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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and Katapult Holdings, Inc. (KPLT). Click either name above to swap in a different company.
Katapult Holdings, Inc. is the larger business by last-quarter revenue ($73.9M vs $73.3M, roughly 1.0× Apollo Commercial Real Estate Finance, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs 26.8%, a 13.0% gap on every dollar of revenue. On growth, Katapult Holdings, Inc. posted the faster year-over-year revenue change (17.3% vs 4.0%). Over the past eight quarters, Katapult Holdings, Inc.'s revenue compounded faster (6.6% 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.
Katapult Holdings, Inc. is a U.S.-based fintech company that provides accessible point-of-sale lease-to-purchase solutions for consumers with limited or no traditional credit history. It partners with a wide network of e-commerce platforms and brick-and-mortar retail merchants across segments including electronics, furniture and home goods to offer flexible payment plans for customers to obtain needed products.
ARI vs KPLT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $73.9M |
| Net Profit | $29.2M | $19.8M |
| Gross Margin | — | 15.6% |
| Operating Margin | 39.7% | -1.4% |
| Net Margin | 39.9% | 26.8% |
| Revenue YoY | 4.0% | 17.3% |
| Net Profit YoY | -28.2% | 307.3% |
| EPS (diluted) | $0.19 | $3.69 |
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 | $73.9M | ||
| Q3 25 | $61.6M | $74.0M | ||
| Q2 25 | $70.9M | $71.9M | ||
| Q1 25 | $65.8M | $71.9M | ||
| Q4 24 | $70.5M | $63.0M | ||
| Q3 24 | $71.6M | $60.3M | ||
| Q2 24 | $81.1M | $58.9M | ||
| Q1 24 | $80.5M | $65.1M |
| Q4 25 | $29.2M | $19.8M | ||
| Q3 25 | $50.8M | $-4.9M | ||
| Q2 25 | $20.7M | $-7.8M | ||
| Q1 25 | $26.0M | $-5.7M | ||
| Q4 24 | $40.7M | $-9.6M | ||
| Q3 24 | $-91.5M | $-8.9M | ||
| Q2 24 | $35.8M | $-6.9M | ||
| Q1 24 | $-104.5M | $-570.0K |
| Q4 25 | — | 15.6% | ||
| Q3 25 | — | 19.7% | ||
| Q2 25 | — | 15.5% | ||
| Q1 25 | — | 19.9% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 19.8% | ||
| Q2 24 | — | 16.9% | ||
| Q1 24 | — | 25.3% |
| Q4 25 | 39.7% | -1.4% | ||
| Q3 25 | 82.8% | 3.3% | ||
| Q2 25 | 29.4% | -2.0% | ||
| Q1 25 | 39.7% | -0.7% | ||
| Q4 24 | 57.9% | -7.7% | ||
| Q3 24 | -127.8% | -7.4% | ||
| Q2 24 | 44.2% | -4.5% | ||
| Q1 24 | -129.6% | 5.8% |
| Q4 25 | 39.9% | 26.8% | ||
| Q3 25 | 82.4% | -6.7% | ||
| Q2 25 | 29.3% | -10.9% | ||
| Q1 25 | 39.5% | -7.9% | ||
| Q4 24 | 57.7% | -15.2% | ||
| Q3 24 | -127.9% | -14.7% | ||
| Q2 24 | 44.1% | -11.7% | ||
| Q1 24 | -129.8% | -0.9% |
| Q4 25 | $0.19 | $3.69 | ||
| Q3 25 | $0.34 | $-0.94 | ||
| Q2 25 | $0.12 | $-1.63 | ||
| Q1 25 | $0.16 | $-1.23 | ||
| Q4 24 | $0.25 | $-2.17 | ||
| Q3 24 | $-0.69 | $-2.05 | ||
| Q2 24 | $0.23 | $-1.61 | ||
| Q1 24 | $-0.76 | $-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 | $139.8M | $22.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.9B | $-38.1M |
| Total Assets | $9.9B | $107.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | $22.4M | ||
| Q3 25 | $245.9M | $3.4M | ||
| Q2 25 | $177.6M | $3.7M | ||
| Q1 25 | $166.4M | $6.0M | ||
| Q4 24 | $317.4M | $3.5M | ||
| Q3 24 | $194.3M | $25.9M | ||
| Q2 24 | $174.7M | $33.7M | ||
| Q1 24 | $161.2M | $31.2M |
| Q4 25 | $1.9B | $-38.1M | ||
| Q3 25 | $1.9B | $-58.4M | ||
| Q2 25 | $1.8B | $-54.1M | ||
| Q1 25 | $1.9B | $-51.7M | ||
| Q4 24 | $1.9B | $-46.8M | ||
| Q3 24 | $1.9B | $-40.3M | ||
| Q2 24 | $2.0B | $-32.9M | ||
| Q1 24 | $2.0B | $-27.5M |
| Q4 25 | $9.9B | $107.9M | ||
| Q3 25 | $9.5B | $85.9M | ||
| Q2 25 | $9.8B | $90.6M | ||
| Q1 25 | $8.8B | $88.5M | ||
| Q4 24 | $8.4B | $93.2M | ||
| Q3 24 | $9.1B | $92.0M | ||
| Q2 24 | $9.3B | $106.6M | ||
| Q1 24 | $9.2B | $106.6M |
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 | $-11.9M |
| Free Cash FlowOCF − Capex | — | $-12.0M |
| FCF MarginFCF / Revenue | — | -16.2% |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 4.88× | -0.60× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | $-11.9M | ||
| Q3 25 | $31.7M | $4.0M | ||
| Q2 25 | $63.2M | $-6.6M | ||
| Q1 25 | $39.3M | $3.4M | ||
| Q4 24 | $200.3M | $-32.6M | ||
| Q3 24 | $47.2M | $-5.4M | ||
| Q2 24 | $50.2M | $-628.0K | ||
| Q1 24 | $52.8M | $2.0M |
| Q4 25 | — | $-12.0M | ||
| Q3 25 | — | $4.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $3.4M | ||
| Q4 24 | — | $-32.6M | ||
| Q3 24 | — | $-5.4M | ||
| Q2 24 | — | $-653.0K | ||
| Q1 24 | — | — |
| Q4 25 | — | -16.2% | ||
| Q3 25 | — | 5.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 4.7% | ||
| Q4 24 | — | -51.8% | ||
| Q3 24 | — | -9.0% | ||
| Q2 24 | — | -1.1% | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | 4.88× | -0.60× | ||
| Q3 25 | 0.62× | — | ||
| 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.
