Is the business good?
How good a business is VCEL?
Vericel Corporation earns 5.9% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
5.9%
Return on invested capital · cost of capital 9.0% · 3.1 points below what the capital costs: growth destroys value
- Operating margin
- 5.4%
Operating margin · Biotechnology median −72% · 12 months to Q1 2026
- Cash conversion
- 2.21×
Cash conversion · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- +1.7%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 1.9% |
| FY2021 | −5.0% |
| FY2022 | −10% |
| FY2023 | −3.3% |
| FY2024 | 1.9% |
| FY2025 | 4.0% |
Details›
- Gross margin12 months to Q1 2026
- 75%
- Operating margin12 months to Q1 2026
- 5.4%
- Net margin12 months to Q1 2026
- 7.3%
- Free cash flow margin
- 16%
- R&D as % of revenue
- 9.7%
- Revenue, trailing twelve months
- $292M
- Free cash flow, trailing twelve months
- $47M
- Net income, trailing twelve months
- $21M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 5.9%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.