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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and Valens Semiconductor Ltd. (VLN). 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 $17.3M, roughly 1.5× Valens Semiconductor Ltd.). Valens Semiconductor Ltd. runs the higher net margin — -42.2% vs -101.7%, a 59.5% gap on every dollar of revenue. On growth, Valens Semiconductor Ltd. posted the faster year-over-year revenue change (8.1% vs -26.6%).
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.
Valens Semiconductor (Valens) is an Israeli fabless manufacturing company providing semiconductors for the automotive and audio-video industries. Valens provides semiconductor products for the distribution of uncompressed ultra-high-definition (UHD) multimedia content and in-vehicle connectivity applications. The company is a member of the MIPI Alliance and developed the first-to-market chipset that is compliant with the MIPI A-PHY standard. Valens invented the technology behind the HDBaseT s...
KREF vs VLN — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $17.3M |
| Net Profit | $-26.2M | $-7.3M |
| Gross Margin | — | 63.0% |
| Operating Margin | -105.1% | -46.4% |
| Net Margin | -101.7% | -42.2% |
| Revenue YoY | -26.6% | 8.1% |
| Net Profit YoY | -229.6% | 29.3% |
| 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 | — | ||
| Q3 25 | $25.3M | $17.3M | ||
| Q2 25 | $30.2M | $17.1M | ||
| Q1 25 | $31.3M | $16.8M | ||
| Q4 24 | $35.1M | — | ||
| Q3 24 | $37.0M | $16.0M | ||
| Q2 24 | $40.4M | $13.6M | ||
| Q1 24 | $39.1M | — |
| Q4 25 | $-26.2M | — | ||
| Q3 25 | $13.8M | $-7.3M | ||
| Q2 25 | $-29.7M | $-7.2M | ||
| Q1 25 | $-4.9M | $-8.3M | ||
| Q4 24 | $20.3M | — | ||
| Q3 24 | $-7.4M | $-10.4M | ||
| Q2 24 | $25.8M | $-8.9M | ||
| Q1 24 | $-3.1M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 63.0% | ||
| Q2 25 | — | 63.5% | ||
| Q1 25 | — | 62.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 56.4% | ||
| Q2 24 | — | 61.4% | ||
| Q1 24 | — | — |
| Q4 25 | -105.1% | — | ||
| Q3 25 | 50.4% | -46.4% | ||
| Q2 25 | -101.3% | -43.3% | ||
| Q1 25 | -18.3% | -56.2% | ||
| Q4 24 | 55.8% | — | ||
| Q3 24 | -19.6% | -76.3% | ||
| Q2 24 | 63.3% | -69.2% | ||
| Q1 24 | -8.7% | — |
| Q4 25 | -101.7% | — | ||
| Q3 25 | 54.4% | -42.2% | ||
| Q2 25 | -98.5% | -42.1% | ||
| Q1 25 | -15.5% | -49.4% | ||
| Q4 24 | 57.7% | — | ||
| Q3 24 | -20.0% | -64.6% | ||
| Q2 24 | 63.9% | -65.2% | ||
| Q1 24 | -7.9% | — |
| Q4 25 | $-0.49 | — | ||
| Q3 25 | $0.12 | $-0.07 | ||
| Q2 25 | $-0.53 | $-0.07 | ||
| Q1 25 | $-0.15 | $-0.08 | ||
| Q4 24 | $0.22 | — | ||
| Q3 24 | $-0.19 | $-0.10 | ||
| Q2 24 | $0.29 | $-0.08 | ||
| Q1 24 | $-0.13 | — |
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 | $93.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $108.8M |
| Total Assets | $6.5B | $136.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | — | ||
| Q3 25 | $204.1M | $93.5M | ||
| Q2 25 | $107.7M | $102.7M | ||
| Q1 25 | $106.4M | $112.5M | ||
| Q4 24 | $104.9M | — | ||
| Q3 24 | $108.8M | $133.1M | ||
| Q2 24 | $107.2M | $105.9M | ||
| Q1 24 | $106.5M | — |
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | $108.8M | ||
| Q2 25 | $1.2B | $116.5M | ||
| Q1 25 | $1.3B | $128.6M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.4B | $147.0M | ||
| Q2 24 | $1.4B | $153.5M | ||
| Q1 24 | $1.4B | — |
| Q4 25 | $6.5B | — | ||
| Q3 25 | $6.5B | $136.7M | ||
| Q2 25 | $6.8B | $144.8M | ||
| Q1 25 | $6.6B | $154.6M | ||
| Q4 24 | $6.4B | — | ||
| Q3 24 | $6.8B | $171.9M | ||
| Q2 24 | $7.1B | $175.8M | ||
| Q1 24 | $7.3B | — |
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 | $-4.7M |
| Free Cash FlowOCF − Capex | — | $-4.9M |
| FCF MarginFCF / Revenue | — | -28.5% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-11.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.3M | — | ||
| Q3 25 | $18.5M | $-4.7M | ||
| Q2 25 | $21.1M | $-211.0K | ||
| Q1 25 | $15.9M | $-7.6M | ||
| Q4 24 | $132.6M | — | ||
| Q3 24 | $49.1M | $3.0M | ||
| Q2 24 | $30.6M | $-225.0K | ||
| Q1 24 | $34.5M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $-4.9M | ||
| Q2 25 | — | $-330.0K | ||
| Q1 25 | — | $-8.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $2.2M | ||
| Q2 24 | — | $-460.0K | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -28.5% | ||
| Q2 25 | — | -1.9% | ||
| Q1 25 | — | -47.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 14.0% | ||
| Q2 24 | — | -3.4% | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 4.5% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | — |
| 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.
