vs
Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and TPG RE Finance Trust, Inc. (TRTX). Click either name above to swap in a different company.
TPG RE Finance Trust, Inc. is the larger business by last-quarter revenue ($35.0M vs $23.8M, roughly 1.5× Blaize Holdings, Inc.). TPG RE Finance Trust, Inc. runs the higher net margin — 15.6% vs -13.9%, a 29.5% gap on every dollar of revenue. On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs 0.9%).
Blaize Holdings, Inc. is a technology company specializing in edge artificial intelligence computing solutions. It designs energy-efficient AI processors, low-latency inference software stacks, and end-to-end edge AI development tools, serving key segments including autonomous driving, industrial automation, smart cities, and edge healthcare monitoring.
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.
BZAI vs TRTX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $35.0M |
| Net Profit | $-3.3M | $4.0M |
| Gross Margin | 10.8% | — |
| Operating Margin | -89.8% | 11.6% |
| Net Margin | -13.9% | 15.6% |
| Revenue YoY | 2377500.0% | 0.9% |
| Net Profit YoY | 50.7% | -62.8% |
| EPS (diluted) | $0.16 | $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 | $23.8M | $35.0M | ||
| Q3 25 | $11.9M | $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 | $-3.3M | $4.0M | ||
| Q3 25 | $-26.3M | $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 | 10.8% | — | ||
| Q3 25 | 15.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -89.8% | 11.6% | ||
| Q3 25 | -190.3% | 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 | -13.9% | 15.6% | ||
| Q3 25 | -221.3% | 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 | $0.16 | $0.01 | ||
| Q3 25 | $-0.25 | $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 | $45.8M | $87.6M |
| Total DebtLower is stronger | — | $3.3B |
| Stockholders' EquityBook value | $39.0M | $1.1B |
| Total Assets | $102.2M | $4.4B |
| Debt / EquityLower = less leverage | — | 3.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | $87.6M | ||
| Q3 25 | $24.0M | $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 | $39.0M | $1.1B | ||
| Q3 25 | $1.3M | $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 | $102.2M | $4.4B | ||
| Q3 25 | $60.9M | $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 | $-16.5M | $90.4M |
| Free Cash FlowOCF − Capex | $-16.5M | — |
| FCF MarginFCF / Revenue | -69.6% | — |
| Capex IntensityCapex / Revenue | 0.3% | — |
| Cash ConversionOCF / Net Profit | — | 22.73× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.5M | $90.4M | ||
| Q3 25 | $-24.9M | $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 | $-16.5M | — | ||
| Q3 25 | $-24.9M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -69.6% | — | ||
| Q3 25 | -210.2% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.2% | — | ||
| 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.
