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Side-by-side financial comparison of NexPoint Real Estate Finance, Inc. (NREF) and OCULAR THERAPEUTIX, INC (OCUL). Click either name above to swap in a different company.
OCULAR THERAPEUTIX, INC is the larger business by last-quarter revenue ($13.3M vs $11.1M, roughly 1.2× NexPoint Real Estate Finance, Inc.). NexPoint Real Estate Finance, Inc. runs the higher net margin — 216.6% vs -488.0%, a 704.6% gap on every dollar of revenue. On growth, OCULAR THERAPEUTIX, INC posted the faster year-over-year revenue change (-22.4% vs -48.8%).
NexPoint Real Estate Finance, Inc. is a US-based commercial real estate finance firm that offers structured financing solutions for multifamily, office, industrial, and hospitality properties. It focuses on originating, managing and servicing a diversified portfolio of mortgage loans and real estate-related investments to deliver stable risk-adjusted returns to stakeholders.
Ocular Therapeutix, Inc. is a biopharmaceutical firm specializing in developing and commercializing innovative ophthalmic therapies. Its products treat acute and chronic eye conditions including post-surgical pain, glaucoma, and dry eye, serving patients and ophthalmology providers primarily across the U.S. and select global markets.
NREF vs OCUL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $11.1M | $13.3M |
| Net Profit | $24.0M | $-64.7M |
| Gross Margin | — | 88.0% |
| Operating Margin | — | -526.5% |
| Net Margin | 216.6% | -488.0% |
| Revenue YoY | -48.8% | -22.4% |
| Net Profit YoY | 58.7% | -33.6% |
| EPS (diluted) | $0.47 | $-0.27 |
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 | $11.1M | $13.3M | ||
| Q3 25 | $12.5M | $14.5M | ||
| Q2 25 | $12.1M | $13.5M | ||
| Q1 25 | $11.5M | $10.7M | ||
| Q4 24 | $21.7M | $17.1M | ||
| Q3 24 | $12.5M | $15.4M | ||
| Q2 24 | $6.7M | $16.4M | ||
| Q1 24 | $-12.8M | $14.8M |
| Q4 25 | $24.0M | $-64.7M | ||
| Q3 25 | $50.9M | $-69.4M | ||
| Q2 25 | $22.3M | $-67.8M | ||
| Q1 25 | $26.0M | $-64.1M | ||
| Q4 24 | $15.2M | $-48.4M | ||
| Q3 24 | $23.3M | $-36.5M | ||
| Q2 24 | $12.1M | $-43.8M | ||
| Q1 24 | $-14.6M | $-64.8M |
| Q4 25 | — | 88.0% | ||
| Q3 25 | — | 87.8% | ||
| Q2 25 | — | 85.6% | ||
| Q1 25 | — | 88.2% | ||
| Q4 24 | — | 92.8% | ||
| Q3 24 | — | 89.9% | ||
| Q2 24 | — | 90.8% | ||
| Q1 24 | — | 91.0% |
| Q4 25 | — | -526.5% | ||
| Q3 25 | — | -472.3% | ||
| Q2 25 | — | -502.6% | ||
| Q1 25 | — | -597.5% | ||
| Q4 24 | — | -296.1% | ||
| Q3 24 | — | -298.2% | ||
| Q2 24 | — | -265.1% | ||
| Q1 24 | — | -214.0% |
| Q4 25 | 216.6% | -488.0% | ||
| Q3 25 | 407.0% | -477.3% | ||
| Q2 25 | 184.5% | -503.9% | ||
| Q1 25 | 225.6% | -598.7% | ||
| Q4 24 | 69.9% | -283.3% | ||
| Q3 24 | 186.4% | -236.6% | ||
| Q2 24 | 179.7% | -266.3% | ||
| Q1 24 | 114.3% | -438.9% |
| Q4 25 | $0.47 | $-0.27 | ||
| Q3 25 | $1.14 | $-0.38 | ||
| Q2 25 | $0.54 | $-0.39 | ||
| Q1 25 | $0.70 | $-0.38 | ||
| Q4 24 | $0.71 | $-0.25 | ||
| Q3 24 | $0.74 | $-0.22 | ||
| Q2 24 | $0.40 | $-0.26 | ||
| Q1 24 | $-0.83 | $-0.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $31.1M | $737.1M |
| Total DebtLower is stronger | $771.2M | — |
| Stockholders' EquityBook value | $388.0M | $654.3M |
| Total Assets | $5.3B | $808.1M |
| Debt / EquityLower = less leverage | 1.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.1M | $737.1M | ||
| Q3 25 | $17.9M | $344.8M | ||
| Q2 25 | $9.1M | $391.1M | ||
| Q1 25 | $19.2M | $349.7M | ||
| Q4 24 | $3.9M | $392.1M | ||
| Q3 24 | $34.7M | $427.2M | ||
| Q2 24 | $4.3M | $459.7M | ||
| Q1 24 | $13.5M | $482.9M |
| Q4 25 | $771.2M | — | ||
| Q3 25 | $720.9M | — | ||
| Q2 25 | $815.6M | — | ||
| Q1 25 | $831.5M | — | ||
| Q4 24 | $799.3M | — | ||
| Q3 24 | $815.5M | — | ||
| Q2 24 | $861.0M | — | ||
| Q1 24 | $843.3M | — |
| Q4 25 | $388.0M | $654.3M | ||
| Q3 25 | $375.4M | $258.2M | ||
| Q2 25 | $348.2M | $305.9M | ||
| Q1 25 | $343.7M | $265.9M | ||
| Q4 24 | $336.5M | $315.3M | ||
| Q3 24 | $335.8M | $352.0M | ||
| Q2 24 | $327.5M | $377.7M | ||
| Q1 24 | $327.1M | $408.0M |
| Q4 25 | $5.3B | $808.1M | ||
| Q3 25 | $5.3B | $410.9M | ||
| Q2 25 | $5.4B | $451.3M | ||
| Q1 25 | $5.4B | $405.9M | ||
| Q4 24 | $5.4B | $457.9M | ||
| Q3 24 | $5.7B | $490.4M | ||
| Q2 24 | $6.6B | $517.1M | ||
| Q1 24 | $7.1B | $538.9M |
| Q4 25 | 1.99× | — | ||
| Q3 25 | 1.92× | — | ||
| Q2 25 | 2.34× | — | ||
| Q1 25 | 2.42× | — | ||
| Q4 24 | 2.38× | — | ||
| Q3 24 | 2.43× | — | ||
| Q2 24 | 2.63× | — | ||
| Q1 24 | 2.58× | — |
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 | $-4.5M | $-54.2M |
| Free Cash FlowOCF − Capex | — | $-57.1M |
| FCF MarginFCF / Revenue | — | -430.9% |
| Capex IntensityCapex / Revenue | — | 21.4% |
| Cash ConversionOCF / Net Profit | -0.19× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-216.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.5M | $-54.2M | ||
| Q3 25 | $8.1M | $-50.7M | ||
| Q2 25 | $3.3M | $-55.2M | ||
| Q1 25 | $16.0M | $-44.7M | ||
| Q4 24 | $4.4M | $-39.4M | ||
| Q3 24 | $14.7M | $-36.6M | ||
| Q2 24 | $-7.5M | $-24.8M | ||
| Q1 24 | $17.7M | $-33.9M |
| Q4 25 | — | $-57.1M | ||
| Q3 25 | — | $-56.7M | ||
| Q2 25 | — | $-56.5M | ||
| Q1 25 | — | $-46.6M | ||
| Q4 24 | — | $-39.6M | ||
| Q3 24 | — | $-36.6M | ||
| Q2 24 | — | $-25.5M | ||
| Q1 24 | — | $-34.1M |
| Q4 25 | — | -430.9% | ||
| Q3 25 | — | -390.0% | ||
| Q2 25 | — | -419.7% | ||
| Q1 25 | — | -435.6% | ||
| Q4 24 | — | -232.0% | ||
| Q3 24 | — | -237.6% | ||
| Q2 24 | — | -155.4% | ||
| Q1 24 | — | -231.1% |
| Q4 25 | — | 21.4% | ||
| Q3 25 | — | 41.2% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | — | 1.2% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 4.5% | ||
| Q1 24 | — | 1.7% |
| Q4 25 | -0.19× | — | ||
| Q3 25 | 0.16× | — | ||
| Q2 25 | 0.15× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.63× | — | ||
| Q2 24 | -0.62× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
