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Side-by-side financial comparison of Expensify, Inc. (EXFY) and KKR Real Estate Finance Trust Inc. (KREF). Click either name above to swap in a different company.
Expensify, Inc. is the larger business by last-quarter revenue ($35.2M vs $25.8M, roughly 1.4× KKR Real Estate Finance Trust Inc.). On growth, Expensify, Inc. posted the faster year-over-year revenue change (-4.9% vs -26.6%). Over the past eight quarters, Expensify, Inc.'s revenue compounded faster (2.4% CAGR vs -18.8%).
Expensify, Inc. is a software company that develops an expense management system for personal and business use. Expensify also offers a business credit card called the Expensify Card.
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.
EXFY vs KREF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $35.2M | $25.8M |
| Net Profit | — | $-26.2M |
| Gross Margin | 49.2% | — |
| Operating Margin | -11.2% | -105.1% |
| Net Margin | — | -101.7% |
| Revenue YoY | -4.9% | -26.6% |
| Net Profit YoY | — | -229.6% |
| EPS (diluted) | $-0.07 | $-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 | $35.2M | $25.8M | ||
| Q3 25 | $35.1M | $25.3M | ||
| Q2 25 | $35.8M | $30.2M | ||
| Q1 25 | $36.1M | $31.3M | ||
| Q4 24 | $37.0M | $35.1M | ||
| Q3 24 | $35.4M | $37.0M | ||
| Q2 24 | $33.3M | $40.4M | ||
| Q1 24 | $33.5M | $39.1M |
| Q4 25 | — | $-26.2M | ||
| Q3 25 | $-2.3M | $13.8M | ||
| Q2 25 | $-8.8M | $-29.7M | ||
| Q1 25 | $-3.2M | $-4.9M | ||
| Q4 24 | — | $20.3M | ||
| Q3 24 | $-2.2M | $-7.4M | ||
| Q2 24 | $-2.8M | $25.8M | ||
| Q1 24 | $-3.8M | $-3.1M |
| Q4 25 | 49.2% | — | ||
| Q3 25 | 49.6% | — | ||
| Q2 25 | 51.9% | — | ||
| Q1 25 | 50.6% | — | ||
| Q4 24 | 51.0% | — | ||
| Q3 24 | 51.6% | — | ||
| Q2 24 | 56.9% | — | ||
| Q1 24 | 56.5% | — |
| Q4 25 | -11.2% | -105.1% | ||
| Q3 25 | -6.4% | 50.4% | ||
| Q2 25 | -28.9% | -101.3% | ||
| Q1 25 | -4.1% | -18.3% | ||
| Q4 24 | 1.3% | 55.8% | ||
| Q3 24 | 0.8% | -19.6% | ||
| Q2 24 | 0.7% | 63.3% | ||
| Q1 24 | -5.3% | -8.7% |
| Q4 25 | — | -101.7% | ||
| Q3 25 | -6.6% | 54.4% | ||
| Q2 25 | -24.6% | -98.5% | ||
| Q1 25 | -8.8% | -15.5% | ||
| Q4 24 | — | 57.7% | ||
| Q3 24 | -6.2% | -20.0% | ||
| Q2 24 | -8.3% | 63.9% | ||
| Q1 24 | -11.3% | -7.9% |
| Q4 25 | $-0.07 | $-0.49 | ||
| Q3 25 | $-0.03 | $0.12 | ||
| Q2 25 | $-0.10 | $-0.53 | ||
| Q1 25 | $-0.03 | $-0.15 | ||
| Q4 24 | $-0.03 | $0.22 | ||
| Q3 24 | $-0.02 | $-0.19 | ||
| Q2 24 | $-0.03 | $0.29 | ||
| Q1 24 | $-0.04 | $-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 | $63.1M | $84.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $132.7M | $1.2B |
| Total Assets | $186.0M | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.1M | $84.6M | ||
| Q3 25 | $61.5M | $204.1M | ||
| Q2 25 | $60.5M | $107.7M | ||
| Q1 25 | $59.6M | $106.4M | ||
| Q4 24 | $48.8M | $104.9M | ||
| Q3 24 | $39.2M | $108.8M | ||
| Q2 24 | $53.2M | $107.2M | ||
| Q1 24 | $49.3M | $106.5M |
| Q4 25 | $132.7M | $1.2B | ||
| Q3 25 | $135.7M | $1.2B | ||
| Q2 25 | $131.8M | $1.2B | ||
| Q1 25 | $134.7M | $1.3B | ||
| Q4 24 | $128.2M | $1.3B | ||
| Q3 24 | $119.9M | $1.4B | ||
| Q2 24 | $114.0M | $1.4B | ||
| Q1 24 | $106.5M | $1.4B |
| Q4 25 | $186.0M | $6.5B | ||
| Q3 25 | $186.8M | $6.5B | ||
| Q2 25 | $187.1M | $6.8B | ||
| Q1 25 | $189.2M | $6.6B | ||
| Q4 24 | $173.7M | $6.4B | ||
| Q3 24 | $176.2M | $6.8B | ||
| Q2 24 | $192.9M | $7.1B | ||
| Q1 24 | $184.8M | $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 | $2.2M | $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 | $2.2M | $72.3M | ||
| Q3 25 | $4.2M | $18.5M | ||
| Q2 25 | $8.9M | $21.1M | ||
| Q1 25 | $4.8M | $15.9M | ||
| Q4 24 | $7.4M | $132.6M | ||
| Q3 24 | $3.7M | $49.1M | ||
| Q2 24 | $9.3M | $30.6M | ||
| Q1 24 | $3.5M | $34.5M |
| Q4 25 | — | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.0% | — |
| 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.
