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Side-by-side financial comparison of NexPoint Real Estate Finance, Inc. (NREF) and ORION ENERGY SYSTEMS, INC. (OESX). Click either name above to swap in a different company.
ORION ENERGY SYSTEMS, INC. is the larger business by last-quarter revenue ($21.1M vs $11.1M, roughly 1.9× NexPoint Real Estate Finance, Inc.). NexPoint Real Estate Finance, Inc. runs the higher net margin — 216.6% vs 0.8%, a 215.9% gap on every dollar of revenue. On growth, ORION ENERGY SYSTEMS, INC. posted the faster year-over-year revenue change (7.7% 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.
Orion Energy Systems, Inc. is an American LED lighting and intelligent controls enterprise, founded in Plymouth, Wisconsin, and headquartered in Manitowoc, Wisconsin
NREF vs OESX — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $11.1M | $21.1M |
| Net Profit | $24.0M | $160.0K |
| Gross Margin | — | 30.9% |
| Operating Margin | — | 1.8% |
| Net Margin | 216.6% | 0.8% |
| Revenue YoY | -48.8% | 7.7% |
| Net Profit YoY | 58.7% | 110.6% |
| EPS (diluted) | $0.47 | $0.04 |
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 | $21.1M | ||
| Q3 25 | $12.5M | $19.9M | ||
| Q2 25 | $12.1M | $19.6M | ||
| Q1 25 | $11.5M | $20.9M | ||
| Q4 24 | $21.7M | $19.6M | ||
| Q3 24 | $12.5M | $19.4M | ||
| Q2 24 | $6.7M | $19.9M | ||
| Q1 24 | $-12.8M | $26.4M |
| Q4 25 | $24.0M | $160.0K | ||
| Q3 25 | $50.9M | $-581.0K | ||
| Q2 25 | $22.3M | $-1.2M | ||
| Q1 25 | $26.0M | $-2.9M | ||
| Q4 24 | $15.2M | $-1.5M | ||
| Q3 24 | $23.3M | $-3.6M | ||
| Q2 24 | $12.1M | $-3.8M | ||
| Q1 24 | $-14.6M | $1.6M |
| Q4 25 | — | 30.9% | ||
| Q3 25 | — | 31.0% | ||
| Q2 25 | — | 30.1% | ||
| Q1 25 | — | 27.4% | ||
| Q4 24 | — | 29.4% | ||
| Q3 24 | — | 23.1% | ||
| Q2 24 | — | 21.6% | ||
| Q1 24 | — | 25.8% |
| Q4 25 | — | 1.8% | ||
| Q3 25 | — | -1.2% | ||
| Q2 25 | — | -5.2% | ||
| Q1 25 | — | -12.7% | ||
| Q4 24 | — | -6.4% | ||
| Q3 24 | — | -16.9% | ||
| Q2 24 | — | -17.2% | ||
| Q1 24 | — | 6.8% |
| Q4 25 | 216.6% | 0.8% | ||
| Q3 25 | 407.0% | -2.9% | ||
| Q2 25 | 184.5% | -6.4% | ||
| Q1 25 | 225.6% | -13.9% | ||
| Q4 24 | 69.9% | -7.7% | ||
| Q3 24 | 186.4% | -18.7% | ||
| Q2 24 | 179.7% | -18.9% | ||
| Q1 24 | 114.3% | 6.1% |
| Q4 25 | $0.47 | $0.04 | ||
| Q3 25 | $1.14 | $-0.17 | ||
| Q2 25 | $0.54 | $-0.04 | ||
| Q1 25 | $0.70 | $1.32 | ||
| Q4 24 | $0.71 | $-0.46 | ||
| Q3 24 | $0.74 | $-1.10 | ||
| Q2 24 | $0.40 | $-0.12 | ||
| Q1 24 | $-0.83 | $0.06 |
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 | $4.7M |
| Total DebtLower is stronger | $771.2M | $9.8M |
| Stockholders' EquityBook value | $388.0M | $11.8M |
| Total Assets | $5.3B | $48.3M |
| Debt / EquityLower = less leverage | 1.99× | 0.83× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.1M | $4.7M | ||
| Q3 25 | $17.9M | $5.2M | ||
| Q2 25 | $9.1M | $3.6M | ||
| Q1 25 | $19.2M | $6.0M | ||
| Q4 24 | $3.9M | $7.5M | ||
| Q3 24 | $34.7M | $5.4M | ||
| Q2 24 | $4.3M | $5.7M | ||
| Q1 24 | $13.5M | $5.2M |
| Q4 25 | $771.2M | $9.8M | ||
| Q3 25 | $720.9M | $9.9M | ||
| Q2 25 | $815.6M | $8.5M | ||
| Q1 25 | $831.5M | $10.3M | ||
| Q4 24 | $799.3M | — | ||
| Q3 24 | $815.5M | $12.5M | ||
| Q2 24 | $861.0M | $13.5M | ||
| Q1 24 | $843.3M | $10.0M |
| Q4 25 | $388.0M | $11.8M | ||
| Q3 25 | $375.4M | $11.4M | ||
| Q2 25 | $348.2M | $10.8M | ||
| Q1 25 | $343.7M | $11.9M | ||
| Q4 24 | $336.5M | $14.5M | ||
| Q3 24 | $335.8M | $15.8M | ||
| Q2 24 | $327.5M | $19.1M | ||
| Q1 24 | $327.1M | $22.5M |
| Q4 25 | $5.3B | $48.3M | ||
| Q3 25 | $5.3B | $47.9M | ||
| Q2 25 | $5.4B | $49.0M | ||
| Q1 25 | $5.4B | $52.5M | ||
| Q4 24 | $5.4B | $52.7M | ||
| Q3 24 | $5.7B | $56.3M | ||
| Q2 24 | $6.6B | $59.8M | ||
| Q1 24 | $7.1B | $63.2M |
| Q4 25 | 1.99× | 0.83× | ||
| Q3 25 | 1.92× | 0.87× | ||
| Q2 25 | 2.34× | 0.79× | ||
| Q1 25 | 2.42× | 0.87× | ||
| Q4 24 | 2.38× | — | ||
| Q3 24 | 2.43× | 0.79× | ||
| Q2 24 | 2.63× | 0.71× | ||
| Q1 24 | 2.58× | 0.44× |
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 | $-897.0K |
| Free Cash FlowOCF − Capex | — | $-1.1M |
| FCF MarginFCF / Revenue | — | -5.4% |
| Capex IntensityCapex / Revenue | — | 1.2% |
| Cash ConversionOCF / Net Profit | -0.19× | -5.61× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-905.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.5M | $-897.0K | ||
| Q3 25 | $8.1M | $1.8M | ||
| Q2 25 | $3.3M | $-515.0K | ||
| Q1 25 | $16.0M | $-699.0K | ||
| Q4 24 | $4.4M | $3.8M | ||
| Q3 24 | $14.7M | $498.0K | ||
| Q2 24 | $-7.5M | $-3.0M | ||
| Q1 24 | $17.7M | $175.0K |
| Q4 25 | — | $-1.1M | ||
| Q3 25 | — | $1.6M | ||
| Q2 25 | — | $-570.0K | ||
| Q1 25 | — | $-750.0K | ||
| Q4 24 | — | $3.7M | ||
| Q3 24 | — | $493.0K | ||
| Q2 24 | — | $-3.0M | ||
| Q1 24 | — | $144.0K |
| Q4 25 | — | -5.4% | ||
| Q3 25 | — | 7.9% | ||
| Q2 25 | — | -2.9% | ||
| Q1 25 | — | -3.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | — | 2.5% | ||
| Q2 24 | — | -15.0% | ||
| Q1 24 | — | 0.5% |
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | -0.19× | -5.61× | ||
| 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 | — | 0.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NREF
Segment breakdown not available.
OESX
| Lighting Product And Installation | $11.9M | 56% |
| Electric Vehicle Charging Systems | $4.7M | 22% |
| Maintenance Services | $4.4M | 21% |
