vs
Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and NATIONAL RESEARCH CORP (NRC). Click either name above to swap in a different company.
NATIONAL RESEARCH CORP is the larger business by last-quarter revenue ($35.2M vs $25.8M, roughly 1.4× KKR Real Estate Finance Trust Inc.). NATIONAL RESEARCH CORP runs the higher net margin — 5.1% vs -101.7%, a 106.9% gap on every dollar of revenue. On growth, NATIONAL RESEARCH CORP posted the faster year-over-year revenue change (-4.6% vs -26.6%). Over the past eight quarters, NATIONAL RESEARCH CORP's revenue compounded faster (-0.2% 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.
National Research Corporation, doing business as NRC Health, is an American healthcare company which provides healthcare products and subscription-based solutions in United States and Canada. It was founded in 1981, and is based in Lincoln, Nebraska.
KREF vs NRC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $35.2M |
| Net Profit | $-26.2M | $1.8M |
| Gross Margin | — | — |
| Operating Margin | -105.1% | 13.3% |
| Net Margin | -101.7% | 5.1% |
| Revenue YoY | -26.6% | -4.6% |
| Net Profit YoY | -229.6% | -72.6% |
| EPS (diluted) | $-0.49 | $49.58 |
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 | $35.2M | ||
| Q3 25 | $25.3M | $34.6M | ||
| Q2 25 | $30.2M | $34.0M | ||
| Q1 25 | $31.3M | $33.6M | ||
| Q4 24 | $35.1M | $36.9M | ||
| Q3 24 | $37.0M | $35.8M | ||
| Q2 24 | $40.4M | $35.0M | ||
| Q1 24 | $39.1M | $35.3M |
| Q4 25 | $-26.2M | $1.8M | ||
| Q3 25 | $13.8M | $4.1M | ||
| Q2 25 | $-29.7M | $-106.0K | ||
| Q1 25 | $-4.9M | $5.8M | ||
| Q4 24 | $20.3M | $6.6M | ||
| Q3 24 | $-7.4M | $5.7M | ||
| Q2 24 | $25.8M | $6.2M | ||
| Q1 24 | $-3.1M | $6.4M |
| Q4 25 | -105.1% | 13.3% | ||
| Q3 25 | 50.4% | 22.4% | ||
| Q2 25 | -101.3% | 4.7% | ||
| Q1 25 | -18.3% | 25.6% | ||
| Q4 24 | 55.8% | 26.0% | ||
| Q3 24 | -19.6% | 22.3% | ||
| Q2 24 | 63.3% | 25.3% | ||
| Q1 24 | -8.7% | 24.8% |
| Q4 25 | -101.7% | 5.1% | ||
| Q3 25 | 54.4% | 11.9% | ||
| Q2 25 | -98.5% | -0.3% | ||
| Q1 25 | -15.5% | 17.2% | ||
| Q4 24 | 57.7% | 17.8% | ||
| Q3 24 | -20.0% | 15.9% | ||
| Q2 24 | 63.9% | 17.6% | ||
| Q1 24 | -7.9% | 18.0% |
| Q4 25 | $-0.49 | $49.58 | ||
| Q3 25 | $0.12 | $0.18 | ||
| Q2 25 | $-0.53 | $-0.01 | ||
| Q1 25 | $-0.15 | $0.25 | ||
| Q4 24 | $0.22 | $0.27 | ||
| Q3 24 | $-0.19 | $0.24 | ||
| Q2 24 | $0.29 | $0.26 | ||
| Q1 24 | $-0.13 | $0.27 |
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 | $4.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $14.0M |
| Total Assets | $6.5B | $134.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $4.1M | ||
| Q3 25 | $204.1M | $2.2M | ||
| Q2 25 | $107.7M | $5.3M | ||
| Q1 25 | $106.4M | $2.5M | ||
| Q4 24 | $104.9M | $4.2M | ||
| Q3 24 | $108.8M | $3.5M | ||
| Q2 24 | $107.2M | $485.0K | ||
| Q1 24 | $106.5M | $1.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $48.7M | ||
| Q2 24 | — | $33.3M | ||
| Q1 24 | — | $35.2M |
| Q4 25 | $1.2B | $14.0M | ||
| Q3 25 | $1.2B | $14.3M | ||
| Q2 25 | $1.2B | $21.3M | ||
| Q1 25 | $1.3B | $29.7M | ||
| Q4 24 | $1.3B | $31.3M | ||
| Q3 24 | $1.4B | $34.6M | ||
| Q2 24 | $1.4B | $40.2M | ||
| Q1 24 | $1.4B | $36.9M |
| Q4 25 | $6.5B | $134.9M | ||
| Q3 25 | $6.5B | $135.7M | ||
| Q2 25 | $6.8B | $141.4M | ||
| Q1 25 | $6.6B | $135.2M | ||
| Q4 24 | $6.4B | $132.5M | ||
| Q3 24 | $6.8B | $131.8M | ||
| Q2 24 | $7.1B | $119.1M | ||
| Q1 24 | $7.3B | $120.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | 0.95× |
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 | $7.2M |
| Free Cash FlowOCF − Capex | — | $6.1M |
| FCF MarginFCF / Revenue | — | 17.2% |
| Capex IntensityCapex / Revenue | — | 3.2% |
| Cash ConversionOCF / Net Profit | — | 3.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | $15.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $7.2M | ||
| Q3 25 | $18.5M | $13.8M | ||
| Q2 25 | $21.1M | $-1.1M | ||
| Q1 25 | $15.9M | $6.6M | ||
| Q4 24 | $132.6M | $6.4M | ||
| Q3 24 | $49.1M | $9.4M | ||
| Q2 24 | $30.6M | $6.8M | ||
| Q1 24 | $34.5M | $12.0M |
| Q4 25 | — | $6.1M | ||
| Q3 25 | — | $10.2M | ||
| Q2 25 | — | $-4.1M | ||
| Q1 25 | — | $3.7M | ||
| Q4 24 | — | $1.9M | ||
| Q3 24 | — | $7.8M | ||
| Q2 24 | — | $1.5M | ||
| Q1 24 | — | $7.9M |
| Q4 25 | — | 17.2% | ||
| Q3 25 | — | 29.4% | ||
| Q2 25 | — | -12.2% | ||
| Q1 25 | — | 10.9% | ||
| Q4 24 | — | 5.2% | ||
| Q3 24 | — | 21.8% | ||
| Q2 24 | — | 4.3% | ||
| Q1 24 | — | 22.4% |
| Q4 25 | — | 3.2% | ||
| Q3 25 | — | 10.4% | ||
| Q2 25 | — | 8.8% | ||
| Q1 25 | — | 8.9% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | — | 4.5% | ||
| Q2 24 | — | 15.0% | ||
| Q1 24 | — | 11.7% |
| Q4 25 | — | 3.99× | ||
| Q3 25 | 1.34× | 3.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | 6.54× | 0.97× | ||
| Q3 24 | — | 1.66× | ||
| Q2 24 | 1.19× | 1.10× | ||
| Q1 24 | — | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
