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Side-by-side financial comparison of STEM, INC. (STEM) and TPG RE Finance Trust, Inc. (TRTX). Click either name above to swap in a different company.
STEM, INC. is the larger business by last-quarter revenue ($47.1M vs $35.0M, roughly 1.3× TPG RE Finance Trust, Inc.). TPG RE Finance Trust, Inc. runs the higher net margin — 15.6% vs -33.9%, a 49.5% gap on every dollar of revenue. On growth, TPG RE Finance Trust, Inc. posted the faster year-over-year revenue change (0.9% vs -15.6%). Over the past eight quarters, STEM, INC.'s revenue compounded faster (36.1% CAGR vs -5.1%).
StemCells, Inc. is a public biopharmaceutical company headquartered in Newark, California, that is developing purified human neural stem cells (HuCNS-SCs) in the hopes of treating central nervous system disorders and paralysis. StemCells' HuCNS-SCs have the ability to differentiate into the three main types of cells found in the central nervous system: neurons, astrocytes and oligodendrocytes.
TPG RE Finance Trust, Inc. is a commercial real estate finance firm primarily operating in the United States. It originates, underwrites and manages a portfolio of senior commercial mortgage loans and other real estate-linked debt instruments, serving commercial property owners and investors across multifamily, industrial, office and retail property segments.
STEM vs TRTX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $47.1M | $35.0M |
| Net Profit | $-16.0M | $4.0M |
| Gross Margin | 48.9% | — |
| Operating Margin | -17.7% | 11.6% |
| Net Margin | -33.9% | 15.6% |
| Revenue YoY | -15.6% | 0.9% |
| Net Profit YoY | 68.8% | -62.8% |
| EPS (diluted) | $-4.40 | $0.01 |
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 | $47.1M | $35.0M | ||
| Q3 25 | $38.2M | $37.8M | ||
| Q2 25 | $38.4M | $36.2M | ||
| Q1 25 | $32.5M | $37.0M | ||
| Q4 24 | $55.8M | $34.7M | ||
| Q3 24 | $29.3M | $40.1M | ||
| Q2 24 | $34.0M | $39.3M | ||
| Q1 24 | $25.5M | $38.9M |
| Q4 25 | $-16.0M | $4.0M | ||
| Q3 25 | $-23.8M | $22.0M | ||
| Q2 25 | $202.5M | $20.6M | ||
| Q1 25 | $-25.0M | $13.7M | ||
| Q4 24 | $-51.1M | $10.7M | ||
| Q3 24 | $-148.3M | $22.2M | ||
| Q2 24 | $-582.3M | $24.7M | ||
| Q1 24 | $-72.3M | $16.7M |
| Q4 25 | 48.9% | — | ||
| Q3 25 | 35.5% | — | ||
| Q2 25 | 33.4% | — | ||
| Q1 25 | 32.4% | — | ||
| Q4 24 | -4.4% | — | ||
| Q3 24 | 21.2% | — | ||
| Q2 24 | 27.6% | — | ||
| Q1 24 | -95.0% | — |
| Q4 25 | -17.7% | 11.6% | ||
| Q3 25 | -33.6% | 58.4% | ||
| Q2 25 | -34.8% | 57.3% | ||
| Q1 25 | -65.0% | 37.2% | ||
| Q4 24 | -84.4% | 30.3% | ||
| Q3 24 | -493.2% | 55.4% | ||
| Q2 24 | -1705.5% | 63.1% | ||
| Q1 24 | -267.0% | 44.0% |
| Q4 25 | -33.9% | 15.6% | ||
| Q3 25 | -62.2% | 58.1% | ||
| Q2 25 | 527.8% | 57.0% | ||
| Q1 25 | -76.9% | 37.0% | ||
| Q4 24 | -91.6% | 43.3% | ||
| Q3 24 | -506.3% | 55.3% | ||
| Q2 24 | -1712.6% | 62.9% | ||
| Q1 24 | -283.9% | 43.0% |
| Q4 25 | $-4.40 | $0.01 | ||
| Q3 25 | $-2.84 | $0.23 | ||
| Q2 25 | $-1.79 | $0.21 | ||
| Q1 25 | $-0.15 | $0.12 | ||
| Q4 24 | $-15.29 | $0.09 | ||
| Q3 24 | $-18.24 | $0.23 | ||
| Q2 24 | $-71.81 | $0.26 | ||
| Q1 24 | $-0.46 | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $48.9M | $87.6M |
| Total DebtLower is stronger | — | $3.3B |
| Stockholders' EquityBook value | $-249.4M | $1.1B |
| Total Assets | $308.9M | $4.4B |
| Debt / EquityLower = less leverage | — | 3.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $48.9M | $87.6M | ||
| Q3 25 | $43.1M | $93.6M | ||
| Q2 25 | $40.8M | $165.8M | ||
| Q1 25 | $58.6M | $363.0M | ||
| Q4 24 | $56.3M | $190.2M | ||
| Q3 24 | $75.4M | $226.3M | ||
| Q2 24 | $89.6M | $259.2M | ||
| Q1 24 | $112.8M | $203.1M |
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.7B |
| Q4 25 | $-249.4M | $1.1B | ||
| Q3 25 | $-235.7M | $1.1B | ||
| Q2 25 | $-214.1M | $1.1B | ||
| Q1 25 | $-417.5M | $1.1B | ||
| Q4 24 | $-398.4M | $1.1B | ||
| Q3 24 | $-344.1M | $1.1B | ||
| Q2 24 | $-203.2M | $1.1B | ||
| Q1 24 | $371.6M | $1.1B |
| Q4 25 | $308.9M | $4.4B | ||
| Q3 25 | $362.6M | $4.1B | ||
| Q2 25 | $379.2M | $4.2B | ||
| Q1 25 | $405.1M | $4.0B | ||
| Q4 24 | $437.4M | $3.7B | ||
| Q3 24 | $537.8M | $3.7B | ||
| Q2 24 | $691.5M | $3.7B | ||
| Q1 24 | $1.3B | $3.8B |
| Q4 25 | — | 3.10× | ||
| Q3 25 | — | 2.72× | ||
| Q2 25 | — | 2.78× | ||
| Q1 25 | — | 2.56× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.22× | ||
| Q2 24 | — | 2.25× | ||
| Q1 24 | — | 2.38× |
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 | $8.2M | $90.4M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 22.73× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $90.4M | ||
| Q3 25 | $11.4M | $21.8M | ||
| Q2 25 | $-21.3M | $24.7M | ||
| Q1 25 | $8.5M | $19.1M | ||
| Q4 24 | $-14.7M | $112.1M | ||
| Q3 24 | $-9.4M | $23.7M | ||
| Q2 24 | $-11.9M | $25.6M | ||
| Q1 24 | $-621.0K | $37.4M |
| Q4 25 | — | 22.73× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | -0.11× | 1.20× | ||
| Q1 25 | — | 1.39× | ||
| Q4 24 | — | 10.50× | ||
| Q3 24 | — | 1.07× | ||
| Q2 24 | — | 1.03× | ||
| Q1 24 | — | 2.23× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
