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Side-by-side financial comparison of NaaS Technology Inc. (NAAS) and TPG RE Finance Trust, Inc. (TRTX). Click either name above to swap in a different company.
TPG RE Finance Trust, Inc. is the larger business by last-quarter revenue ($35.0M vs $25.9M, roughly 1.4× NaaS Technology Inc.). TPG RE Finance Trust, Inc. runs the higher net margin — 15.6% vs -193.3%, a 208.9% gap on every dollar of revenue. On growth, NaaS Technology Inc. posted the faster year-over-year revenue change (121.2% vs 0.9%).
NaaS Technology Inc. is a leading electric vehicle energy service provider based in China. It delivers one-stop solutions covering charging network operation, software and hardware support for charging station operators, and value-added services such as charging location search and payment for EV owners, serving both enterprise and individual customers across domestic and select overseas markets.
TPG RE Finance Trust, Inc. is a commercial real estate finance firm primarily operating in the United States. It originates, underwrites and manages a portfolio of senior commercial mortgage loans and other real estate-linked debt instruments, serving commercial property owners and investors across multifamily, industrial, office and retail property segments.
NAAS vs TRTX — Head-to-Head
Income Statement — Q2 FY2024 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.9M | $35.0M |
| Net Profit | $-50.0M | $4.0M |
| Gross Margin | 29.2% | — |
| Operating Margin | -144.2% | 11.6% |
| Net Margin | -193.3% | 15.6% |
| Revenue YoY | 121.2% | 0.9% |
| Net Profit YoY | 18.4% | -62.8% |
| EPS (diluted) | $-0.02 | $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.
| Q4 25 | — | $35.0M | ||
| Q3 25 | — | $37.8M | ||
| Q2 25 | — | $36.2M | ||
| Q1 25 | — | $37.0M | ||
| Q4 24 | — | $34.7M | ||
| Q3 24 | — | $40.1M | ||
| Q2 24 | $25.9M | $39.3M | ||
| Q1 24 | — | $38.9M |
| Q4 25 | — | $4.0M | ||
| Q3 25 | — | $22.0M | ||
| Q2 25 | — | $20.6M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $10.7M | ||
| Q3 24 | — | $22.2M | ||
| Q2 24 | $-50.0M | $24.7M | ||
| Q1 24 | — | $16.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 29.2% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 11.6% | ||
| Q3 25 | — | 58.4% | ||
| Q2 25 | — | 57.3% | ||
| Q1 25 | — | 37.2% | ||
| Q4 24 | — | 30.3% | ||
| Q3 24 | — | 55.4% | ||
| Q2 24 | -144.2% | 63.1% | ||
| Q1 24 | — | 44.0% |
| Q4 25 | — | 15.6% | ||
| Q3 25 | — | 58.1% | ||
| Q2 25 | — | 57.0% | ||
| Q1 25 | — | 37.0% | ||
| Q4 24 | — | 43.3% | ||
| Q3 24 | — | 55.3% | ||
| Q2 24 | -193.3% | 62.9% | ||
| Q1 24 | — | 43.0% |
| Q4 25 | — | $0.01 | ||
| Q3 25 | — | $0.23 | ||
| Q2 25 | — | $0.21 | ||
| Q1 25 | — | $0.12 | ||
| Q4 24 | — | $0.09 | ||
| Q3 24 | — | $0.23 | ||
| Q2 24 | $-0.02 | $0.26 | ||
| Q1 24 | — | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $24.7M | $87.6M |
| Total DebtLower is stronger | — | $3.3B |
| Stockholders' EquityBook value | $-33.4M | $1.1B |
| Total Assets | $180.2M | $4.4B |
| Debt / EquityLower = less leverage | — | 3.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $87.6M | ||
| Q3 25 | — | $93.6M | ||
| Q2 25 | — | $165.8M | ||
| Q1 25 | — | $363.0M | ||
| Q4 24 | — | $190.2M | ||
| Q3 24 | — | $226.3M | ||
| Q2 24 | $24.7M | $259.2M | ||
| Q1 24 | — | $203.1M |
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.7B |
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | $-33.4M | $1.1B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | — | $4.4B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $4.2B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.7B | ||
| Q2 24 | $180.2M | $3.7B | ||
| Q1 24 | — | $3.8B |
| Q4 25 | — | 3.10× | ||
| Q3 25 | — | 2.72× | ||
| Q2 25 | — | 2.78× | ||
| Q1 25 | — | 2.56× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.22× | ||
| Q2 24 | — | 2.25× | ||
| Q1 24 | — | 2.38× |
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 | $-25.7M | $90.4M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 22.73× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $90.4M | ||
| Q3 25 | — | $21.8M | ||
| Q2 25 | — | $24.7M | ||
| Q1 25 | — | $19.1M | ||
| Q4 24 | — | $112.1M | ||
| Q3 24 | — | $23.7M | ||
| Q2 24 | $-25.7M | $25.6M | ||
| Q1 24 | — | $37.4M |
| Q4 25 | — | 22.73× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 1.20× | ||
| Q1 25 | — | 1.39× | ||
| Q4 24 | — | 10.50× | ||
| Q3 24 | — | 1.07× | ||
| Q2 24 | — | 1.03× | ||
| Q1 24 | — | 2.23× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
