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Side-by-side financial comparison of AbCellera Biologics Inc. (ABCL) and TPG RE Finance Trust, Inc. (TRTX). Click either name above to swap in a different company.
AbCellera Biologics Inc. is the larger business by last-quarter revenue ($44.9M vs $35.0M, roughly 1.3× TPG RE Finance Trust, Inc.). TPG RE Finance Trust, Inc. runs the higher net margin — 15.6% vs -19.9%, a 35.6% gap on every dollar of revenue. On growth, AbCellera Biologics Inc. posted the faster year-over-year revenue change (788.4% vs 0.9%). Over the past eight quarters, AbCellera Biologics Inc.'s revenue compounded faster (112.3% CAGR vs -5.1%).
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.
TPG RE Finance Trust, Inc. is a commercial real estate finance firm primarily operating in the United States. It originates, underwrites and manages a portfolio of senior commercial mortgage loans and other real estate-linked debt instruments, serving commercial property owners and investors across multifamily, industrial, office and retail property segments.
ABCL vs TRTX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $44.9M | $35.0M |
| Net Profit | $-8.9M | $4.0M |
| Gross Margin | — | — |
| Operating Margin | -63.7% | 11.6% |
| Net Margin | -19.9% | 15.6% |
| Revenue YoY | 788.4% | 0.9% |
| Net Profit YoY | 73.9% | -62.8% |
| EPS (diluted) | $-0.03 | $0.01 |
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 | $35.0M | ||
| Q3 25 | $9.0M | $37.8M | ||
| Q2 25 | $17.1M | $36.2M | ||
| Q1 25 | $4.2M | $37.0M | ||
| Q4 24 | $5.0M | $34.7M | ||
| Q3 24 | $6.5M | $40.1M | ||
| Q2 24 | $7.3M | $39.3M | ||
| Q1 24 | $10.0M | $38.9M |
| Q4 25 | $-8.9M | $4.0M | ||
| Q3 25 | $-57.1M | $22.0M | ||
| Q2 25 | $-34.7M | $20.6M | ||
| Q1 25 | $-45.6M | $13.7M | ||
| Q4 24 | — | $10.7M | ||
| Q3 24 | $-51.1M | $22.2M | ||
| Q2 24 | $-36.9M | $24.7M | ||
| Q1 24 | $-40.6M | $16.7M |
| Q4 25 | -63.7% | 11.6% | ||
| Q3 25 | -851.8% | 58.4% | ||
| Q2 25 | -290.2% | 57.3% | ||
| Q1 25 | -1479.6% | 37.2% | ||
| Q4 24 | — | 30.3% | ||
| Q3 24 | -1439.4% | 55.4% | ||
| Q2 24 | -1276.2% | 63.1% | ||
| Q1 24 | -551.5% | 44.0% |
| Q4 25 | -19.9% | 15.6% | ||
| Q3 25 | -637.8% | 58.1% | ||
| Q2 25 | -203.3% | 57.0% | ||
| Q1 25 | -1077.2% | 37.0% | ||
| Q4 24 | — | 43.3% | ||
| Q3 24 | -785.4% | 55.3% | ||
| Q2 24 | -504.3% | 62.9% | ||
| Q1 24 | -408.0% | 43.0% |
| Q4 25 | $-0.03 | $0.01 | ||
| Q3 25 | $-0.19 | $0.23 | ||
| Q2 25 | $-0.12 | $0.21 | ||
| Q1 25 | $-0.15 | $0.12 | ||
| Q4 24 | — | $0.09 | ||
| Q3 24 | $-0.17 | $0.23 | ||
| Q2 24 | $-0.13 | $0.26 | ||
| Q1 24 | $-0.14 | $0.17 |
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 | $87.6M |
| Total DebtLower is stronger | — | $3.3B |
| Stockholders' EquityBook value | $966.9M | $1.1B |
| Total Assets | $1.4B | $4.4B |
| Debt / EquityLower = less leverage | — | 3.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $128.5M | $87.6M | ||
| Q3 25 | $83.2M | $93.6M | ||
| Q2 25 | $92.4M | $165.8M | ||
| Q1 25 | $159.3M | $363.0M | ||
| Q4 24 | $156.3M | $190.2M | ||
| Q3 24 | $126.6M | $226.3M | ||
| Q2 24 | $148.3M | $259.2M | ||
| Q1 24 | $123.6M | $203.1M |
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.7B |
| Q4 25 | $966.9M | $1.1B | ||
| Q3 25 | $964.0M | $1.1B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $1.0B | $1.1B | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $1.1B | $1.1B |
| Q4 25 | $1.4B | $4.4B | ||
| Q3 25 | $1.4B | $4.1B | ||
| Q2 25 | $1.4B | $4.2B | ||
| Q1 25 | $1.3B | $4.0B | ||
| Q4 24 | $1.4B | $3.7B | ||
| Q3 24 | $1.4B | $3.7B | ||
| Q2 24 | $1.4B | $3.7B | ||
| Q1 24 | $1.5B | $3.8B |
| Q4 25 | — | 3.10× | ||
| Q3 25 | — | 2.72× | ||
| Q2 25 | — | 2.78× | ||
| Q1 25 | — | 2.56× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.22× | ||
| Q2 24 | — | 2.25× | ||
| Q1 24 | — | 2.38× |
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 | $90.4M |
| Free Cash FlowOCF − Capex | $-44.6M | — |
| FCF MarginFCF / Revenue | -99.4% | — |
| Capex IntensityCapex / Revenue | 21.9% | — |
| Cash ConversionOCF / Net Profit | — | 22.73× |
| TTM Free Cash FlowTrailing 4 quarters | $-174.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-34.7M | $90.4M | ||
| Q3 25 | $-52.6M | $21.8M | ||
| Q2 25 | $-32.4M | $24.7M | ||
| Q1 25 | $-11.6M | $19.1M | ||
| Q4 24 | $-108.6M | $112.1M | ||
| Q3 24 | $-28.9M | $23.7M | ||
| Q2 24 | $-30.0M | $25.6M | ||
| Q1 24 | $-41.7M | $37.4M |
| 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 | — | 22.73× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 1.20× | ||
| Q1 25 | — | 1.39× | ||
| Q4 24 | — | 10.50× | ||
| Q3 24 | — | 1.07× | ||
| Q2 24 | — | 1.03× | ||
| Q1 24 | — | 2.23× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
