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Side-by-side financial comparison of Allbirds, Inc. (BIRD) and KKR Real Estate Finance Trust Inc. (KREF). Click either name above to swap in a different company.
Allbirds, Inc. is the larger business by last-quarter revenue ($47.7M vs $25.8M, roughly 1.8× KKR Real Estate Finance Trust Inc.). Allbirds, Inc. runs the higher net margin — -41.1% vs -101.7%, a 60.7% gap on every dollar of revenue. On growth, Allbirds, Inc. posted the faster year-over-year revenue change (-14.6% vs -26.6%). Over the past eight quarters, Allbirds, Inc.'s revenue compounded faster (10.1% CAGR vs -18.8%).
Bird Global, Inc., is a micromobility company based in Miami, Florida. Founded in September 2017, Bird has distributed electric scooters designed for short-term rental to over 350 cities. In April 2024, it was acquired by Third Lane Mobility to avoid bankruptcy.
KKR Real Estate Finance Trust Inc. is a specialized real estate finance firm sponsored by global investment firm KKR. It primarily originates, acquires, and manages a portfolio of senior secured commercial real estate loans, mostly backed by high-quality institutional commercial properties across the United States, delivering stable risk-adjusted returns to investors via interest income from its diversified assets.
BIRD vs KREF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $47.7M | $25.8M |
| Net Profit | $-19.6M | $-26.2M |
| Gross Margin | 37.2% | — |
| Operating Margin | -43.5% | -105.1% |
| Net Margin | -41.1% | -101.7% |
| Revenue YoY | -14.6% | -26.6% |
| Net Profit YoY | 23.7% | -229.6% |
| EPS (diluted) | $-2.33 | $-0.49 |
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 | $47.7M | $25.8M | ||
| Q3 25 | $33.0M | $25.3M | ||
| Q2 25 | $39.7M | $30.2M | ||
| Q1 25 | $32.1M | $31.3M | ||
| Q4 24 | $55.9M | $35.1M | ||
| Q3 24 | $43.0M | $37.0M | ||
| Q2 24 | $51.6M | $40.4M | ||
| Q1 24 | $39.3M | $39.1M |
| Q4 25 | $-19.6M | $-26.2M | ||
| Q3 25 | $-20.3M | $13.8M | ||
| Q2 25 | $-15.5M | $-29.7M | ||
| Q1 25 | $-21.9M | $-4.9M | ||
| Q4 24 | $-25.7M | $20.3M | ||
| Q3 24 | $-21.2M | $-7.4M | ||
| Q2 24 | $-19.1M | $25.8M | ||
| Q1 24 | $-27.3M | $-3.1M |
| Q4 25 | 37.2% | — | ||
| Q3 25 | 43.2% | — | ||
| Q2 25 | 40.7% | — | ||
| Q1 25 | 44.8% | — | ||
| Q4 24 | 31.3% | — | ||
| Q3 24 | 44.4% | — | ||
| Q2 24 | 50.5% | — | ||
| Q1 24 | 46.9% | — |
| Q4 25 | -43.5% | -105.1% | ||
| Q3 25 | -60.3% | 50.4% | ||
| Q2 25 | -41.6% | -101.3% | ||
| Q1 25 | -71.1% | -18.3% | ||
| Q4 24 | -46.1% | 55.8% | ||
| Q3 24 | -50.7% | -19.6% | ||
| Q2 24 | -39.1% | 63.3% | ||
| Q1 24 | -75.8% | -8.7% |
| Q4 25 | -41.1% | -101.7% | ||
| Q3 25 | -61.6% | 54.4% | ||
| Q2 25 | -39.1% | -98.5% | ||
| Q1 25 | -68.1% | -15.5% | ||
| Q4 24 | -46.0% | 57.7% | ||
| Q3 24 | -49.3% | -20.0% | ||
| Q2 24 | -37.1% | 63.9% | ||
| Q1 24 | -69.5% | -7.9% |
| Q4 25 | $-2.33 | $-0.49 | ||
| Q3 25 | $-2.49 | $0.12 | ||
| Q2 25 | $-1.92 | $-0.53 | ||
| Q1 25 | $-2.73 | $-0.15 | ||
| Q4 24 | $-3.22 | $0.22 | ||
| Q3 24 | $-2.68 | $-0.19 | ||
| Q2 24 | $-2.45 | $0.29 | ||
| Q1 24 | $-3.52 | $-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 | $26.7M | $84.6M |
| Total DebtLower is stronger | $17.4M | — |
| Stockholders' EquityBook value | $35.9M | $1.2B |
| Total Assets | $109.4M | $6.5B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $84.6M | ||
| Q3 25 | $23.7M | $204.1M | ||
| Q2 25 | $33.1M | $107.7M | ||
| Q1 25 | $39.1M | $106.4M | ||
| Q4 24 | $66.7M | $104.9M | ||
| Q3 24 | $78.6M | $108.8M | ||
| Q2 24 | $87.2M | $107.2M | ||
| Q1 24 | $102.1M | $106.5M |
| Q4 25 | $17.4M | — | ||
| Q3 25 | $12.3M | — | ||
| Q2 25 | $5.0M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $35.9M | $1.2B | ||
| Q3 25 | $51.9M | $1.2B | ||
| Q2 25 | $71.4M | $1.2B | ||
| Q1 25 | $82.8M | $1.3B | ||
| Q4 24 | $101.7M | $1.3B | ||
| Q3 24 | $127.3M | $1.4B | ||
| Q2 24 | $144.0M | $1.4B | ||
| Q1 24 | $160.3M | $1.4B |
| Q4 25 | $109.4M | $6.5B | ||
| Q3 25 | $119.9M | $6.5B | ||
| Q2 25 | $136.8M | $6.8B | ||
| Q1 25 | $147.3M | $6.6B | ||
| Q4 24 | $188.9M | $6.4B | ||
| Q3 24 | $221.9M | $6.8B | ||
| Q2 24 | $239.5M | $7.1B | ||
| Q1 24 | $272.4M | $7.3B |
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.24× | — | ||
| Q2 25 | 0.07× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-3.3M | $72.3M |
| Free Cash FlowOCF − Capex | $-4.1M | — |
| FCF MarginFCF / Revenue | -8.7% | — |
| Capex IntensityCapex / Revenue | 1.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-58.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.3M | $72.3M | ||
| Q3 25 | $-15.2M | $18.5M | ||
| Q2 25 | $-8.7M | $21.1M | ||
| Q1 25 | $-27.9M | $15.9M | ||
| Q4 24 | $-10.8M | $132.6M | ||
| Q3 24 | $-11.2M | $49.1M | ||
| Q2 24 | $-15.6M | $30.6M | ||
| Q1 24 | $-26.2M | $34.5M |
| Q4 25 | $-4.1M | — | ||
| Q3 25 | $-16.1M | — | ||
| Q2 25 | $-9.4M | — | ||
| Q1 25 | $-28.5M | — | ||
| Q4 24 | $-11.9M | — | ||
| Q3 24 | $-11.9M | — | ||
| Q2 24 | $-16.9M | — | ||
| Q1 24 | $-27.3M | — |
| Q4 25 | -8.7% | — | ||
| Q3 25 | -48.9% | — | ||
| Q2 25 | -23.7% | — | ||
| Q1 25 | -88.8% | — | ||
| Q4 24 | -21.2% | — | ||
| Q3 24 | -27.6% | — | ||
| Q2 24 | -32.8% | — | ||
| Q1 24 | -69.5% | — |
| Q4 25 | 1.8% | — | ||
| Q3 25 | 2.7% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | 1.5% | — | ||
| Q2 24 | 2.5% | — | ||
| Q1 24 | 2.9% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.54× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
