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Side-by-side financial comparison of KKR Real Estate Finance Trust Inc. (KREF) and Zevia PBC (ZVIA). Click either name above to swap in a different company.
Zevia PBC is the larger business by last-quarter revenue ($37.9M vs $25.8M, roughly 1.5× KKR Real Estate Finance Trust Inc.). Zevia PBC runs the higher net margin — -3.4% vs -101.7%, a 98.3% gap on every dollar of revenue. On growth, Zevia PBC posted the faster year-over-year revenue change (-4.0% vs -26.6%). Over the past eight quarters, Zevia PBC's revenue compounded faster (-1.2% 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.
Zevia is a Los Angeles based company that produces soft drinks, organic tea, energy drinks, and mixers sweetened with stevia. All Zevia products are zero-calorie, sugar-free, gluten free, vegan, certified kosher, and certified by The Non-GMO Project. In June 2021, Zevia filed to go public with an IPO.
KREF vs ZVIA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.8M | $37.9M |
| Net Profit | $-26.2M | $-1.3M |
| Gross Margin | — | 47.7% |
| Operating Margin | -105.1% | -4.0% |
| Net Margin | -101.7% | -3.4% |
| Revenue YoY | -26.6% | -4.0% |
| Net Profit YoY | -229.6% | 80.9% |
| EPS (diluted) | $-0.49 | $-0.02 |
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 | $37.9M | ||
| Q3 25 | $25.3M | $40.8M | ||
| Q2 25 | $30.2M | $44.5M | ||
| Q1 25 | $31.3M | $38.0M | ||
| Q4 24 | $35.1M | $39.5M | ||
| Q3 24 | $37.0M | $36.4M | ||
| Q2 24 | $40.4M | $40.4M | ||
| Q1 24 | $39.1M | $38.8M |
| Q4 25 | $-26.2M | $-1.3M | ||
| Q3 25 | $13.8M | $-2.7M | ||
| Q2 25 | $-29.7M | $-651.0K | ||
| Q1 25 | $-4.9M | $-6.4M | ||
| Q4 24 | $20.3M | $-6.8M | ||
| Q3 24 | $-7.4M | $-2.5M | ||
| Q2 24 | $25.8M | $-7.0M | ||
| Q1 24 | $-3.1M | $-7.2M |
| Q4 25 | — | 47.7% | ||
| Q3 25 | — | 45.6% | ||
| Q2 25 | — | 48.7% | ||
| Q1 25 | — | 50.1% | ||
| Q4 24 | — | 49.2% | ||
| Q3 24 | — | 49.1% | ||
| Q2 24 | — | 41.9% | ||
| Q1 24 | — | 45.7% |
| Q4 25 | -105.1% | -4.0% | ||
| Q3 25 | 50.4% | -7.0% | ||
| Q2 25 | -101.3% | -2.3% | ||
| Q1 25 | -18.3% | -16.8% | ||
| Q4 24 | 55.8% | -16.1% | ||
| Q3 24 | -19.6% | -8.2% | ||
| Q2 24 | 63.3% | -17.5% | ||
| Q1 24 | -8.7% | -18.8% |
| Q4 25 | -101.7% | -3.4% | ||
| Q3 25 | 54.4% | -6.6% | ||
| Q2 25 | -98.5% | -1.5% | ||
| Q1 25 | -15.5% | -16.8% | ||
| Q4 24 | 57.7% | -17.2% | ||
| Q3 24 | -20.0% | -6.9% | ||
| Q2 24 | 63.9% | -17.2% | ||
| Q1 24 | -7.9% | -18.6% |
| Q4 25 | $-0.49 | $-0.02 | ||
| Q3 25 | $0.12 | $-0.04 | ||
| Q2 25 | $-0.53 | $-0.01 | ||
| Q1 25 | $-0.15 | $-0.08 | ||
| Q4 24 | $0.22 | $-0.10 | ||
| Q3 24 | $-0.19 | $-0.04 | ||
| Q2 24 | $0.29 | $-0.10 | ||
| Q1 24 | $-0.13 | $-0.10 |
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 | $25.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $51.0M |
| Total Assets | $6.5B | $63.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.6M | $25.4M | ||
| Q3 25 | $204.1M | $26.0M | ||
| Q2 25 | $107.7M | — | ||
| Q1 25 | $106.4M | — | ||
| Q4 24 | $104.9M | $30.7M | ||
| Q3 24 | $108.8M | — | ||
| Q2 24 | $107.2M | — | ||
| Q1 24 | $106.5M | — |
| Q4 25 | $1.2B | $51.0M | ||
| Q3 25 | $1.2B | $51.3M | ||
| Q2 25 | $1.2B | $53.0M | ||
| Q1 25 | $1.3B | $53.7M | ||
| Q4 24 | $1.3B | $64.9M | ||
| Q3 24 | $1.4B | $72.5M | ||
| Q2 24 | $1.4B | $75.0M | ||
| Q1 24 | $1.4B | $80.3M |
| Q4 25 | $6.5B | $63.6M | ||
| Q3 25 | $6.5B | $60.0M | ||
| Q2 25 | $6.8B | $62.5M | ||
| Q1 25 | $6.6B | $62.0M | ||
| Q4 24 | $6.4B | $68.0M | ||
| Q3 24 | $6.8B | $72.9M | ||
| Q2 24 | $7.1B | $72.8M | ||
| Q1 24 | $7.3B | $85.1M |
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 | $-507.0K |
| 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 | $-507.0K | ||
| Q3 25 | $18.5M | $116.0K | ||
| Q2 25 | $21.1M | $-1.4M | ||
| Q1 25 | $15.9M | $-2.9M | ||
| Q4 24 | $132.6M | $-2.0M | ||
| Q3 24 | $49.1M | $3.9M | ||
| Q2 24 | $30.6M | $282.0K | ||
| Q1 24 | $34.5M | $-3.2M |
| 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.
