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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and BillionToOne, Inc. (BLLN). Click either name above to swap in a different company.
BillionToOne, Inc. is the larger business by last-quarter revenue ($83.5M vs $73.3M, roughly 1.1× Apollo Commercial Real Estate Finance, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs 6.8%, a 33.0% gap on every dollar of revenue. On growth, BillionToOne, Inc. posted the faster year-over-year revenue change (117.4% vs 4.0%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
BillionToOne, Inc. is a life sciences and molecular diagnostics firm developing high-precision genetic testing solutions. Its core offerings include non-invasive prenatal tests, oncology diagnostics, and rare disease screening, serving clinical providers and patients mainly in North America.
ARI vs BLLN — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $83.5M |
| Net Profit | $29.2M | $5.7M |
| Gross Margin | — | 69.9% |
| Operating Margin | 39.7% | 11.5% |
| Net Margin | 39.9% | 6.8% |
| Revenue YoY | 4.0% | 117.4% |
| Net Profit YoY | -28.2% | 138.3% |
| EPS (diluted) | $0.19 | $0.10 |
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 | $73.3M | — | ||
| Q3 25 | $61.6M | $83.5M | ||
| Q2 25 | $70.9M | — | ||
| Q1 25 | $65.8M | — | ||
| Q4 24 | $70.5M | $45.1M | ||
| Q3 24 | $71.6M | $38.4M | ||
| Q2 24 | $81.1M | — | ||
| Q1 24 | $80.5M | — |
| Q4 25 | $29.2M | — | ||
| Q3 25 | $50.8M | $5.7M | ||
| Q2 25 | $20.7M | — | ||
| Q1 25 | $26.0M | — | ||
| Q4 24 | $40.7M | $-11.5M | ||
| Q3 24 | $-91.5M | $-14.9M | ||
| Q2 24 | $35.8M | — | ||
| Q1 24 | $-104.5M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 69.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 57.1% | ||
| Q3 24 | — | 52.6% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 39.7% | — | ||
| Q3 25 | 82.8% | 11.5% | ||
| Q2 25 | 29.4% | — | ||
| Q1 25 | 39.7% | — | ||
| Q4 24 | 57.9% | 17.0% | ||
| Q3 24 | -127.8% | -32.9% | ||
| Q2 24 | 44.2% | — | ||
| Q1 24 | -129.6% | — |
| Q4 25 | 39.9% | — | ||
| Q3 25 | 82.4% | 6.8% | ||
| Q2 25 | 29.3% | — | ||
| Q1 25 | 39.5% | — | ||
| Q4 24 | 57.7% | -25.5% | ||
| Q3 24 | -127.9% | -38.8% | ||
| Q2 24 | 44.1% | — | ||
| Q1 24 | -129.8% | — |
| Q4 25 | $0.19 | — | ||
| Q3 25 | $0.34 | $0.10 | ||
| Q2 25 | $0.12 | — | ||
| Q1 25 | $0.16 | — | ||
| Q4 24 | $0.25 | $-1.13 | ||
| Q3 24 | $-0.69 | $-1.47 | ||
| Q2 24 | $0.23 | — | ||
| Q1 24 | $-0.76 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $139.8M | $195.2M |
| Total DebtLower is stronger | — | $55.0M |
| Stockholders' EquityBook value | $1.9B | $-239.5M |
| Total Assets | $9.9B | $327.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | — | ||
| Q3 25 | $245.9M | $195.2M | ||
| Q2 25 | $177.6M | — | ||
| Q1 25 | $166.4M | — | ||
| Q4 24 | $317.4M | $191.5M | ||
| Q3 24 | $194.3M | — | ||
| Q2 24 | $174.7M | — | ||
| Q1 24 | $161.2M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $55.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $51.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.9B | $-239.5M | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.9B | $-251.7M | ||
| Q3 24 | $1.9B | $-242.9M | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $2.0B | — |
| Q4 25 | $9.9B | — | ||
| Q3 25 | $9.5B | $327.5M | ||
| Q2 25 | $9.8B | — | ||
| Q1 25 | $8.8B | — | ||
| Q4 24 | $8.4B | $302.1M | ||
| Q3 24 | $9.1B | — | ||
| Q2 24 | $9.3B | — | ||
| Q1 24 | $9.2B | — |
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 | $142.5M | $13.8M |
| Free Cash FlowOCF − Capex | — | $6.5M |
| FCF MarginFCF / Revenue | — | 7.7% |
| Capex IntensityCapex / Revenue | — | 8.8% |
| Cash ConversionOCF / Net Profit | 4.88× | 2.42× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | — | ||
| Q3 25 | $31.7M | $13.8M | ||
| Q2 25 | $63.2M | — | ||
| Q1 25 | $39.3M | — | ||
| Q4 24 | $200.3M | — | ||
| Q3 24 | $47.2M | — | ||
| Q2 24 | $50.2M | — | ||
| Q1 24 | $52.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $6.5M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 8.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 4.88× | — | ||
| Q3 25 | 0.62× | 2.42× | ||
| Q2 25 | 3.05× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 4.93× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
BLLN
| Prenatal | $74.1M | 89% |
| Oncology | $8.7M | 10% |
