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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and STEM, INC. (STEM). Click either name above to swap in a different company.
STEM, INC. is the larger business by last-quarter revenue ($47.1M vs $25.8M, roughly 1.8× KKR Real Estate Finance Trust Inc.). STEM, INC. runs the higher net margin — -33.9% vs -101.7%, a 67.8% gap on every dollar of revenue. On growth, STEM, INC. posted the faster year-over-year revenue change (-15.6% vs -26.6%). Over the past eight quarters, STEM, INC.'s revenue compounded faster (36.1% 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.
StemCells, Inc. is a public biopharmaceutical company headquartered in Newark, California, that is developing purified human neural stem cells (HuCNS-SCs) in the hopes of treating central nervous system disorders and paralysis. StemCells' HuCNS-SCs have the ability to differentiate into the three main types of cells found in the central nervous system: neurons, astrocytes and oligodendrocytes.
KREF vs STEM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $47.1M |
| Net Profit | $-26.2M | $-16.0M |
| Gross Margin | — | 48.9% |
| Operating Margin | -105.1% | -17.7% |
| Net Margin | -101.7% | -33.9% |
| Revenue YoY | -26.6% | -15.6% |
| Net Profit YoY | -229.6% | 68.8% |
| EPS (diluted) | $-0.49 | $-4.40 |
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 | $47.1M | ||
| Q3 25 | $25.3M | $38.2M | ||
| Q2 25 | $30.2M | $38.4M | ||
| Q1 25 | $31.3M | $32.5M | ||
| Q4 24 | $35.1M | $55.8M | ||
| Q3 24 | $37.0M | $29.3M | ||
| Q2 24 | $40.4M | $34.0M | ||
| Q1 24 | $39.1M | $25.5M |
| Q4 25 | $-26.2M | $-16.0M | ||
| Q3 25 | $13.8M | $-23.8M | ||
| Q2 25 | $-29.7M | $202.5M | ||
| Q1 25 | $-4.9M | $-25.0M | ||
| Q4 24 | $20.3M | $-51.1M | ||
| Q3 24 | $-7.4M | $-148.3M | ||
| Q2 24 | $25.8M | $-582.3M | ||
| Q1 24 | $-3.1M | $-72.3M |
| Q4 25 | — | 48.9% | ||
| Q3 25 | — | 35.5% | ||
| Q2 25 | — | 33.4% | ||
| Q1 25 | — | 32.4% | ||
| Q4 24 | — | -4.4% | ||
| Q3 24 | — | 21.2% | ||
| Q2 24 | — | 27.6% | ||
| Q1 24 | — | -95.0% |
| Q4 25 | -105.1% | -17.7% | ||
| Q3 25 | 50.4% | -33.6% | ||
| Q2 25 | -101.3% | -34.8% | ||
| Q1 25 | -18.3% | -65.0% | ||
| Q4 24 | 55.8% | -84.4% | ||
| Q3 24 | -19.6% | -493.2% | ||
| Q2 24 | 63.3% | -1705.5% | ||
| Q1 24 | -8.7% | -267.0% |
| Q4 25 | -101.7% | -33.9% | ||
| Q3 25 | 54.4% | -62.2% | ||
| Q2 25 | -98.5% | 527.8% | ||
| Q1 25 | -15.5% | -76.9% | ||
| Q4 24 | 57.7% | -91.6% | ||
| Q3 24 | -20.0% | -506.3% | ||
| Q2 24 | 63.9% | -1712.6% | ||
| Q1 24 | -7.9% | -283.9% |
| Q4 25 | $-0.49 | $-4.40 | ||
| Q3 25 | $0.12 | $-2.84 | ||
| Q2 25 | $-0.53 | $-1.79 | ||
| Q1 25 | $-0.15 | $-0.15 | ||
| Q4 24 | $0.22 | $-15.29 | ||
| Q3 24 | $-0.19 | $-18.24 | ||
| Q2 24 | $0.29 | $-71.81 | ||
| Q1 24 | $-0.13 | $-0.46 |
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 | $48.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $-249.4M |
| Total Assets | $6.5B | $308.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $48.9M | ||
| Q3 25 | $204.1M | $43.1M | ||
| Q2 25 | $107.7M | $40.8M | ||
| Q1 25 | $106.4M | $58.6M | ||
| Q4 24 | $104.9M | $56.3M | ||
| Q3 24 | $108.8M | $75.4M | ||
| Q2 24 | $107.2M | $89.6M | ||
| Q1 24 | $106.5M | $112.8M |
| Q4 25 | $1.2B | $-249.4M | ||
| Q3 25 | $1.2B | $-235.7M | ||
| Q2 25 | $1.2B | $-214.1M | ||
| Q1 25 | $1.3B | $-417.5M | ||
| Q4 24 | $1.3B | $-398.4M | ||
| Q3 24 | $1.4B | $-344.1M | ||
| Q2 24 | $1.4B | $-203.2M | ||
| Q1 24 | $1.4B | $371.6M |
| Q4 25 | $6.5B | $308.9M | ||
| Q3 25 | $6.5B | $362.6M | ||
| Q2 25 | $6.8B | $379.2M | ||
| Q1 25 | $6.6B | $405.1M | ||
| Q4 24 | $6.4B | $437.4M | ||
| Q3 24 | $6.8B | $537.8M | ||
| Q2 24 | $7.1B | $691.5M | ||
| Q1 24 | $7.3B | $1.3B |
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 | $8.2M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $8.2M | ||
| Q3 25 | $18.5M | $11.4M | ||
| Q2 25 | $21.1M | $-21.3M | ||
| Q1 25 | $15.9M | $8.5M | ||
| Q4 24 | $132.6M | $-14.7M | ||
| Q3 24 | $49.1M | $-9.4M | ||
| Q2 24 | $30.6M | $-11.9M | ||
| Q1 24 | $34.5M | $-621.0K |
| Q4 25 | — | — | ||
| Q3 25 | 1.34× | — | ||
| Q2 25 | — | -0.11× | ||
| 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.
