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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and Pulmonx Corp (LUNG). 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 $20.6M, roughly 1.3× Pulmonx Corp). Pulmonx Corp runs the higher net margin — -66.3% vs -101.7%, a 35.4% gap on every dollar of revenue. On growth, Pulmonx Corp posted the faster year-over-year revenue change (-8.7% vs -26.6%). Over the past eight quarters, Pulmonx Corp's revenue compounded faster (-0.5% 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.
Pulmonx Corp is a global medical tech firm focused on interventional pulmonology solutions. It develops minimally invasive endobronchial valves to treat severe COPD and emphysema, with products sold across North America, Europe, and Asia-Pacific for patients with advanced lung conditions.
KREF vs LUNG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $20.6M |
| Net Profit | $-26.2M | $-13.7M |
| Gross Margin | — | 77.9% |
| Operating Margin | -105.1% | -40.9% |
| Net Margin | -101.7% | -66.3% |
| Revenue YoY | -26.6% | -8.7% |
| Net Profit YoY | -229.6% | 5.5% |
| EPS (diluted) | $-0.49 | $-0.33 |
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.
| Q1 26 | — | $20.6M | ||
| Q4 25 | $25.8M | $22.6M | ||
| Q3 25 | $25.3M | $21.5M | ||
| Q2 25 | $30.2M | $23.9M | ||
| Q1 25 | $31.3M | $22.5M | ||
| Q4 24 | $35.1M | $23.8M | ||
| Q3 24 | $37.0M | $20.4M | ||
| Q2 24 | $40.4M | $20.8M |
| Q1 26 | — | $-13.7M | ||
| Q4 25 | $-26.2M | $-10.4M | ||
| Q3 25 | $13.8M | $-14.0M | ||
| Q2 25 | $-29.7M | $-15.2M | ||
| Q1 25 | $-4.9M | $-14.4M | ||
| Q4 24 | $20.3M | $-13.2M | ||
| Q3 24 | $-7.4M | $-14.1M | ||
| Q2 24 | $25.8M | $-15.3M |
| Q1 26 | — | 77.9% | ||
| Q4 25 | — | 77.6% | ||
| Q3 25 | — | 74.7% | ||
| Q2 25 | — | 72.1% | ||
| Q1 25 | — | 72.5% | ||
| Q4 24 | — | 74.0% | ||
| Q3 24 | — | 73.7% | ||
| Q2 24 | — | 73.7% |
| Q1 26 | — | -40.9% | ||
| Q4 25 | -105.1% | -43.8% | ||
| Q3 25 | 50.4% | -66.9% | ||
| Q2 25 | -101.3% | -62.0% | ||
| Q1 25 | -18.3% | -64.6% | ||
| Q4 24 | 55.8% | -56.5% | ||
| Q3 24 | -19.6% | -69.3% | ||
| Q2 24 | 63.3% | -75.2% |
| Q1 26 | — | -66.3% | ||
| Q4 25 | -101.7% | -46.1% | ||
| Q3 25 | 54.4% | -64.9% | ||
| Q2 25 | -98.5% | -63.6% | ||
| Q1 25 | -15.5% | -64.1% | ||
| Q4 24 | 57.7% | -55.4% | ||
| Q3 24 | -20.0% | -69.4% | ||
| Q2 24 | 63.9% | -73.7% |
| Q1 26 | — | $-0.33 | ||
| Q4 25 | $-0.49 | $-0.25 | ||
| Q3 25 | $0.12 | $-0.34 | ||
| Q2 25 | $-0.53 | $-0.38 | ||
| Q1 25 | $-0.15 | $-0.36 | ||
| Q4 24 | $0.22 | $-0.33 | ||
| Q3 24 | $-0.19 | $-0.36 | ||
| Q2 24 | $0.29 | $-0.39 |
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 | $61.6M |
| Total DebtLower is stronger | — | $37.3M |
| Stockholders' EquityBook value | $1.2B | $45.8M |
| Total Assets | $6.5B | $120.0M |
| Debt / EquityLower = less leverage | — | 0.82× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $61.6M | ||
| Q4 25 | $84.6M | $69.8M | ||
| Q3 25 | $204.1M | $76.5M | ||
| Q2 25 | $107.7M | $75.5M | ||
| Q1 25 | $106.4M | $74.6M | ||
| Q4 24 | $104.9M | $70.9M | ||
| Q3 24 | $108.8M | $63.3M | ||
| Q2 24 | $107.2M | $63.5M |
| Q1 26 | — | $37.3M | ||
| Q4 25 | — | $37.1M | ||
| Q3 25 | — | $37.1M | ||
| Q2 25 | — | $37.1M | ||
| Q1 25 | — | $37.2M | ||
| Q4 24 | — | $37.2M | ||
| Q3 24 | — | $37.2M | ||
| Q2 24 | — | $37.2M |
| Q1 26 | — | $45.8M | ||
| Q4 25 | $1.2B | $54.1M | ||
| Q3 25 | $1.2B | $60.0M | ||
| Q2 25 | $1.2B | $69.1M | ||
| Q1 25 | $1.3B | $77.7M | ||
| Q4 24 | $1.3B | $85.8M | ||
| Q3 24 | $1.4B | $93.9M | ||
| Q2 24 | $1.4B | $101.2M |
| Q1 26 | — | $120.0M | ||
| Q4 25 | $6.5B | $129.3M | ||
| Q3 25 | $6.5B | $138.3M | ||
| Q2 25 | $6.8B | $147.2M | ||
| Q1 25 | $6.6B | $150.7M | ||
| Q4 24 | $6.4B | $162.8M | ||
| Q3 24 | $6.8B | $167.4M | ||
| Q2 24 | $7.1B | $172.6M |
| Q1 26 | — | 0.82× | ||
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.62× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | — | 0.37× |
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 | — |
| 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.
| Q1 26 | — | — | ||
| Q4 25 | $72.3M | $-7.1M | ||
| Q3 25 | $18.5M | $-8.2M | ||
| Q2 25 | $21.1M | $-3.9M | ||
| Q1 25 | $15.9M | $-13.2M | ||
| Q4 24 | $132.6M | $-6.7M | ||
| Q3 24 | $49.1M | $-7.2M | ||
| Q2 24 | $30.6M | $-5.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-7.1M | ||
| Q3 25 | — | $-8.3M | ||
| Q2 25 | — | $-4.0M | ||
| Q1 25 | — | $-13.5M | ||
| Q4 24 | — | $-6.8M | ||
| Q3 24 | — | $-7.7M | ||
| Q2 24 | — | $-6.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | -31.4% | ||
| Q3 25 | — | -38.4% | ||
| Q2 25 | — | -16.6% | ||
| Q1 25 | — | -60.0% | ||
| Q4 24 | — | -28.8% | ||
| Q3 24 | — | -37.6% | ||
| Q2 24 | — | -30.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 2.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.34× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.54× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.19× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
