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Side-by-side financial comparison of Aquestive Therapeutics, Inc. (AQST) and NexPoint Real Estate Finance, Inc. (NREF). Click either name above to swap in a different company.
Aquestive Therapeutics, Inc. is the larger business by last-quarter revenue ($13.0M vs $11.1M, roughly 1.2× NexPoint Real Estate Finance, Inc.). NexPoint Real Estate Finance, Inc. runs the higher net margin — 216.6% vs -244.8%, a 461.4% gap on every dollar of revenue. On growth, Aquestive Therapeutics, Inc. posted the faster year-over-year revenue change (9.7% vs -48.8%).
Aquestive Therapeutics is a specialty pharmaceutical company focused on developing and commercializing innovative treatments for central nervous system disorders. It leverages proprietary drug delivery technologies to create accessible, patient-friendly therapeutic options, serving healthcare providers and patients across North America and European markets, with core offerings addressing unmet needs in neurology and psychiatry.
NexPoint Real Estate Finance, Inc. is a US-based commercial real estate finance firm that offers structured financing solutions for multifamily, office, industrial, and hospitality properties. It focuses on originating, managing and servicing a diversified portfolio of mortgage loans and real estate-related investments to deliver stable risk-adjusted returns to stakeholders.
AQST vs NREF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.0M | $11.1M |
| Net Profit | $-31.9M | $24.0M |
| Gross Margin | 55.2% | — |
| Operating Margin | -221.6% | — |
| Net Margin | -244.8% | 216.6% |
| Revenue YoY | 9.7% | -48.8% |
| Net Profit YoY | -86.8% | 58.7% |
| EPS (diluted) | $-0.26 | $0.47 |
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 | $13.0M | $11.1M | ||
| Q3 25 | $12.8M | $12.5M | ||
| Q2 25 | $10.0M | $12.1M | ||
| Q1 25 | $8.7M | $11.5M | ||
| Q4 24 | $11.9M | $21.7M | ||
| Q3 24 | $13.5M | $12.5M | ||
| Q2 24 | $20.1M | $6.7M | ||
| Q1 24 | $12.1M | $-12.8M |
| Q4 25 | $-31.9M | $24.0M | ||
| Q3 25 | $-15.4M | $50.9M | ||
| Q2 25 | $-13.5M | $22.3M | ||
| Q1 25 | $-22.9M | $26.0M | ||
| Q4 24 | $-17.1M | $15.2M | ||
| Q3 24 | $-11.5M | $23.3M | ||
| Q2 24 | $-2.7M | $12.1M | ||
| Q1 24 | $-12.8M | $-14.6M |
| Q4 25 | 55.2% | — | ||
| Q3 25 | 64.8% | — | ||
| Q2 25 | 54.4% | — | ||
| Q1 25 | 58.1% | — | ||
| Q4 24 | 61.9% | — | ||
| Q3 24 | 67.2% | — | ||
| Q2 24 | 77.5% | — | ||
| Q1 24 | 63.6% | — |
| Q4 25 | -221.6% | — | ||
| Q3 25 | -89.6% | — | ||
| Q2 25 | -113.6% | — | ||
| Q1 25 | -222.1% | — | ||
| Q4 24 | -114.4% | — | ||
| Q3 24 | -61.2% | — | ||
| Q2 24 | 0.3% | — | ||
| Q1 24 | -74.3% | — |
| Q4 25 | -244.8% | 216.6% | ||
| Q3 25 | -120.6% | 407.0% | ||
| Q2 25 | -135.4% | 184.5% | ||
| Q1 25 | -263.0% | 225.6% | ||
| Q4 24 | -143.7% | 69.9% | ||
| Q3 24 | -85.0% | 186.4% | ||
| Q2 24 | -13.7% | 179.7% | ||
| Q1 24 | -106.4% | 114.3% |
| Q4 25 | $-0.26 | $0.47 | ||
| Q3 25 | $-0.14 | $1.14 | ||
| Q2 25 | $-0.14 | $0.54 | ||
| Q1 25 | $-0.24 | $0.70 | ||
| Q4 24 | $-0.18 | $0.71 | ||
| Q3 24 | $-0.13 | $0.74 | ||
| Q2 24 | $-0.03 | $0.40 | ||
| Q1 24 | $-0.17 | $-0.83 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $31.1M |
| Total DebtLower is stronger | $27.5M | $771.2M |
| Stockholders' EquityBook value | $-33.7M | $388.0M |
| Total Assets | $160.4M | $5.3B |
| Debt / EquityLower = less leverage | — | 1.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $31.1M | ||
| Q3 25 | $129.1M | $17.9M | ||
| Q2 25 | $60.5M | $9.1M | ||
| Q1 25 | $68.7M | $19.2M | ||
| Q4 24 | $71.5M | $3.9M | ||
| Q3 24 | $77.9M | $34.7M | ||
| Q2 24 | $89.9M | $4.3M | ||
| Q1 24 | $95.2M | $13.5M |
| Q4 25 | $27.5M | $771.2M | ||
| Q3 25 | $45.0M | $720.9M | ||
| Q2 25 | $45.0M | $815.6M | ||
| Q1 25 | $45.0M | $831.5M | ||
| Q4 24 | $32.5M | $799.3M | ||
| Q3 24 | $45.0M | $815.5M | ||
| Q2 24 | $45.0M | $861.0M | ||
| Q1 24 | $45.0M | $843.3M |
| Q4 25 | $-33.7M | $388.0M | ||
| Q3 25 | $-4.1M | $375.4M | ||
| Q2 25 | $-72.6M | $348.2M | ||
| Q1 25 | $-60.9M | $343.7M | ||
| Q4 24 | $-60.2M | $336.5M | ||
| Q3 24 | $-45.4M | $335.8M | ||
| Q2 24 | $-35.5M | $327.5M | ||
| Q1 24 | $-36.3M | $327.1M |
| Q4 25 | $160.4M | $5.3B | ||
| Q3 25 | $163.6M | $5.3B | ||
| Q2 25 | $93.7M | $5.4B | ||
| Q1 25 | $102.2M | $5.4B | ||
| Q4 24 | $101.4M | $5.4B | ||
| Q3 24 | $110.0M | $5.7B | ||
| Q2 24 | $117.6M | $6.6B | ||
| Q1 24 | $129.5M | $7.1B |
| Q4 25 | — | 1.99× | ||
| Q3 25 | — | 1.92× | ||
| Q2 25 | — | 2.34× | ||
| Q1 25 | — | 2.42× | ||
| Q4 24 | — | 2.38× | ||
| Q3 24 | — | 2.43× | ||
| Q2 24 | — | 2.63× | ||
| Q1 24 | — | 2.58× |
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 | $-8.5M | $-4.5M |
| Free Cash FlowOCF − Capex | $-8.6M | — |
| FCF MarginFCF / Revenue | -65.7% | — |
| Capex IntensityCapex / Revenue | 0.7% | — |
| Cash ConversionOCF / Net Profit | — | -0.19× |
| TTM Free Cash FlowTrailing 4 quarters | $-53.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.5M | $-4.5M | ||
| Q3 25 | $-12.6M | $8.1M | ||
| Q2 25 | $-7.9M | $3.3M | ||
| Q1 25 | $-23.4M | $16.0M | ||
| Q4 24 | $-6.5M | $4.4M | ||
| Q3 24 | $-11.9M | $14.7M | ||
| Q2 24 | $-7.0M | $-7.5M | ||
| Q1 24 | $-10.4M | $17.7M |
| Q4 25 | $-8.6M | — | ||
| Q3 25 | $-12.9M | — | ||
| Q2 25 | $-8.0M | — | ||
| Q1 25 | $-23.5M | — | ||
| Q4 24 | $-6.5M | — | ||
| Q3 24 | $-12.0M | — | ||
| Q2 24 | $-7.0M | — | ||
| Q1 24 | $-10.4M | — |
| Q4 25 | -65.7% | — | ||
| Q3 25 | -100.6% | — | ||
| Q2 25 | -80.2% | — | ||
| Q1 25 | -269.9% | — | ||
| Q4 24 | -54.8% | — | ||
| Q3 24 | -88.3% | — | ||
| Q2 24 | -35.0% | — | ||
| Q1 24 | -86.4% | — |
| Q4 25 | 0.7% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.2% | — |
| Q4 25 | — | -0.19× | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.62× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | 0.63× | ||
| Q2 24 | — | -0.62× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
