Vericel Corporation
Rank #129Op. LeverageVCEL · Nasdaq · Healthcare
Vericel Corporation (VCEL) — Rank #129 by gross profitability (GP/assets 0.41) · ROE 4.5% · Piotroski F-Score N/A.
As-of 2026-09-15 · CIK 0000887359 · all metrics point-in-time as of the filing date.
About
Vericel Corporation, a commercial-stage biopharmaceutical company, engages in the research, development, manufacture, and distribution of cellular therapies and specialty biologic products for sports medicine and severe burn care markets in North America.
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The company markets autologous cell therapy products comprising MACI, an autologous cultured chondrocytes on porcine collagen membrane for the repair of symptomatic, and single or multiple full-thickness cartilage defects of the knee; Epicel, a permanent skin replacement humanitarian use device for the treatment of adult and pediatric patients with deep-dermal or full-thickness burns; and NexoBrid, a biological orphan product for eschar removal in adults and pediatric patients with deep partial-thickness and/or full-thickness thermal burns. Vericel Corporation was formerly known as Aastrom Biosciences, Inc. and changed its name to Vericel Corporation in November 2014.
The company was incorporated in 1989 and is headquartered in Burlington, Massachusetts.
- Industry
- Biotechnology
- Sector
- Healthcare
- State
- MI
- Filer Category
- Large accelerated filer
- Fiscal Year End
- December 31
- Website
- vcel.com
Price History
Company Snapshot
P/E and reverse DCF are the primary valuation lenses at this stage.
Market Cap
$2.02B
P/E (annual)
123.3
P/S (annual)
7.3
P/B
5.5
P/OCF (annual)
38.9
Shareholder Yield
-0.9%
Employees
398
Industry
Biotechnology
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passTerry Smith quality gate
Passes 2/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
27.3%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 0.9% — per-share value needs a total required return of 28.2% once share-count change is priced in.
vs. own 6-year median revenue growth: 18.3%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
21.9%
r = 10% (base)
27.3%
r = 12%
32.0%
Net debt / market cap: -7.9%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
Operating margin expansion and free cash flow are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.41
Primary signal (Novy-Marx).
82nd pctl of 34 SIC 28 peers
Return on equity
4.5%
Gross margin
74.4%
82nd pctl of 34 SIC 28 peers
Revenue growth (YoY)
16.5%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
18.9%
Revenue CAGR (5Y)
17.3%
Earnings CAGR (3Y)
—
FCF CAGR (3Y)
34.9%
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.36
83rd pctl of 31 SIC 28 peers (best = lowest)
Current ratio
5.04×
85th pctl of 34 SIC 28 peers
Quick ratio
4.53×
Net cash
$162.46M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$24.75M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
0.50
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
14.0%
Stock-based comp intensity.
Piotroski F-Score
F-Score
N/A
Only 8/9 components determinable.