Vericel Corporation (VCEL) Balance Sheet
VCEL balance sheet, 2025
December 31, 2025 · U.S. dollars$488.0M assets = $133.3M liabilities + $354.6M equity
Both columns are drawn to the same scale: what VCEL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
VCEL financial health
Descriptive bands, not a rating. Fiscal 2025.
VCEL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $48.6M2016 | $488.0M2025 | +29.2%/yr | |
| Total liabilities | $23.9M2016 | $133.3M2025 | +21.1%/yr | |
| Shareholders’ equity | $24.7M2016 | $354.6M2025 | +34.4%/yr | |
| Cash & short-term investments | $23.0M2016 | $137.5M2025 | +22.0%/yr | |
| Total debt | $10.1M2016 | $98.3M2025 | +28.7%/yr | |
| Net cash (debt) | $12.8M2016 | $39.2M2025 | +$26.4M | |
| Working capital | $31.9M2016 | $198.3M2025 | +$166.4M | |
| Book value per share | $1.072016 | $6.812025 | +22.8%/yr | |
| Current ratio | 3.482016 | 5.032025 | +1.55 | |
| Debt / equity | 0.412016 | 0.282025 | −0.13 | |
| Shares outstanding | 23.1M2016 | 52.1M2025 | +9.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VCEL assets
VCEL liabilities and equity
VCEL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
VCEL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $137.5M | $116.2M | $109.6M | $119.5M | $103.4M | $75.8M | $69.7M | $82.9M | $26.9M | $23.0M |
| Cash & equivalents | $100.1M | $74.5M | $69.1M | $51.1M | $68.3M | $33.6M | $26.9M | $18.3M | $26.9M | $23.0M |
| Short-term investments | $37.4M | $41.7M | $40.5M | $68.5M | $35.1M | $42.2M | $42.8M | $64.6M | $0 | $0 |
| Receivables | $84.6M | $61.4M | $58.4M | $46.5M | $37.4M | $34.5M | $32.2M | $23.5M | $18.3M | $17.1M |
| Inventory | $17.6M | $17.4M | $13.1M | $16.0M | $13.4M | $9.4M | $6.8M | $3.6M | $3.8M | $3.5M |
| Other current assets | $7.7M | $17.8M | $24.6M | $4.8M | $4.2M | $3.9M | $3.0M | $2.8M | $1.6M | $1.2M |
| Total current assets | $247.4M | $212.8M | $205.6M | $186.9M | $158.5M | $123.6M | $111.7M | $112.8M | $50.5M | $44.7M |
| Property, plant & equipment (net) | $173.2M | $173.3M | $115.1M | $57.4M | $59.0M | $57.7M | $32.2M | $5.9M | $4.1M | $3.9M |
| Goodwill & intangible assets | $5.6M | $6.2M | $6.9M | $7.5M | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $61.4M | $39.9M | $25.3M | $20.0M | $25.7M | $24.1M | $9.2M | $0 | $0 | $0 |
| Other non-current assets | $341,000 | $556,000 | $771,000 | $1.3M | $528,000 | $211,000 | $89,000 | $0 | $0 | $0 |
| Total assets | $488.0M | $432.7M | $353.7M | $273.0M | $243.7M | $205.6M | $153.2M | $118.7M | $54.6M | $48.6M |
| Liabilities | ||||||||||
| Accounts payable | $15.8M | $23.8M | $22.3M | $16.9M | $9.0M | $6.8M | $6.3M | $7.1M | $5.6M | $6.5M |
| Short-term debt | $14.1M | $9.3M | $6.2M | $4.3M | $3.0M | $4.4M | $5.5M | — | $350,000 | $779,000 |
| Deferred revenue | — | — | $3.1M | — | $14.0M | $11.3M | $7.9M | — | $6.0M | $4.5M |
| Total current liabilities | $49.1M | $50.3M | $45.7M | $37.5M | $26.1M | $22.5M | $19.8M | $14.8M | $13.1M | $12.9M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $110,000 | $0 | $16.9M | $32,000 |
| Lease obligations | $96.4M | $98.8M | $88.0M | $47.6M | $50.2M | $53.3M | $27.9M | — | — | — |
| Other long-term liabilities | $84.2M | $90.5M | $82.0M | $43.3M | $47.2M | $48.9M | $22.2M | $1.7M | $2.1M | $11.0M |
| Total liabilities | $133.3M | $140.8M | $127.7M | $80.7M | $73.2M | $71.3M | $42.1M | $16.5M | $32.0M | $23.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $730.7M | $684.8M | $629.2M | $593.2M | $553.9M | $510.1M | $489.7M | $471.2M | $383.0M | $329.7M |
| Retained earnings (deficit) | −$376.3M | −$392.8M | −$403.2M | −$400.0M | −$383.3M | −$375.8M | −$378.7M | −$369.0M | −$360.9M | −$343.6M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $275,000 | $4,000 | −$100,000 | −$978,000 | −$154,000 | $14,000 | $21,000 | −$39,000 | −$6.6M | −$7.1M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $354.6M | $292.0M | $226.0M | $192.3M | $170.5M | $134.3M | $111.1M | $102.2M | $22.5M | $24.7M |
| Key figures | ||||||||||
| Total debt | $98.3M | $98.8M | $88.0M | $47.6M | $50.2M | $53.3M | $27.9M | — | $17.2M | $10.1M |
| Net cash (debt) | $39.2M | $17.4M | $21.5M | $72.0M | $53.2M | $22.5M | $41.9M | — | $9.6M | $12.8M |
| Working capital | $198.3M | $162.5M | $159.9M | $149.4M | $132.4M | $101.1M | $91.9M | $98.0M | $37.4M | $31.9M |
| Tangible book value | $349.0M | $285.7M | $219.1M | $184.8M | $170.5M | $134.3M | $111.1M | $102.2M | $22.5M | $24.7M |
| Book value per share | $6.81 | $5.65 | $4.75 | $4.08 | $3.67 | $2.84 | $2.51 | $2.54 | $0.68 | $1.07 |
| Shares outstanding | 52.1M | 51.7M | 47.6M | 47.1M | 46.5M | 47.3M | 44.2M | 40.2M | 33.4M | 23.1M |
| Current ratio | 5.03 | 4.23 | 4.49 | 4.99 | 6.08 | 5.50 | 5.64 | 7.62 | 3.86 | 3.48 |
| Quick ratio | 4.52 | 3.53 | 3.67 | 4.43 | 5.41 | 4.91 | 5.15 | 7.19 | 3.45 | 3.12 |
| Debt / equity | 0.28 | 0.34 | 0.39 | 0.25 | 0.29 | 0.40 | 0.25 | — | 0.76 | 0.41 |
| Equity / assets | 72.7% | 67.5% | 63.9% | 70.4% | 69.9% | 65.3% | 72.5% | 86.1% | 41.3% | 50.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $162.5M | $145.3M | $137.5M | $135.4M | $116.9M | $112.9M | $116.2M | $101.7M | $102.5M | $118.5M | $109.6M | $105.3M |
| Cash & equivalents | $125.4M | $109.3M | $100.1M | $100.4M | $80.5M | $73.5M | $74.5M | $53.7M | $50.3M | $70.7M | $69.1M | $60.5M |
| Short-term investments | $37.1M | $36.0M | $37.4M | $35.0M | $36.3M | $39.4M | $41.7M | $48.1M | $52.2M | $47.7M | $40.5M | $44.9M |
| Receivables | $75.7M | $72.4M | $84.6M | $60.4M | $64.3M | $52.9M | $61.4M | $48.5M | $48.0M | $49.9M | $58.4M | $39.7M |
| Inventory | $18.4M | $18.4M | $17.6M | $18.2M | $16.8M | $17.1M | $17.4M | $15.8M | $14.9M | $13.6M | $13.1M | $12.6M |
| Other current assets | $8.2M | $8.0M | $7.7M | $8.0M | $6.6M | $14.7M | $17.8M | $24.6M | $32.0M | $7.8M | $24.6M | $28.5M |
| Total current assets | $264.7M | $244.1M | $247.4M | $222.0M | $204.6M | $197.6M | $212.8M | $190.5M | $197.4M | $189.7M | $205.6M | $186.2M |
| Property, plant & equipment (net) | $167.6M | $170.5M | $173.2M | $175.5M | $177.2M | $177.0M | $173.3M | $160.0M | $146.1M | $130.1M | $115.1M | $103.5M |
| Goodwill & intangible assets | $5.3M | $5.5M | $5.6M | $5.8M | $5.9M | $6.1M | $6.2M | $6.4M | $6.6M | $6.7M | $6.9M | $7.0M |
| Long-term investments | $65.0M | $65.3M | $61.4M | $49.7M | $47.4M | $43.3M | $39.9M | $32.9M | $26.1M | $29.4M | $25.3M | $20.2M |
| Other non-current assets | $233,000 | $288,000 | $341,000 | $395,000 | $447,000 | $501,000 | $556,000 | $610,000 | $664,000 | $717,000 | $771,000 | $1.1M |
| Total assets | $502.9M | $485.6M | $488.0M | $453.3M | $435.6M | $424.6M | $432.7M | $390.4M | $376.8M | $356.7M | $353.7M | $318.1M |
| Liabilities | ||||||||||||
| Accounts payable | $20.6M | $19.0M | $15.8M | $15.3M | $12.9M | $16.8M | $23.8M | $20.9M | $25.2M | $19.4M | $22.3M | $15.1M |
| Short-term debt | $14.2M | $14.2M | $14.1M | $13.8M | $13.8M | $11.2M | $9.3M | $6.1M | $5.8M | $6.0M | $6.2M | $7.3M |
| Total current liabilities | $52.5M | $47.2M | $49.1M | $45.6M | $41.1M | $39.4M | $50.3M | $41.3M | $43.9M | $36.5M | $45.7M | $35.9M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $92.7M | $94.5M | $96.4M | $98.0M | $99.8M | $99.0M | $98.8M | $97.5M | $95.6M | $92.2M | $88.0M | $85.1M |
| Other long-term liabilities | $80.3M | $82.2M | $84.2M | $85.8M | $87.7M | $89.7M | $90.5M | $91.6M | $90.0M | $86.3M | $82.0M | $77.8M |
| Total liabilities | $132.8M | $129.4M | $133.3M | $131.4M | $128.8M | $129.1M | $140.8M | $132.9M | $133.9M | $122.8M | $127.7M | $113.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $750.8M | $739.0M | $730.7M | $721.1M | $711.2M | $699.4M | $684.8M | $669.7M | $655.0M | $641.2M | $629.2M | $621.0M |
| Retained earnings (deficit) | −$380.4M | −$382.6M | −$376.3M | −$399.5M | −$404.6M | −$404.1M | −$392.8M | −$412.6M | −$411.7M | −$407.0M | −$403.2M | −$416.2M |
| Accumulated other comprehensive income | −$365,000 | −$168,000 | $275,000 | $258,000 | $183,000 | $136,000 | $4,000 | $359,000 | −$273,000 | −$245,000 | −$100,000 | −$463,000 |
| Total shareholders' equity | $370.0M | $356.2M | $354.6M | $321.9M | $306.8M | $295.5M | $292.0M | $257.5M | $243.0M | $233.9M | $226.0M | $204.4M |
| Key figures | ||||||||||||
| Total debt | $92.5M | $94.5M | $98.3M | $98.0M | $99.8M | $99.0M | $98.8M | $97.5M | $95.6M | $92.3M | $88.0M | $85.1M |
| Net cash (debt) | $69.9M | $50.8M | $39.2M | $37.4M | $17.1M | $13.9M | $17.4M | $4.3M | $6.9M | $26.1M | $21.5M | $20.3M |
| Working capital | $212.2M | $196.9M | $198.3M | $176.4M | $163.4M | $158.2M | $162.5M | $149.2M | $153.5M | $153.2M | $159.9M | $150.3M |
| Tangible book value | $364.7M | $350.8M | $349.0M | $316.1M | $300.9M | $289.4M | $285.7M | $251.1M | $236.4M | $227.2M | $219.1M | $197.3M |
| Book value per share | $7.27 | $7.02 | $6.81 | $6.20 | $6.09 | $5.92 | $5.59 | $5.25 | $4.99 | $4.86 | $4.47 | $4.29 |
| Shares outstanding | 50.9M | 50.8M | 52.1M | 51.9M | 50.4M | 49.9M | 52.2M | 49.1M | 48.7M | 48.1M | 50.5M | 47.6M |
| Current ratio | 5.04 | 5.18 | 5.03 | 4.87 | 4.97 | 5.01 | 4.23 | 4.61 | 4.50 | 5.20 | 4.49 | 5.18 |
| Quick ratio | 4.53 | 4.62 | 4.52 | 4.30 | 4.40 | 4.20 | 3.53 | 3.63 | 3.43 | 4.62 | 3.67 | 4.04 |
| Debt / equity | 0.25 | 0.27 | 0.28 | 0.30 | 0.33 | 0.33 | 0.34 | 0.38 | 0.39 | 0.39 | 0.39 | 0.42 |
| Equity / assets | 73.6% | 73.4% | 72.7% | 71.0% | 70.4% | 69.6% | 67.5% | 65.9% | 64.5% | 65.6% | 63.9% | 64.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
VCEL financial position
At the end of fiscal 2025 (December 31, 2025), Vericel had total assets of $488.0 million (up 12.8% from a year earlier), total liabilities of $133.3 million and shareholders' equity of $354.6 million. It held $137.5 million in cash and short-term investments against $98.3 million of debt, a net cash position of $39.2 million. Its current ratio was 5.03. In the latest quarter (ended June 30, 2026) total assets were $502.9 million and equity $370.0 million.
Related: VCEL income statement, VCEL cash flow statement, VCEL key metrics. See the VCEL stock overview for the latest quote and news.
VCEL balance sheet FAQ
What are Vericel's total assets?
Vericel reported total assets of $488.0 million at the end of fiscal 2025 (December 31, 2025), compared with $432.7 million a year earlier.
How much debt does Vericel have?
Vericel had $98.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.28.
How much cash does Vericel have?
Vericel held $137.5 million in cash and short-term investments at the end of fiscal 2025; with $98.3 million of debt that is net cash of $39.2 million.
What is Vericel's book value?
Vericel's shareholders' equity (book value) was $354.6 million at the end of fiscal 2025, or $6.81 per share.
What is Vericel's current ratio?
Vericel had current assets of $247.4 million and current liabilities of $49.1 million, a current ratio of 5.03 (it can cover its short-term obligations).
How much goodwill does Vericel have?
Vericel carried $5.6 million of goodwill and intangible assets, 1.2% of total assets, at the end of fiscal 2025.