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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and OCULAR THERAPEUTIX, INC (OCUL). 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 $13.3M, roughly 1.9× OCULAR THERAPEUTIX, INC). KKR Real Estate Finance Trust Inc. runs the higher net margin — -101.7% vs -488.0%, a 386.2% gap on every dollar of revenue. On growth, OCULAR THERAPEUTIX, INC posted the faster year-over-year revenue change (-22.4% vs -26.6%). Over the past eight quarters, OCULAR THERAPEUTIX, INC's revenue compounded faster (-5.3% 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.
Ocular Therapeutix, Inc. is a biopharmaceutical firm specializing in developing and commercializing innovative ophthalmic therapies. Its products treat acute and chronic eye conditions including post-surgical pain, glaucoma, and dry eye, serving patients and ophthalmology providers primarily across the U.S. and select global markets.
KREF vs OCUL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $13.3M |
| Net Profit | $-26.2M | $-64.7M |
| Gross Margin | — | 88.0% |
| Operating Margin | -105.1% | -526.5% |
| Net Margin | -101.7% | -488.0% |
| Revenue YoY | -26.6% | -22.4% |
| Net Profit YoY | -229.6% | -33.6% |
| EPS (diluted) | $-0.49 | $-0.27 |
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 | $13.3M | ||
| Q3 25 | $25.3M | $14.5M | ||
| Q2 25 | $30.2M | $13.5M | ||
| Q1 25 | $31.3M | $10.7M | ||
| Q4 24 | $35.1M | $17.1M | ||
| Q3 24 | $37.0M | $15.4M | ||
| Q2 24 | $40.4M | $16.4M | ||
| Q1 24 | $39.1M | $14.8M |
| Q4 25 | $-26.2M | $-64.7M | ||
| Q3 25 | $13.8M | $-69.4M | ||
| Q2 25 | $-29.7M | $-67.8M | ||
| Q1 25 | $-4.9M | $-64.1M | ||
| Q4 24 | $20.3M | $-48.4M | ||
| Q3 24 | $-7.4M | $-36.5M | ||
| Q2 24 | $25.8M | $-43.8M | ||
| Q1 24 | $-3.1M | $-64.8M |
| Q4 25 | — | 88.0% | ||
| Q3 25 | — | 87.8% | ||
| Q2 25 | — | 85.6% | ||
| Q1 25 | — | 88.2% | ||
| Q4 24 | — | 92.8% | ||
| Q3 24 | — | 89.9% | ||
| Q2 24 | — | 90.8% | ||
| Q1 24 | — | 91.0% |
| Q4 25 | -105.1% | -526.5% | ||
| Q3 25 | 50.4% | -472.3% | ||
| Q2 25 | -101.3% | -502.6% | ||
| Q1 25 | -18.3% | -597.5% | ||
| Q4 24 | 55.8% | -296.1% | ||
| Q3 24 | -19.6% | -298.2% | ||
| Q2 24 | 63.3% | -265.1% | ||
| Q1 24 | -8.7% | -214.0% |
| Q4 25 | -101.7% | -488.0% | ||
| Q3 25 | 54.4% | -477.3% | ||
| Q2 25 | -98.5% | -503.9% | ||
| Q1 25 | -15.5% | -598.7% | ||
| Q4 24 | 57.7% | -283.3% | ||
| Q3 24 | -20.0% | -236.6% | ||
| Q2 24 | 63.9% | -266.3% | ||
| Q1 24 | -7.9% | -438.9% |
| Q4 25 | $-0.49 | $-0.27 | ||
| Q3 25 | $0.12 | $-0.38 | ||
| Q2 25 | $-0.53 | $-0.39 | ||
| Q1 25 | $-0.15 | $-0.38 | ||
| Q4 24 | $0.22 | $-0.25 | ||
| Q3 24 | $-0.19 | $-0.22 | ||
| Q2 24 | $0.29 | $-0.26 | ||
| Q1 24 | $-0.13 | $-0.49 |
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 | $737.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $654.3M |
| Total Assets | $6.5B | $808.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $737.1M | ||
| Q3 25 | $204.1M | $344.8M | ||
| Q2 25 | $107.7M | $391.1M | ||
| Q1 25 | $106.4M | $349.7M | ||
| Q4 24 | $104.9M | $392.1M | ||
| Q3 24 | $108.8M | $427.2M | ||
| Q2 24 | $107.2M | $459.7M | ||
| Q1 24 | $106.5M | $482.9M |
| Q4 25 | $1.2B | $654.3M | ||
| Q3 25 | $1.2B | $258.2M | ||
| Q2 25 | $1.2B | $305.9M | ||
| Q1 25 | $1.3B | $265.9M | ||
| Q4 24 | $1.3B | $315.3M | ||
| Q3 24 | $1.4B | $352.0M | ||
| Q2 24 | $1.4B | $377.7M | ||
| Q1 24 | $1.4B | $408.0M |
| Q4 25 | $6.5B | $808.1M | ||
| Q3 25 | $6.5B | $410.9M | ||
| Q2 25 | $6.8B | $451.3M | ||
| Q1 25 | $6.6B | $405.9M | ||
| Q4 24 | $6.4B | $457.9M | ||
| Q3 24 | $6.8B | $490.4M | ||
| Q2 24 | $7.1B | $517.1M | ||
| Q1 24 | $7.3B | $538.9M |
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 | $-54.2M |
| Free Cash FlowOCF − Capex | — | $-57.1M |
| FCF MarginFCF / Revenue | — | -430.9% |
| Capex IntensityCapex / Revenue | — | 21.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-216.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $-54.2M | ||
| Q3 25 | $18.5M | $-50.7M | ||
| Q2 25 | $21.1M | $-55.2M | ||
| Q1 25 | $15.9M | $-44.7M | ||
| Q4 24 | $132.6M | $-39.4M | ||
| Q3 24 | $49.1M | $-36.6M | ||
| Q2 24 | $30.6M | $-24.8M | ||
| Q1 24 | $34.5M | $-33.9M |
| Q4 25 | — | $-57.1M | ||
| Q3 25 | — | $-56.7M | ||
| Q2 25 | — | $-56.5M | ||
| Q1 25 | — | $-46.6M | ||
| Q4 24 | — | $-39.6M | ||
| Q3 24 | — | $-36.6M | ||
| Q2 24 | — | $-25.5M | ||
| Q1 24 | — | $-34.1M |
| Q4 25 | — | -430.9% | ||
| Q3 25 | — | -390.0% | ||
| Q2 25 | — | -419.7% | ||
| Q1 25 | — | -435.6% | ||
| Q4 24 | — | -232.0% | ||
| Q3 24 | — | -237.6% | ||
| Q2 24 | — | -155.4% | ||
| Q1 24 | — | -231.1% |
| Q4 25 | — | 21.4% | ||
| Q3 25 | — | 41.2% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | — | 1.2% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 4.5% | ||
| Q1 24 | — | 1.7% |
| 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.
