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Side-by-side financial comparison of Cronos Group Inc. (CRON) and KKR Real Estate Finance Trust Inc. (KREF). Click either name above to swap in a different company.
Cronos Group Inc. is the larger business by last-quarter revenue ($44.5M vs $25.8M, roughly 1.7× KKR Real Estate Finance Trust Inc.). Cronos Group Inc. runs the higher net margin — -4.1% vs -101.7%, a 97.7% gap on every dollar of revenue. On growth, Cronos Group Inc. posted the faster year-over-year revenue change (47.0% vs -26.6%). Over the past eight quarters, Cronos Group Inc.'s revenue compounded faster (32.7% CAGR vs -18.8%).
Cronos Group Inc. is a global cannabinoid firm specializing in cultivation, processing, and distribution of cannabis-derived products including wellness supplements, consumer goods, and medical cannabis. It serves North America, Europe, and Asia Pacific, catering to regulated recreational and medical consumer segments with quality-controlled offerings.
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.
CRON vs KREF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $44.5M | $25.8M |
| Net Profit | $-1.8M | $-26.2M |
| Gross Margin | 36.4% | — |
| Operating Margin | -16.8% | -105.1% |
| Net Margin | -4.1% | -101.7% |
| Revenue YoY | 47.0% | -26.6% |
| Net Profit YoY | -104.2% | -229.6% |
| EPS (diluted) | $-0.01 | $-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 | $44.5M | $25.8M | ||
| Q3 25 | $36.3M | $25.3M | ||
| Q2 25 | $33.5M | $30.2M | ||
| Q1 25 | $32.3M | $31.3M | ||
| Q4 24 | $30.3M | $35.1M | ||
| Q3 24 | $34.3M | $37.0M | ||
| Q2 24 | $27.8M | $40.4M | ||
| Q1 24 | $25.3M | $39.1M |
| Q4 25 | $-1.8M | $-26.2M | ||
| Q3 25 | $26.0M | $13.8M | ||
| Q2 25 | $-39.7M | $-29.7M | ||
| Q1 25 | $6.1M | $-4.9M | ||
| Q4 24 | $43.7M | $20.3M | ||
| Q3 24 | $8.3M | $-7.4M | ||
| Q2 24 | $-8.8M | $25.8M | ||
| Q1 24 | $-2.2M | $-3.1M |
| Q4 25 | 36.4% | — | ||
| Q3 25 | 50.4% | — | ||
| Q2 25 | 43.4% | — | ||
| Q1 25 | 42.6% | — | ||
| Q4 24 | 35.7% | — | ||
| Q3 24 | 10.5% | — | ||
| Q2 24 | 22.7% | — | ||
| Q1 24 | 17.7% | — |
| Q4 25 | -16.8% | -105.1% | ||
| Q3 25 | -1.4% | 50.4% | ||
| Q2 25 | -15.9% | -101.3% | ||
| Q1 25 | -12.6% | -18.3% | ||
| Q4 24 | -37.5% | 55.8% | ||
| Q3 24 | -98.2% | -19.6% | ||
| Q2 24 | -56.1% | 63.3% | ||
| Q1 24 | -63.1% | -8.7% |
| Q4 25 | -4.1% | -101.7% | ||
| Q3 25 | 71.4% | 54.4% | ||
| Q2 25 | -118.7% | -98.5% | ||
| Q1 25 | 19.0% | -15.5% | ||
| Q4 24 | 144.3% | 57.7% | ||
| Q3 24 | 24.4% | -20.0% | ||
| Q2 24 | -31.5% | 63.9% | ||
| Q1 24 | -8.9% | -7.9% |
| Q4 25 | $-0.01 | $-0.49 | ||
| Q3 25 | $0.07 | $0.12 | ||
| Q2 25 | $-0.10 | $-0.53 | ||
| Q1 25 | $0.02 | $-0.15 | ||
| Q4 24 | $0.12 | $0.22 | ||
| Q3 24 | $0.02 | $-0.19 | ||
| Q2 24 | $-0.02 | $0.29 | ||
| Q1 24 | $-0.01 | $-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 | $831.8M | $84.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $1.2B |
| Total Assets | $1.2B | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $831.8M | $84.6M | ||
| Q3 25 | $824.2M | $204.1M | ||
| Q2 25 | $834.4M | $107.7M | ||
| Q1 25 | $837.8M | $106.4M | ||
| Q4 24 | $858.8M | $104.9M | ||
| Q3 24 | $862.0M | $108.8M | ||
| Q2 24 | $848.2M | $107.2M | ||
| Q1 24 | $855.1M | $106.5M |
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.1B | $1.4B | ||
| Q2 24 | $1.1B | $1.4B | ||
| Q1 24 | $1.1B | $1.4B |
| Q4 25 | $1.2B | $6.5B | ||
| Q3 25 | $1.2B | $6.5B | ||
| Q2 25 | $1.2B | $6.8B | ||
| Q1 25 | $1.2B | $6.6B | ||
| Q4 24 | $1.2B | $6.4B | ||
| Q3 24 | $1.2B | $6.8B | ||
| Q2 24 | $1.1B | $7.1B | ||
| Q1 24 | $1.1B | $7.3B |
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 | $11.8M | $72.3M |
| Free Cash FlowOCF − Capex | $9.7M | — |
| FCF MarginFCF / Revenue | 21.8% | — |
| Capex IntensityCapex / Revenue | 4.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $149.0K | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.8M | $72.3M | ||
| Q3 25 | $13.3M | $18.5M | ||
| Q2 25 | $2.8M | $21.1M | ||
| Q1 25 | $-2.1M | $15.9M | ||
| Q4 24 | $7.7M | $132.6M | ||
| Q3 24 | $11.6M | $49.1M | ||
| Q2 24 | $1.7M | $30.6M | ||
| Q1 24 | $-2.2M | $34.5M |
| Q4 25 | $9.7M | — | ||
| Q3 25 | $8.8M | — | ||
| Q2 25 | $-1.0M | — | ||
| Q1 25 | $-17.4M | — | ||
| Q4 24 | $4.2M | — | ||
| Q3 24 | $5.2M | — | ||
| Q2 24 | $1.0M | — | ||
| Q1 24 | $-3.9M | — |
| Q4 25 | 21.8% | — | ||
| Q3 25 | 24.3% | — | ||
| Q2 25 | -3.0% | — | ||
| Q1 25 | -53.8% | — | ||
| Q4 24 | 13.8% | — | ||
| Q3 24 | 15.1% | — | ||
| Q2 24 | 3.7% | — | ||
| Q1 24 | -15.5% | — |
| Q4 25 | 4.8% | — | ||
| Q3 25 | 12.3% | — | ||
| Q2 25 | 11.5% | — | ||
| Q1 25 | 47.3% | — | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 18.7% | — | ||
| Q2 24 | 2.6% | — | ||
| Q1 24 | 6.8% | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.51× | 1.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.34× | — | ||
| Q4 24 | 0.18× | 6.54× | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRON
| Cannabis Flower | $33.7M | 76% |
| Cannabis Extracts | $10.8M | 24% |
KREF
Segment breakdown not available.
