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Side-by-side financial comparison of NexPoint Real Estate Finance, Inc. (NREF) and Spire Global, Inc. (SPIR). Click either name above to swap in a different company.
Spire Global, Inc. is the larger business by last-quarter revenue ($15.8M vs $11.1M, roughly 1.4× NexPoint Real Estate Finance, Inc.). NexPoint Real Estate Finance, Inc. runs the higher net margin — 216.6% vs -176.6%, a 393.3% gap on every dollar of revenue. On growth, Spire Global, Inc. posted the faster year-over-year revenue change (-26.9% 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.
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.
NREF vs SPIR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $11.1M | $15.8M |
| Net Profit | $24.0M | $-28.0M |
| Gross Margin | — | 40.2% |
| Operating Margin | — | -164.1% |
| Net Margin | 216.6% | -176.6% |
| Revenue YoY | -48.8% | -26.9% |
| Net Profit YoY | 58.7% | 42.7% |
| EPS (diluted) | $0.47 | $-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 | $11.1M | $15.8M | ||
| Q3 25 | $12.5M | $12.7M | ||
| Q2 25 | $12.1M | $19.2M | ||
| Q1 25 | $11.5M | $23.9M | ||
| Q4 24 | $21.7M | $21.7M | ||
| Q3 24 | $12.5M | $28.6M | ||
| Q2 24 | $6.7M | $25.4M | ||
| Q1 24 | $-12.8M | $34.8M |
| Q4 25 | $24.0M | $-28.0M | ||
| Q3 25 | $50.9M | $-19.7M | ||
| Q2 25 | $22.3M | $119.6M | ||
| Q1 25 | $26.0M | $-20.7M | ||
| Q4 24 | $15.2M | $-48.8M | ||
| Q3 24 | $23.3M | $-12.5M | ||
| Q2 24 | $12.1M | $-16.6M | ||
| Q1 24 | $-14.6M | $-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 | — | -164.1% | ||
| Q3 25 | — | -166.1% | ||
| Q2 25 | — | -122.7% | ||
| Q1 25 | — | -106.5% | ||
| Q4 24 | — | -144.1% | ||
| Q3 24 | — | -48.0% | ||
| Q2 24 | — | -48.6% | ||
| Q1 24 | — | -34.4% |
| Q4 25 | 216.6% | -176.6% | ||
| Q3 25 | 407.0% | -155.3% | ||
| Q2 25 | 184.5% | 623.4% | ||
| Q1 25 | 225.6% | -86.5% | ||
| Q4 24 | 69.9% | -225.2% | ||
| Q3 24 | 186.4% | -43.7% | ||
| Q2 24 | 179.7% | -65.2% | ||
| Q1 24 | 114.3% | -73.3% |
| Q4 25 | $0.47 | $-0.85 | ||
| Q3 25 | $1.14 | $-0.61 | ||
| Q2 25 | $0.54 | $3.72 | ||
| Q1 25 | $0.70 | $-0.77 | ||
| Q4 24 | $0.71 | $-1.93 | ||
| Q3 24 | $0.74 | $-0.50 | ||
| Q2 24 | $0.40 | $-0.68 | ||
| Q1 24 | $-0.83 | $-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 | $31.1M | $81.8M |
| Total DebtLower is stronger | $771.2M | — |
| Stockholders' EquityBook value | $388.0M | $112.9M |
| Total Assets | $5.3B | $211.0M |
| Debt / EquityLower = less leverage | 1.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.1M | $81.8M | ||
| Q3 25 | $17.9M | $96.8M | ||
| Q2 25 | $9.1M | $117.6M | ||
| Q1 25 | $19.2M | $35.9M | ||
| Q4 24 | $3.9M | $19.2M | ||
| Q3 24 | $34.7M | $36.6M | ||
| Q2 24 | $4.3M | $45.8M | ||
| Q1 24 | $13.5M | $63.7M |
| Q4 25 | $771.2M | — | ||
| Q3 25 | $720.9M | — | ||
| Q2 25 | $815.6M | — | ||
| Q1 25 | $831.5M | $103.7M | ||
| Q4 24 | $799.3M | $103.1M | ||
| Q3 24 | $815.5M | $4.9M | ||
| Q2 24 | $861.0M | $4.9M | ||
| Q1 24 | $843.3M | $123.1M |
| Q4 25 | $388.0M | $112.9M | ||
| Q3 25 | $375.4M | $133.1M | ||
| Q2 25 | $348.2M | $149.2M | ||
| Q1 25 | $343.7M | $3.7M | ||
| Q4 24 | $336.5M | $-11.7M | ||
| Q3 24 | $335.8M | $30.8M | ||
| Q2 24 | $327.5M | $40.3M | ||
| Q1 24 | $327.1M | $52.5M |
| Q4 25 | $5.3B | $211.0M | ||
| Q3 25 | $5.3B | $224.3M | ||
| Q2 25 | $5.4B | $239.5M | ||
| Q1 25 | $5.4B | $208.8M | ||
| Q4 24 | $5.4B | $193.6M | ||
| Q3 24 | $5.7B | $224.2M | ||
| Q2 24 | $6.6B | $230.8M | ||
| Q1 24 | $7.1B | $252.3M |
| Q4 25 | 1.99× | — | ||
| Q3 25 | 1.92× | — | ||
| Q2 25 | 2.34× | — | ||
| Q1 25 | 2.42× | 27.92× | ||
| Q4 24 | 2.38× | — | ||
| Q3 24 | 2.43× | 0.16× | ||
| Q2 24 | 2.63× | 0.12× | ||
| Q1 24 | 2.58× | 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 | $-4.5M | $-4.3M |
| Free Cash FlowOCF − Capex | — | $-16.2M |
| FCF MarginFCF / Revenue | — | -102.1% |
| Capex IntensityCapex / Revenue | — | 75.1% |
| Cash ConversionOCF / Net Profit | -0.19× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-92.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.5M | $-4.3M | ||
| Q3 25 | $8.1M | $-12.0M | ||
| Q2 25 | $3.3M | $-35.1M | ||
| Q1 25 | $16.0M | $-8.4M | ||
| Q4 24 | $4.4M | $-19.2M | ||
| Q3 24 | $14.7M | $14.0M | ||
| Q2 24 | $-7.5M | $-4.4M | ||
| Q1 24 | $17.7M | $-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 | -0.19× | — | ||
| Q3 25 | 0.16× | — | ||
| Q2 25 | 0.15× | -0.29× | ||
| 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.
