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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $73.3M, roughly 1.4× Apollo Commercial Real Estate Finance, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs -7.0%, a 46.9% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs 4.0%). Over the past eight quarters, Apollo Commercial Real Estate Finance, Inc.'s revenue compounded faster (-4.6% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
ARI vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $100.0M |
| Net Profit | $29.2M | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | 39.7% | -10.7% |
| Net Margin | 39.9% | -7.0% |
| Revenue YoY | 4.0% | 14.5% |
| Net Profit YoY | -28.2% | 76.0% |
| EPS (diluted) | $0.19 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $61.6M | $161.9M | ||
| Q2 25 | $70.9M | $172.6M | ||
| Q1 25 | $65.8M | $111.4M | ||
| Q4 24 | $70.5M | $87.3M | ||
| Q3 24 | $71.6M | $150.5M | ||
| Q2 24 | $81.1M | $160.1M | ||
| Q1 24 | $80.5M | $110.6M |
| Q4 25 | $29.2M | $-7.0M | ||
| Q3 25 | $50.8M | $8.1M | ||
| Q2 25 | $20.7M | $16.0M | ||
| Q1 25 | $26.0M | $-6.0M | ||
| Q4 24 | $40.7M | $-29.2M | ||
| Q3 24 | $-91.5M | $5.9M | ||
| Q2 24 | $35.8M | $13.3M | ||
| Q1 24 | $-104.5M | $-7.9M |
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 27.7% |
| Q4 25 | 39.7% | -10.7% | ||
| Q3 25 | 82.8% | 13.3% | ||
| Q2 25 | 29.4% | 14.3% | ||
| Q1 25 | 39.7% | -4.4% | ||
| Q4 24 | 57.9% | -14.9% | ||
| Q3 24 | -127.8% | 8.9% | ||
| Q2 24 | 44.2% | 12.5% | ||
| Q1 24 | -129.6% | -1.9% |
| Q4 25 | 39.9% | -7.0% | ||
| Q3 25 | 82.4% | 5.0% | ||
| Q2 25 | 29.3% | 9.3% | ||
| Q1 25 | 39.5% | -5.4% | ||
| Q4 24 | 57.7% | -33.4% | ||
| Q3 24 | -127.9% | 3.9% | ||
| Q2 24 | 44.1% | 8.3% | ||
| Q1 24 | -129.8% | -7.1% |
| Q4 25 | $0.19 | $-0.06 | ||
| Q3 25 | $0.34 | $0.07 | ||
| Q2 25 | $0.12 | $0.13 | ||
| Q1 25 | $0.16 | $-0.05 | ||
| Q4 24 | $0.25 | $-0.24 | ||
| Q3 24 | $-0.69 | $0.05 | ||
| Q2 24 | $0.23 | $0.11 | ||
| Q1 24 | $-0.76 | $-0.07 |
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 | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $1.9B | $405.9M |
| Total Assets | $9.9B | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | — | ||
| Q3 25 | $245.9M | — | ||
| Q2 25 | $177.6M | — | ||
| Q1 25 | $166.4M | — | ||
| Q4 24 | $317.4M | — | ||
| Q3 24 | $194.3M | — | ||
| Q2 24 | $174.7M | — | ||
| Q1 24 | $161.2M | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $1.9B | $405.9M | ||
| Q3 25 | $1.9B | $408.4M | ||
| Q2 25 | $1.8B | $398.4M | ||
| Q1 25 | $1.9B | $381.1M | ||
| Q4 24 | $1.9B | $387.2M | ||
| Q3 24 | $1.9B | $416.6M | ||
| Q2 24 | $2.0B | $408.1M | ||
| Q1 24 | $2.0B | $391.8M |
| Q4 25 | $9.9B | $823.2M | ||
| Q3 25 | $9.5B | $844.4M | ||
| Q2 25 | $9.8B | $822.1M | ||
| Q1 25 | $8.8B | $824.6M | ||
| Q4 24 | $8.4B | $794.2M | ||
| Q3 24 | $9.1B | $853.4M | ||
| Q2 24 | $9.3B | $830.0M | ||
| Q1 24 | $9.2B | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | — | $14.1M |
| FCF MarginFCF / Revenue | — | 14.1% |
| Capex IntensityCapex / Revenue | — | 9.2% |
| Cash ConversionOCF / Net Profit | 4.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | $23.3M | ||
| Q3 25 | $31.7M | $51.0M | ||
| Q2 25 | $63.2M | $36.0M | ||
| Q1 25 | $39.3M | $-46.9M | ||
| Q4 24 | $200.3M | $6.2M | ||
| Q3 24 | $47.2M | $37.2M | ||
| Q2 24 | $50.2M | $52.4M | ||
| Q1 24 | $52.8M | $-34.5M |
| Q4 25 | — | $14.1M | ||
| Q3 25 | — | $45.2M | ||
| Q2 25 | — | $29.1M | ||
| Q1 25 | — | $-50.3M | ||
| Q4 24 | — | $-98.0K | ||
| Q3 24 | — | $33.2M | ||
| Q2 24 | — | $47.9M | ||
| Q1 24 | — | $-39.9M |
| Q4 25 | — | 14.1% | ||
| Q3 25 | — | 27.9% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | -45.2% | ||
| Q4 24 | — | -0.1% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 29.9% | ||
| Q1 24 | — | -36.0% |
| Q4 25 | — | 9.2% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 4.8% |
| Q4 25 | 4.88× | — | ||
| Q3 25 | 0.62× | 6.29× | ||
| Q2 25 | 3.05× | 2.25× | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 4.93× | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | 1.40× | 3.95× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
