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Side-by-side financial comparison of TPG Mortgage Investment Trust, Inc. (MITT) and EVERSPIN TECHNOLOGIES INC. (MRAM). Click either name above to swap in a different company.
TPG Mortgage Investment Trust, Inc. is the larger business by last-quarter revenue ($20.4M vs $14.9M, roughly 1.4× EVERSPIN TECHNOLOGIES INC.). TPG Mortgage Investment Trust, Inc. runs the higher net margin — 65.0% vs -2.0%, a 67.0% gap on every dollar of revenue. On growth, TPG Mortgage Investment Trust, Inc. posted the faster year-over-year revenue change (17.7% vs 13.2%). Over the past eight quarters, EVERSPIN TECHNOLOGIES INC.'s revenue compounded faster (18.2% CAGR vs 9.1%).
TPG Mortgage Investment Trust, Inc. is a real estate investment trust managed by global alternative asset firm TPG. It primarily invests in residential and commercial mortgage-backed securities, performing and non-performing mortgage loans, and other credit-linked real estate assets, with its core market being the United States. It generates returns via net interest income from holdings and strategic asset disposition gains.
Everspin Technologies, Inc. is a publicly traded semiconductor company headquartered in Chandler, Arizona, United States. It develops and manufactures discrete magnetoresistive RAM or magnetoresistive random-access memory (MRAM) products, including Toggle MRAM and Spin-Transfer Torque MRAM (STT-MRAM) product families. It also licenses its technology for use in embedded MRAM (eMRAM) applications, magnetic sensor applications as well as performs backend foundry services for eMRAM.
MITT vs MRAM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $20.4M | $14.9M |
| Net Profit | $13.3M | $-296.0K |
| Gross Margin | — | 52.7% |
| Operating Margin | 67.1% | 29.0% |
| Net Margin | 65.0% | -2.0% |
| Revenue YoY | 17.7% | 13.2% |
| Net Profit YoY | -7.0% | — |
| EPS (diluted) | $0.27 | $-0.01 |
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.
| Q1 26 | — | $14.9M | ||
| Q4 25 | $20.4M | $14.8M | ||
| Q3 25 | $19.5M | $14.1M | ||
| Q2 25 | $17.8M | $13.2M | ||
| Q1 25 | $18.8M | $13.1M | ||
| Q4 24 | $17.4M | $13.2M | ||
| Q3 24 | $14.9M | $12.1M | ||
| Q2 24 | $16.4M | $10.6M |
| Q1 26 | — | $-296.0K | ||
| Q4 25 | $13.3M | $1.2M | ||
| Q3 25 | $20.0M | $54.0K | ||
| Q2 25 | $3.9M | $-670.0K | ||
| Q1 25 | $11.5M | $-1.2M | ||
| Q4 24 | $14.3M | $1.2M | ||
| Q3 24 | $16.6M | $2.3M | ||
| Q2 24 | $3.9M | $-2.5M |
| Q1 26 | — | 52.7% | ||
| Q4 25 | — | 50.8% | ||
| Q3 25 | — | 51.3% | ||
| Q2 25 | — | 51.3% | ||
| Q1 25 | — | 51.4% | ||
| Q4 24 | — | 51.3% | ||
| Q3 24 | — | 49.2% | ||
| Q2 24 | — | 49.0% |
| Q1 26 | — | 29.0% | ||
| Q4 25 | 67.1% | -7.2% | ||
| Q3 25 | — | -11.0% | ||
| Q2 25 | 20.9% | -14.9% | ||
| Q1 25 | 54.6% | -14.7% | ||
| Q4 24 | 76.7% | -11.8% | ||
| Q3 24 | — | -17.5% | ||
| Q2 24 | 18.4% | -26.5% |
| Q1 26 | — | -2.0% | ||
| Q4 25 | 65.0% | 8.1% | ||
| Q3 25 | 102.5% | 0.4% | ||
| Q2 25 | 22.2% | -5.1% | ||
| Q1 25 | 60.9% | -8.9% | ||
| Q4 24 | 82.2% | 9.2% | ||
| Q3 24 | 111.3% | 18.8% | ||
| Q2 24 | 24.0% | -23.5% |
| Q1 26 | — | $-0.01 | ||
| Q4 25 | $0.27 | $0.05 | ||
| Q3 25 | $0.47 | $0.00 | ||
| Q2 25 | $-0.05 | $-0.03 | ||
| Q1 25 | $0.21 | $-0.05 | ||
| Q4 24 | $0.30 | $0.07 | ||
| Q3 24 | $0.40 | $0.10 | ||
| Q2 24 | $-0.02 | $-0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $57.8M | $40.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $560.7M | $70.2M |
| Total Assets | $8.7B | $83.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $40.5M | ||
| Q4 25 | $57.8M | $44.5M | ||
| Q3 25 | $59.0M | $45.3M | ||
| Q2 25 | $88.7M | $45.0M | ||
| Q1 25 | $115.5M | $42.2M | ||
| Q4 24 | $118.7M | $42.1M | ||
| Q3 24 | $102.5M | $39.6M | ||
| Q2 24 | $120.9M | $36.8M |
| Q1 26 | — | $70.2M | ||
| Q4 25 | $560.7M | $68.9M | ||
| Q3 25 | $559.8M | $65.8M | ||
| Q2 25 | $536.4M | $64.1M | ||
| Q1 25 | $543.9M | $63.0M | ||
| Q4 24 | $543.4M | $62.6M | ||
| Q3 24 | $540.1M | $59.3M | ||
| Q2 24 | $533.5M | $55.4M |
| Q1 26 | — | $83.2M | ||
| Q4 25 | $8.7B | $84.6M | ||
| Q3 25 | $9.0B | $80.3M | ||
| Q2 25 | $7.5B | $78.9M | ||
| Q1 25 | $7.3B | $80.2M | ||
| Q4 24 | $6.9B | $77.8M | ||
| Q3 24 | $7.0B | $72.6M | ||
| Q2 24 | $7.1B | $64.6M |
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 | $59.6M | $570.0K |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 4.48× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $570.0K | ||
| Q4 25 | $59.6M | $2.6M | ||
| Q3 25 | $17.4M | $881.0K | ||
| Q2 25 | $11.5M | $5.0M | ||
| Q1 25 | $12.0M | $1.4M | ||
| Q4 24 | $55.8M | $3.8M | ||
| Q3 24 | $14.5M | $2.8M | ||
| Q2 24 | $13.7M | $1.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-975.0K | ||
| Q3 25 | — | $543.0K | ||
| Q2 25 | — | $3.0M | ||
| Q1 25 | — | $527.0K | ||
| Q4 24 | — | $2.1M | ||
| Q3 24 | — | $2.8M | ||
| Q2 24 | — | $1.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | -6.6% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 22.9% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 15.8% | ||
| Q3 24 | — | 22.9% | ||
| Q2 24 | — | 15.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | 15.1% | ||
| Q1 25 | — | 6.9% | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 4.48× | 2.19× | ||
| Q3 25 | 0.87× | 16.31× | ||
| Q2 25 | 2.92× | — | ||
| Q1 25 | 1.05× | — | ||
| Q4 24 | 3.91× | 3.16× | ||
| Q3 24 | 0.87× | 1.25× | ||
| Q2 24 | 3.50× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MITT
Segment breakdown not available.
MRAM
| Product sales | $14.1M | 95% |
| Licensing, royalty, patent, engineering services and other revenue | $772.0K | 5% |
