Vericel Corporation (VCEL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-143.2%

-$17.48

vs $40.51 price

Levered DCF

$7.79

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

9.6

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	109.12×	261.48×	-532.29×	-75.26×	-245.62×	487.84×	-96.67×	-87×
P/B	5.14×	9.19×	7.5×	6.46×	10.71×	10.4×	6.92×	6.85×
P/S	6.59×	11.31×	8.58×	7.55×	11.69×	11.25×	6.52×	7.71×
EV / EBITDA	60.08×	162.77×	598.34×	-106.34×	-391.98×	260.65×	-97.27×	-136.96×
Gross margin	74.4%	72.6%	68.6%	66.8%	67.9%	67.8%	68.1%	64.6%
Operating margin	4.0%	1.9%	-3.3%	-10.4%	-5.0%	1.9%	-9.5%	-4.3%
Net margin	6.0%	4.4%	-1.6%	-10.2%	-4.8%	2.3%	-8.2%	-9.0%
Current ratio	5.03×	4.23×	4.49×	4.99×	6.08×	5.5×	5.64×	7.62×
Debt / equity	0.28×	0.34×	0.39×	0.25×	0.29×	0.4×	0.25×	0×
Interest coverage	7.1×	7.36×	-10.77×	-46.61×	-1,963.5×	395.33×	-1,406.38×	-2.26×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.7%	3.5%	-1.4%	-8.7%	-4.4%	2.1%	-8.7%	-8.0%
Return on invested capital	2.3%	1.1%	-2.1%	-7.1%	-3.5%	1.2%	-8.1%	-3.8%
Return on assets	3.4%	2.4%	-0.9%	-6.1%	-3.1%	1.4%	-6.3%	-6.9%
Free cash flow yield	1.4%	-0.2%	0.5%	0.8%	1.2%	1.1%	-1.3%	-0.4%
Earnings yield	0.9%	0.4%	-0.2%	-1.3%	-0.4%	0.2%	-1.3%	-1.2%
Enterprise value	$1.8B	$2.7B	$1.7B	$1.2B	$1.8B	$1.4B	$769.7M	$681.9M
Net debt / EBITDA	-0.06×	1.46×	6.62×	0.3×	3.93×	3.62×	-0.12×	3.67×
Cash conversion cycle (days)	121	58	53	97	119	125	104	54