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Side-by-side financial comparison of FGI Industries Ltd. (FGI) and KKR Real Estate Finance Trust Inc. (KREF). Click either name above to swap in a different company.
FGI Industries Ltd. is the larger business by last-quarter revenue ($30.5M vs $25.8M, roughly 1.2× KKR Real Estate Finance Trust Inc.). FGI Industries Ltd. runs the higher net margin — -8.6% vs -101.7%, a 93.1% gap on every dollar of revenue. On growth, FGI Industries Ltd. posted the faster year-over-year revenue change (-14.4% vs -26.6%). Over the past eight quarters, FGI Industries Ltd.'s revenue compounded faster (-0.5% CAGR vs -18.8%).
FGI Industries Ltd is a global designer, manufacturer and distributor of kitchen and bath products, home organization solutions, and home improvement goods. It serves major retail chains, home specialty stores and e-commerce platforms across North America, Europe and the Asia-Pacific region.
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.
FGI vs KREF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.5M | $25.8M |
| Net Profit | $-2.6M | $-26.2M |
| Gross Margin | 26.7% | — |
| Operating Margin | -2.2% | -105.1% |
| Net Margin | -8.6% | -101.7% |
| Revenue YoY | -14.4% | -26.6% |
| Net Profit YoY | -553.1% | -229.6% |
| EPS (diluted) | $-1.63 | $-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 | $30.5M | $25.8M | ||
| Q3 25 | $35.8M | $25.3M | ||
| Q2 25 | $31.0M | $30.2M | ||
| Q1 25 | $33.2M | $31.3M | ||
| Q4 24 | $35.6M | $35.1M | ||
| Q3 24 | $36.1M | $37.0M | ||
| Q2 24 | $29.4M | $40.4M | ||
| Q1 24 | $30.8M | $39.1M |
| Q4 25 | $-2.6M | $-26.2M | ||
| Q3 25 | $-1.7M | $13.8M | ||
| Q2 25 | $-1.2M | $-29.7M | ||
| Q1 25 | $-629.1K | $-4.9M | ||
| Q4 24 | $-402.3K | $20.3M | ||
| Q3 24 | $-550.1K | $-7.4M | ||
| Q2 24 | $163.6K | $25.8M | ||
| Q1 24 | $-412.2K | $-3.1M |
| Q4 25 | 26.7% | — | ||
| Q3 25 | 26.5% | — | ||
| Q2 25 | 28.1% | — | ||
| Q1 25 | 26.8% | — | ||
| Q4 24 | 24.6% | — | ||
| Q3 24 | 25.8% | — | ||
| Q2 24 | 30.5% | — | ||
| Q1 24 | 27.4% | — |
| Q4 25 | -2.2% | -105.1% | ||
| Q3 25 | 1.0% | 50.4% | ||
| Q2 25 | -2.7% | -101.3% | ||
| Q1 25 | -3.9% | -18.3% | ||
| Q4 24 | -3.5% | 55.8% | ||
| Q3 24 | -0.2% | -19.6% | ||
| Q2 24 | -1.5% | 63.3% | ||
| Q1 24 | -1.0% | -8.7% |
| Q4 25 | -8.6% | -101.7% | ||
| Q3 25 | -4.6% | 54.4% | ||
| Q2 25 | -4.0% | -98.5% | ||
| Q1 25 | -1.9% | -15.5% | ||
| Q4 24 | -1.1% | 57.7% | ||
| Q3 24 | -1.5% | -20.0% | ||
| Q2 24 | 0.6% | 63.9% | ||
| Q1 24 | -1.3% | -7.9% |
| Q4 25 | $-1.63 | $-0.49 | ||
| Q3 25 | $-0.86 | $0.12 | ||
| Q2 25 | $-0.64 | $-0.53 | ||
| Q1 25 | $-0.07 | $-0.15 | ||
| Q4 24 | $-0.38 | $0.22 | ||
| Q3 24 | $-0.29 | $-0.19 | ||
| Q2 24 | $0.08 | $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 | $1.9M | $84.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $17.3M | $1.2B |
| Total Assets | $69.5M | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9M | $84.6M | ||
| Q3 25 | $1.9M | $204.1M | ||
| Q2 25 | $2.5M | $107.7M | ||
| Q1 25 | $1.2M | $106.4M | ||
| Q4 24 | $4.6M | $104.9M | ||
| Q3 24 | $3.0M | $108.8M | ||
| Q2 24 | $1.3M | $107.2M | ||
| Q1 24 | $3.3M | $106.5M |
| Q4 25 | $17.3M | $1.2B | ||
| Q3 25 | $19.7M | $1.2B | ||
| Q2 25 | $21.3M | $1.2B | ||
| Q1 25 | $21.8M | $1.3B | ||
| Q4 24 | $22.3M | $1.3B | ||
| Q3 24 | $23.5M | $1.4B | ||
| Q2 24 | $23.8M | $1.4B | ||
| Q1 24 | $23.9M | $1.4B |
| Q4 25 | $69.5M | $6.5B | ||
| Q3 25 | $73.0M | $6.5B | ||
| Q2 25 | $71.7M | $6.8B | ||
| Q1 25 | $68.5M | $6.6B | ||
| Q4 24 | $75.5M | $6.4B | ||
| Q3 24 | $74.7M | $6.8B | ||
| Q2 24 | $69.9M | $7.1B | ||
| Q1 24 | $68.6M | $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 | $2.3M | $72.3M |
| Free Cash FlowOCF − Capex | $2.3M | — |
| FCF MarginFCF / Revenue | 7.5% | — |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-212.5K | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3M | $72.3M | ||
| Q3 25 | $-1.9M | $18.5M | ||
| Q2 25 | $7.6M | $21.1M | ||
| Q1 25 | $-7.4M | $15.9M | ||
| Q4 24 | $617.4K | $132.6M | ||
| Q3 24 | $-915.0K | $49.1M | ||
| Q2 24 | $862.1K | $30.6M | ||
| Q1 24 | $-8.0M | $34.5M |
| Q4 25 | $2.3M | — | ||
| Q3 25 | $-2.1M | — | ||
| Q2 25 | $7.4M | — | ||
| Q1 25 | $-7.7M | — | ||
| Q4 24 | $-214.1K | — | ||
| Q3 24 | $-1.1M | — | ||
| Q2 24 | $281.5K | — | ||
| Q1 24 | $-8.6M | — |
| Q4 25 | 7.5% | — | ||
| Q3 25 | -5.9% | — | ||
| Q2 25 | 23.8% | — | ||
| Q1 25 | -23.3% | — | ||
| Q4 24 | -0.6% | — | ||
| Q3 24 | -3.0% | — | ||
| Q2 24 | 1.0% | — | ||
| Q1 24 | -28.0% | — |
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 1.1% | — | ||
| Q4 24 | 2.3% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 2.0% | — | ||
| Q1 24 | 2.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.54× | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.27× | 1.19× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FGI
| Sanitaryware | $19.1M | 63% |
| Shower System | $5.8M | 19% |
| Kitchen And Bath Other | $3.3M | 11% |
| Bath Furniture Products | $2.3M | 7% |
KREF
Segment breakdown not available.
