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Side-by-side financial comparison of NexPoint Real Estate Finance, Inc. (NREF) and TriSalus Life Sciences, Inc. (TLSI). Click either name above to swap in a different company.
TriSalus Life Sciences, Inc. is the larger business by last-quarter revenue ($13.2M vs $11.1M, roughly 1.2× NexPoint Real Estate Finance, Inc.). NexPoint Real Estate Finance, Inc. runs the higher net margin — 216.6% vs -73.9%, a 290.5% gap on every dollar of revenue. On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% 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.
TriSalus Life Sciences, Inc. is a clinical-stage biotechnology company focused on advancing immuno-oncology and interventional oncology solutions. It develops proprietary targeted drug delivery technologies designed to improve treatment efficacy for patients with liver, pancreatic and other hard-to-treat solid tumors, primarily operating in North American markets via partnerships with clinical care and research institutions.
NREF vs TLSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $11.1M | $13.2M |
| Net Profit | $24.0M | $-9.8M |
| Gross Margin | — | 86.7% |
| Operating Margin | — | -24.8% |
| Net Margin | 216.6% | -73.9% |
| Revenue YoY | -48.8% | 59.8% |
| Net Profit YoY | 58.7% | 3.5% |
| EPS (diluted) | $0.47 | $-0.22 |
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 | $13.2M | ||
| Q3 25 | $12.5M | $11.6M | ||
| Q2 25 | $12.1M | $11.2M | ||
| Q1 25 | $11.5M | $9.2M | ||
| Q4 24 | $21.7M | $8.3M | ||
| Q3 24 | $12.5M | $7.3M | ||
| Q2 24 | $6.7M | $7.4M | ||
| Q1 24 | $-12.8M | $6.5M |
| Q4 25 | $24.0M | $-9.8M | ||
| Q3 25 | $50.9M | $-10.8M | ||
| Q2 25 | $22.3M | $-8.3M | ||
| Q1 25 | $26.0M | $-10.4M | ||
| Q4 24 | $15.2M | $-10.1M | ||
| Q3 24 | $23.3M | $-2.4M | ||
| Q2 24 | $12.1M | $-4.3M | ||
| Q1 24 | $-14.6M | $-13.2M |
| Q4 25 | — | 86.7% | ||
| Q3 25 | — | 83.5% | ||
| Q2 25 | — | 83.9% | ||
| Q1 25 | — | 83.7% | ||
| Q4 24 | — | 85.3% | ||
| Q3 24 | — | 86.3% | ||
| Q2 24 | — | 87.6% | ||
| Q1 24 | — | 85.0% |
| Q4 25 | — | -24.8% | ||
| Q3 25 | — | -77.9% | ||
| Q2 25 | — | -65.4% | ||
| Q1 25 | — | -79.9% | ||
| Q4 24 | — | -91.8% | ||
| Q3 24 | — | -118.9% | ||
| Q2 24 | — | -111.0% | ||
| Q1 24 | — | -180.8% |
| Q4 25 | 216.6% | -73.9% | ||
| Q3 25 | 407.0% | -93.5% | ||
| Q2 25 | 184.5% | -73.9% | ||
| Q1 25 | 225.6% | -113.2% | ||
| Q4 24 | 69.9% | -122.4% | ||
| Q3 24 | 186.4% | -32.6% | ||
| Q2 24 | 179.7% | -58.8% | ||
| Q1 24 | 114.3% | -204.5% |
| Q4 25 | $0.47 | $-0.22 | ||
| Q3 25 | $1.14 | $-0.96 | ||
| Q2 25 | $0.54 | $-0.27 | ||
| Q1 25 | $0.70 | $-0.39 | ||
| Q4 24 | $0.71 | $-0.38 | ||
| Q3 24 | $0.74 | $-0.12 | ||
| Q2 24 | $0.40 | $-0.21 | ||
| Q1 24 | $-0.83 | $-0.60 |
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 | $20.4M |
| Total DebtLower is stronger | $771.2M | — |
| Stockholders' EquityBook value | $388.0M | $-33.9M |
| Total Assets | $5.3B | $35.3M |
| Debt / EquityLower = less leverage | 1.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.1M | $20.4M | ||
| Q3 25 | $17.9M | $22.7M | ||
| Q2 25 | $9.1M | $26.5M | ||
| Q1 25 | $19.2M | $13.0M | ||
| Q4 24 | $3.9M | $8.5M | ||
| Q3 24 | $34.7M | $11.3M | ||
| Q2 24 | $4.3M | $16.5M | ||
| Q1 24 | $13.5M | $4.0M |
| 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 | $-33.9M | ||
| Q3 25 | $375.4M | $-26.7M | ||
| Q2 25 | $348.2M | $-19.4M | ||
| Q1 25 | $343.7M | $-34.4M | ||
| Q4 24 | $336.5M | $-25.9M | ||
| Q3 24 | $335.8M | $-20.4M | ||
| Q2 24 | $327.5M | $-25.3M | ||
| Q1 24 | $327.1M | $-36.0M |
| Q4 25 | $5.3B | $35.3M | ||
| Q3 25 | $5.3B | $36.5M | ||
| Q2 25 | $5.4B | $41.3M | ||
| Q1 25 | $5.4B | $28.6M | ||
| Q4 24 | $5.4B | $24.0M | ||
| Q3 24 | $5.7B | $27.5M | ||
| Q2 24 | $6.6B | $32.4M | ||
| Q1 24 | $7.1B | $17.9M |
| 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 | $-2.5M |
| Free Cash FlowOCF − Capex | — | $-2.5M |
| FCF MarginFCF / Revenue | — | -19.1% |
| Capex IntensityCapex / Revenue | — | 0.3% |
| Cash ConversionOCF / Net Profit | -0.19× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.5M | $-2.5M | ||
| Q3 25 | $8.1M | $-3.7M | ||
| Q2 25 | $3.3M | $-7.3M | ||
| Q1 25 | $16.0M | $-4.5M | ||
| Q4 24 | $4.4M | $-5.7M | ||
| Q3 24 | $14.7M | $-10.8M | ||
| Q2 24 | $-7.5M | $-13.4M | ||
| Q1 24 | $17.7M | $-10.9M |
| Q4 25 | — | $-2.5M | ||
| Q3 25 | — | $-3.9M | ||
| Q2 25 | — | $-7.4M | ||
| Q1 25 | — | $-5.3M | ||
| Q4 24 | — | $-5.8M | ||
| Q3 24 | — | $-11.0M | ||
| Q2 24 | — | $-13.5M | ||
| Q1 24 | — | $-10.9M |
| Q4 25 | — | -19.1% | ||
| Q3 25 | — | -33.9% | ||
| Q2 25 | — | -66.1% | ||
| Q1 25 | — | -57.3% | ||
| Q4 24 | — | -69.7% | ||
| Q3 24 | — | -149.9% | ||
| Q2 24 | — | -183.1% | ||
| Q1 24 | — | -169.3% |
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 1.0% |
| 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.
