Does VERICEL CORPORATION have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores VERICEL CORPORATION (VCEL) 44.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 89, returns on capital 0, balance-sheet safety 66, capital discipline 24.

How has VCEL's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 44.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

VERICEL CORPORATION

VCEL · Healthcare · $2.4B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power89

Median gross margin 68.4% over 10y, stable.

Returns on capital0

Median ROIC -3.7%, above the 9% hurdle in 0% of years.

Balance-sheet safety66

Net debt/EBITDA n/ax, interest coverage 18x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $46.64
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

VERICEL CORPORATION booked $276.3M of revenue in FY2025 in the Healthcare sector and kept 74.4% of it as gross profit — a high-margin business by that measure. After every other cost, 6.0% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $182000 (FY2009) to $276.3M (FY2025) — about 58.1% a year compounded over 16 years.

It earned 4.1% on invested capital in FY2025, with a median of −6.1% across 11 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $6000 of total debt in FY2013. Balance-Sheet Safety scores it 66/100.

The share count rose 31.1% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (89/100) and Returns on Capital the weakest (0/100), which is how VCEL lands at 45/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$276.3M FY2025

Gross marginRevenue kept after cost of goods74.4% FY2025

Return on invested capitalOperating profit on the capital employed4.1% FY2025

Owner earningsCash an owner could take out$16.5M FY2025

Gaps in a line mean that item isn’t in VCEL’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale44.8 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — VCEL has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#172 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#170ZLAB ZAI LAB LIMITED44.9 out of 100, Shallow moatShallow moat
#171XRAY DENTSPLY SIRONA Inc.44.8 out of 100, Shallow moatShallow moat
#173AYTU AYTU BIOPHARMA, INC44.8 out of 100, Shallow moatShallow moat
#174SIBN SI-BONE, INC.44.8 out of 100, Shallow moatShallow moat

Compare VCEL with its nearest peers →All Healthcare companies on the Index →

Common questions about VCEL

Does VERICEL CORPORATION have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores VERICEL CORPORATION (VCEL) 44.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 89, returns on capital 0, balance-sheet safety 66, capital discipline 24.
How has VCEL's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 44.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell VCEL. See the disclaimer.