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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and NORTECH SYSTEMS INC (NSYS). Click either name above to swap in a different company.
NORTECH SYSTEMS INC is the larger business by last-quarter revenue ($30.3M vs $25.8M, roughly 1.2× KKR Real Estate Finance Trust Inc.). NORTECH SYSTEMS INC runs the higher net margin — 3.0% vs -101.7%, a 104.7% gap on every dollar of revenue. On growth, NORTECH SYSTEMS INC posted the faster year-over-year revenue change (5.9% vs -26.6%). Over the past eight quarters, NORTECH SYSTEMS INC's revenue compounded faster (-5.9% 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.
Nortech Systems Inc is a global electronics manufacturing services provider. It delivers end-to-end solutions covering product design, prototyping, full-scale production, and supply chain management for clients operating in medical technology, industrial automation, aerospace and defense, and transportation sectors. It specializes in high-reliability, regulatory-compliant electronic components and assemblies tailored to strict industry standards.
KREF vs NSYS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $30.3M |
| Net Profit | $-26.2M | $897.0K |
| Gross Margin | — | 16.7% |
| Operating Margin | -105.1% | 3.0% |
| Net Margin | -101.7% | 3.0% |
| Revenue YoY | -26.6% | 5.9% |
| Net Profit YoY | -229.6% | 160.7% |
| EPS (diluted) | $-0.49 | $0.32 |
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 | $30.3M | ||
| Q3 25 | $25.3M | $30.5M | ||
| Q2 25 | $30.2M | $30.7M | ||
| Q1 25 | $31.3M | $26.9M | ||
| Q4 24 | $35.1M | $28.6M | ||
| Q3 24 | $37.0M | $31.4M | ||
| Q2 24 | $40.4M | $33.9M | ||
| Q1 24 | $39.1M | $34.2M |
| Q4 25 | $-26.2M | $897.0K | ||
| Q3 25 | $13.8M | $-146.0K | ||
| Q2 25 | $-29.7M | $313.0K | ||
| Q1 25 | $-4.9M | $-1.3M | ||
| Q4 24 | $20.3M | $-1.5M | ||
| Q3 24 | $-7.4M | $-739.0K | ||
| Q2 24 | $25.8M | $157.0K | ||
| Q1 24 | $-3.1M | $765.0K |
| Q4 25 | — | 16.7% | ||
| Q3 25 | — | 16.5% | ||
| Q2 25 | — | 15.8% | ||
| Q1 25 | — | 11.4% | ||
| Q4 24 | — | 9.9% | ||
| Q3 24 | — | 12.2% | ||
| Q2 24 | — | 13.6% | ||
| Q1 24 | — | 15.9% |
| Q4 25 | -105.1% | 3.0% | ||
| Q3 25 | 50.4% | 3.1% | ||
| Q2 25 | -101.3% | 2.4% | ||
| Q1 25 | -18.3% | -6.0% | ||
| Q4 24 | 55.8% | -4.3% | ||
| Q3 24 | -19.6% | -1.5% | ||
| Q2 24 | 63.3% | 1.0% | ||
| Q1 24 | -8.7% | 3.4% |
| Q4 25 | -101.7% | 3.0% | ||
| Q3 25 | 54.4% | -0.5% | ||
| Q2 25 | -98.5% | 1.0% | ||
| Q1 25 | -15.5% | -4.9% | ||
| Q4 24 | 57.7% | -5.2% | ||
| Q3 24 | -20.0% | -2.4% | ||
| Q2 24 | 63.9% | 0.5% | ||
| Q1 24 | -7.9% | 2.2% |
| Q4 25 | $-0.49 | $0.32 | ||
| Q3 25 | $0.12 | $-0.05 | ||
| Q2 25 | $-0.53 | $0.12 | ||
| Q1 25 | $-0.15 | $-0.48 | ||
| Q4 24 | $0.22 | $-0.51 | ||
| Q3 24 | $-0.19 | $-0.27 | ||
| Q2 24 | $0.29 | $0.05 | ||
| Q1 24 | $-0.13 | $0.26 |
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 | $1.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $34.5M |
| Total Assets | $6.5B | $71.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $1.7M | ||
| Q3 25 | $204.1M | $1.3M | ||
| Q2 25 | $107.7M | $652.0K | ||
| Q1 25 | $106.4M | $1.2M | ||
| Q4 24 | $104.9M | $916.0K | ||
| Q3 24 | $108.8M | $1.2M | ||
| Q2 24 | $107.2M | $1.5M | ||
| Q1 24 | $106.5M | $4.0M |
| Q4 25 | $1.2B | $34.5M | ||
| Q3 25 | $1.2B | $33.4M | ||
| Q2 25 | $1.2B | $33.4M | ||
| Q1 25 | $1.3B | $32.8M | ||
| Q4 24 | $1.3B | $34.0M | ||
| Q3 24 | $1.4B | $35.7M | ||
| Q2 24 | $1.4B | $36.1M | ||
| Q1 24 | $1.4B | $36.0M |
| Q4 25 | $6.5B | $71.9M | ||
| Q3 25 | $6.5B | $74.8M | ||
| Q2 25 | $6.8B | $74.8M | ||
| Q1 25 | $6.6B | $73.5M | ||
| Q4 24 | $6.4B | $72.4M | ||
| Q3 24 | $6.8B | $77.0M | ||
| Q2 24 | $7.1B | $76.3M | ||
| Q1 24 | $7.3B | $75.5M |
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 | $5.6M |
| Free Cash FlowOCF − Capex | — | $5.5M |
| FCF MarginFCF / Revenue | — | 18.0% |
| Capex IntensityCapex / Revenue | — | 0.5% |
| Cash ConversionOCF / Net Profit | — | 6.25× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $5.6M | ||
| Q3 25 | $18.5M | $-92.0K | ||
| Q2 25 | $21.1M | $157.0K | ||
| Q1 25 | $15.9M | $-2.9M | ||
| Q4 24 | $132.6M | $793.0K | ||
| Q3 24 | $49.1M | $-1.6M | ||
| Q2 24 | $30.6M | $-4.3M | ||
| Q1 24 | $34.5M | $2.8M |
| Q4 25 | — | $5.5M | ||
| Q3 25 | — | $-242.0K | ||
| Q2 25 | — | $58.0K | ||
| Q1 25 | — | $-3.2M | ||
| Q4 24 | — | $503.0K | ||
| Q3 24 | — | $-1.6M | ||
| Q2 24 | — | $-4.6M | ||
| Q1 24 | — | $2.1M |
| Q4 25 | — | 18.0% | ||
| Q3 25 | — | -0.8% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | -11.9% | ||
| Q4 24 | — | 1.8% | ||
| Q3 24 | — | -5.2% | ||
| Q2 24 | — | -13.5% | ||
| Q1 24 | — | 6.1% |
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 2.2% |
| Q4 25 | — | 6.25× | ||
| Q3 25 | 1.34× | — | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.54× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.19× | -27.30× | ||
| Q1 24 | — | 3.70× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KREF
Segment breakdown not available.
NSYS
| Medical Imaging | $11.4M | 37% |
| Medical Device | $8.0M | 26% |
| Industrial | $7.3M | 24% |
| Aerospace And Defense | $3.7M | 12% |
