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Side-by-side financial comparison of i-80 Gold Corp. (IAUX) 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 $21.3M, roughly 1.6× i-80 Gold Corp.). TPG RE Finance Trust, Inc. runs the higher net margin — 15.6% vs -401.9%, a 417.5% gap on every dollar of revenue.
i-80 Gold Corp is a mineral exploration and development firm focused on gold and silver asset operations in Nevada, US. It advances high-potential mining projects, using responsible extraction practices to deliver precious metals to global industrial and investment markets.
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.
IAUX vs TRTX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $21.3M | $35.0M |
| Net Profit | $-85.6M | $4.0M |
| Gross Margin | 22.0% | — |
| Operating Margin | -291.6% | 11.6% |
| Net Margin | -401.9% | 15.6% |
| Revenue YoY | — | 0.9% |
| Net Profit YoY | — | -62.8% |
| EPS (diluted) | $-0.10 | $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 | $21.3M | $35.0M | ||
| Q3 25 | $32.0M | $37.8M | ||
| Q2 25 | $27.8M | $36.2M | ||
| Q1 25 | $14.0M | $37.0M | ||
| Q4 24 | — | $34.7M | ||
| Q3 24 | $11.5M | $40.1M | ||
| Q2 24 | $7.2M | $39.3M | ||
| Q1 24 | — | $38.9M |
| Q4 25 | $-85.6M | $4.0M | ||
| Q3 25 | $-41.9M | $22.0M | ||
| Q2 25 | $-30.2M | $20.6M | ||
| Q1 25 | $-41.2M | $13.7M | ||
| Q4 24 | — | $10.7M | ||
| Q3 24 | $-43.1M | $22.2M | ||
| Q2 24 | $-41.0M | $24.7M | ||
| Q1 24 | — | $16.7M |
| Q4 25 | 22.0% | — | ||
| Q3 25 | 9.7% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 20.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -42.7% | — | ||
| Q2 24 | -171.4% | — | ||
| Q1 24 | — | — |
| Q4 25 | -291.6% | 11.6% | ||
| Q3 25 | -86.7% | 58.4% | ||
| Q2 25 | -67.4% | 57.3% | ||
| Q1 25 | -112.3% | 37.2% | ||
| Q4 24 | — | 30.3% | ||
| Q3 24 | -210.0% | 55.4% | ||
| Q2 24 | -435.2% | 63.1% | ||
| Q1 24 | — | 44.0% |
| Q4 25 | -401.9% | 15.6% | ||
| Q3 25 | -130.8% | 58.1% | ||
| Q2 25 | -108.5% | 57.0% | ||
| Q1 25 | -293.3% | 37.0% | ||
| Q4 24 | — | 43.3% | ||
| Q3 24 | -374.5% | 55.3% | ||
| Q2 24 | -570.8% | 62.9% | ||
| Q1 24 | — | 43.0% |
| Q4 25 | $-0.10 | $0.01 | ||
| Q3 25 | $-0.05 | $0.23 | ||
| Q2 25 | $-0.05 | $0.21 | ||
| Q1 25 | $-0.10 | $0.12 | ||
| Q4 24 | — | $0.09 | ||
| Q3 24 | $-0.11 | $0.23 | ||
| Q2 24 | $-0.11 | $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 | $63.2M | $87.6M |
| Total DebtLower is stronger | $174.7M | $3.3B |
| Stockholders' EquityBook value | $346.8M | $1.1B |
| Total Assets | $703.4M | $4.4B |
| Debt / EquityLower = less leverage | 0.50× | 3.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.2M | $87.6M | ||
| Q3 25 | $102.9M | $93.6M | ||
| Q2 25 | $133.7M | $165.8M | ||
| Q1 25 | $13.5M | $363.0M | ||
| Q4 24 | — | $190.2M | ||
| Q3 24 | $21.8M | $226.3M | ||
| Q2 24 | $47.8M | $259.2M | ||
| Q1 24 | — | $203.1M |
| Q4 25 | $174.7M | $3.3B | ||
| Q3 25 | $175.9M | $2.9B | ||
| Q2 25 | $175.8M | $3.0B | ||
| Q1 25 | $197.5M | $2.8B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.7B |
| Q4 25 | $346.8M | $1.1B | ||
| Q3 25 | $423.0M | $1.1B | ||
| Q2 25 | $463.5M | $1.1B | ||
| Q1 25 | $318.0M | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $346.9M | $1.1B | ||
| Q2 24 | $377.2M | $1.1B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | $703.4M | $4.4B | ||
| Q3 25 | $756.2M | $4.1B | ||
| Q2 25 | $782.9M | $4.2B | ||
| Q1 25 | $659.0M | $4.0B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.7B | ||
| Q2 24 | — | $3.7B | ||
| Q1 24 | — | $3.8B |
| Q4 25 | 0.50× | 3.10× | ||
| Q3 25 | 0.42× | 2.72× | ||
| Q2 25 | 0.38× | 2.78× | ||
| Q1 25 | 0.62× | 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 | $-34.3M | $90.4M |
| Free Cash FlowOCF − Capex | $-39.2M | — |
| FCF MarginFCF / Revenue | -184.3% | — |
| Capex IntensityCapex / Revenue | 23.1% | — |
| Cash ConversionOCF / Net Profit | — | 22.73× |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-34.3M | $90.4M | ||
| Q3 25 | $-15.2M | $21.8M | ||
| Q2 25 | $-11.3M | $24.7M | ||
| Q1 25 | $-22.7M | $19.1M | ||
| Q4 24 | — | $112.1M | ||
| Q3 24 | $-23.5M | $23.7M | ||
| Q2 24 | $-24.6M | $25.6M | ||
| Q1 24 | — | $37.4M |
| Q4 25 | $-39.2M | — | ||
| Q3 25 | $-18.5M | — | ||
| Q2 25 | $-12.4M | — | ||
| Q1 25 | $-23.1M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-23.8M | — | ||
| Q2 24 | $-25.1M | — | ||
| Q1 24 | — | — |
| Q4 25 | -184.3% | — | ||
| Q3 25 | -57.8% | — | ||
| Q2 25 | -44.7% | — | ||
| Q1 25 | -164.1% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -206.7% | — | ||
| Q2 24 | -349.1% | — | ||
| Q1 24 | — | — |
| Q4 25 | 23.1% | — | ||
| Q3 25 | 10.2% | — | ||
| Q2 25 | 3.9% | — | ||
| Q1 25 | 2.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.5% | — | ||
| Q2 24 | 7.3% | — | ||
| 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.
Revenue Breakdown by Segment
IAUX
| Granite Creek Mining Company | $20.3M | 95% |
| Ruby Hill Mining Company LLC | $991.0K | 5% |
| Lone Tree Minning Company | $3.0K | 0% |
TRTX
Segment breakdown not available.
