Vericel Corp. (VCEL) intrinsic value & 10-year financials
Vericel Corp. (VCEL) has a Graham intrinsic value of $10.63 per share. At $40.13 on Oct 17, 2026, the stock trades 278% above that value. Over the last 10 fiscal years revenue grew 19.8% a year to $276.3M, with an average return on invested capital of -17.0%.
- Graham intrinsic value
- $10.63
- Share price (Oct 17, 2026)
- $40.13
- Price vs Graham value
- 278% above
- Market cap
- $2.1B
- Revenue (FY2025)
- $276.3M
- Revenue growth (10-yr CAGR)
- 19.8%
- ROIC (10-yr avg)
- -17.0%
- Free cash flow (FY2025)
- $24.7M
VCEL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $276.3M | $16.5M | $0.32 | $24.7M | 4.0% | 3.3% |
| FY2024 | $237.2M | $10.4M | $0.20 | -$5.8M | 1.9% | 1.6% |
| FY2023 | $197.5M | -$3.2M | -$0.07 | $15.3M | -3.3% | -3.1% |
| FY2022 | $163.7M | -$16.7M | -$0.35 | $10.1M | -10.4% | -10.2% |
| FY2021 | $153.1M | -$7.5M | -$0.16 | $21.1M | -5.1% | -5.2% |
| FY2020 | $122.0M | $2.9M | $0.06 | $14.9M | 1.9% | 1.7% |
| FY2019 | $117.8M | -$9.7M | -$0.22 | -$9.8M | -9.5% | -10.6% |
| FY2018 | $90.9M | -$8.1M | -$0.20 | -$3.1M | -4.3% | -6.3% |
| FY2017 | $62.8M | -$17.3M | — | -$14.7M | -23.9% | -63.4% |
| FY2016 | $54.4M | -$19.6M | — | -$21.3M | -35.4% | -77.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Vericel Corp is a consistent compounder, expanding top-line revenue at 19.8% annually over the past decade.
Vericel Corp has historically struggled to out-earn its cost of capital, averaging just -17.0% ROIC.
Vericel Corp capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Vericel Corp is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $10.63 per share.