What is Vericel's net debt?

Vericel (VCEL) reported net debt of -$14.25M in Q1 2026.

How has Vericel's net debt changed year-over-year?

Vericel's net debt decreased by 171.5% year-over-year, from $19.94M to -$14.25M.

What is the long-term trend for Vericel's net debt?

Over 5 years (2020 to 2025), Vericel's net debt has grown at a -30.8% compound annual growth rate (CAGR), from $19.51M to -$3.09M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Vericel VCEL Net debt

Discontinued — last reported Q1 '26

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Other financials

Income statement

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Revenue$68.4M+30.1%

Gross profit$49.3M+35.8%

Operating income-$8.1M+37.0%

Net income-$6.3M+44.0%

EPS (diluted)-$0.12+47.8%

Balance sheet

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Cash & equivalents$109.3M+37.1%

Total debt$95.0M-4.6%

Total equity$356.2M+20.6%

Total assets$485.6M+14.4%

Cash flow

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Operating cash flow$16.4M+148%

CapEx$1.3M-91.2%

Free cash flow$15.1M+299%

Valuation

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Market cap$2.06B-26.8%

Enterprise value$2.05B-28.0%

P/E96.1×-850×

P/S7.1×-4.7×

Profitability

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Gross margin74.8%+2.3pp

Operating margin5.4%+4.6pp

Net margin7.3%+6.1pp

FCF margin16.3%—

Returns & leverage

See full

Return on equity6.6%+5.5pp

Debt / equity0.3×-0.1×

Current ratio5.2×+0.2×

Where this comes from

Calculated from Vericel’s reported figures.

$95.0Mtotal debt−$109.3Mcash and equivalents=-$14.25M

The official record: Vericel’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Vericel's net debt?: Vericel (VCEL) reported net debt of -$14.25M in Q1 2026.
How has Vericel's net debt changed year-over-year?: Vericel's net debt decreased by 171.5% year-over-year, from $19.94M to -$14.25M.
What is the long-term trend for Vericel's net debt?: Over 5 years (2020 to 2025), Vericel's net debt has grown at a -30.8% compound annual growth rate (CAGR), from $19.51M to -$3.09M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.