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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and LENSAR, Inc. (LNSR). 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 $14.3M, roughly 1.8× LENSAR, Inc.). LENSAR, Inc. runs the higher net margin — -10.2% vs -101.7%, a 91.6% gap on every dollar of revenue. On growth, LENSAR, Inc. posted the faster year-over-year revenue change (-3.3% vs -26.6%). Over the past eight quarters, LENSAR, Inc.'s revenue compounded faster (28.8% CAGR vs -18.8%).
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.
LENSAR, Inc. is a medical technology company specializing in the development and commercialization of advanced ophthalmic surgical systems. Its proprietary augmented reality-enabled devices deliver high precision for cataract surgery and refractive lens exchange procedures, distributed to ophthalmology clinics, surgical centers and hospitals across North America, Europe and key Asia-Pacific markets.
KREF vs LNSR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $14.3M |
| Net Profit | $-26.2M | $-1.5M |
| Gross Margin | — | 36.6% |
| Operating Margin | -105.1% | -34.3% |
| Net Margin | -101.7% | -10.2% |
| Revenue YoY | -26.6% | -3.3% |
| Net Profit YoY | -229.6% | 92.2% |
| EPS (diluted) | $-0.49 | $-0.09 |
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 | $14.3M | ||
| Q3 25 | $25.3M | $12.8M | ||
| Q2 25 | $30.2M | $12.3M | ||
| Q1 25 | $31.3M | $12.3M | ||
| Q4 24 | $35.1M | $14.8M | ||
| Q3 24 | $37.0M | $11.8M | ||
| Q2 24 | $40.4M | $10.7M | ||
| Q1 24 | $39.1M | $8.6M |
| Q4 25 | $-26.2M | $-1.5M | ||
| Q3 25 | $13.8M | $-3.7M | ||
| Q2 25 | $-29.7M | $-1.8M | ||
| Q1 25 | $-4.9M | $-27.3M | ||
| Q4 24 | $20.3M | $-18.7M | ||
| Q3 24 | $-7.4M | $-1.5M | ||
| Q2 24 | $25.8M | $-9.0M | ||
| Q1 24 | $-3.1M | $-2.2M |
| Q4 25 | — | 36.6% | ||
| Q3 25 | — | 35.1% | ||
| Q2 25 | — | 43.8% | ||
| Q1 25 | — | 42.7% | ||
| Q4 24 | — | 35.1% | ||
| Q3 24 | — | 38.4% | ||
| Q2 24 | — | 45.5% | ||
| Q1 24 | — | 43.0% |
| Q4 25 | -105.1% | -34.3% | ||
| Q3 25 | 50.4% | -59.4% | ||
| Q2 25 | -101.3% | -51.2% | ||
| Q1 25 | -18.3% | -47.2% | ||
| Q4 24 | 55.8% | -8.7% | ||
| Q3 24 | -19.6% | -10.5% | ||
| Q2 24 | 63.3% | -49.4% | ||
| Q1 24 | -8.7% | -33.0% |
| Q4 25 | -101.7% | -10.2% | ||
| Q3 25 | 54.4% | -29.1% | ||
| Q2 25 | -98.5% | -14.4% | ||
| Q1 25 | -15.5% | -222.8% | ||
| Q4 24 | 57.7% | -126.2% | ||
| Q3 24 | -20.0% | -12.7% | ||
| Q2 24 | 63.9% | -84.6% | ||
| Q1 24 | -7.9% | -25.0% |
| Q4 25 | $-0.49 | $-0.09 | ||
| Q3 25 | $0.12 | $-0.31 | ||
| Q2 25 | $-0.53 | $-0.15 | ||
| Q1 25 | $-0.15 | $-2.32 | ||
| Q4 24 | $0.22 | $-1.62 | ||
| Q3 24 | $-0.19 | $-0.13 | ||
| Q2 24 | $0.29 | $-0.79 | ||
| Q1 24 | $-0.13 | $-0.19 |
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 | $18.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $-26.0M |
| Total Assets | $6.5B | $71.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $18.0M | ||
| Q3 25 | $204.1M | $16.9M | ||
| Q2 25 | $107.7M | $20.3M | ||
| Q1 25 | $106.4M | $25.2M | ||
| Q4 24 | $104.9M | $22.5M | ||
| Q3 24 | $108.8M | $18.1M | ||
| Q2 24 | $107.2M | $14.2M | ||
| Q1 24 | $106.5M | $17.9M |
| Q4 25 | $1.2B | $-26.0M | ||
| Q3 25 | $1.2B | $-25.9M | ||
| Q2 25 | $1.2B | $-23.1M | ||
| Q1 25 | $1.3B | $-22.1M | ||
| Q4 24 | $1.3B | $4.9M | ||
| Q3 24 | $1.4B | $22.7M | ||
| Q2 24 | $1.4B | $23.6M | ||
| Q1 24 | $1.4B | $31.8M |
| Q4 25 | $6.5B | $71.4M | ||
| Q3 25 | $6.5B | $70.2M | ||
| Q2 25 | $6.8B | $70.4M | ||
| Q1 25 | $6.6B | $73.0M | ||
| Q4 24 | $6.4B | $66.3M | ||
| Q3 24 | $6.8B | $62.0M | ||
| Q2 24 | $7.1B | $61.4M | ||
| Q1 24 | $7.3B | $66.1M |
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 | $72.3M | $618.0K |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $618.0K | ||
| Q3 25 | $18.5M | $-3.5M | ||
| Q2 25 | $21.1M | $-5.0M | ||
| Q1 25 | $15.9M | $-6.9M | ||
| Q4 24 | $132.6M | $3.7M | ||
| Q3 24 | $49.1M | $3.2M | ||
| Q2 24 | $30.6M | $-3.8M | ||
| Q1 24 | $34.5M | $-5.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $-5.1M | ||
| Q1 25 | — | $-6.9M | ||
| Q4 24 | — | $3.7M | ||
| Q3 24 | — | $3.1M | ||
| Q2 24 | — | $-3.9M | ||
| Q1 24 | — | $-5.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -41.3% | ||
| Q1 25 | — | -56.6% | ||
| Q4 24 | — | 24.7% | ||
| Q3 24 | — | 26.5% | ||
| Q2 24 | — | -36.4% | ||
| Q1 24 | — | -61.6% |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 1.1% | ||
| Q1 24 | — | 0.2% |
| 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.
Revenue Breakdown by Segment
KREF
Segment breakdown not available.
LNSR
| Products | $12.7M | 89% |
| Services | $1.6M | 11% |
