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Side-by-side financial comparison of AST SpaceMobile, Inc. (ASTS) and TPG RE Finance Trust, Inc. (TRTX). Click either name above to swap in a different company.
AST SpaceMobile, Inc. is the larger business by last-quarter revenue ($54.3M vs $35.0M, roughly 1.5× TPG RE Finance Trust, Inc.). TPG RE Finance Trust, Inc. runs the higher net margin — 15.6% vs -136.2%, a 151.8% gap on every dollar of revenue. On growth, AST SpaceMobile, Inc. posted the faster year-over-year revenue change (2758.2% vs 0.9%).
AST SpaceMobile, Inc. is a publicly traded satellite designer and manufacturer based in Midland, Texas, United States. The company is building the SpaceMobile satellite constellation, a space-based cellular broadband network designed to connect directly to standard, unmodified smartphones. The network is intended to deliver 4G and 5G broadband coverage globally, particularly in remote and underserved regions.
TPG RE Finance Trust, Inc. is a commercial real estate finance firm primarily operating in the United States. It originates, underwrites and manages a portfolio of senior commercial mortgage loans and other real estate-linked debt instruments, serving commercial property owners and investors across multifamily, industrial, office and retail property segments.
ASTS vs TRTX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.3M | $35.0M |
| Net Profit | $-74.0M | $4.0M |
| Gross Margin | — | — |
| Operating Margin | -175.0% | 11.6% |
| Net Margin | -136.2% | 15.6% |
| Revenue YoY | 2758.2% | 0.9% |
| Net Profit YoY | -106.3% | -62.8% |
| EPS (diluted) | — | $0.01 |
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 | $54.3M | $35.0M | ||
| Q3 25 | $14.7M | $37.8M | ||
| Q2 25 | — | $36.2M | ||
| Q1 25 | — | $37.0M | ||
| Q4 24 | — | $34.7M | ||
| Q3 24 | — | $40.1M | ||
| Q2 24 | — | $39.3M | ||
| Q1 24 | — | $38.9M |
| Q4 25 | $-74.0M | $4.0M | ||
| Q3 25 | $-122.9M | $22.0M | ||
| Q2 25 | — | $20.6M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $10.7M | ||
| Q3 24 | — | $22.2M | ||
| Q2 24 | — | $24.7M | ||
| Q1 24 | — | $16.7M |
| Q4 25 | -175.0% | 11.6% | ||
| Q3 25 | -1109.0% | 58.4% | ||
| Q2 25 | — | 57.3% | ||
| Q1 25 | — | 37.2% | ||
| Q4 24 | — | 30.3% | ||
| Q3 24 | — | 55.4% | ||
| Q2 24 | — | 63.1% | ||
| Q1 24 | — | 44.0% |
| Q4 25 | -136.2% | 15.6% | ||
| Q3 25 | -833.7% | 58.1% | ||
| Q2 25 | — | 57.0% | ||
| Q1 25 | — | 37.0% | ||
| Q4 24 | — | 43.3% | ||
| Q3 24 | — | 55.3% | ||
| Q2 24 | — | 62.9% | ||
| Q1 24 | — | 43.0% |
| Q4 25 | — | $0.01 | ||
| Q3 25 | — | $0.23 | ||
| Q2 25 | — | $0.21 | ||
| Q1 25 | — | $0.12 | ||
| Q4 24 | — | $0.09 | ||
| Q3 24 | — | $0.23 | ||
| Q2 24 | — | $0.26 | ||
| Q1 24 | — | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.3B | $87.6M |
| Total DebtLower is stronger | — | $3.3B |
| Stockholders' EquityBook value | $2.4B | $1.1B |
| Total Assets | $5.0B | $4.4B |
| Debt / EquityLower = less leverage | — | 3.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.3B | $87.6M | ||
| Q3 25 | $2.4B | $93.6M | ||
| Q2 25 | — | $165.8M | ||
| Q1 25 | — | $363.0M | ||
| Q4 24 | — | $190.2M | ||
| Q3 24 | — | $226.3M | ||
| Q2 24 | — | $259.2M | ||
| Q1 24 | — | $203.1M |
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.7B |
| Q4 25 | $2.4B | $1.1B | ||
| Q3 25 | $1.6B | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | $5.0B | $4.4B | ||
| Q3 25 | $2.6B | $4.1B | ||
| Q2 25 | — | $4.2B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.7B | ||
| Q2 24 | — | $3.7B | ||
| Q1 24 | — | $3.8B |
| Q4 25 | — | 3.10× | ||
| Q3 25 | — | 2.72× | ||
| Q2 25 | — | 2.78× | ||
| Q1 25 | — | 2.56× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.22× | ||
| Q2 24 | — | 2.25× | ||
| Q1 24 | — | 2.38× |
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 | $65.0M | $90.4M |
| Free Cash FlowOCF − Capex | $-330.7M | — |
| FCF MarginFCF / Revenue | -609.0% | — |
| Capex IntensityCapex / Revenue | 728.7% | — |
| Cash ConversionOCF / Net Profit | — | 22.73× |
| TTM Free Cash FlowTrailing 4 quarters | $-790.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.0M | $90.4M | ||
| Q3 25 | $-64.5M | $21.8M | ||
| Q2 25 | — | $24.7M | ||
| Q1 25 | — | $19.1M | ||
| Q4 24 | — | $112.1M | ||
| Q3 24 | — | $23.7M | ||
| Q2 24 | — | $25.6M | ||
| Q1 24 | — | $37.4M |
| Q4 25 | $-330.7M | — | ||
| Q3 25 | $-302.9M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -609.0% | — | ||
| Q3 25 | -2055.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 728.7% | — | ||
| Q3 25 | 1617.6% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 22.73× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 1.20× | ||
| Q1 25 | — | 1.39× | ||
| Q4 24 | — | 10.50× | ||
| Q3 24 | — | 1.07× | ||
| Q2 24 | — | 1.03× | ||
| Q1 24 | — | 2.23× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ASTS
| Products | $44.4M | 82% |
| Other | $7.8M | 14% |
| Sat Co | $2.1M | 4% |
TRTX
Segment breakdown not available.
