61.4	84.6
Inventory	3.49	3.79	3.56	6.82	9.36	13.4	16	13.1	17.4	17.6
Other current assets	1.16	1.58	2.85	2.95	3.89	4.25	4.8	6.85	7.29	7.74
Total current assets	44.7	50.5	113	112	124	158	187	206	213	247
Property, plant and equipment	3.88	4.07	5.91	7.14	7.63	13.3	15.8	41.6	103	108
Lease right-of-use assets			0	25.1	50.1	45.7	41.5	73.5	70.1	64.8
Intangible assets	0					0	7.5	6.88	6.25	5.63
Long-term investments			0	9.25	24.1	25.7	20	25.3	39.9	61.4
Other non-current assets					0	0.32	1.3	0.77	0.56	0.34
Total assets	48.6	54.6	119	153	206	244	273	354	433	488
Accounts payable	6.54	5.55	7.11	6.35	6.76	9.02	16.9	22.3	23.8	15.8
Accrued liabilities	4.52	5.57	6.93	7.95	11.3	14	16.2	17.2	17.1	19.2
Deferred revenue	0	0.42
Total current liabilities	12.9	13.1	14.8	19.8	22.5	26.1	37.5	45.7	50.3	49.1
Long-term debt	9.32	16.9
Lease liabilities			0	22.2	48.8	47.1	43.3	81.9	89.6	82.3
Other non-current liabilities	0.03		1.67	0.11	0.08	0.04	0	0.1	0.88	1.9
Total liabilities	23.9	32	16.5	42.1	71.3	73.2	80.7	128	141	133
Total debt	9.32	16.9
Retained earnings	-344	-361	-369	-379	-376	-383	-400	-403	-393	-376
Treasury stock	0
Other comprehensive income	0.19	0	-0.04	0.02	0.01	-0.15	-0.98	-0.1	0	0.28
Shareholders' equity	24.7	22.5	102	111	134	170	192	226	292	355
Total equity	24.7	22.5	102	111	134	170	192	226	292	355
Total liabilities and equity	48.6	54.6	119	153	206	244	273	354	433	488
Shares outstanding	31.6	35.9	43.6	44.9	45.8	46.9	47.3	47.8	49.6	50.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-19.6	-17.3	-8.14	-9.67	2.86	-7.47	-16.7	-3.18	10.4	16.5
Depreciation and amortization	1.89	1.61	1.43	1.7	2.38	2.97	3.98	4.63	5.5	11.5
Stock-based compensation	2.5	2.68	7.22	13.2	13.8	34.3	37.2	32.3	36.5	38.8
Change in receivables	-6.17	-1.18	-5.18	-8.71	-2.34	-2.93	-9.1	-11.8	-3.02	-23.3
Change in inventory	-2.11	-0.31	0.24	-3.26	-2.54	-4.03	-2.61	2.9	-4.29	-1.23
Change in payables	-1.08	-1.36	0.9	-1.02	0.03	1.49	1.44	3.05	-0.29	2.97
Cash from operations	-19.9	-13.2	-0.41	-7.18	17.6	29	17.7	35.3	58.2	51.9
Capital expenditures	-1.42	-1.51	-2.68	-2.62	-2.63	-7.92	-7.6	-20	-64	-27.2
Acquisitions	0
Purchases of investments	0	0	-66.5	-72.3	-63.1	-60	-69.6	-55.2	-68.2	-72.4
Sales and maturities of investments					48.5	64.4	40.9	79.6	53.2	55.6
Cash from investing	-1.42	-1.51	-67	10.6	-17.2	-3.5	-36.2	-3.13	-79	-43.9
Debt repaid	-0.04	-7.15	-17.5	0	0
Stock issued		8.22	4.36	5.29	6.63	11.2	3.65	6	24.5	13.9
Cash from financing	29.7	18.6	58.9	5.26	6.44	9.17	1.05	3.62	19.1	7.07
Exchange rate effect	0
Net change in cash		3.88	-8.58	8.69	6.85	34.7	-17.5	35.8	-1.82	15
Free cash flow	-21.3	-14.7	-3.09	-9.8	14.9	21.1	10.1	15.3	-5.81	24.7
Interest paid	0.23	0.93	2.23	0.01	0.01	0	0.11	0.38	0.4	0.49
Income taxes paid	0	0.1	0	0.08	0.15	0.38	0	1.17	0.63	0.58

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $39.71 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	74.6%	Gross profit / revenue.
Operating margin	6.0%	Operating income / revenue.
EBITDA margin	10.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	7.9%	Net income / revenue.
FCF margin	20.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	22.7%	Cash from operations / revenue.
Return on equity (ROE)	6.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.8%	Net income / average total assets.
Return on invested capital (ROIC)	5.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	9.5%	Research and development expense / revenue.
SG&A / revenue	59.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	12.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	4.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	19.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	23.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	19.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	144.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	36.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	125.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	36.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	59.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	42.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	60.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	39.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-10.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	43.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	24.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	34.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	10.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	21.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	22.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	21.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	21.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	18.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	5.04x	Current assets / current liabilities.
Quick ratio	4.53x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.09x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	26.4%	Total liabilities / total assets.
Interest coverage	28.5x	Operating income / interest expense.
Working capital	$212.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$364.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.61x	Revenue / average total assets.
Fixed asset turnover	2.90x	Revenue / average property, plant and equipment.
Inventory turnover	4.24x	Cost of revenue / average inventory.
Days inventory	86 days	365 x average inventory / cost of revenue.
Receivables turnover	4.05x	Revenue / average receivables.
Days sales outstanding	90 days	365 x average receivables / revenue.
Days payables	97 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	80 days	Days inventory + days sales outstanding - days payables.
FCF conversion	254.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	11.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.46	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$5.86	Revenue / diluted weighted shares.
FCF per share	$1.18	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.33	Cash from operations / diluted weighted shares.
Book value per share	$7.23	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.13	Tangible book value / shares outstanding.
Cash per share	$3.17	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.03B	Share price x shares outstanding.
Enterprise value	$1.87B	Market cap + total debt - cash - short-term investments.
P/E	84.0x	Market cap / net income. Only when net income is positive.
P/S	6.64x	Market cap / revenue.
P/B	5.50x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.58x	Market cap / tangible book value, when positive.
P/FCF	33.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	29.2x	Market cap / cash from operations, when positive.
EV/Sales	6.11x	Enterprise value / revenue.
EV/EBIT	103x	Enterprise value / operating income, when both are positive.
EV/EBITDA	60.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	30.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.0%	Free cash flow / market cap.
Earnings yield	1.2%	Net income / market cap (the inverse of P/E).

What was Vericel Corp's revenue in fiscal 2025?

Vericel Corp reported revenue of $276.3M for fiscal 2025, 16.5% higher than the year before.

Was Vericel Corp profitable in fiscal 2025?

Yes. Net income was $16.5M, a net margin of 6%.

How much free cash flow did Vericel Corp generate in fiscal 2025?

Cash from operations of $51.9M minus capital expenditures of $27.2M left free cash flow of $24.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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