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Side-by-side financial comparison of Journey Medical Corp (DERM) and KKR Real Estate Finance Trust Inc. (KREF). Click either name above to swap in a different company.
KKR Real Estate Finance Trust Inc. is the larger business by last-quarter revenue ($25.8M vs $16.1M, roughly 1.6× Journey Medical Corp). Journey Medical Corp runs the higher net margin — -7.8% vs -101.7%, a 94.0% gap on every dollar of revenue. On growth, Journey Medical Corp posted the faster year-over-year revenue change (27.3% vs -26.6%). Over the past eight quarters, Journey Medical Corp's revenue compounded faster (11.0% CAGR vs -18.8%).
Journey Medical Corp is a commercial-stage biopharmaceutical company specializing in dermatology treatments. It develops, manufactures and markets prescription and over-the-counter products addressing acne, atopic dermatitis, fungal skin infections and other dermal conditions, primarily serving healthcare providers and patients across the United States.
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.
DERM vs KREF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $16.1M | $25.8M |
| Net Profit | $-1.2M | $-26.2M |
| Gross Margin | — | — |
| Operating Margin | -2.8% | -105.1% |
| Net Margin | -7.8% | -101.7% |
| Revenue YoY | 27.3% | -26.6% |
| Net Profit YoY | -182.0% | -229.6% |
| EPS (diluted) | $-0.04 | $-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 | $16.1M | $25.8M | ||
| Q3 25 | $17.0M | $25.3M | ||
| Q2 25 | $15.0M | $30.2M | ||
| Q1 25 | $13.1M | $31.3M | ||
| Q4 24 | $12.6M | $35.1M | ||
| Q3 24 | $14.6M | $37.0M | ||
| Q2 24 | $14.9M | $40.4M | ||
| Q1 24 | $13.0M | $39.1M |
| Q4 25 | $-1.2M | $-26.2M | ||
| Q3 25 | $-2.3M | $13.8M | ||
| Q2 25 | $-3.8M | $-29.7M | ||
| Q1 25 | $-4.1M | $-4.9M | ||
| Q4 24 | $1.5M | $20.3M | ||
| Q3 24 | $-2.4M | $-7.4M | ||
| Q2 24 | $-3.4M | $25.8M | ||
| Q1 24 | $-10.4M | $-3.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 82.3% | — | ||
| Q3 24 | 63.9% | — | ||
| Q2 24 | 56.0% | — | ||
| Q1 24 | 47.7% | — |
| Q4 25 | -2.8% | -105.1% | ||
| Q3 25 | -9.0% | 50.4% | ||
| Q2 25 | -19.2% | -101.3% | ||
| Q1 25 | -25.3% | -18.3% | ||
| Q4 24 | 17.7% | 55.8% | ||
| Q3 24 | -19.8% | -19.6% | ||
| Q2 24 | -19.7% | 63.3% | ||
| Q1 24 | -77.4% | -8.7% |
| Q4 25 | -7.8% | -101.7% | ||
| Q3 25 | -13.6% | 54.4% | ||
| Q2 25 | -25.3% | -98.5% | ||
| Q1 25 | -31.0% | -15.5% | ||
| Q4 24 | 12.1% | 57.7% | ||
| Q3 24 | -16.3% | -20.0% | ||
| Q2 24 | -22.6% | 63.9% | ||
| Q1 24 | -80.1% | -7.9% |
| Q4 25 | $-0.04 | $-0.49 | ||
| Q3 25 | $-0.09 | $0.12 | ||
| Q2 25 | $-0.16 | $-0.53 | ||
| Q1 25 | $-0.18 | $-0.15 | ||
| Q4 24 | $0.10 | $0.22 | ||
| Q3 24 | $-0.12 | $-0.19 | ||
| Q2 24 | $-0.17 | $0.29 | ||
| Q1 24 | $-0.53 | $-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 | $24.1M | $84.6M |
| Total DebtLower is stronger | $25.3M | — |
| Stockholders' EquityBook value | $31.9M | $1.2B |
| Total Assets | $94.6M | $6.5B |
| Debt / EquityLower = less leverage | 0.79× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.1M | $84.6M | ||
| Q3 25 | $24.9M | $204.1M | ||
| Q2 25 | $20.3M | $107.7M | ||
| Q1 25 | $21.1M | $106.4M | ||
| Q4 24 | $20.3M | $104.9M | ||
| Q3 24 | $22.5M | $108.8M | ||
| Q2 24 | $23.9M | $107.2M | ||
| Q1 24 | $24.1M | $106.5M |
| Q4 25 | $25.3M | — | ||
| Q3 25 | $25.2M | — | ||
| Q2 25 | $25.1M | — | ||
| Q1 25 | $25.0M | — | ||
| Q4 24 | $24.9M | — | ||
| Q3 24 | $19.8M | — | ||
| Q2 24 | $19.7M | — | ||
| Q1 24 | $14.7M | — |
| Q4 25 | $31.9M | $1.2B | ||
| Q3 25 | $25.9M | $1.2B | ||
| Q2 25 | $19.2M | $1.2B | ||
| Q1 25 | $21.5M | $1.3B | ||
| Q4 24 | $20.1M | $1.3B | ||
| Q3 24 | $10.9M | $1.4B | ||
| Q2 24 | $11.3M | $1.4B | ||
| Q1 24 | $13.0M | $1.4B |
| Q4 25 | $94.6M | $6.5B | ||
| Q3 25 | $85.2M | $6.5B | ||
| Q2 25 | $81.2M | $6.8B | ||
| Q1 25 | $85.0M | $6.6B | ||
| Q4 24 | $80.2M | $6.4B | ||
| Q3 24 | $64.0M | $6.8B | ||
| Q2 24 | $65.2M | $7.1B | ||
| Q1 24 | $66.6M | $7.3B |
| Q4 25 | 0.79× | — | ||
| Q3 25 | 0.97× | — | ||
| Q2 25 | 1.30× | — | ||
| Q1 25 | 1.16× | — | ||
| Q4 24 | 1.24× | — | ||
| Q3 24 | 1.81× | — | ||
| Q2 24 | 1.75× | — | ||
| Q1 24 | 1.13× | — |
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 | $-6.3M | $72.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.3M | $72.3M | ||
| Q3 25 | $-2.4M | $18.5M | ||
| Q2 25 | $-942.0K | $21.1M | ||
| Q1 25 | $-2.8M | $15.9M | ||
| Q4 24 | $2.2M | $132.6M | ||
| Q3 24 | $-1.2M | $49.1M | ||
| Q2 24 | $-5.2M | $30.6M | ||
| Q1 24 | $-5.0M | $34.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.46× | 6.54× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DERM
| Qbrexza | $5.5M | 35% |
| Emrosi | $5.0M | 31% |
| Accutane | $3.1M | 19% |
| Other | $2.5M | 15% |
KREF
Segment breakdown not available.
