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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and Emerald Holding, Inc. (EEX). Click either name above to swap in a different company.
Emerald Holding, Inc. is the larger business by last-quarter revenue ($132.7M vs $73.3M, roughly 1.8× Apollo Commercial Real Estate Finance, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs -22.8%, a 62.6% gap on every dollar of revenue. On growth, Emerald Holding, Inc. posted the faster year-over-year revenue change (24.3% vs 4.0%). Over the past eight quarters, Emerald Holding, Inc.'s revenue compounded faster (-0.3% CAGR vs -4.6%).
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.
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
ARI vs EEX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $132.7M |
| Net Profit | $29.2M | $-30.2M |
| Gross Margin | — | — |
| Operating Margin | 39.7% | -11.8% |
| Net Margin | 39.9% | -22.8% |
| Revenue YoY | 4.0% | 24.3% |
| Net Profit YoY | -28.2% | -692.2% |
| EPS (diluted) | $0.19 | $-0.15 |
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 | $132.7M | ||
| Q3 25 | $61.6M | $77.5M | ||
| Q2 25 | $70.9M | $105.5M | ||
| Q1 25 | $65.8M | $147.7M | ||
| Q4 24 | $70.5M | $106.8M | ||
| Q3 24 | $71.6M | $72.6M | ||
| Q2 24 | $81.1M | $86.0M | ||
| Q1 24 | $80.5M | $133.4M |
| Q4 25 | $29.2M | $-30.2M | ||
| Q3 25 | $50.8M | $-14.4M | ||
| Q2 25 | $20.7M | $-1.4M | ||
| Q1 25 | $26.0M | $15.3M | ||
| Q4 24 | $40.7M | $5.1M | ||
| Q3 24 | $-91.5M | $-11.1M | ||
| Q2 24 | $35.8M | $-2.8M | ||
| Q1 24 | $-104.5M | $11.0M |
| Q4 25 | 39.7% | -11.8% | ||
| Q3 25 | 82.8% | -10.1% | ||
| Q2 25 | 29.4% | 9.7% | ||
| Q1 25 | 39.7% | 24.2% | ||
| Q4 24 | 57.9% | 19.5% | ||
| Q3 24 | -127.8% | -6.5% | ||
| Q2 24 | 44.2% | 7.4% | ||
| Q1 24 | -129.6% | 18.2% |
| Q4 25 | 39.9% | -22.8% | ||
| Q3 25 | 82.4% | -18.6% | ||
| Q2 25 | 29.3% | -1.3% | ||
| Q1 25 | 39.5% | 10.4% | ||
| Q4 24 | 57.7% | 4.8% | ||
| Q3 24 | -127.9% | -15.3% | ||
| Q2 24 | 44.1% | -3.3% | ||
| Q1 24 | -129.8% | 8.2% |
| Q4 25 | $0.19 | $-0.15 | ||
| Q3 25 | $0.34 | $-0.07 | ||
| Q2 25 | $0.12 | $-0.01 | ||
| Q1 25 | $0.16 | $0.08 | ||
| Q4 24 | $0.25 | $0.01 | ||
| Q3 24 | $-0.69 | $-0.05 | ||
| Q2 24 | $0.23 | $-0.03 | ||
| Q1 24 | $-0.76 | $0.00 |
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 | $100.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.9B | $338.8M |
| Total Assets | $9.9B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | $100.9M | ||
| Q3 25 | $245.9M | $95.4M | ||
| Q2 25 | $177.6M | $156.4M | ||
| Q1 25 | $166.4M | $276.8M | ||
| Q4 24 | $317.4M | $194.8M | ||
| Q3 24 | $194.3M | $188.9M | ||
| Q2 24 | $174.7M | $193.2M | ||
| Q1 24 | $161.2M | $186.8M |
| Q4 25 | $1.9B | $338.8M | ||
| Q3 25 | $1.9B | $369.5M | ||
| Q2 25 | $1.8B | $389.4M | ||
| Q1 25 | $1.9B | $392.1M | ||
| Q4 24 | $1.9B | $385.9M | ||
| Q3 24 | $1.9B | $391.1M | ||
| Q2 24 | $2.0B | $407.6M | ||
| Q1 24 | $2.0B | $-90.7M |
| Q4 25 | $9.9B | $1.2B | ||
| Q3 25 | $9.5B | $1.2B | ||
| Q2 25 | $9.8B | $1.2B | ||
| Q1 25 | $8.8B | $1.2B | ||
| Q4 24 | $8.4B | $1.0B | ||
| Q3 24 | $9.1B | $1.1B | ||
| Q2 24 | $9.3B | $1.1B | ||
| Q1 24 | $9.2B | $1.1B |
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 | $12.3M |
| Free Cash FlowOCF − Capex | — | $11.7M |
| FCF MarginFCF / Revenue | — | 8.8% |
| Capex IntensityCapex / Revenue | — | 0.5% |
| Cash ConversionOCF / Net Profit | 4.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $41.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | $12.3M | ||
| Q3 25 | $31.7M | $1.8M | ||
| Q2 25 | $63.2M | $15.9M | ||
| Q1 25 | $39.3M | $12.6M | ||
| Q4 24 | $200.3M | $20.6M | ||
| Q3 24 | $47.2M | $9.1M | ||
| Q2 24 | $50.2M | $9.8M | ||
| Q1 24 | $52.8M | $7.3M |
| Q4 25 | — | $11.7M | ||
| Q3 25 | — | $1.5M | ||
| Q2 25 | — | $15.8M | ||
| Q1 25 | — | $12.4M | ||
| Q4 24 | — | $19.9M | ||
| Q3 24 | — | $9.0M | ||
| Q2 24 | — | $9.6M | ||
| Q1 24 | — | $7.0M |
| Q4 25 | — | 8.8% | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 15.0% | ||
| Q1 25 | — | 8.4% | ||
| Q4 24 | — | 18.6% | ||
| Q3 24 | — | 12.4% | ||
| Q2 24 | — | 11.2% | ||
| Q1 24 | — | 5.2% |
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.2% |
| Q4 25 | 4.88× | — | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 3.05× | — | ||
| Q1 25 | 1.51× | 0.82× | ||
| Q4 24 | 4.93× | 4.04× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | — | 0.66× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
