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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and Theravance Biopharma, Inc. (TBPH). Click either name above to swap in a different company.
Theravance Biopharma, Inc. is the larger business by last-quarter revenue ($45.9M vs $25.8M, roughly 1.8× KKR Real Estate Finance Trust Inc.). Theravance Biopharma, Inc. runs the higher net margin — 133.0% vs -101.7%, a 234.7% gap on every dollar of revenue. On growth, Theravance Biopharma, Inc. posted the faster year-over-year revenue change (144.7% vs -26.6%). Over the past eight quarters, Theravance Biopharma, Inc.'s revenue compounded faster (77.9% 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.
Theravance Biopharma, Inc. is a global biopharmaceutical enterprise focused on researching, developing and commercializing innovative medicines for patients with serious, unmet medical needs, primarily targeting respiratory and infectious disease segments. It operates core markets across North America and Europe, partnering with global healthcare stakeholders to advance its therapy pipeline and deliver effective, accessible treatment options to underserved patient groups.
KREF vs TBPH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $45.9M |
| Net Profit | $-26.2M | $61.0M |
| Gross Margin | — | — |
| Operating Margin | -105.1% | 43.6% |
| Net Margin | -101.7% | 133.0% |
| Revenue YoY | -26.6% | 144.7% |
| Net Profit YoY | -229.6% | 493.0% |
| EPS (diluted) | $-0.49 | $1.18 |
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 | $45.9M | ||
| Q3 25 | $25.3M | $20.0M | ||
| Q2 25 | $30.2M | $26.2M | ||
| Q1 25 | $31.3M | $15.4M | ||
| Q4 24 | $35.1M | $18.8M | ||
| Q3 24 | $37.0M | $16.9M | ||
| Q2 24 | $40.4M | $14.3M | ||
| Q1 24 | $39.1M | $14.5M |
| Q4 25 | $-26.2M | $61.0M | ||
| Q3 25 | $13.8M | $3.6M | ||
| Q2 25 | $-29.7M | $54.8M | ||
| Q1 25 | $-4.9M | $-13.6M | ||
| Q4 24 | $20.3M | $-15.5M | ||
| Q3 24 | $-7.4M | $-12.7M | ||
| Q2 24 | $25.8M | $-16.5M | ||
| Q1 24 | $-3.1M | $-11.7M |
| Q4 25 | -105.1% | 43.6% | ||
| Q3 25 | 50.4% | -32.3% | ||
| Q2 25 | -101.3% | -10.4% | ||
| Q1 25 | -18.3% | -93.8% | ||
| Q4 24 | 55.8% | -49.1% | ||
| Q3 24 | -19.6% | -64.2% | ||
| Q2 24 | 63.3% | -110.2% | ||
| Q1 24 | -8.7% | -77.3% |
| Q4 25 | -101.7% | 133.0% | ||
| Q3 25 | 54.4% | 18.1% | ||
| Q2 25 | -98.5% | 209.3% | ||
| Q1 25 | -15.5% | -88.2% | ||
| Q4 24 | 57.7% | -82.8% | ||
| Q3 24 | -20.0% | -75.3% | ||
| Q2 24 | 63.9% | -115.9% | ||
| Q1 24 | -7.9% | -80.4% |
| Q4 25 | $-0.49 | $1.18 | ||
| Q3 25 | $0.12 | $0.07 | ||
| Q2 25 | $-0.53 | $1.08 | ||
| Q1 25 | $-0.15 | $-0.27 | ||
| Q4 24 | $0.22 | $-0.31 | ||
| Q3 24 | $-0.19 | $-0.26 | ||
| Q2 24 | $0.29 | $-0.34 | ||
| Q1 24 | $-0.13 | $-0.24 |
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 | $167.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $296.7M |
| Total Assets | $6.5B | $485.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $167.8M | ||
| Q3 25 | $204.1M | $174.8M | ||
| Q2 25 | $107.7M | $281.9M | ||
| Q1 25 | $106.4M | $110.6M | ||
| Q4 24 | $104.9M | $37.8M | ||
| Q3 24 | $108.8M | $23.4M | ||
| Q2 24 | $107.2M | $46.3M | ||
| Q1 24 | $106.5M | $53.8M |
| Q4 25 | $1.2B | $296.7M | ||
| Q3 25 | $1.2B | $232.7M | ||
| Q2 25 | $1.2B | $224.8M | ||
| Q1 25 | $1.3B | $166.0M | ||
| Q4 24 | $1.3B | $175.5M | ||
| Q3 24 | $1.4B | $185.7M | ||
| Q2 24 | $1.4B | $193.7M | ||
| Q1 24 | $1.4B | $204.9M |
| Q4 25 | $6.5B | $485.6M | ||
| Q3 25 | $6.5B | $415.5M | ||
| Q2 25 | $6.8B | $426.0M | ||
| Q1 25 | $6.6B | $343.6M | ||
| Q4 24 | $6.4B | $354.2M | ||
| Q3 24 | $6.8B | $356.1M | ||
| Q2 24 | $7.1B | $362.0M | ||
| Q1 24 | $7.3B | $371.3M |
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 | $-6.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | -0.10× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | $-6.1M | ||
| Q3 25 | $18.5M | $-6.5M | ||
| Q2 25 | $21.1M | $208.1M | ||
| Q1 25 | $15.9M | $43.0M | ||
| Q4 24 | $132.6M | $-902.0K | ||
| Q3 24 | $49.1M | $-5.2M | ||
| Q2 24 | $30.6M | $-4.4M | ||
| Q1 24 | $34.5M | $-1.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-1.1M | ||
| Q3 24 | — | $-5.2M | ||
| Q2 24 | — | $-4.5M | ||
| Q1 24 | — | $-1.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -5.8% | ||
| Q3 24 | — | -30.9% | ||
| Q2 24 | — | -31.2% | ||
| Q1 24 | — | -7.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.6% |
| Q4 25 | — | -0.10× | ||
| Q3 25 | 1.34× | -1.80× | ||
| Q2 25 | — | 3.79× | ||
| 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.
