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Side-by-side financial comparison of NexPoint Real Estate Finance, Inc. (NREF) and Zeo Energy Corp. (ZEO). Click either name above to swap in a different company.
Zeo Energy Corp. is the larger business by last-quarter revenue ($18.6M vs $11.1M, roughly 1.7× NexPoint Real Estate Finance, Inc.). NexPoint Real Estate Finance, Inc. runs the higher net margin — 216.6% vs -10.8%, a 227.4% gap on every dollar of revenue. On growth, Zeo Energy Corp. posted the faster year-over-year revenue change (-0.4% 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.
NREF vs ZEO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $11.1M | $18.6M |
| Net Profit | $24.0M | $-2.0M |
| Gross Margin | — | — |
| Operating Margin | — | -11.8% |
| Net Margin | 216.6% | -10.8% |
| Revenue YoY | -48.8% | -0.4% |
| Net Profit YoY | 58.7% | -360.9% |
| EPS (diluted) | $0.47 | — |
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 | $18.6M | ||
| Q3 25 | $12.5M | $23.9M | ||
| Q2 25 | $12.1M | $18.1M | ||
| Q1 25 | $11.5M | $8.8M | ||
| Q4 24 | $21.7M | $18.6M | ||
| Q3 24 | $12.5M | $19.7M | ||
| Q2 24 | $6.7M | $14.8M | ||
| Q1 24 | $-12.8M | $20.1M |
| Q4 25 | $24.0M | $-2.0M | ||
| Q3 25 | $50.9M | $-3.2M | ||
| Q2 25 | $22.3M | $-2.4M | ||
| Q1 25 | $26.0M | $-6.4M | ||
| Q4 24 | $15.2M | $-435.3K | ||
| Q3 24 | $23.3M | $-424.3K | ||
| Q2 24 | $12.1M | $-277.8K | ||
| Q1 24 | $-14.6M | $-1.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 57.9% | ||
| Q2 25 | — | 59.8% | ||
| Q1 25 | — | 99.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 50.2% | ||
| Q2 24 | — | 52.3% | ||
| Q1 24 | — | — |
| Q4 25 | — | -11.8% | ||
| Q3 25 | — | -8.3% | ||
| Q2 25 | — | -15.8% | ||
| Q1 25 | — | -153.8% | ||
| Q4 24 | — | -6.0% | ||
| Q3 24 | — | -15.2% | ||
| Q2 24 | — | -18.0% | ||
| Q1 24 | — | -20.1% |
| Q4 25 | 216.6% | -10.8% | ||
| Q3 25 | 407.0% | -13.5% | ||
| Q2 25 | 184.5% | -13.3% | ||
| Q1 25 | 225.6% | -72.4% | ||
| Q4 24 | 69.9% | -2.3% | ||
| Q3 24 | 186.4% | -2.2% | ||
| Q2 24 | 179.7% | -1.9% | ||
| Q1 24 | 114.3% | -7.6% |
| Q4 25 | $0.47 | — | ||
| Q3 25 | $1.14 | — | ||
| Q2 25 | $0.54 | — | ||
| Q1 25 | $0.70 | $-0.48 | ||
| Q4 24 | $0.71 | $1.11 | ||
| Q3 24 | $0.74 | $-0.08 | ||
| Q2 24 | $0.40 | $0.03 | ||
| Q1 24 | $-0.83 | $-1.54 |
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 | $6.1M |
| Total DebtLower is stronger | $771.2M | $79.1K |
| Stockholders' EquityBook value | $388.0M | $5.3M |
| Total Assets | $5.3B | $56.9M |
| Debt / EquityLower = less leverage | 1.99× | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.1M | $6.1M | ||
| Q3 25 | $17.9M | $3.9M | ||
| Q2 25 | $9.1M | $68.7K | ||
| Q1 25 | $19.2M | $2.9M | ||
| Q4 24 | $3.9M | $5.6M | ||
| Q3 24 | $34.7M | $4.3M | ||
| Q2 24 | $4.3M | $5.3M | ||
| Q1 24 | $13.5M | — |
| Q4 25 | $771.2M | $79.1K | ||
| Q3 25 | $720.9M | $84.6K | ||
| Q2 25 | $815.6M | $642.8K | ||
| Q1 25 | $831.5M | $715.4K | ||
| Q4 24 | $799.3M | $787.7K | ||
| Q3 24 | $815.5M | $858.6K | ||
| Q2 24 | $861.0M | $1.6M | ||
| Q1 24 | $843.3M | $748.8K |
| Q4 25 | $388.0M | $5.3M | ||
| Q3 25 | $375.4M | $-1.7M | ||
| Q2 25 | $348.2M | $-59.4M | ||
| Q1 25 | $343.7M | $-23.1M | ||
| Q4 24 | $336.5M | $-88.9M | ||
| Q3 24 | $335.8M | $-39.3M | ||
| Q2 24 | $327.5M | $-53.0M | ||
| Q1 24 | $327.1M | $-173.0M |
| Q4 25 | $5.3B | $56.9M | ||
| Q3 25 | $5.3B | $58.5M | ||
| Q2 25 | $5.4B | $46.2M | ||
| Q1 25 | $5.4B | $47.4M | ||
| Q4 24 | $5.4B | $61.0M | ||
| Q3 24 | $5.7B | $47.1M | ||
| Q2 24 | $6.6B | $49.1M | ||
| Q1 24 | $7.1B | $50.1M |
| Q4 25 | 1.99× | 0.01× | ||
| 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 | $2.4M |
| Free Cash FlowOCF − Capex | — | $2.3M |
| FCF MarginFCF / Revenue | — | 12.2% |
| Capex IntensityCapex / Revenue | — | 0.9% |
| Cash ConversionOCF / Net Profit | -0.19× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-9.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.5M | $2.4M | ||
| Q3 25 | $8.1M | $-6.6M | ||
| Q2 25 | $3.3M | $-2.3M | ||
| Q1 25 | $16.0M | $-2.3M | ||
| Q4 24 | $4.4M | $3.5M | ||
| Q3 24 | $14.7M | $162.2K | ||
| Q2 24 | $-7.5M | $-2.2M | ||
| Q1 24 | $17.7M | $-10.2M |
| Q4 25 | — | $2.3M | ||
| Q3 25 | — | $-6.8M | ||
| Q2 25 | — | $-2.7M | ||
| Q1 25 | — | $-2.6M | ||
| Q4 24 | — | $3.4M | ||
| Q3 24 | — | $116.5K | ||
| Q2 24 | — | $-2.3M | ||
| Q1 24 | — | $-10.4M |
| Q4 25 | — | 12.2% | ||
| Q3 25 | — | -28.6% | ||
| Q2 25 | — | -15.0% | ||
| Q1 25 | — | -30.0% | ||
| Q4 24 | — | 18.2% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | -15.6% | ||
| Q1 24 | — | -51.5% |
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.1% |
| 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.
Revenue Breakdown by Segment
NREF
Segment breakdown not available.
ZEO
| Nonrelated Party | $18.1M | 98% |
| Related Party | $432.1K | 2% |
