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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and EVERSPIN TECHNOLOGIES INC. (MRAM). 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 $14.9M, roughly 1.7× EVERSPIN TECHNOLOGIES INC.). EVERSPIN TECHNOLOGIES INC. runs the higher net margin — -2.0% vs -101.7%, a 99.8% gap on every dollar of revenue. On growth, EVERSPIN TECHNOLOGIES INC. posted the faster year-over-year revenue change (13.2% vs -26.6%). Over the past eight quarters, EVERSPIN TECHNOLOGIES INC.'s revenue compounded faster (18.2% 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.
Everspin Technologies, Inc. is a publicly traded semiconductor company headquartered in Chandler, Arizona, United States. It develops and manufactures discrete magnetoresistive RAM or magnetoresistive random-access memory (MRAM) products, including Toggle MRAM and Spin-Transfer Torque MRAM (STT-MRAM) product families. It also licenses its technology for use in embedded MRAM (eMRAM) applications, magnetic sensor applications as well as performs backend foundry services for eMRAM.
KREF vs MRAM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $14.9M |
| Net Profit | $-26.2M | $-296.0K |
| Gross Margin | — | 52.7% |
| Operating Margin | -105.1% | 29.0% |
| Net Margin | -101.7% | -2.0% |
| Revenue YoY | -26.6% | 13.2% |
| Net Profit YoY | -229.6% | — |
| EPS (diluted) | $-0.49 | $-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.
| Q1 26 | — | $14.9M | ||
| Q4 25 | $25.8M | $14.8M | ||
| Q3 25 | $25.3M | $14.1M | ||
| Q2 25 | $30.2M | $13.2M | ||
| Q1 25 | $31.3M | $13.1M | ||
| Q4 24 | $35.1M | $13.2M | ||
| Q3 24 | $37.0M | $12.1M | ||
| Q2 24 | $40.4M | $10.6M |
| Q1 26 | — | $-296.0K | ||
| Q4 25 | $-26.2M | $1.2M | ||
| Q3 25 | $13.8M | $54.0K | ||
| Q2 25 | $-29.7M | $-670.0K | ||
| Q1 25 | $-4.9M | $-1.2M | ||
| Q4 24 | $20.3M | $1.2M | ||
| Q3 24 | $-7.4M | $2.3M | ||
| Q2 24 | $25.8M | $-2.5M |
| Q1 26 | — | 52.7% | ||
| Q4 25 | — | 50.8% | ||
| Q3 25 | — | 51.3% | ||
| Q2 25 | — | 51.3% | ||
| Q1 25 | — | 51.4% | ||
| Q4 24 | — | 51.3% | ||
| Q3 24 | — | 49.2% | ||
| Q2 24 | — | 49.0% |
| Q1 26 | — | 29.0% | ||
| Q4 25 | -105.1% | -7.2% | ||
| Q3 25 | 50.4% | -11.0% | ||
| Q2 25 | -101.3% | -14.9% | ||
| Q1 25 | -18.3% | -14.7% | ||
| Q4 24 | 55.8% | -11.8% | ||
| Q3 24 | -19.6% | -17.5% | ||
| Q2 24 | 63.3% | -26.5% |
| Q1 26 | — | -2.0% | ||
| Q4 25 | -101.7% | 8.1% | ||
| Q3 25 | 54.4% | 0.4% | ||
| Q2 25 | -98.5% | -5.1% | ||
| Q1 25 | -15.5% | -8.9% | ||
| Q4 24 | 57.7% | 9.2% | ||
| Q3 24 | -20.0% | 18.8% | ||
| Q2 24 | 63.9% | -23.5% |
| Q1 26 | — | $-0.01 | ||
| Q4 25 | $-0.49 | $0.05 | ||
| Q3 25 | $0.12 | $0.00 | ||
| Q2 25 | $-0.53 | $-0.03 | ||
| Q1 25 | $-0.15 | $-0.05 | ||
| Q4 24 | $0.22 | $0.07 | ||
| Q3 24 | $-0.19 | $0.10 | ||
| Q2 24 | $0.29 | $-0.12 |
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 | $40.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $70.2M |
| Total Assets | $6.5B | $83.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $40.5M | ||
| Q4 25 | $84.6M | $44.5M | ||
| Q3 25 | $204.1M | $45.3M | ||
| Q2 25 | $107.7M | $45.0M | ||
| Q1 25 | $106.4M | $42.2M | ||
| Q4 24 | $104.9M | $42.1M | ||
| Q3 24 | $108.8M | $39.6M | ||
| Q2 24 | $107.2M | $36.8M |
| Q1 26 | — | $70.2M | ||
| Q4 25 | $1.2B | $68.9M | ||
| Q3 25 | $1.2B | $65.8M | ||
| Q2 25 | $1.2B | $64.1M | ||
| Q1 25 | $1.3B | $63.0M | ||
| Q4 24 | $1.3B | $62.6M | ||
| Q3 24 | $1.4B | $59.3M | ||
| Q2 24 | $1.4B | $55.4M |
| Q1 26 | — | $83.2M | ||
| Q4 25 | $6.5B | $84.6M | ||
| Q3 25 | $6.5B | $80.3M | ||
| Q2 25 | $6.8B | $78.9M | ||
| Q1 25 | $6.6B | $80.2M | ||
| Q4 24 | $6.4B | $77.8M | ||
| Q3 24 | $6.8B | $72.6M | ||
| Q2 24 | $7.1B | $64.6M |
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 | $570.0K |
| 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 | — | $570.0K | ||
| Q4 25 | $72.3M | $2.6M | ||
| Q3 25 | $18.5M | $881.0K | ||
| Q2 25 | $21.1M | $5.0M | ||
| Q1 25 | $15.9M | $1.4M | ||
| Q4 24 | $132.6M | $3.8M | ||
| Q3 24 | $49.1M | $2.8M | ||
| Q2 24 | $30.6M | $1.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-975.0K | ||
| Q3 25 | — | $543.0K | ||
| Q2 25 | — | $3.0M | ||
| Q1 25 | — | $527.0K | ||
| Q4 24 | — | $2.1M | ||
| Q3 24 | — | $2.8M | ||
| Q2 24 | — | $1.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | -6.6% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 22.9% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 15.8% | ||
| Q3 24 | — | 22.9% | ||
| Q2 24 | — | 15.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | 15.1% | ||
| Q1 25 | — | 6.9% | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.19× | ||
| Q3 25 | 1.34× | 16.31× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.54× | 3.16× | ||
| Q3 24 | — | 1.25× | ||
| Q2 24 | 1.19× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KREF
Segment breakdown not available.
MRAM
| Product sales | $14.1M | 95% |
| Licensing, royalty, patent, engineering services and other revenue | $772.0K | 5% |
