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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and SBC Medical Group Holdings Inc (SBC). Click either name above to swap in a different company.
SBC Medical Group Holdings Inc is the larger business by last-quarter revenue ($39.6M vs $25.8M, roughly 1.5× KKR Real Estate Finance Trust Inc.). SBC Medical Group Holdings Inc runs the higher net margin — 35.9% vs -101.7%, a 137.6% gap on every dollar of revenue. On growth, SBC Medical Group Holdings Inc posted the faster year-over-year revenue change (-10.9% vs -26.6%). Over the past eight quarters, SBC Medical Group Holdings Inc's revenue compounded faster (-15.0% 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.
SBC Medical Group Holdings Inc. is a leading Japan-headquartered healthcare provider primarily focused on aesthetic medicine, dermatology, and anti-aging wellness services. It operates an extensive network of clinics across Japan, catering to both domestic patients and international medical tourists, with core offerings including cosmetic surgery and non-invasive skincare treatments.
KREF vs SBC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $39.6M |
| Net Profit | $-26.2M | $14.2M |
| Gross Margin | — | 73.1% |
| Operating Margin | -105.1% | 32.5% |
| Net Margin | -101.7% | 35.9% |
| Revenue YoY | -26.6% | -10.9% |
| Net Profit YoY | -229.6% | 117.2% |
| EPS (diluted) | $-0.49 | $0.15 |
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 | $39.6M | ||
| Q3 25 | $25.3M | $43.4M | ||
| Q2 25 | $30.2M | $43.4M | ||
| Q1 25 | $31.3M | $47.3M | ||
| Q4 24 | $35.1M | $44.4M | ||
| Q3 24 | $37.0M | $53.1M | ||
| Q2 24 | $40.4M | $53.1M | ||
| Q1 24 | $39.1M | $54.8M |
| Q4 25 | $-26.2M | $14.2M | ||
| Q3 25 | $13.8M | $12.8M | ||
| Q2 25 | $-29.7M | $2.5M | ||
| Q1 25 | $-4.9M | $21.5M | ||
| Q4 24 | $20.3M | $6.5M | ||
| Q3 24 | $-7.4M | $2.8M | ||
| Q2 24 | $25.8M | $18.5M | ||
| Q1 24 | $-3.1M | $18.8M |
| Q4 25 | — | 73.1% | ||
| Q3 25 | — | 70.6% | ||
| Q2 25 | — | 69.2% | ||
| Q1 25 | — | 79.7% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 81.5% | ||
| Q2 24 | — | 74.2% | ||
| Q1 24 | — | 72.1% |
| Q4 25 | -105.1% | 32.5% | ||
| Q3 25 | 50.4% | 36.6% | ||
| Q2 25 | -101.3% | 33.6% | ||
| Q1 25 | -18.3% | 51.1% | ||
| Q4 24 | 55.8% | 10.6% | ||
| Q3 24 | -19.6% | 26.1% | ||
| Q2 24 | 63.3% | 51.4% | ||
| Q1 24 | -8.7% | 44.6% |
| Q4 25 | -101.7% | 35.9% | ||
| Q3 25 | 54.4% | 29.6% | ||
| Q2 25 | -98.5% | 5.7% | ||
| Q1 25 | -15.5% | 45.4% | ||
| Q4 24 | 57.7% | 14.7% | ||
| Q3 24 | -20.0% | 5.3% | ||
| Q2 24 | 63.9% | 34.8% | ||
| Q1 24 | -7.9% | 34.2% |
| Q4 25 | $-0.49 | $0.15 | ||
| Q3 25 | $0.12 | $0.12 | ||
| Q2 25 | $-0.53 | $0.02 | ||
| Q1 25 | $-0.15 | $0.21 | ||
| Q4 24 | $0.22 | $0.05 | ||
| Q3 24 | $-0.19 | $0.03 | ||
| Q2 24 | $0.29 | $0.20 | ||
| Q1 24 | $-0.13 | $0.20 |
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 | $164.1M |
| Total DebtLower is stronger | — | $42.8M |
| Stockholders' EquityBook value | $1.2B | $248.3M |
| Total Assets | $6.5B | $380.4M |
| Debt / EquityLower = less leverage | — | 0.17× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $164.1M | ||
| Q3 25 | $204.1M | $127.4M | ||
| Q2 25 | $107.7M | $152.7M | ||
| Q1 25 | $106.4M | $132.1M | ||
| Q4 24 | $104.9M | $125.0M | ||
| Q3 24 | $108.8M | $137.4M | ||
| Q2 24 | $107.2M | — | ||
| Q1 24 | $106.5M | — |
| Q4 25 | — | $42.8M | ||
| Q3 25 | — | $21.1M | ||
| Q2 25 | — | $7.1M | ||
| Q1 25 | — | $6.9M | ||
| Q4 24 | — | $6.6M | ||
| Q3 24 | — | $823.2K | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.2B | $248.3M | ||
| Q3 25 | $1.2B | $248.0M | ||
| Q2 25 | $1.2B | $244.6M | ||
| Q1 25 | $1.3B | $226.4M | ||
| Q4 24 | $1.3B | $195.1M | ||
| Q3 24 | $1.4B | $205.0M | ||
| Q2 24 | $1.4B | $8.8M | ||
| Q1 24 | $1.4B | $9.0M |
| Q4 25 | $6.5B | $380.4M | ||
| Q3 25 | $6.5B | $321.4M | ||
| Q2 25 | $6.8B | $315.3M | ||
| Q1 25 | $6.6B | $284.6M | ||
| Q4 24 | $6.4B | $266.1M | ||
| Q3 24 | $6.8B | $296.5M | ||
| Q2 24 | $7.1B | $19.5M | ||
| Q1 24 | $7.3B | $19.8M |
| Q4 25 | — | 0.17× | ||
| Q3 25 | — | 0.09× | ||
| Q2 25 | — | 0.03× | ||
| Q1 25 | — | 0.03× | ||
| Q4 24 | — | 0.03× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $52.0M |
| Free Cash FlowOCF − Capex | — | $51.2M |
| FCF MarginFCF / Revenue | — | 129.3% |
| Capex IntensityCapex / Revenue | — | 2.0% |
| Cash ConversionOCF / Net Profit | — | 3.66× |
| TTM Free Cash FlowTrailing 4 quarters | — | $23.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $52.0M | ||
| Q3 25 | $18.5M | $-20.9M | ||
| Q2 25 | $21.1M | $-8.3M | ||
| Q1 25 | $15.9M | $1.9M | ||
| Q4 24 | $132.6M | $-7.3M | ||
| Q3 24 | $49.1M | $5.0M | ||
| Q2 24 | $30.6M | $19.2M | ||
| Q1 24 | $34.5M | $3.7M |
| Q4 25 | — | $51.2M | ||
| Q3 25 | — | $-20.9M | ||
| Q2 25 | — | $-8.6M | ||
| Q1 25 | — | $1.7M | ||
| Q4 24 | — | $-7.9M | ||
| Q3 24 | — | $4.6M | ||
| Q2 24 | — | $18.3M | ||
| Q1 24 | — | $3.0M |
| Q4 25 | — | 129.3% | ||
| Q3 25 | — | -48.3% | ||
| Q2 25 | — | -19.9% | ||
| Q1 25 | — | 3.5% | ||
| Q4 24 | — | -17.8% | ||
| Q3 24 | — | 8.7% | ||
| Q2 24 | — | 34.5% | ||
| Q1 24 | — | 5.4% |
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 0.8% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | — | 1.3% |
| Q4 25 | — | 3.66× | ||
| Q3 25 | 1.34× | -1.63× | ||
| Q2 25 | — | -3.39× | ||
| Q1 25 | — | 0.09× | ||
| Q4 24 | 6.54× | -1.12× | ||
| Q3 24 | — | 1.77× | ||
| Q2 24 | 1.19× | 1.04× | ||
| Q1 24 | — | 0.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KREF
Segment breakdown not available.
SBC
| Franchising | $10.3M | 26% |
| Medical Corporation Shobikai | $8.1M | 21% |
| Medical Corporation Nasukai | $7.2M | 18% |
| Management Services | $6.3M | 16% |
| Rental Services | $4.3M | 11% |
| Medical Corporation Association Furinkai | $3.0M | 8% |
| Japan Medical And Beauty Inc | $656.5K | 2% |
