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Side-by-side financial comparison of TPG Mortgage Investment Trust, Inc. (MITT) and ON24 INC. (ONTF). Click either name above to swap in a different company.
ON24 INC. is the larger business by last-quarter revenue ($34.6M vs $20.4M, roughly 1.7× TPG Mortgage Investment Trust, Inc.). TPG Mortgage Investment Trust, Inc. runs the higher net margin — 65.0% vs -18.8%, a 83.7% gap on every dollar of revenue. On growth, TPG Mortgage Investment Trust, Inc. posted the faster year-over-year revenue change (17.7% vs -5.6%). Over the past eight quarters, TPG Mortgage Investment Trust, Inc.'s revenue compounded faster (9.1% CAGR vs -4.2%).
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.
ON24 Inc., a San Francisco-based company, is a cloud-based platform that develops and sells web-based webinar, virtual conferencing, content hub, and landing page applications as a service for marketing and sales teams in B2B organizations. In 2023 it expanded its offerings to include generative AI services.
MITT vs ONTF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $20.4M | $34.6M |
| Net Profit | $13.3M | $-6.5M |
| Gross Margin | — | 74.9% |
| Operating Margin | 67.1% | -23.5% |
| Net Margin | 65.0% | -18.8% |
| Revenue YoY | 17.7% | -5.6% |
| Net Profit YoY | -7.0% | 26.8% |
| EPS (diluted) | $0.27 | $-0.15 |
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 | $20.4M | $34.6M | ||
| Q3 25 | $19.5M | $34.6M | ||
| Q2 25 | $17.8M | $35.3M | ||
| Q1 25 | $18.8M | $34.7M | ||
| Q4 24 | $17.4M | $36.7M | ||
| Q3 24 | $14.9M | $36.3M | ||
| Q2 24 | $16.4M | $37.3M | ||
| Q1 24 | $17.2M | $37.7M |
| Q4 25 | $13.3M | $-6.5M | ||
| Q3 25 | $20.0M | $-6.4M | ||
| Q2 25 | $3.9M | $-7.3M | ||
| Q1 25 | $11.5M | $-8.7M | ||
| Q4 24 | $14.3M | $-8.9M | ||
| Q3 24 | $16.6M | $-11.4M | ||
| Q2 24 | $3.9M | $-11.2M | ||
| Q1 24 | $20.9M | $-10.7M |
| Q4 25 | — | 74.9% | ||
| Q3 25 | — | 74.7% | ||
| Q2 25 | — | 75.1% | ||
| Q1 25 | — | 73.8% | ||
| Q4 24 | — | 74.5% | ||
| Q3 24 | — | 74.3% | ||
| Q2 24 | — | 74.5% | ||
| Q1 24 | — | 74.1% |
| Q4 25 | 67.1% | -23.5% | ||
| Q3 25 | — | -23.1% | ||
| Q2 25 | 20.9% | -26.0% | ||
| Q1 25 | 54.6% | -30.1% | ||
| Q4 24 | 76.7% | -32.1% | ||
| Q3 24 | — | -36.7% | ||
| Q2 24 | 18.4% | -35.0% | ||
| Q1 24 | — | -33.1% |
| Q4 25 | 65.0% | -18.8% | ||
| Q3 25 | 102.5% | -18.4% | ||
| Q2 25 | 22.2% | -20.6% | ||
| Q1 25 | 60.9% | -25.1% | ||
| Q4 24 | 82.2% | -24.2% | ||
| Q3 24 | 111.3% | -31.4% | ||
| Q2 24 | 24.0% | -29.9% | ||
| Q1 24 | 121.6% | -28.4% |
| Q4 25 | $0.27 | $-0.15 | ||
| Q3 25 | $0.47 | $-0.15 | ||
| Q2 25 | $-0.05 | $-0.17 | ||
| Q1 25 | $0.21 | $-0.21 | ||
| Q4 24 | $0.30 | $-0.21 | ||
| Q3 24 | $0.40 | $-0.27 | ||
| Q2 24 | $-0.02 | $-0.27 | ||
| Q1 24 | $0.55 | $-0.26 |
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 | $37.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $560.7M | $139.4M |
| Total Assets | $8.7B | $228.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.8M | $37.0M | ||
| Q3 25 | $59.0M | $47.2M | ||
| Q2 25 | $88.7M | $37.7M | ||
| Q1 25 | $115.5M | $26.8M | ||
| Q4 24 | $118.7M | $14.9M | ||
| Q3 24 | $102.5M | $11.0M | ||
| Q2 24 | $120.9M | $15.5M | ||
| Q1 24 | $100.3M | $18.3M |
| Q4 25 | $560.7M | $139.4M | ||
| Q3 25 | $559.8M | $144.3M | ||
| Q2 25 | $536.4M | $150.0M | ||
| Q1 25 | $543.9M | $153.7M | ||
| Q4 24 | $543.4M | $159.4M | ||
| Q3 24 | $540.1M | $164.9M | ||
| Q2 24 | $533.5M | $170.8M | ||
| Q1 24 | $539.6M | $174.4M |
| Q4 25 | $8.7B | $228.4M | ||
| Q3 25 | $9.0B | $224.8M | ||
| Q2 25 | $7.5B | $235.1M | ||
| Q1 25 | $7.3B | $245.8M | ||
| Q4 24 | $6.9B | $251.0M | ||
| Q3 24 | $7.0B | $250.9M | ||
| Q2 24 | $7.1B | $259.0M | ||
| Q1 24 | $6.4B | $269.2M |
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 | $-1.1M |
| Free Cash FlowOCF − Capex | — | $-2.2M |
| FCF MarginFCF / Revenue | — | -6.4% |
| Capex IntensityCapex / Revenue | — | 3.3% |
| Cash ConversionOCF / Net Profit | 4.48× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $4.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $59.6M | $-1.1M | ||
| Q3 25 | $17.4M | $2.5M | ||
| Q2 25 | $11.5M | $2.6M | ||
| Q1 25 | $12.0M | $3.4M | ||
| Q4 24 | $55.8M | $985.0K | ||
| Q3 24 | $14.5M | $295.0K | ||
| Q2 24 | $13.7M | $1.4M | ||
| Q1 24 | $12.0M | $2.1M |
| Q4 25 | — | $-2.2M | ||
| Q3 25 | — | $2.2M | ||
| Q2 25 | — | $2.1M | ||
| Q1 25 | — | $1.9M | ||
| Q4 24 | — | $424.0K | ||
| Q3 24 | — | $143.0K | ||
| Q2 24 | — | $898.0K | ||
| Q1 24 | — | $1.1M |
| Q4 25 | — | -6.4% | ||
| Q3 25 | — | 6.2% | ||
| Q2 25 | — | 5.9% | ||
| Q1 25 | — | 5.6% | ||
| Q4 24 | — | 1.2% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 2.9% |
| Q4 25 | — | 3.3% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 2.8% |
| Q4 25 | 4.48× | — | ||
| Q3 25 | 0.87× | — | ||
| Q2 25 | 2.92× | — | ||
| Q1 25 | 1.05× | — | ||
| Q4 24 | 3.91× | — | ||
| Q3 24 | 0.87× | — | ||
| Q2 24 | 3.50× | — | ||
| Q1 24 | 0.57× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
