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Makes cell-based therapies for knee cartilage repair (MACI) and severe burn treatment (Epicel, NexoBrid).
Makes cell-based therapies for knee cartilage repair (MACI) and severe burn treatment (Epicel, NexoBrid).
MACI is made per patient: surgeons send a cartilage sample, Vericel grows the person's own cells and ships them back for a second operation, and insurers pay for each case, so procedure counts drive results. Epicel is made the same way for burns; NexoBrid is licensed in from MediWound for US sales.
Moat: narrow (regulatory licence, process know-how, installed base). Complex cell-manufacturing and scarce burn-center relationships are difficult for new entrants to replicate.
Headquarters: Cambridge, Massachusetts, US · Founded: 2014 · Employees: 398
Size Vericel (VCEL) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $2.80B, the 1591st largest of 3,117 United States companies the cockpit tracks. Shares closed at $54.62 on 6 Nov 2026.
Performance Over six months the shares gained 63.2%, against -3.4% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 22.9% over the last twelve months (peer median +0.1%); the operating margin is 6.0% (peer median 11.3%).
Valuation It trades at 76.2× forward earnings against a peer median of 40.8× (2nd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 51% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is +33 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.4 points below its cost of capital (10.1% WACC).
Short interest Short interest is 10.2% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $306M | $276M | $237M | $198M | $164M |
| Revenue growth | — | +16% | +20% | +20% | — |
| Gross profit | $228M | $206M | $172M | $136M | $110M |
| EBITDA | $31.2M | $22.6M | $10.0M | -$1.83M | -$8.86M |
| Net income | $24.2M | $16.5M | $10.4M | -$3.18M | -$16.7M |
| Free cash flow | $61.7M | $24.7M | -$5.81M | $15.3M | $9.02M |
| Capital expenditure | $8.01M | $27.2M | $64.0M | $27.5M | $7.60M |
| Total debt | $94.6M | $98.3M | $99.8M | $88.1M | $47.6M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Vericel VCEL | $2.80B | +63% | +23% | 6% | 76.2× | 50.7% |
| Organogenesis ORGO | n/a | -66% | n/a | n/a | n/a | n/a |
| Smith & Nephew SN..L | $13.1B | +5% | +2% | 17% | 14.4× | 11.1% |
| Integra LifeSciences IART | $1.04B | -4% | +1% | 12% | 5.8× | 5.2% |
| AVITA Medical RCEL | $513M | +304% | +1% | -47% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VCEL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +36.4% | +1.2% | 2nd highest of 21 |
| 6-month return | +63.2% | -3.4% | 3rd highest of 21 |
| Distance from 52-week high | -1.8% | -24.7% | highest of 21 |
| Revenue growth (TTM) | +22.9% | +0.1% | 8th highest of 20 |
| Operating margin | 6.0% | 11.3% | 7th lowest of 20 |
| Forward P/E | 76.2× | 40.8× | 2nd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 50.7% | 25.5% | most demanding of 13 |
| Growth delivered (Del g) | +17.3% | +10.5% | 6th highest of 13 |
| Hurdle (Req g minus delivered) | +33.3 pp | +1.4 pp | 2nd most demanding of 13 |
| ROIC minus cost of capital | -5.4 pp | +1.1 pp | 5th lowest of 16 |
| EV / EBITDA | 87.6× | 42.6× | most expensive of 5 |
| Net debt / EBITDA | -2.2× | -0.5× | 2nd least indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vericel VCEL | United States | $2.80B | +63% | +23% | 6% | 76.2× | 50.7% | +17.3% |
| InSilico Medicine Cayman TopCo 3696.HK | Hong Kong | $2.80B | -43% | +153% | -7% | 100.0× | 42.1% | +22.9% |
| BioArctic BIOA-B.ST | Sweden | $2.78B | -3% | -46% | 22% | 53.4× | 25.7% | +100.1% |
| Kangmei Pharmaceutical 600518.SS | China | $2.77B | -22% | -6% | -7% | n/a | n/a | n/a |
| Almirall ALM.MC | Spain | $2.74B | -2% | +24% | 8% | 30.6× | 7.3% | +6.5% |
| Joincare Pharmaceutical Group Industry 600380.SS | China | $2.86B | -4% | -12% | 18% | 15.6× | -13.1% | +2.4% |
| Acrobiosystems 301080.SZ | China | $2.72B | +95% | +29% | 17% | 64.9× | 45.0% | +27.7% |
| Yili Chuanning Biotechnology 301301.SZ | China | $2.70B | -20% | -14% | 16% | 26.3× | 4.6% | +4.8% |
| Sam Chun Dang Pharm 000250.KS | South Korea | $2.91B | -59% | +21% | 7% | n/a | n/a | n/a |
| Neuland Laboratories NEULANDLAB.NS | India | $2.68B | +14% | +50% | 26% | 54.3× | n/a | n/a |
| Regencell Bioscience RGC | United States | $2.61B | -82% | n/a | n/a | n/a | n/a | n/a |
| Betta Pharmaceuticals 300558.SZ | China | $3.01B | -9% | +16% | 11% | 44.2× | 25.2% | +14.0% |
| IDEAYA Biosciences IDYA | United States | $3.02B | +10% | -83% | -1,267% | n/a | n/a | n/a |
| HUTCHMED (China) 0013.HK | Hong Kong | $2.58B | +9% | -9% | -6% | 40.8× | 49.9% | +19.3% |
| Hybio Pharmaceutical 300199.SZ | China | $3.08B | +16% | +70% | 31% | 51.4× | 40.1% | +6.1% |
| Keymed Biosciences 2162.HK | Hong Kong | $2.48B | -6% | 0% | -73% | 18.6× | n/a | n/a |
| Chengdu Kanghong Pharmaceutical 002773.SZ | China | $3.18B | -7% | -11% | 24% | 21.3× | -2.2% | +7.0% |
| Tasly Pharmaceutical 600535.SS | China | $3.20B | -5% | -4% | 19% | 16.5× | -7.6% | -9.6% |
| Arcutis Biotherapeutics ARQT | United States | $3.21B | +21% | +76% | 7% | 37.9× | 48.9% | +367.3% |
| Viridian Therapeutics VRDN | United States | $3.23B | +72% | -63% | -1,781% | n/a | n/a | n/a |
| Acutaas Chemicals ACUTAAS.NS | India | $3.28B | +39% | +45% | 36% | 61.8× | n/a | n/a |