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Side-by-side financial comparison of TPG Mortgage Investment Trust, Inc. (MITT) and Spire Global, Inc. (SPIR). 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 $15.8M, roughly 1.3× Spire Global, Inc.). TPG Mortgage Investment Trust, Inc. runs the higher net margin — 65.0% vs -176.6%, a 241.6% gap on every dollar of revenue. On growth, TPG Mortgage Investment Trust, Inc. posted the faster year-over-year revenue change (17.7% vs -26.9%). Over the past eight quarters, TPG Mortgage Investment Trust, Inc.'s revenue compounded faster (9.1% CAGR vs -32.6%).
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.
Spire Global, Inc. is a space-to-cloud data and analytics company that specializes in the tracking of global data sets powered by a large constellation of nanosatellites, such as the tracking of maritime, aviation and weather patterns.
MITT vs SPIR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $20.4M | $15.8M |
| Net Profit | $13.3M | $-28.0M |
| Gross Margin | — | 40.2% |
| Operating Margin | 67.1% | -164.1% |
| Net Margin | 65.0% | -176.6% |
| Revenue YoY | 17.7% | -26.9% |
| Net Profit YoY | -7.0% | 42.7% |
| EPS (diluted) | $0.27 | $-0.85 |
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 | $15.8M | ||
| Q3 25 | $19.5M | $12.7M | ||
| Q2 25 | $17.8M | $19.2M | ||
| Q1 25 | $18.8M | $23.9M | ||
| Q4 24 | $17.4M | $21.7M | ||
| Q3 24 | $14.9M | $28.6M | ||
| Q2 24 | $16.4M | $25.4M | ||
| Q1 24 | $17.2M | $34.8M |
| Q4 25 | $13.3M | $-28.0M | ||
| Q3 25 | $20.0M | $-19.7M | ||
| Q2 25 | $3.9M | $119.6M | ||
| Q1 25 | $11.5M | $-20.7M | ||
| Q4 24 | $14.3M | $-48.8M | ||
| Q3 24 | $16.6M | $-12.5M | ||
| Q2 24 | $3.9M | $-16.6M | ||
| Q1 24 | $20.9M | $-25.5M |
| Q4 25 | — | 40.2% | ||
| Q3 25 | — | 36.6% | ||
| Q2 25 | — | 48.9% | ||
| Q1 25 | — | 36.8% | ||
| Q4 24 | — | 32.4% | ||
| Q3 24 | — | 44.5% | ||
| Q2 24 | — | 43.0% | ||
| Q1 24 | — | 26.5% |
| Q4 25 | 67.1% | -164.1% | ||
| Q3 25 | — | -166.1% | ||
| Q2 25 | 20.9% | -122.7% | ||
| Q1 25 | 54.6% | -106.5% | ||
| Q4 24 | 76.7% | -144.1% | ||
| Q3 24 | — | -48.0% | ||
| Q2 24 | 18.4% | -48.6% | ||
| Q1 24 | — | -34.4% |
| Q4 25 | 65.0% | -176.6% | ||
| Q3 25 | 102.5% | -155.3% | ||
| Q2 25 | 22.2% | 623.4% | ||
| Q1 25 | 60.9% | -86.5% | ||
| Q4 24 | 82.2% | -225.2% | ||
| Q3 24 | 111.3% | -43.7% | ||
| Q2 24 | 24.0% | -65.2% | ||
| Q1 24 | 121.6% | -73.3% |
| Q4 25 | $0.27 | $-0.85 | ||
| Q3 25 | $0.47 | $-0.61 | ||
| Q2 25 | $-0.05 | $3.72 | ||
| Q1 25 | $0.21 | $-0.77 | ||
| Q4 24 | $0.30 | $-1.93 | ||
| Q3 24 | $0.40 | $-0.50 | ||
| Q2 24 | $-0.02 | $-0.68 | ||
| Q1 24 | $0.55 | $-1.17 |
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 | $81.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $560.7M | $112.9M |
| Total Assets | $8.7B | $211.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.8M | $81.8M | ||
| Q3 25 | $59.0M | $96.8M | ||
| Q2 25 | $88.7M | $117.6M | ||
| Q1 25 | $115.5M | $35.9M | ||
| Q4 24 | $118.7M | $19.2M | ||
| Q3 24 | $102.5M | $36.6M | ||
| Q2 24 | $120.9M | $45.8M | ||
| Q1 24 | $100.3M | $63.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $103.7M | ||
| Q4 24 | — | $103.1M | ||
| Q3 24 | — | $4.9M | ||
| Q2 24 | — | $4.9M | ||
| Q1 24 | — | $123.1M |
| Q4 25 | $560.7M | $112.9M | ||
| Q3 25 | $559.8M | $133.1M | ||
| Q2 25 | $536.4M | $149.2M | ||
| Q1 25 | $543.9M | $3.7M | ||
| Q4 24 | $543.4M | $-11.7M | ||
| Q3 24 | $540.1M | $30.8M | ||
| Q2 24 | $533.5M | $40.3M | ||
| Q1 24 | $539.6M | $52.5M |
| Q4 25 | $8.7B | $211.0M | ||
| Q3 25 | $9.0B | $224.3M | ||
| Q2 25 | $7.5B | $239.5M | ||
| Q1 25 | $7.3B | $208.8M | ||
| Q4 24 | $6.9B | $193.6M | ||
| Q3 24 | $7.0B | $224.2M | ||
| Q2 24 | $7.1B | $230.8M | ||
| Q1 24 | $6.4B | $252.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 27.92× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.16× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 2.35× |
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 | $-4.3M |
| Free Cash FlowOCF − Capex | — | $-16.2M |
| FCF MarginFCF / Revenue | — | -102.1% |
| Capex IntensityCapex / Revenue | — | 75.1% |
| Cash ConversionOCF / Net Profit | 4.48× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-92.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $59.6M | $-4.3M | ||
| Q3 25 | $17.4M | $-12.0M | ||
| Q2 25 | $11.5M | $-35.1M | ||
| Q1 25 | $12.0M | $-8.4M | ||
| Q4 24 | $55.8M | $-19.2M | ||
| Q3 24 | $14.5M | $14.0M | ||
| Q2 24 | $13.7M | $-4.4M | ||
| Q1 24 | $12.0M | $-8.8M |
| Q4 25 | — | $-16.2M | ||
| Q3 25 | — | $-20.4M | ||
| Q2 25 | — | $-38.7M | ||
| Q1 25 | — | $-17.3M | ||
| Q4 24 | — | $-24.3M | ||
| Q3 24 | — | $5.1M | ||
| Q2 24 | — | $-9.9M | ||
| Q1 24 | — | $-15.9M |
| Q4 25 | — | -102.1% | ||
| Q3 25 | — | -161.3% | ||
| Q2 25 | — | -201.7% | ||
| Q1 25 | — | -72.6% | ||
| Q4 24 | — | -112.2% | ||
| Q3 24 | — | 17.8% | ||
| Q2 24 | — | -39.0% | ||
| Q1 24 | — | -45.7% |
| Q4 25 | — | 75.1% | ||
| Q3 25 | — | 66.2% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 37.3% | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | — | 31.2% | ||
| Q2 24 | — | 21.8% | ||
| Q1 24 | — | 20.3% |
| Q4 25 | 4.48× | — | ||
| Q3 25 | 0.87× | — | ||
| Q2 25 | 2.92× | -0.29× | ||
| 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.
