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Side-by-side financial comparison of NexPoint Real Estate Finance, Inc. (NREF) and PURE CYCLE CORP (PCYO). Click either name above to swap in a different company.
NexPoint Real Estate Finance, Inc. is the larger business by last-quarter revenue ($11.1M vs $9.1M, roughly 1.2× PURE CYCLE CORP). NexPoint Real Estate Finance, Inc. runs the higher net margin — 216.6% vs 50.0%, a 166.7% gap on every dollar of revenue. On growth, PURE CYCLE CORP posted the faster year-over-year revenue change (58.8% 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.
Pure Cycles, is a bicycle company based in Los Angeles, California that was founded by Michael Fishman, Jordan Schau, Zachary Schau and Austin Stoffers in 2010, as Pure Fix Cycles.
NREF vs PCYO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $11.1M | $9.1M |
| Net Profit | $24.0M | $4.6M |
| Gross Margin | — | 68.4% |
| Operating Margin | — | 48.0% |
| Net Margin | 216.6% | 50.0% |
| Revenue YoY | -48.8% | 58.8% |
| Net Profit YoY | 58.7% | 16.0% |
| EPS (diluted) | $0.47 | $0.19 |
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 | $9.1M | ||
| Q3 25 | $12.5M | $11.2M | ||
| Q2 25 | $12.1M | $5.1M | ||
| Q1 25 | $11.5M | $4.0M | ||
| Q4 24 | $21.7M | $5.8M | ||
| Q3 24 | $12.5M | $12.6M | ||
| Q2 24 | $6.7M | $7.6M | ||
| Q1 24 | $-12.8M | $3.2M |
| Q4 25 | $24.0M | $4.6M | ||
| Q3 25 | $50.9M | $6.1M | ||
| Q2 25 | $22.3M | $2.3M | ||
| Q1 25 | $26.0M | $809.0K | ||
| Q4 24 | $15.2M | $3.9M | ||
| Q3 24 | $23.3M | $6.6M | ||
| Q2 24 | $12.1M | $2.8M | ||
| Q1 24 | $-14.6M | $118.0K |
| Q4 25 | — | 68.4% | ||
| Q3 25 | — | 67.7% | ||
| Q2 25 | — | 63.4% | ||
| Q1 25 | — | 38.2% | ||
| Q4 24 | — | 63.8% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 64.0% | ||
| Q1 24 | — | 55.6% |
| Q4 25 | — | 48.0% | ||
| Q3 25 | — | 53.1% | ||
| Q2 25 | — | 26.0% | ||
| Q1 25 | — | -33.2% | ||
| Q4 24 | — | 29.9% | ||
| Q3 24 | — | 62.0% | ||
| Q2 24 | — | 40.3% | ||
| Q1 24 | — | -11.5% |
| Q4 25 | 216.6% | 50.0% | ||
| Q3 25 | 407.0% | 54.5% | ||
| Q2 25 | 184.5% | 43.9% | ||
| Q1 25 | 225.6% | 20.3% | ||
| Q4 24 | 69.9% | 68.4% | ||
| Q3 24 | 186.4% | 52.6% | ||
| Q2 24 | 179.7% | 37.2% | ||
| Q1 24 | 114.3% | 3.7% |
| Q4 25 | $0.47 | $0.19 | ||
| Q3 25 | $1.14 | $0.26 | ||
| Q2 25 | $0.54 | $0.09 | ||
| Q1 25 | $0.70 | $0.03 | ||
| Q4 24 | $0.71 | $0.16 | ||
| Q3 24 | $0.74 | $0.27 | ||
| Q2 24 | $0.40 | $0.12 | ||
| Q1 24 | $-0.83 | $0.00 |
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 | $17.1M |
| Total DebtLower is stronger | $771.2M | $8.0M |
| Stockholders' EquityBook value | $388.0M | $147.5M |
| Total Assets | $5.3B | $168.1M |
| Debt / EquityLower = less leverage | 1.99× | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.1M | $17.1M | ||
| Q3 25 | $17.9M | $21.9M | ||
| Q2 25 | $9.1M | $14.4M | ||
| Q1 25 | $19.2M | $16.5M | ||
| Q4 24 | $3.9M | $19.0M | ||
| Q3 24 | $34.7M | $22.1M | ||
| Q2 24 | $4.3M | $20.5M | ||
| Q1 24 | $13.5M | $20.6M |
| Q4 25 | $771.2M | $8.0M | ||
| Q3 25 | $720.9M | $6.8M | ||
| Q2 25 | $815.6M | $6.9M | ||
| Q1 25 | $831.5M | $6.9M | ||
| Q4 24 | $799.3M | $6.9M | ||
| Q3 24 | $815.5M | $6.9M | ||
| Q2 24 | $861.0M | — | ||
| Q1 24 | $843.3M | — |
| Q4 25 | $388.0M | $147.5M | ||
| Q3 25 | $375.4M | $142.7M | ||
| Q2 25 | $348.2M | $136.7M | ||
| Q1 25 | $343.7M | $134.4M | ||
| Q4 24 | $336.5M | $133.6M | ||
| Q3 24 | $335.8M | $129.7M | ||
| Q2 24 | $327.5M | $123.2M | ||
| Q1 24 | $327.1M | $120.4M |
| Q4 25 | $5.3B | $168.1M | ||
| Q3 25 | $5.3B | $162.3M | ||
| Q2 25 | $5.4B | $151.7M | ||
| Q1 25 | $5.4B | $149.7M | ||
| Q4 24 | $5.4B | $149.7M | ||
| Q3 24 | $5.7B | $147.4M | ||
| Q2 24 | $6.6B | $140.4M | ||
| Q1 24 | $7.1B | $135.2M |
| Q4 25 | 1.99× | 0.05× | ||
| Q3 25 | 1.92× | 0.05× | ||
| Q2 25 | 2.34× | 0.05× | ||
| Q1 25 | 2.42× | 0.05× | ||
| Q4 24 | 2.38× | 0.05× | ||
| Q3 24 | 2.43× | 0.05× | ||
| 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 | $-979.0K |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | -0.19× | -0.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.5M | $-979.0K | ||
| Q3 25 | $8.1M | $9.4M | ||
| Q2 25 | $3.3M | $-503.0K | ||
| Q1 25 | $16.0M | $-1.4M | ||
| Q4 24 | $4.4M | $5.7M | ||
| Q3 24 | $14.7M | $3.1M | ||
| Q2 24 | $-7.5M | $892.0K | ||
| Q1 24 | $17.7M | $-457.0K |
| Q4 25 | -0.19× | -0.21× | ||
| Q3 25 | 0.16× | 1.53× | ||
| Q2 25 | 0.15× | -0.22× | ||
| Q1 25 | 0.62× | -1.70× | ||
| Q4 24 | 0.29× | 1.44× | ||
| Q3 24 | 0.63× | 0.47× | ||
| Q2 24 | -0.62× | 0.32× | ||
| Q1 24 | — | -3.87× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NREF
Segment breakdown not available.
PCYO
| Construction | $6.5M | 71% |
| Water And Wastewater Resource Development Segment | $2.5M | 27% |
