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Vericel Corp (VCEL) stock

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NASDAQ: VCEL Nasdaq Biotechnology Next results ~November 5, 2026

B Fundamentals grade

Vericel Corp is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$20

Valuation models combined (3)

Base case. Range ~$10–$30. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Vericel Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 8 selling0 purchases and 33 sales by directors and officers, last 12 monthsInsider trades
  • Funds181 adding, 119 cuttingOf 52 active managers that changed their stake, 31 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Vericel files

Where Vericel stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $306m, up 23.0% on a year earlier, faster than the 22.4% growth a quarter earlier. Free-cash-flow margin rose to 20.1% from -3.3% a year earlier. Operating margin widened to 6.0% from 0.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 3 financial-health checks. Our revenue-to-maturity model value is $42.16 a share, against a share price of $42.80.

Source: 10-Q filed July 30, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Vericel Corp's trailing-twelve-month revenue grew 23.0% year on year, with a free-cash-flow margin of 20.1%. Where it stands out: free-cash-flow margin of 20.1% ranks 23 of 176 biotechnology companies we cover.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 250% in the quarter to 2026-06-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 23.0% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Margins widening. Operating margin is up 5.5 points on a year ago.
  • Strong cash generation. 20.1% of revenue turned into free cash flow, against a median of -145.4% for biotechnology companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.1bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • High earnings multiple. The shares trade at 88 times the last 12 months' earnings, so expectations are demanding.
  • Heavily shorted. 13.2% of the shares available to trade are sold short (9.4 days of average volume to cover).

Latest results: FY2026 Q2

Filed July 30, 2026
Earnings per share
$0.04 against an average estimate of -$0.03: beat by 250.0%
Revenue
$77m, up 22.5% on a year earlier
Share reaction
-1.4% in the first session after the results on July 30, 2026, against +2.4% for the S&P 500
Next report
November 5, 2026; average EPS estimate $0.06

Vericel's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.6%
  • 1 week-5.9%
  • 1 month+0.9%
  • This year+12.5%
  • 1 year+15.5%
  • 5 years-19.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$306M
Operating margin
6.0%
Net margin
7.9%
EPS (TTM, diluted)
$0.46

Growth

Revenue growth
+23.0%
Change in growth rate
+0.5 pts
Share count change
+0.6%

Cash

Free cash flow (TTM)
$61.7M
FCF margin
20.1%
Stock pay % of revenue
12.2%

Earnings

Last results
July 30, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Vericel Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Vericel Corp as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$19 ~$14–$24 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$10 ~$9.5–$20 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.8 ~$0.4–$1.4 Left out: out of range vs price (0.02x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$30 ~$25–$36 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$20 ~$10–$30 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Vericel Corp with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$2.58$3.00$5.45$17.40$17.40$30.88$39.30$26.34$35.61$54.91$36.01$40.51
Market value$61m$69m$182m$700m$769m$1.5bn$1.8bn$1.2bn$1.7bn$2.8bn$1.9bn$2.1bn
+ Net debt (− = net cash)$0−$14m−$10m−$5m−$27m−$34m−$68m−$51m−$69m−$75m−$100m−$125m
Enterprise value$61m$56m$172m$695m$742m$1.4bn$1.8bn$1.2bn$1.6bn$2.8bn$1.8bn$2.0bn
Multiples
Price / sales 1.2x1.3x2.8x7.7x6.5x11.8x11.7x7.6x8.6x12.0x6.8x7.0x
Price / earnings —————n/m———n/m113.7x88.4x
Price / free cash flow —————97.7x86.5x123.0x110.8x—75.9x34.7x
EV / EBITDA —————n/m———n/m78.7x65.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

32 /100

Weak moat

How hard Vericel's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 2 / 20

    Cash operating profit has been a median 3.4% of total assets over 10 years.

  • Pricing power 15 / 20

    Gross margin has been a median 67.1%, moving by 6.8 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -5.1%; its worst year was -28.6%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 5 of 10 years, at a median 3.4% of revenue.

  • Discipline 3 / 20

    The diluted share count rose 10.4% over five years; stock-based pay has been a median 14.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (37 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $78m and EPS of $0.06 (range $0.02 to $0.10) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.52 +61% $336m +22%
Next $0.85 +64% $393m +17%

Next year's EPS estimate has moved −0.7% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +14.2% on 90 days ago. In the last 30 days, 1 analyst raised Vericel Corp's forecast and 0 cut it.

Consensus EPS forecast Vericel Corp, last 90 days
$0.40 $0.50 $0.60 $0.70 $0.80 $0.90 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.45 Current fiscal year, 60 days ago: $0.45 Current fiscal year, 30 days ago: $0.52 Current fiscal year, 7 days ago: $0.52 Current fiscal year, Now: $0.52 $0.52 Next fiscal year, 90 days ago: $0.85 Next fiscal year, 60 days ago: $0.85 Next fiscal year, 30 days ago: $0.85 Next fiscal year, 7 days ago: $0.85 Next fiscal year, Now: $0.85 $0.85

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.45$0.85
60 days ago $0.45$0.85
30 days ago $0.52$0.85
7 days ago $0.52$0.85
Now $0.52$0.85

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.03 $0.04 +250.0%
Mar 2026 −$0.16 −$0.12 +23.4%
Dec 2025 $0.38 $0.45 +17.8%
Sept 2025 −$0.01 $0.10 +850.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

8 analysts, Oct 2026
Buy788%
Hold113%
Sell00%

Monthly trend

  1. Oct 2026718
  2. Sep 2026718
  3. Aug 2026718
  4. Jul 2026718

Counts of recommendations published by analysts covering Vericel Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
13.2%
of tradable shares
Days to cover
9.42
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.2%
of shares
Employees
398
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +15.5%

$35.06 on October 31, 2025 to $40.51

ThenNowEffect
Revenue (last 12 months) $249m $306m +23.0%
Net margin 2.9% 7.9% +177.2%
P/E multiple n/m 88.4x −65.9%
Share count 53m 53m −0.6%

Biggest factor: p/e multiple.

Last 3 years +9.9%

$36.86 on November 3, 2023 to $40.51

ThenNowEffect
Revenue (last 12 months) $178m $306m +71.9%
P/S multiple 9.8x 7.0x −28.6%
Share count 47m 53m −10.4%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
VCEL+27%−33%+35%+54%−34%+13%
Industry peers (median)−36%−57%−18%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
VCEL58%33%75%67%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
VCEL−48%−59%−21%−25%−52%−28%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 74% from June 28, 2021 to November 9, 2022. Getting back needed a 284% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$29.34 – $48.31
From 52-week high
−16.1%
vs 50-day average
−0.1%
vs 200-day average
+4.8%
Volatility (1 year)
41%
Beta vs S&P 500
0.75

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±5.2%
After a week
4 up, 8 down
typical move ±6.2%
After a month
4 up, 8 down
typical move ±9.4%
Results releasedNext dayS&P 500 next day5 days21 days
July 30, 2026 −1.4% +2.4% −4.0% −12.2%
May 7, 2026 −9.0% +0.5% −9.9% −2.7%
February 26, 2026 −3.8% −1.0% −8.3% −20.9%
January 13, 2026 +2.0% −0.7% +3.1% −7.2%
November 6, 2025 +4.7% −1.0% +7.1% +0.3%
July 31, 2025 −12.4% −2.0% −11.1% −10.6%
May 8, 2025 +3.1% +0.6% +2.5% +8.3%
February 27, 2025 −3.0% −0.1% −7.7% −15.8%
January 14, 2025 −3.5% +2.0% −1.8% −4.7%
November 7, 2024 +12.4% +1.2% +9.8% +17.3%
August 1, 2024 −5.7% −3.3% −8.5% +2.2%
May 8, 2024 −1.8% +0.6% −0.2% −10.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Vericel Corp in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Vericel Corp
$150M $200M $250M $300M $350M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $185.2M Revenue (TTM), FY23 Q4: $197.5M Revenue (TTM), FY24 Q1: $207.8M Revenue (TTM), FY24 Q2: $214.5M Revenue (TTM), FY24 Q3: $226.8M Revenue (TTM), FY24 Q4: $237.2M Revenue (TTM), FY25 Q1: $238.5M Revenue (TTM), FY25 Q2: $249.1M Revenue (TTM), FY25 Q3: $258.7M Revenue (TTM), FY25 Q4: $276.3M Revenue (TTM), FY26 Q1: $292.1M Revenue (TTM), FY26 Q2: $306.3M $306.3M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $185.2M
FY23 Q4 $197.5M
FY24 Q1 $207.8M
FY24 Q2 $214.5M
FY24 Q3 $226.8M
FY24 Q4 $237.2M
FY25 Q1 $238.5M
FY25 Q2 $249.1M
FY25 Q3 $258.7M
FY25 Q4 $276.3M
FY26 Q1 $292.1M
FY26 Q2 $306.3M
Revenue growth, TTM YoY Vericel Corp
10% 15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 16.3% Revenue growth, TTM YoY, FY23 Q4: 20.2% Revenue growth, TTM YoY, FY24 Q1: 22.7% Revenue growth, TTM YoY, FY24 Q2: 20.4% Revenue growth, TTM YoY, FY24 Q3: 22.5% Revenue growth, TTM YoY, FY24 Q4: 20.1% Revenue growth, TTM YoY, FY25 Q1: 14.8% Revenue growth, TTM YoY, FY25 Q2: 16.1% Revenue growth, TTM YoY, FY25 Q3: 14.1% Revenue growth, TTM YoY, FY25 Q4: 16.5% Revenue growth, TTM YoY, FY26 Q1: 22.4% Revenue growth, TTM YoY, FY26 Q2: 23.0% 23.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 16.3%
FY23 Q4 20.2%
FY24 Q1 22.7%
FY24 Q2 20.4%
FY24 Q3 22.5%
FY24 Q4 20.1%
FY25 Q1 14.8%
FY25 Q2 16.1%
FY25 Q3 14.1%
FY25 Q4 16.5%
FY26 Q1 22.4%
FY26 Q2 23.0%
Operating margin (TTM) Vericel Corp
-10% -5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -7.1% Operating margin (TTM), FY23 Q4: -3.3% Operating margin (TTM), FY24 Q1: -1.8% Operating margin (TTM), FY24 Q2: -1.8% Operating margin (TTM), FY24 Q3: -0.5% Operating margin (TTM), FY24 Q4: 1.9% Operating margin (TTM), FY25 Q1: -1.2% Operating margin (TTM), FY25 Q2: 0.5% Operating margin (TTM), FY25 Q3: 2.7% Operating margin (TTM), FY25 Q4: 4.0% Operating margin (TTM), FY26 Q1: 5.4% Operating margin (TTM), FY26 Q2: 6.0% 6.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -7.1%
FY23 Q4 -3.3%
FY24 Q1 -1.8%
FY24 Q2 -1.8%
FY24 Q3 -0.5%
FY24 Q4 1.9%
FY25 Q1 -1.2%
FY25 Q2 0.5%
FY25 Q3 2.7%
FY25 Q4 4.0%
FY26 Q1 5.4%
FY26 Q2 6.0%
FCF margin (TTM) Vericel Corp
-10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 10.2% FCF margin (TTM), FY23 Q4: 7.7% FCF margin (TTM), FY24 Q1: 1.0% FCF margin (TTM), FY24 Q2: -1.0% FCF margin (TTM), FY24 Q3: -5.3% FCF margin (TTM), FY24 Q4: -2.4% FCF margin (TTM), FY25 Q1: -2.8% FCF margin (TTM), FY25 Q2: -3.3% FCF margin (TTM), FY25 Q3: 7.9% FCF margin (TTM), FY25 Q4: 9.0% FCF margin (TTM), FY26 Q1: 16.3% FCF margin (TTM), FY26 Q2: 20.1% 20.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 10.2%
FY23 Q4 7.7%
FY24 Q1 1.0%
FY24 Q2 -1.0%
FY24 Q3 -5.3%
FY24 Q4 -2.4%
FY25 Q1 -2.8%
FY25 Q2 -3.3%
FY25 Q3 7.9%
FY25 Q4 9.0%
FY26 Q1 16.3%
FY26 Q2 20.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Vericel took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $276M
  2. Other income $6.3M · 2.3%
  3. Cost of revenue $70.7M · 25.6%
  4. Gross profit $206M · 74.4%
  5. Research and development $27.6M · 10.0%
  6. Selling, general and admin $167M · 60.4%
  7. Operating income $11M · 4.0%
  8. Net income $16.5M · 6.0%

Shares of revenue. Source: Vericel's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Jun 2009 2010 Jun 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0 0 0 0 0 29 51 54 64 91 118 124 156 164 198 237 276 306
Gross profit — — — 0 0 12 25 26 34 59 80 84 106 110 136 172 206 228
EBITDA −15 −17 −28 −33 −20 −23 −15 −17 −13 −2 −10 5 −5 −13 −2 10 23 31
Operating income −16 −18 −29 −34 −21 −24 −17 −19 −15 −4 −11 2 −8 −17 −6 5 11 18
Net income −16 −15 −20 −29 −16 −20 −16 −20 −17 −8 −10 3 −7 −17 −3 10 17 24
Diluted EPS −$2.25 −$0.07 −$1.27 −$2.03 −$0.87 −$1.11 −$0.97 −$1.18 −$0.52 −$0.20 −$0.22 $0.06 −$0.16 −$0.35 −$0.07 $0.20 $0.32 $0.46
Growth (year on year)
Revenue — −51.1% −79.8% +16.7% −9.5% +>999% +77.7% +6.3% +17.5% +42.1% +29.7% +5.4% +25.8% +5.2% +20.2% +20.1% +16.5% +23.0%
EBITDA — — — — — — — — — — — — −202.8% — — — +125.4% +233.7%
Net income — — — — — — — — — — — — −360.9% — — — +59.4% +240.8%
Diluted EPS — — — — — — — — — — — — −366.7% — — — +60.0% +238.8%
Margins
Gross margin — — — 71.4% 78.9% 39.9% 48.3% 47.9% 52.5% 64.6% 68.1% 67.8% 67.9% 66.8% 68.6% 72.6% 74.4% 74.6%
EBITDA margin <−999% <−999% <−999% <−999% <−999% −79.1% −29.5% −31.9% −20.9% −2.7% −8.1% 3.8% −3.1% −8.0% −0.9% 4.2% 8.2% 10.1%
Operating margin <−999% <−999% <−999% <−999% <−999% −81.7% −32.6% −35.4% −23.4% −4.3% −9.5% 1.9% −5.0% −10.4% −3.3% 1.9% 4.0% 6.0%
Net margin <−999% <−999% <−999% <−999% <−999% −69.2% −31.9% −36.0% −27.0% −9.0% −8.2% 2.3% −4.8% −10.2% −1.6% 4.4% 6.0% 7.9%
Free-cash-flow margin <−999% <−999% <−999% <−999% <−999% −91.1% −30.8% −39.2% −23.0% −3.4% −8.3% 12.0% 13.5% 6.1% 7.7% −2.4% 9.0% 20.1%
Cash flow
Cash from operations −14 −15 −24 −30 −20 −25 −13 −20 −13 −0 −7 18 29 18 35 58 52 70
Capital spending 0 0 1 0 0 1 2 1 2 3 3 3 8 8 20 64 27 8
Free cash flow −14 −15 −26 −30 −20 −26 −16 −21 −15 −3 −10 15 21 10 15 −6 25 62
Stock-based pay 1 1 4 4 1 1 3 2 3 7 13 14 34 37 32 36 39 37
Free cash flow after stock pay −15 −16 −29 −33 −21 −27 −19 −24 −17 −10 −23 1 −13 −27 −17 −42 −14 24
Balance sheet
Cash — — 6 14 8 — — 23 27 18 27 34 68 51 69 75 100 125
Total debt 0 0 0 0 — 0 0 9 17 13 0 0 0 0 0 0 0 0
Net debt (negative = net cash) — — −5 −14 −8 — — −14 −10 −5 −27 −34 −68 −51 −69 −75 −100 −125
Diluted shares 7m 10m 15m 16m 24m 23m 24m 23m 33m 40m 44m 47m 46m 47m 48m 52m 52m 53m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · June 30, 2026
What it owns · $503m
Short-term assets $265mLonger-term assets $238m
What it owes, and who funded it · $503m
Short-term liabilities $53mLonger-term liabilities $80mShareholders' equity $370m
  • Short-term assets cover short-term liabilities $265m of assets due within a year against $53m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $265m short-term assets against $80m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $18m against $640,000 of interest.

From Vericel Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+0.6%
year over year
R&D spending
9.5%
of revenue
Sales & admin spending
59.1%
of revenue
Days sales outstanding
90 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated VCEL ADPT VIR ARVN SNDX IOVA Median
Revenue, last 12 months $306m $308m $303m $317m $290m $325m $56m
Revenue growth, last 12 months 23.0% 50.1% >999% −15.0% 159.7% 34.5% 12.6%
Revenue growth, 3-year average 19.8% 17.6% −14.8% 26.1% 177.8% — 13.7%
Revenue growth, latest quarter 22.5% 21.5% >999% >999% 81.6% 65.7% 10.2%
Gross margin 74.6% 75.6% 96.1% — — 48.4% 82.9%
Operating margin 6.0% −12.2% −92.4% −5.7% −61.7% −92.7% −189.4%
Operating margin, 3-year average 1.6% −66.8% <−999% −145.1% −781.5% −554.7% −363.5%
Net margin 7.9% −20.7% −83.0% 2.9% −72.3% −89.1% −169.8%
Cash from operations / revenue 22.7% −6.8% −66.8% −65.4% −61.2% −81.3% −168.0%
Free-cash-flow margin 20.1% −7.8% −67.1% −65.9% −61.2% −91.2% −162.4%
Free-cash-flow margin, 3-year average 5.3% −43.0% <−999% −135.2% −652.6% −482.4% −310.0%
Stock pay / revenue 12.2% 15.9% 15.5% 11.6% 18.2% 14.4% 20.0%
Change in share count 0.6% 4.1% 8.2% −7.6% 2.5% 29.6% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 23.0% 12.6% 76 of 172
Change in growth rate Growth +0.5pp -0.1pp 77 of 172
Gross margin Profitability 74.6% 82.4% 49 of 75
Operating margin Profitability 6.0% -189.4% 35 of 175
Net margin Profitability 7.9% -157.3% 31 of 180
Free-cash-flow margin Cash generation 20.1% -145.4% 23 of 176
Stock pay as % of revenue Cash generation 12.2% 19.2% 69 of 179
Change in share count Balance sheet 0.6% 7.9% 30 of 156
Days sales outstanding Balance sheet 90 days 75 days 60 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$2.5B
Institutions reporting
315
Shares held vs prior quarter
▲ 0.4%
Positions opened / closed
61 / 22

Top buyers and sellers, Q2 2026: 181 institutions bought and 119 sold ; the biggest buyer was Congress Asset Management Co (+1.4M shares) and the biggest seller Soleus Capital Management, L.P (−1.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $360M 8.1M 14.6% ▲ 4.2%
State Street Corp $147M 3.3M 6.0% ▲ 4.5%
Congress Asset Management Co $130M 2.9M 5.3% ▲ 93.5%
Vanguard Capital Management LLC $100M 2.3M 4.1% ▲ 1.1%
Conestoga Capital Advisors, LLC $92.7M 2.1M 3.8% ▼ 15.4%
William Blair Investment Management, LLC $88.7M 2.0M 3.6% ▲ 8.7%
BNP Paribas Asset Management Holding S.A. $73M 1.6M 3.0% ▼ 4.8%
Gw&K Investment Management, LLC $69M 1.6M 2.8% ▼ 4.1%
Soleus Capital Management, L.P. $64.9M 1.5M 2.6% ▼ 42.8%
Geode Capital Management, LLC $59.7M 1.3M 2.4% ▲ 6.9%
Geneva Capital Management LLC $59.6M 1.3M 2.4% ▼ 18.7%
Loomis Sayles & Co L P $53.4M 1.2M 2.2% ▲ 23.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Vericel Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $7.7M 33 trades by 8 insiders · 93% under pre-set plans
Net ▼ $7.7M net selling
Insider Date Trade Shares Price Value
Mclaughlin Kevin F Director August 12, 2026 Sell pre-set plan 7,000 $44.53 $311,710
Halpin Michael Chief Operating Officer August 3, 2026 Sell pre-set plan 10,000 $46.84 $468,400
Siegal Jonathan Principal Accounting Officer July 30, 2026 Sell pre-set plan 500 $48.90 $24,450
Siegal Jonathan Principal Accounting Officer July 30, 2026 Sell pre-set plan 1,500 $48.90 $73,350
Siegal Jonathan Principal Accounting Officer July 30, 2026 Sell pre-set plan 2,500 $48.90 $122,250
Flynn Sean C. Chief Legal Officer June 26, 2026 Sell pre-set plan 15,000 $45.64 $684,600
Hopper Jonathan Mark Chief Medical Officer June 26, 2026 Sell pre-set plan 5,000 $45.00 $225,000
Mara Joseph Anthony Jr Chief Financial Officer June 26, 2026 Sell pre-set plan 5,000 $44.75 $223,750
Siegal Jonathan Principal Accounting Officer June 26, 2026 Sell pre-set plan 232 $44.90 $10,417
Siegal Jonathan Principal Accounting Officer June 26, 2026 Sell pre-set plan 2,500 $44.90 $112,250
Flynn Sean C. Chief Legal Officer June 18, 2026 Sell pre-set plan 15,000 $40.21 $603,150
Halpin Michael Chief Operating Officer June 18, 2026 Sell pre-set plan 10,000 $40.24 $402,400

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around October 8, 2026 estimated from the company's past filing pattern, not announced

  • July 30, 2026
  • May 7, 2026
  • February 26, 2026
  • January 13, 2026
  • November 6, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Vericel Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Vericel Corp in brief

What does Vericel Corp do?
Vericel Corp is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Vericel Corp's stock ticker?
Vericel Corp trades under the ticker VCEL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Vericel Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Vericel Corp reported revenue of $306M, 23.0% higher than a year earlier, according to its SEC filings.
What is Vericel Corp's free cash flow?
Vericel Corp's free-cash-flow margin is 20.1% of revenue over the trailing twelve months, ranking 23 of the 176 biotechnology companies we cover.
Who are Vericel Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Congress Asset Management Co. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Vericel Corp's market cap?
On November 2, 2026, Vericel Corp's market capitalisation was about $2.1B, with a price-to-earnings ratio of 88.4 and net debt of -$125M. Market figures come from third-party market data and may be delayed.
Who are Vericel Corp's competitors?
In our Biotechnology peer group, the companies closest to Vericel Corp are Adaptive Biotechnologies Corp, Vir Biotechnology, Inc., Arvinas, Inc., Syndax Pharmaceuticals Inc and Iovance Biotherapeutics, Inc. The side-by-side comparison below sets their revenue, margins and growth against Vericel Corp's.
Are insiders buying or selling Vericel Corp stock?
Over the last 12 months, Vericel Corp's directors and officers reported 0 open-market purchases and 33 sales on Form 4. The insider trading page charts every trade.
When is Vericel Corp's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Vericel Corp announces its own schedule.