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Side-by-side financial comparison of IT TECH PACKAGING, INC. (ITP) 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 $25.6M, roughly 1.0× IT TECH PACKAGING, INC.). IT TECH PACKAGING, INC. runs the higher net margin — -5.7% vs -101.7%, a 96.1% gap on every dollar of revenue. On growth, IT TECH PACKAGING, INC. posted the faster year-over-year revenue change (2.1% vs -26.6%). Over the past eight quarters, IT TECH PACKAGING, INC.'s revenue compounded faster (10.5% CAGR vs -18.8%).
IT TECH PACKAGING, INC. is a paper manufacturing enterprise primarily operating in China. It produces and distributes a diverse portfolio of paper products including corrugated packaging paper, boxboard, and printing-use cultural paper, serving sectors such as consumer goods packaging, logistics, and commercial printing across its core market.
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.
ITP vs KREF — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.6M | $25.8M |
| Net Profit | $-1.4M | $-26.2M |
| Gross Margin | 7.9% | — |
| Operating Margin | -3.9% | -105.1% |
| Net Margin | -5.7% | -101.7% |
| Revenue YoY | 2.1% | -26.6% |
| Net Profit YoY | 26.6% | -229.6% |
| EPS (diluted) | $-0.11 | $-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 | — | $25.8M | ||
| Q3 25 | $25.6M | $25.3M | ||
| Q2 25 | $24.8M | $30.2M | ||
| Q1 25 | $10.9M | $31.3M | ||
| Q4 24 | $17.6M | $35.1M | ||
| Q3 24 | $25.1M | $37.0M | ||
| Q2 24 | $26.2M | $40.4M | ||
| Q1 24 | $6.9M | $39.1M |
| Q4 25 | — | $-26.2M | ||
| Q3 25 | $-1.4M | $13.8M | ||
| Q2 25 | $-2.0M | $-29.7M | ||
| Q1 25 | $-3.5M | $-4.9M | ||
| Q4 24 | $-4.0M | $20.3M | ||
| Q3 24 | $-2.0M | $-7.4M | ||
| Q2 24 | $-77.7K | $25.8M | ||
| Q1 24 | $-3.7M | $-3.1M |
| Q4 25 | — | — | ||
| Q3 25 | 7.9% | — | ||
| Q2 25 | 5.1% | — | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 6.3% | — | ||
| Q3 24 | 7.6% | — | ||
| Q2 24 | 12.4% | — | ||
| Q1 24 | 5.8% | — |
| Q4 25 | — | -105.1% | ||
| Q3 25 | -3.9% | 50.4% | ||
| Q2 25 | -7.1% | -101.3% | ||
| Q1 25 | -31.0% | -18.3% | ||
| Q4 24 | -21.5% | 55.8% | ||
| Q3 24 | -5.8% | -19.6% | ||
| Q2 24 | 2.1% | 63.3% | ||
| Q1 24 | -51.0% | -8.7% |
| Q4 25 | — | -101.7% | ||
| Q3 25 | -5.7% | 54.4% | ||
| Q2 25 | -7.9% | -98.5% | ||
| Q1 25 | -32.2% | -15.5% | ||
| Q4 24 | -22.9% | 57.7% | ||
| Q3 24 | -7.9% | -20.0% | ||
| Q2 24 | -0.3% | 63.9% | ||
| Q1 24 | -54.6% | -7.9% |
| Q4 25 | — | $-0.49 | ||
| Q3 25 | $-0.11 | $0.12 | ||
| Q2 25 | $-0.16 | $-0.53 | ||
| Q1 25 | $-0.35 | $-0.15 | ||
| Q4 24 | $-0.40 | $0.22 | ||
| Q3 24 | $-0.20 | $-0.19 | ||
| Q2 24 | $-0.01 | $0.29 | ||
| Q1 24 | $-0.37 | $-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 | — | $84.6M |
| Total DebtLower is stronger | $4.7M | — |
| Stockholders' EquityBook value | $152.0M | $1.2B |
| Total Assets | $175.7M | $6.5B |
| Debt / EquityLower = less leverage | 0.03× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $84.6M | ||
| Q3 25 | — | $204.1M | ||
| Q2 25 | — | $107.7M | ||
| Q1 25 | — | $106.4M | ||
| Q4 24 | — | $104.9M | ||
| Q3 24 | — | $108.8M | ||
| Q2 24 | — | $107.2M | ||
| Q1 24 | — | $106.5M |
| Q4 25 | — | — | ||
| Q3 25 | $4.7M | — | ||
| Q2 25 | $4.7M | — | ||
| Q1 25 | $4.7M | — | ||
| Q4 24 | $4.7M | — | ||
| Q3 24 | $8.9M | — | ||
| Q2 24 | $11.3M | — | ||
| Q1 24 | $11.4M | — |
| Q4 25 | — | $1.2B | ||
| Q3 25 | $152.0M | $1.2B | ||
| Q2 25 | $152.3M | $1.2B | ||
| Q1 25 | $152.8M | $1.3B | ||
| Q4 24 | $156.1M | $1.3B | ||
| Q3 24 | $164.3M | $1.4B | ||
| Q2 24 | $163.5M | $1.4B | ||
| Q1 24 | $164.3M | $1.4B |
| Q4 25 | — | $6.5B | ||
| Q3 25 | $175.7M | $6.5B | ||
| Q2 25 | $175.2M | $6.8B | ||
| Q1 25 | $175.2M | $6.6B | ||
| Q4 24 | $177.5M | $6.4B | ||
| Q3 24 | $190.0M | $6.8B | ||
| Q2 24 | $191.4M | $7.1B | ||
| Q1 24 | $177.5M | $7.3B |
| Q4 25 | — | — | ||
| Q3 25 | 0.03× | — | ||
| Q2 25 | 0.03× | — | ||
| Q1 25 | 0.03× | — | ||
| Q4 24 | 0.03× | — | ||
| Q3 24 | 0.05× | — | ||
| Q2 24 | 0.07× | — | ||
| Q1 24 | 0.07× | — |
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 | $1.5M | $72.3M |
| Free Cash FlowOCF − Capex | $1.5M | — |
| FCF MarginFCF / Revenue | 5.9% | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $3.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $72.3M | ||
| Q3 25 | $1.5M | $18.5M | ||
| Q2 25 | $1.4M | $21.1M | ||
| Q1 25 | $-2.5M | $15.9M | ||
| Q4 24 | $3.5M | $132.6M | ||
| Q3 24 | $1.5M | $49.1M | ||
| Q2 24 | $721.9K | $30.6M | ||
| Q1 24 | $624.4K | $34.5M |
| Q4 25 | — | — | ||
| Q3 25 | $1.5M | — | ||
| Q2 25 | $1.3M | — | ||
| Q1 25 | $-2.5M | — | ||
| Q4 24 | $3.5M | — | ||
| Q3 24 | $1.2M | — | ||
| Q2 24 | $668.3K | — | ||
| Q1 24 | $615.4K | — |
| Q4 25 | — | — | ||
| Q3 25 | 5.9% | — | ||
| Q2 25 | 5.4% | — | ||
| Q1 25 | -22.8% | — | ||
| Q4 24 | 19.6% | — | ||
| Q3 24 | 4.9% | — | ||
| Q2 24 | 2.5% | — | ||
| Q1 24 | 9.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 1.0% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.1% | — |
| 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.
