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Side-by-side financial comparison of AbCellera Biologics Inc. (ABCL) and KKR Real Estate Finance Trust Inc. (KREF). Click either name above to swap in a different company.
AbCellera Biologics Inc. is the larger business by last-quarter revenue ($44.9M vs $25.8M, roughly 1.7× KKR Real Estate Finance Trust Inc.). AbCellera Biologics Inc. runs the higher net margin — -19.9% vs -101.7%, a 81.8% gap on every dollar of revenue. On growth, AbCellera Biologics Inc. posted the faster year-over-year revenue change (788.4% vs -26.6%). Over the past eight quarters, AbCellera Biologics Inc.'s revenue compounded faster (112.3% CAGR vs -18.8%).
AbCellera Biologics Inc. is a Vancouver, British Columbia-based biotechnology company that discovers and develops antibody therapeutics. The company is best known for its leading role in the Pandemic Prevention Platform, a project of DARPA's Biological Technologies Office. AbCellera utilizes a proprietary technology platform, which they claim can develop "medical countermeasures within 60 days." Its platform for single-cell screening was initially developed at the University of British Columbia.
KKR Real Estate Finance Trust Inc. is a specialized real estate finance firm sponsored by global investment firm KKR. It primarily originates, acquires, and manages a portfolio of senior secured commercial real estate loans, mostly backed by high-quality institutional commercial properties across the United States, delivering stable risk-adjusted returns to investors via interest income from its diversified assets.
ABCL vs KREF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $44.9M | $25.8M |
| Net Profit | $-8.9M | $-26.2M |
| Gross Margin | — | — |
| Operating Margin | -63.7% | -105.1% |
| Net Margin | -19.9% | -101.7% |
| Revenue YoY | 788.4% | -26.6% |
| Net Profit YoY | 73.9% | -229.6% |
| EPS (diluted) | $-0.03 | $-0.49 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $44.9M | $25.8M | ||
| Q3 25 | $9.0M | $25.3M | ||
| Q2 25 | $17.1M | $30.2M | ||
| Q1 25 | $4.2M | $31.3M | ||
| Q4 24 | $5.0M | $35.1M | ||
| Q3 24 | $6.5M | $37.0M | ||
| Q2 24 | $7.3M | $40.4M | ||
| Q1 24 | $10.0M | $39.1M |
| Q4 25 | $-8.9M | $-26.2M | ||
| Q3 25 | $-57.1M | $13.8M | ||
| Q2 25 | $-34.7M | $-29.7M | ||
| Q1 25 | $-45.6M | $-4.9M | ||
| Q4 24 | — | $20.3M | ||
| Q3 24 | $-51.1M | $-7.4M | ||
| Q2 24 | $-36.9M | $25.8M | ||
| Q1 24 | $-40.6M | $-3.1M |
| Q4 25 | -63.7% | -105.1% | ||
| Q3 25 | -851.8% | 50.4% | ||
| Q2 25 | -290.2% | -101.3% | ||
| Q1 25 | -1479.6% | -18.3% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | -1439.4% | -19.6% | ||
| Q2 24 | -1276.2% | 63.3% | ||
| Q1 24 | -551.5% | -8.7% |
| Q4 25 | -19.9% | -101.7% | ||
| Q3 25 | -637.8% | 54.4% | ||
| Q2 25 | -203.3% | -98.5% | ||
| Q1 25 | -1077.2% | -15.5% | ||
| Q4 24 | — | 57.7% | ||
| Q3 24 | -785.4% | -20.0% | ||
| Q2 24 | -504.3% | 63.9% | ||
| Q1 24 | -408.0% | -7.9% |
| Q4 25 | $-0.03 | $-0.49 | ||
| Q3 25 | $-0.19 | $0.12 | ||
| Q2 25 | $-0.12 | $-0.53 | ||
| Q1 25 | $-0.15 | $-0.15 | ||
| Q4 24 | — | $0.22 | ||
| Q3 24 | $-0.17 | $-0.19 | ||
| Q2 24 | $-0.13 | $0.29 | ||
| Q1 24 | $-0.14 | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $128.5M | $84.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $966.9M | $1.2B |
| Total Assets | $1.4B | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $128.5M | $84.6M | ||
| Q3 25 | $83.2M | $204.1M | ||
| Q2 25 | $92.4M | $107.7M | ||
| Q1 25 | $159.3M | $106.4M | ||
| Q4 24 | $156.3M | $104.9M | ||
| Q3 24 | $126.6M | $108.8M | ||
| Q2 24 | $148.3M | $107.2M | ||
| Q1 24 | $123.6M | $106.5M |
| Q4 25 | $966.9M | $1.2B | ||
| Q3 25 | $964.0M | $1.2B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $1.0B | $1.3B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.1B | $1.4B | ||
| Q2 24 | $1.1B | $1.4B | ||
| Q1 24 | $1.1B | $1.4B |
| Q4 25 | $1.4B | $6.5B | ||
| Q3 25 | $1.4B | $6.5B | ||
| Q2 25 | $1.4B | $6.8B | ||
| Q1 25 | $1.3B | $6.6B | ||
| Q4 24 | $1.4B | $6.4B | ||
| Q3 24 | $1.4B | $6.8B | ||
| Q2 24 | $1.4B | $7.1B | ||
| Q1 24 | $1.5B | $7.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-34.7M | $72.3M |
| Free Cash FlowOCF − Capex | $-44.6M | — |
| FCF MarginFCF / Revenue | -99.4% | — |
| Capex IntensityCapex / Revenue | 21.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-174.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-34.7M | $72.3M | ||
| Q3 25 | $-52.6M | $18.5M | ||
| Q2 25 | $-32.4M | $21.1M | ||
| Q1 25 | $-11.6M | $15.9M | ||
| Q4 24 | $-108.6M | $132.6M | ||
| Q3 24 | $-28.9M | $49.1M | ||
| Q2 24 | $-30.0M | $30.6M | ||
| Q1 24 | $-41.7M | $34.5M |
| Q4 25 | $-44.6M | — | ||
| Q3 25 | $-61.5M | — | ||
| Q2 25 | $-45.8M | — | ||
| Q1 25 | $-22.2M | — | ||
| Q4 24 | $-187.0M | — | ||
| Q3 24 | $-47.4M | — | ||
| Q2 24 | $-50.1M | — | ||
| Q1 24 | $-65.8M | — |
| Q4 25 | -99.4% | — | ||
| Q3 25 | -687.0% | — | ||
| Q2 25 | -267.9% | — | ||
| Q1 25 | -524.0% | — | ||
| Q4 24 | -3702.8% | — | ||
| Q3 24 | -728.4% | — | ||
| Q2 24 | -683.8% | — | ||
| Q1 24 | -661.5% | — |
| Q4 25 | 21.9% | — | ||
| Q3 25 | 99.7% | — | ||
| Q2 25 | 78.2% | — | ||
| Q1 25 | 251.1% | — | ||
| Q4 24 | 1552.7% | — | ||
| Q3 24 | 284.6% | — | ||
| Q2 24 | 274.6% | — | ||
| Q1 24 | 242.5% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.54× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
