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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and MARAVAI LIFESCIENCES HOLDINGS, INC. (MRVI). Click either name above to swap in a different company.
MARAVAI LIFESCIENCES HOLDINGS, INC. is the larger business by last-quarter revenue ($49.9M vs $25.8M, roughly 1.9× KKR Real Estate Finance Trust Inc.). MARAVAI LIFESCIENCES HOLDINGS, INC. runs the higher net margin — -71.6% vs -101.7%, a 30.2% gap on every dollar of revenue. On growth, MARAVAI LIFESCIENCES HOLDINGS, INC. posted the faster year-over-year revenue change (-11.8% vs -26.6%). Over the past eight quarters, MARAVAI LIFESCIENCES HOLDINGS, INC.'s revenue compounded faster (-11.9% 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.
Maravai LifeSciences Holdings is a global life sciences firm developing critical reagents, diagnostic products, and tech solutions to support biopharma research, drug development, clinical diagnostics, and cell/gene therapy manufacturing. It serves biotech, pharma, research bodies and labs worldwide across three core segments.
KREF vs MRVI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $49.9M |
| Net Profit | $-26.2M | $-35.7M |
| Gross Margin | — | 25.8% |
| Operating Margin | -105.1% | -117.9% |
| Net Margin | -101.7% | -71.6% |
| Revenue YoY | -26.6% | -11.8% |
| Net Profit YoY | -229.6% | -37.7% |
| EPS (diluted) | $-0.49 | $-0.24 |
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 | $49.9M | ||
| Q3 25 | $25.3M | $41.6M | ||
| Q2 25 | $30.2M | $47.4M | ||
| Q1 25 | $31.3M | $46.9M | ||
| Q4 24 | $35.1M | $56.6M | ||
| Q3 24 | $37.0M | $69.0M | ||
| Q2 24 | $40.4M | $69.4M | ||
| Q1 24 | $39.1M | $64.2M |
| Q4 25 | $-26.2M | $-35.7M | ||
| Q3 25 | $13.8M | $-25.6M | ||
| Q2 25 | $-29.7M | $-39.6M | ||
| Q1 25 | $-4.9M | $-29.9M | ||
| Q4 24 | $20.3M | $-25.9M | ||
| Q3 24 | $-7.4M | $-97.1M | ||
| Q2 24 | $25.8M | $-9.8M | ||
| Q1 24 | $-3.1M | $-12.1M |
| Q4 25 | — | 25.8% | ||
| Q3 25 | — | 13.6% | ||
| Q2 25 | — | 16.4% | ||
| Q1 25 | — | 16.5% | ||
| Q4 24 | — | 34.3% | ||
| Q3 24 | — | 46.7% | ||
| Q2 24 | — | 44.4% | ||
| Q1 24 | — | 40.3% |
| Q4 25 | -105.1% | -117.9% | ||
| Q3 25 | 50.4% | -98.6% | ||
| Q2 25 | -101.3% | -139.8% | ||
| Q1 25 | -18.3% | -104.9% | ||
| Q4 24 | 55.8% | -66.7% | ||
| Q3 24 | -19.6% | -239.9% | ||
| Q2 24 | 63.3% | -19.4% | ||
| Q1 24 | -8.7% | -29.4% |
| Q4 25 | -101.7% | -71.6% | ||
| Q3 25 | 54.4% | -61.4% | ||
| Q2 25 | -98.5% | -83.5% | ||
| Q1 25 | -15.5% | -63.9% | ||
| Q4 24 | 57.7% | -45.8% | ||
| Q3 24 | -20.0% | -140.6% | ||
| Q2 24 | 63.9% | -14.1% | ||
| Q1 24 | -7.9% | -18.8% |
| Q4 25 | $-0.49 | $-0.24 | ||
| Q3 25 | $0.12 | $-0.18 | ||
| Q2 25 | $-0.53 | $-0.27 | ||
| Q1 25 | $-0.15 | $-0.21 | ||
| Q4 24 | $0.22 | $-0.21 | ||
| Q3 24 | $-0.19 | $-0.68 | ||
| Q2 24 | $0.29 | $-0.07 | ||
| Q1 24 | $-0.13 | $-0.09 |
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 | $216.9M |
| Total DebtLower is stronger | — | $291.8M |
| Stockholders' EquityBook value | $1.2B | $212.4M |
| Total Assets | $6.5B | $770.6M |
| Debt / EquityLower = less leverage | — | 1.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $216.9M | ||
| Q3 25 | $204.1M | $243.6M | ||
| Q2 25 | $107.7M | $269.9M | ||
| Q1 25 | $106.4M | $285.1M | ||
| Q4 24 | $104.9M | $322.4M | ||
| Q3 24 | $108.8M | $578.2M | ||
| Q2 24 | $107.2M | $573.2M | ||
| Q1 24 | $106.5M | $561.7M |
| Q4 25 | — | $291.8M | ||
| Q3 25 | — | $292.8M | ||
| Q2 25 | — | $293.9M | ||
| Q1 25 | — | $294.9M | ||
| Q4 24 | — | $295.9M | ||
| Q3 24 | — | $521.7M | ||
| Q2 24 | — | $522.5M | ||
| Q1 24 | — | $523.3M |
| Q4 25 | $1.2B | $212.4M | ||
| Q3 25 | $1.2B | $245.4M | ||
| Q2 25 | $1.2B | $265.9M | ||
| Q1 25 | $1.3B | $300.6M | ||
| Q4 24 | $1.3B | $325.3M | ||
| Q3 24 | $1.4B | $344.9M | ||
| Q2 24 | $1.4B | $434.7M | ||
| Q1 24 | $1.4B | $410.7M |
| Q4 25 | $6.5B | $770.6M | ||
| Q3 25 | $6.5B | $849.2M | ||
| Q2 25 | $6.8B | $897.0M | ||
| Q1 25 | $6.6B | $959.8M | ||
| Q4 24 | $6.4B | $1.0B | ||
| Q3 24 | $6.8B | $1.3B | ||
| Q2 24 | $7.1B | $1.4B | ||
| Q1 24 | $7.3B | $1.4B |
| Q4 25 | — | 1.37× | ||
| Q3 25 | — | 1.19× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 0.91× | ||
| Q3 24 | — | 1.51× | ||
| Q2 24 | — | 1.20× | ||
| Q1 24 | — | 1.27× |
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 | $-22.8M |
| Free Cash FlowOCF − Capex | — | $-24.9M |
| FCF MarginFCF / Revenue | — | -49.9% |
| Capex IntensityCapex / Revenue | — | 4.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-70.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $-22.8M | ||
| Q3 25 | $18.5M | $-15.2M | ||
| Q2 25 | $21.1M | $-10.3M | ||
| Q1 25 | $15.9M | $-9.4M | ||
| Q4 24 | $132.6M | $-14.6M | ||
| Q3 24 | $49.1M | $13.1M | ||
| Q2 24 | $30.6M | $17.4M | ||
| Q1 24 | $34.5M | $-8.5M |
| Q4 25 | — | $-24.9M | ||
| Q3 25 | — | $-18.1M | ||
| Q2 25 | — | $-13.1M | ||
| Q1 25 | — | $-14.6M | ||
| Q4 24 | — | $-20.5M | ||
| Q3 24 | — | $4.5M | ||
| Q2 24 | — | $7.9M | ||
| Q1 24 | — | $-14.1M |
| Q4 25 | — | -49.9% | ||
| Q3 25 | — | -43.4% | ||
| Q2 25 | — | -27.7% | ||
| Q1 25 | — | -31.2% | ||
| Q4 24 | — | -36.2% | ||
| Q3 24 | — | 6.6% | ||
| Q2 24 | — | 11.4% | ||
| Q1 24 | — | -22.0% |
| Q4 25 | — | 4.2% | ||
| Q3 25 | — | 7.0% | ||
| Q2 25 | — | 6.1% | ||
| Q1 25 | — | 11.2% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | — | 12.4% | ||
| Q2 24 | — | 13.8% | ||
| Q1 24 | — | 8.8% |
| 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.
MRVI
| Cygnus Segment | $27.2M | 54% |
| Other | $18.4M | 37% |
| Shipping And Handling | $4.3M | 9% |
