Latest Ratios: P/E Ratio 125.5x · EV/EBITDA 91.4x · ROE 5.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.1B | $1.9B | $2.8B | $1.7B | $1.2B | $1.8B | $1.5B | $769M | $700M | $182M | $69M |
| Enterprise Value | $2.0B | $1.9B | $2.9B | $1.7B | $1.2B | $1.8B | $1.5B | $770M | $682M | $172M | $56M |
| P/E Ratio → | 125.47 | 112.53 | 274.55 | — | — | — | 509.57 | — | — | — | — |
| P/S Ratio | 7.42 | 6.79 | 11.96 | 8.58 | 7.55 | 11.69 | 11.76 | 6.52 | 7.71 | 2.84 | 1.27 |
| P/B Ratio | 5.90 | 5.29 | 9.72 | 7.50 | 6.46 | 10.71 | 10.87 | 6.92 | 6.85 | 8.06 | 2.80 |
| P/FCF | 82.85 | 75.77 | — | 217.32 | 123.02 | 86.45 | 97.69 | — | — | — | — |
| P/OCF | 39.50 | 36.12 | 48.79 | 47.99 | 70.19 | 62.89 | 83.09 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.78 | 12.06 | 8.68 | 7.53 | 11.58 | 11.92 | 6.53 | 7.51 | 2.69 | 1.04 |
| EV / EBITDA | 91.43 | 83.61 | 285.55 | — | — | — | 311.20 | — | — | — | — |
| EV / EBIT | 185.49 | 98.94 | 257.28 | — | — | — | 485.16 | — | — | — | — |
| EV / FCF | — | 75.69 | — | 219.75 | 122.67 | 85.60 | 99.01 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.4% | 74.4% | 72.6% | 68.6% | 66.8% | 67.9% | 67.8% | 68.1% | 64.6% | 52.5% | 47.9% |
| Operating Margin | 4.0% | 4.0% | 1.9% | -3.3% | -10.4% | -5.0% | 1.9% | -9.5% | -4.3% | -23.4% | -35.4% |
| Net Profit Margin | 6.0% | 6.0% | 4.4% | -1.6% | -10.2% | -4.8% | 2.3% | -8.2% | -9.0% | -27.0% | -36.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.1% | 5.1% | 4.0% | -1.5% | -9.2% | -4.9% | 2.3% | -9.1% | -13.0% | -73.2% | -83.5% |
| ROA | 3.6% | 3.6% | 2.6% | -1.0% | -6.5% | -3.3% | 1.6% | -7.1% | -9.4% | -33.5% | -47.2% |
| ROIC | 2.5% | 2.5% | 1.2% | -2.2% | -7.5% | -3.8% | 1.3% | -8.6% | -6.1% | -90.7% | -148.2% |
| ROCE | 2.7% | 2.7% | 1.3% | -2.4% | -7.5% | -3.9% | 1.5% | -9.5% | -5.4% | -38.8% | -66.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.28 | 0.28 | 0.34 | 0.39 | 0.25 | 0.29 | 0.40 | 0.25 | — | 0.76 | 0.41 |
| Debt / EBITDA | 4.39 | 4.39 | 9.86 | — | — | — | 11.21 | — | — | — | — |
| Net Debt / Equity | — | -0.01 | 0.08 | 0.08 | -0.02 | -0.11 | 0.15 | 0.01 | -0.18 | -0.43 | -0.52 |
| Net Debt / EBITDA | -0.08 | -0.08 | 2.43 | — | — | — | 4.14 | — | — | — | — |
| Debt / FCF | — | -0.07 | — | 2.43 | -0.35 | -0.86 | 1.32 | — | — | — | — |
| Interest Coverage | 12.17 | 12.17 | 18.12 | -2.95 | -42.68 | -1894.50 | 508.33 | -1207.13 | -3.70 | -14.62 | -61.31 |
Net cash position: cash ($100M) exceeds total debt ($98M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.03 | 5.03 | 4.23 | 4.49 | 4.99 | 6.08 | 5.50 | 5.64 | 7.62 | 3.86 | 3.48 |
| Quick Ratio | 4.68 | 4.68 | 3.89 | 4.21 | 4.56 | 5.57 | 5.08 | 5.30 | 7.38 | 3.57 | 3.21 |
| Cash Ratio | 2.80 | 2.80 | 2.31 | 2.39 | 3.19 | 3.97 | 3.37 | 3.52 | 5.61 | 2.05 | 1.79 |
| Asset Turnover | — | 0.57 | 0.55 | 0.56 | 0.60 | 0.64 | 0.60 | 0.77 | 0.77 | 1.17 | 1.12 |
| Inventory Turnover | 4.02 | 4.02 | 3.75 | 4.73 | 3.41 | 3.75 | 4.27 | 5.51 | 9.04 | 8.00 | 8.12 |
| Days Sales Outstanding | — | 111.82 | 94.43 | 107.84 | 103.35 | 87.49 | 101.42 | 99.63 | 94.22 | 104.32 | 114.72 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.8% | 0.9% | 0.4% | — | — | — | 0.2% | — | — | — | — |
| FCF Yield | 1.2% | 1.3% | — | 0.5% | 0.8% | 1.2% | 1.0% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $52M | $52M | $48M | $47M | $46M | $47M | $44M | $40M | $33M | $23M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying VCEL stock.
Vericel Corporation's current P/E ratio is 125.5x. The historical average is 112.5x. This places it at the 100th percentile of its historical range.
Vericel Corporation's current EV/EBITDA is 91.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 83.6x.
Vericel Corporation's return on equity (ROE) is 5.1%. The historical average is -78.8%.
Based on historical data, Vericel Corporation is trading at a P/E of 125.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Vericel Corporation has 74.4% gross margin and 4.0% operating margin.
Vericel Corporation's Debt/EBITDA ratio is 4.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
SBC dilution and seasonality
Metrics are mathematically derived from official filings.
Premium Pricing for Accelerating Growth
Vericel trades at 138x trailing earnings and 100x EV/EBITDA, according to recent filings, implying the market expects sustained double-digit growth and margin expansion beyond current levels.
The forward P/E of 80.5x and PEG of 3.5 suggest that even after adjusting for expected growth, the stock is priced at a significant premium to the broader biotech sector. This valuation appears to embed assumptions of continued revenue acceleration (22.5% YoY in 2026Q2) and operating leverage translating into durable profitability. Investors should monitor whether quarterly gross margin improvements, which reached 72.8% in 2026Q2, can be sustained as the company scales.
Gross Margin Strength Masks Operating Volatility
Gross margin expanded to 72.8% in 2026Q2 from 69.5% a year earlier, as reported in financial statements, yet operating margin swung from -24.3% in 2025Q1 to 24.1% in 2025Q4, highlighting seasonality.
The stability in gross margin suggests strong product pricing and cost control, but the wide swings in operating margin—driven by SG&A intensity and seasonal revenue—indicate that reported profitability is not yet a reliable indicator of earning power. The net margin of 2.8% in 2026Q2, despite a 72.8% gross margin, underscores the heavy investment in commercial infrastructure. Adjusted for stock-based compensation, which averaged over $10M per quarter, cash-based profitability appears stronger than GAAP figures suggest.
Returns on Capital Remain Subdued
ROIC improved to 5.0% in 2025Q4 from negative levels in early 2025, based on reported figures, but remains below the cost of capital, indicating the company is still in an investment phase.
The ten-quarter trend shows ROIC oscillating between -3.0% and 5.0%, with the most recent quarter at 0.1%. This suggests that while the company is approaching profitability, it has not yet demonstrated consistent value creation on its invested capital. The increase in tangible assets (PPE up 29% over the period) and flat debt indicate that capital is being deployed into capacity, which may drive higher returns if revenue growth persists. However, the current ROIC of 0.1% in 2026Q2 implies that the market's valuation is based on future potential rather than current returns.
Working Capital Cycle Lengthens on Receivables
Cash conversion cycle extended to 81 days in 2026Q2 from 35 days in 2024Q4, as per the data, driven by a rise in DSO to 87 days, indicating slower collections.
The increase in DSO from 67 days in 2024Q4 to 87 days in 2026Q2 suggests that Vericel is giving customers more time to pay, possibly to support commercial adoption. Meanwhile, DPO has declined from 122 days to 86 days over the same period, meaning the company is paying suppliers faster, which may reflect improved negotiating power or a strategic shift. The net effect is a longer cash cycle, which could pressure liquidity if revenue growth slows. Asset turnover remains low at 0.16, consistent with a capital-intensive manufacturing model.
Deleveraging Continues with Ample Coverage
Debt-to-equity fell to 0.25 in 2026Q2 from 0.39 in 2024Q1, as reported in balance sheet data, while interest coverage improved to 14.7x, indicating a comfortable debt service position.
Total debt has remained flat near $92-100M while equity has grown 58%, leading to a steady decline in leverage. The interest coverage ratio of 14.7x in 2026Q2, up from negative levels in early 2025, suggests that earnings are now sufficient to cover interest expenses multiple times. However, the D/EBITDA ratio of 25x in 2026Q2 is elevated due to low EBITDA, but this is likely a seasonal artifact. The company's strong cash position ($125.4M) and high current ratio (5.04) provide a buffer against any near-term refinancing needs.
Liquidity Cushion Remains Robust
Current ratio stands at 5.04 and quick ratio at 4.69 in 2026Q2, according to the latest balance sheet, with cash of $125.4M, providing a strong buffer against operational volatility.
The liquidity position is exceptionally strong, with current assets covering current liabilities more than five times over. Even under a severe stress scenario—such as a prolonged revenue downturn—the company could likely fund operations for several quarters without external financing. The high quick ratio indicates that inventory is not a major liquidity concern, as receivables and cash dominate current assets. This financial flexibility supports the company's ability to invest in growth initiatives without immediate funding pressure.
P/E Misleads for Seasonal Biotech
The trailing P/E of 138x is distorted by seasonal losses and stock-based compensation, as per the data, making EV/EBITDA or P/FCF more reliable for Vericel's valuation.
Vericel's earnings are highly seasonal, with Q4 typically strong and Q1 weak, causing trailing P/E to swing dramatically. Additionally, stock-based compensation averaging over $10M per quarter depresses reported earnings, inflating the P/E. A more appropriate metric is EV/EBITDA, which at 100x still reflects a premium but is less distorted by non-cash charges and seasonality. Investors should also consider P/FCF, which at 91x indicates that cash generation is not yet sufficient to justify the valuation on a cash basis.