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Side-by-side financial comparison of TPG RE Finance Trust, Inc. (TRTX) and Valneva SE (VALN). Click either name above to swap in a different company.
Valneva SE is the larger business by last-quarter revenue ($36.2M vs $35.0M, roughly 1.0× TPG RE Finance Trust, Inc.). TPG RE Finance Trust, Inc. runs the higher net margin — 15.6% vs -54.1%, a 69.7% gap on every dollar of revenue.
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.
Valneva SE is a specialty vaccine company registered in Saint-Herblain, France, developing, producing and commercializing vaccines for infectious diseases. It has manufacturing sites in Livingston, Scotland; Solna, Sweden, and Vienna, Austria; with other offices in France, Canada and the United States.
TRTX vs VALN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2023
| Metric | | |
|---|---|---|
| Revenue | $35.0M | $36.2M |
| Net Profit | $4.0M | $-19.6M |
| Gross Margin | — | 38.9% |
| Operating Margin | 11.6% | -49.5% |
| Net Margin | 15.6% | -54.1% |
| Revenue YoY | 0.9% | — |
| Net Profit YoY | -62.8% | — |
| EPS (diluted) | $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 | $35.0M | — | ||
| Q3 25 | $37.8M | — | ||
| Q2 25 | $36.2M | — | ||
| Q1 25 | $37.0M | — | ||
| Q4 24 | $34.7M | — | ||
| Q3 24 | $40.1M | — | ||
| Q2 24 | $39.3M | — | ||
| Q1 24 | $38.9M | — |
| Q4 25 | $4.0M | — | ||
| Q3 25 | $22.0M | — | ||
| Q2 25 | $20.6M | — | ||
| Q1 25 | $13.7M | — | ||
| Q4 24 | $10.7M | — | ||
| Q3 24 | $22.2M | — | ||
| Q2 24 | $24.7M | — | ||
| Q1 24 | $16.7M | — |
| Q4 25 | 11.6% | — | ||
| Q3 25 | 58.4% | — | ||
| Q2 25 | 57.3% | — | ||
| Q1 25 | 37.2% | — | ||
| Q4 24 | 30.3% | — | ||
| Q3 24 | 55.4% | — | ||
| Q2 24 | 63.1% | — | ||
| Q1 24 | 44.0% | — |
| Q4 25 | 15.6% | — | ||
| Q3 25 | 58.1% | — | ||
| Q2 25 | 57.0% | — | ||
| Q1 25 | 37.0% | — | ||
| Q4 24 | 43.3% | — | ||
| Q3 24 | 55.3% | — | ||
| Q2 24 | 62.9% | — | ||
| Q1 24 | 43.0% | — |
| Q4 25 | $0.01 | — | ||
| Q3 25 | $0.23 | — | ||
| Q2 25 | $0.21 | — | ||
| Q1 25 | $0.12 | — | ||
| Q4 24 | $0.09 | — | ||
| Q3 24 | $0.23 | — | ||
| Q2 24 | $0.26 | — | ||
| Q1 24 | $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 | $87.6M | $274.8M |
| Total DebtLower is stronger | $3.3B | — |
| Stockholders' EquityBook value | $1.1B | $221.2M |
| Total Assets | $4.4B | $637.2M |
| Debt / EquityLower = less leverage | 3.10× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $87.6M | — | ||
| Q3 25 | $93.6M | — | ||
| Q2 25 | $165.8M | — | ||
| Q1 25 | $363.0M | — | ||
| Q4 24 | $190.2M | — | ||
| Q3 24 | $226.3M | — | ||
| Q2 24 | $259.2M | — | ||
| Q1 24 | $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 | $1.1B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $4.4B | — | ||
| Q3 25 | $4.1B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.0B | — | ||
| Q4 24 | $3.7B | — | ||
| Q3 24 | $3.7B | — | ||
| Q2 24 | $3.7B | — | ||
| Q1 24 | $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 | $90.4M | $-26.3M |
| 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 | $90.4M | — | ||
| Q3 25 | $21.8M | — | ||
| Q2 25 | $24.7M | — | ||
| Q1 25 | $19.1M | — | ||
| Q4 24 | $112.1M | — | ||
| Q3 24 | $23.7M | — | ||
| Q2 24 | $25.6M | — | ||
| Q1 24 | $37.4M | — |
| Q4 25 | 22.73× | — | ||
| Q3 25 | 0.99× | — | ||
| Q2 25 | 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.
