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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and TELOS CORP (TLS). Click either name above to swap in a different company.
Apollo Commercial Real Estate Finance, Inc. is the larger business by last-quarter revenue ($73.3M vs $46.8M, roughly 1.6× TELOS CORP). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs -34.9%, a 74.7% gap on every dollar of revenue. On growth, TELOS CORP posted the faster year-over-year revenue change (77.4% vs 4.0%). Over the past eight quarters, TELOS CORP's revenue compounded faster (25.7% 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.
Telos Corporation is an information technology and cybersecurity company located in Ashburn, Virginia. Telos primarily serves government and enterprise clients, receiving a large number of its contracts from the United States Department of Defense. Customers are primarily military, intelligence and civilian agencies of the US government and NATO allies.
ARI vs TLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $46.8M |
| Net Profit | $29.2M | $-16.3M |
| Gross Margin | — | 35.0% |
| Operating Margin | 39.7% | -39.6% |
| Net Margin | 39.9% | -34.9% |
| Revenue YoY | 4.0% | 77.4% |
| Net Profit YoY | -28.2% | -74.8% |
| EPS (diluted) | $0.19 | $-0.22 |
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 | $46.8M | ||
| Q3 25 | $61.6M | $51.4M | ||
| Q2 25 | $70.9M | $36.0M | ||
| Q1 25 | $65.8M | $30.6M | ||
| Q4 24 | $70.5M | $26.4M | ||
| Q3 24 | $71.6M | $23.8M | ||
| Q2 24 | $81.1M | $28.5M | ||
| Q1 24 | $80.5M | $29.6M |
| Q4 25 | $29.2M | $-16.3M | ||
| Q3 25 | $50.8M | $-2.1M | ||
| Q2 25 | $20.7M | $-9.5M | ||
| Q1 25 | $26.0M | $-8.6M | ||
| Q4 24 | $40.7M | $-9.3M | ||
| Q3 24 | $-91.5M | $-28.1M | ||
| Q2 24 | $35.8M | $-7.8M | ||
| Q1 24 | $-104.5M | $-7.4M |
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 39.9% | ||
| Q2 25 | — | 33.2% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 40.3% | ||
| Q3 24 | — | 13.2% | ||
| Q2 24 | — | 34.1% | ||
| Q1 24 | — | 37.0% |
| Q4 25 | 39.7% | -39.6% | ||
| Q3 25 | 82.8% | -4.8% | ||
| Q2 25 | 29.4% | -27.5% | ||
| Q1 25 | 39.7% | -29.5% | ||
| Q4 24 | 57.9% | -37.6% | ||
| Q3 24 | -127.8% | -121.4% | ||
| Q2 24 | 44.2% | -30.3% | ||
| Q1 24 | -129.6% | -28.5% |
| Q4 25 | 39.9% | -34.9% | ||
| Q3 25 | 82.4% | -4.1% | ||
| Q2 25 | 29.3% | -26.5% | ||
| Q1 25 | 39.5% | -28.1% | ||
| Q4 24 | 57.7% | -35.4% | ||
| Q3 24 | -127.9% | -118.0% | ||
| Q2 24 | 44.1% | -27.2% | ||
| Q1 24 | -129.8% | -24.9% |
| Q4 25 | $0.19 | $-0.22 | ||
| Q3 25 | $0.34 | $-0.03 | ||
| Q2 25 | $0.12 | $-0.13 | ||
| Q1 25 | $0.16 | $-0.12 | ||
| Q4 24 | $0.25 | $-0.13 | ||
| Q3 24 | $-0.69 | $-0.39 | ||
| Q2 24 | $0.23 | $-0.11 | ||
| Q1 24 | $-0.76 | $-0.10 |
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 | $53.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.9B | $96.0M |
| Total Assets | $9.9B | $139.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | $53.2M | ||
| Q3 25 | $245.9M | $59.0M | ||
| Q2 25 | $177.6M | $57.0M | ||
| Q1 25 | $166.4M | $57.8M | ||
| Q4 24 | $317.4M | $54.6M | ||
| Q3 24 | $194.3M | $69.8M | ||
| Q2 24 | $174.7M | $80.1M | ||
| Q1 24 | $161.2M | $93.9M |
| Q4 25 | $1.9B | $96.0M | ||
| Q3 25 | $1.9B | $119.7M | ||
| Q2 25 | $1.8B | $118.4M | ||
| Q1 25 | $1.9B | $126.1M | ||
| Q4 24 | $1.9B | $127.1M | ||
| Q3 24 | $1.9B | $129.5M | ||
| Q2 24 | $2.0B | $149.1M | ||
| Q1 24 | $2.0B | $154.4M |
| Q4 25 | $9.9B | $139.9M | ||
| Q3 25 | $9.5B | $164.3M | ||
| Q2 25 | $9.8B | $165.0M | ||
| Q1 25 | $8.8B | $158.1M | ||
| Q4 24 | $8.4B | $158.2M | ||
| Q3 24 | $9.1B | $166.3M | ||
| Q2 24 | $9.3B | $182.4M | ||
| Q1 24 | $9.2B | $195.4M |
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 | $8.0M |
| Free Cash FlowOCF − Capex | — | $8.0M |
| FCF MarginFCF / Revenue | — | 17.0% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | 4.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $29.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | $8.0M | ||
| Q3 25 | $31.7M | $9.1M | ||
| Q2 25 | $63.2M | $7.0M | ||
| Q1 25 | $39.3M | $6.1M | ||
| Q4 24 | $200.3M | $-10.5M | ||
| Q3 24 | $47.2M | $-7.1M | ||
| Q2 24 | $50.2M | $-8.0M | ||
| Q1 24 | $52.8M | $-350.0K |
| Q4 25 | — | $8.0M | ||
| Q3 25 | — | $8.7M | ||
| Q2 25 | — | $6.8M | ||
| Q1 25 | — | $6.0M | ||
| Q4 24 | — | $-12.4M | ||
| Q3 24 | — | $-7.1M | ||
| Q2 24 | — | $-8.2M | ||
| Q1 24 | — | $-447.0K |
| Q4 25 | — | 17.0% | ||
| Q3 25 | — | 16.9% | ||
| Q2 25 | — | 19.0% | ||
| Q1 25 | — | 19.5% | ||
| Q4 24 | — | -47.0% | ||
| Q3 24 | — | -30.0% | ||
| Q2 24 | — | -28.9% | ||
| Q1 24 | — | -1.5% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | — | 7.1% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 0.3% |
| Q4 25 | 4.88× | — | ||
| 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.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
