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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and Voyager Technologies, Inc. (VOYG). 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 $35.2M, roughly 2.1× Voyager Technologies, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs -130.4%, a 170.2% gap on every dollar of revenue. On growth, Apollo Commercial Real Estate Finance, Inc. posted the faster year-over-year revenue change (4.0% vs 2.1%).
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.
ARI vs VOYG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $35.2M |
| Net Profit | $29.2M | $-45.9M |
| Gross Margin | — | -4.4% |
| Operating Margin | 39.7% | — |
| Net Margin | 39.9% | -130.4% |
| Revenue YoY | 4.0% | 2.1% |
| Net Profit YoY | -28.2% | -64.5% |
| EPS (diluted) | $0.19 | $-0.75 |
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.
| Q1 26 | — | $35.2M | ||
| Q4 25 | $73.3M | $46.7M | ||
| Q3 25 | $61.6M | $39.6M | ||
| Q2 25 | $70.9M | $45.7M | ||
| Q1 25 | $65.8M | — | ||
| Q4 24 | $70.5M | — | ||
| Q3 24 | $71.6M | — | ||
| Q2 24 | $81.1M | — |
| Q1 26 | — | $-45.9M | ||
| Q4 25 | $29.2M | $-33.0M | ||
| Q3 25 | $50.8M | $-16.3M | ||
| Q2 25 | $20.7M | $-31.4M | ||
| Q1 25 | $26.0M | — | ||
| Q4 24 | $40.7M | — | ||
| Q3 24 | $-91.5M | — | ||
| Q2 24 | $35.8M | — |
| Q1 26 | — | -4.4% | ||
| Q4 25 | — | 21.4% | ||
| Q3 25 | — | 15.4% | ||
| Q2 25 | — | 18.0% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 39.7% | — | ||
| Q3 25 | 82.8% | -60.7% | ||
| Q2 25 | 29.4% | -52.8% | ||
| Q1 25 | 39.7% | — | ||
| Q4 24 | 57.9% | — | ||
| Q3 24 | -127.8% | — | ||
| Q2 24 | 44.2% | — |
| Q1 26 | — | -130.4% | ||
| Q4 25 | 39.9% | -70.7% | ||
| Q3 25 | 82.4% | -41.1% | ||
| Q2 25 | 29.3% | -68.7% | ||
| Q1 25 | 39.5% | — | ||
| Q4 24 | 57.7% | — | ||
| Q3 24 | -127.9% | — | ||
| Q2 24 | 44.1% | — |
| Q1 26 | — | $-0.75 | ||
| Q4 25 | $0.19 | $-0.52 | ||
| Q3 25 | $0.34 | $-0.28 | ||
| Q2 25 | $0.12 | $-1.23 | ||
| Q1 25 | $0.16 | — | ||
| Q4 24 | $0.25 | — | ||
| Q3 24 | $-0.69 | — | ||
| Q2 24 | $0.23 | — |
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 | $429.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.9B | $404.5M |
| Total Assets | $9.9B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $429.4M | ||
| Q4 25 | $139.8M | $491.3M | ||
| Q3 25 | $245.9M | $413.3M | ||
| Q2 25 | $177.6M | $468.9M | ||
| Q1 25 | $166.4M | — | ||
| Q4 24 | $317.4M | — | ||
| Q3 24 | $194.3M | — | ||
| Q2 24 | $174.7M | — |
| Q1 26 | — | $404.5M | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.9B | $590.9M | ||
| Q2 25 | $1.8B | $554.7M | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $2.0B | — |
| Q1 26 | — | $1.0B | ||
| Q4 25 | $9.9B | — | ||
| Q3 25 | $9.5B | $727.8M | ||
| Q2 25 | $9.8B | $685.3M | ||
| Q1 25 | $8.8B | — | ||
| Q4 24 | $8.4B | — | ||
| Q3 24 | $9.1B | — | ||
| Q2 24 | $9.3B | — |
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 | $-39.7M |
| Free Cash FlowOCF − Capex | — | $-66.8M |
| FCF MarginFCF / Revenue | — | -189.5% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 4.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-263.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-39.7M | ||
| Q4 25 | $142.5M | $-60.9M | ||
| Q3 25 | $31.7M | $-15.1M | ||
| Q2 25 | $63.2M | $-30.9M | ||
| Q1 25 | $39.3M | — | ||
| Q4 24 | $200.3M | — | ||
| Q3 24 | $47.2M | — | ||
| Q2 24 | $50.2M | — |
| Q1 26 | — | $-66.8M | ||
| Q4 25 | — | $-54.5M | ||
| Q3 25 | — | $-53.8M | ||
| Q2 25 | — | $-88.8M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | -189.5% | ||
| Q4 25 | — | -116.9% | ||
| Q3 25 | — | -135.8% | ||
| Q2 25 | — | -194.4% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 97.8% | ||
| Q2 25 | — | 126.7% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| 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× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
