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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and Sight Sciences, Inc. (SGHT). 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 $20.4M, roughly 1.3× Sight Sciences, Inc.). Sight Sciences, Inc. runs the higher net margin — -20.4% vs -101.7%, a 81.3% gap on every dollar of revenue. On growth, Sight Sciences, Inc. posted the faster year-over-year revenue change (6.9% vs -26.6%). Over the past eight quarters, Sight Sciences, Inc.'s revenue compounded faster (2.9% 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.
Sight Sciences, Inc. is a commercial-stage medical technology company focused on developing and commercializing innovative products for treating common eye conditions including glaucoma and dry eye disease. It offers minimally invasive surgical devices and non-surgical care solutions, primarily serving ophthalmology clinicians and patients across the United States.
KREF vs SGHT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $20.4M |
| Net Profit | $-26.2M | $-4.2M |
| Gross Margin | — | 87.3% |
| Operating Margin | -105.1% | -18.0% |
| Net Margin | -101.7% | -20.4% |
| Revenue YoY | -26.6% | 6.9% |
| Net Profit YoY | -229.6% | 64.9% |
| EPS (diluted) | $-0.49 | $-0.07 |
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 | $20.4M | ||
| Q3 25 | $25.3M | $19.9M | ||
| Q2 25 | $30.2M | $19.6M | ||
| Q1 25 | $31.3M | $17.5M | ||
| Q4 24 | $35.1M | $19.1M | ||
| Q3 24 | $37.0M | $20.2M | ||
| Q2 24 | $40.4M | $21.4M | ||
| Q1 24 | $39.1M | $19.3M |
| Q4 25 | $-26.2M | $-4.2M | ||
| Q3 25 | $13.8M | $-8.2M | ||
| Q2 25 | $-29.7M | $-11.9M | ||
| Q1 25 | $-4.9M | $-14.2M | ||
| Q4 24 | $20.3M | $-11.8M | ||
| Q3 24 | $-7.4M | $-11.1M | ||
| Q2 24 | $25.8M | $-12.3M | ||
| Q1 24 | $-3.1M | $-16.3M |
| Q4 25 | — | 87.3% | ||
| Q3 25 | — | 86.4% | ||
| Q2 25 | — | 84.8% | ||
| Q1 25 | — | 86.2% | ||
| Q4 24 | — | 86.8% | ||
| Q3 24 | — | 83.9% | ||
| Q2 24 | — | 85.8% | ||
| Q1 24 | — | 85.5% |
| Q4 25 | -105.1% | -18.0% | ||
| Q3 25 | 50.4% | -39.7% | ||
| Q2 25 | -101.3% | -59.6% | ||
| Q1 25 | -18.3% | -79.2% | ||
| Q4 24 | 55.8% | -62.5% | ||
| Q3 24 | -19.6% | -55.7% | ||
| Q2 24 | 63.3% | -59.2% | ||
| Q1 24 | -8.7% | -76.4% |
| Q4 25 | -101.7% | -20.4% | ||
| Q3 25 | 54.4% | -41.0% | ||
| Q2 25 | -98.5% | -61.0% | ||
| Q1 25 | -15.5% | -80.8% | ||
| Q4 24 | 57.7% | -62.1% | ||
| Q3 24 | -20.0% | -54.9% | ||
| Q2 24 | 63.9% | -57.7% | ||
| Q1 24 | -7.9% | -84.4% |
| Q4 25 | $-0.49 | $-0.07 | ||
| Q3 25 | $0.12 | $-0.16 | ||
| Q2 25 | $-0.53 | $-0.23 | ||
| Q1 25 | $-0.15 | $-0.28 | ||
| Q4 24 | $0.22 | $-0.23 | ||
| Q3 24 | $-0.19 | $-0.22 | ||
| Q2 24 | $0.29 | $-0.25 | ||
| Q1 24 | $-0.13 | $-0.33 |
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 | $92.0M |
| Total DebtLower is stronger | — | $42.4M |
| Stockholders' EquityBook value | $1.2B | $63.9M |
| Total Assets | $6.5B | $115.3M |
| Debt / EquityLower = less leverage | — | 0.66× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $92.0M | ||
| Q3 25 | $204.1M | $92.4M | ||
| Q2 25 | $107.7M | $101.5M | ||
| Q1 25 | $106.4M | $108.8M | ||
| Q4 24 | $104.9M | $120.4M | ||
| Q3 24 | $108.8M | $118.6M | ||
| Q2 24 | $107.2M | $118.2M | ||
| Q1 24 | $106.5M | $127.3M |
| Q4 25 | — | $42.4M | ||
| Q3 25 | — | $42.4M | ||
| Q2 25 | — | $42.4M | ||
| Q1 25 | — | $42.4M | ||
| Q4 24 | — | $40.0M | ||
| Q3 24 | — | $37.1M | ||
| Q2 24 | — | $35.0M | ||
| Q1 24 | — | $35.0M |
| Q4 25 | $1.2B | $63.9M | ||
| Q3 25 | $1.2B | $64.3M | ||
| Q2 25 | $1.2B | $70.0M | ||
| Q1 25 | $1.3B | $77.6M | ||
| Q4 24 | $1.3B | $87.5M | ||
| Q3 24 | $1.4B | $95.0M | ||
| Q2 24 | $1.4B | $101.6M | ||
| Q1 24 | $1.4B | $109.2M |
| Q4 25 | $6.5B | $115.3M | ||
| Q3 25 | $6.5B | $116.3M | ||
| Q2 25 | $6.8B | $122.0M | ||
| Q1 25 | $6.6B | $129.7M | ||
| Q4 24 | $6.4B | $142.8M | ||
| Q3 24 | $6.8B | $143.6M | ||
| Q2 24 | $7.1B | $149.7M | ||
| Q1 24 | $7.3B | $155.6M |
| Q4 25 | — | 0.66× | ||
| Q3 25 | — | 0.66× | ||
| Q2 25 | — | 0.61× | ||
| Q1 25 | — | 0.55× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.34× | ||
| Q1 24 | — | 0.32× |
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 | $-1.8M |
| Free Cash FlowOCF − Capex | — | $-2.0M |
| FCF MarginFCF / Revenue | — | -9.7% |
| Capex IntensityCapex / Revenue | — | 0.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $-1.8M | ||
| Q3 25 | $18.5M | $-8.7M | ||
| Q2 25 | $21.1M | $-7.5M | ||
| Q1 25 | $15.9M | $-11.6M | ||
| Q4 24 | $132.6M | $-3.5M | ||
| Q3 24 | $49.1M | $362.0K | ||
| Q2 24 | $30.6M | $-9.5M | ||
| Q1 24 | $34.5M | $-9.8M |
| Q4 25 | — | $-2.0M | ||
| Q3 25 | — | $-8.9M | ||
| Q2 25 | — | $-7.8M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-3.6M | ||
| Q3 24 | — | $311.0K | ||
| Q2 24 | — | $-9.5M | ||
| Q1 24 | — | $-9.9M |
| Q4 25 | — | -9.7% | ||
| Q3 25 | — | -44.7% | ||
| Q2 25 | — | -39.6% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -18.9% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | -44.7% | ||
| Q1 24 | — | -51.4% |
| Q4 25 | — | 0.8% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | 0.6% |
| 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.
SGHT
| Surgical Glaucoma | $19.7M | 96% |
| Other | $724.0K | 4% |
