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Blaize Holdings, Inc.（BZAI）与KKR Real Estate Finance Trust Inc.（KREF）财务数据对比。点击上方公司名可切换其他公司
KKR Real Estate Finance Trust Inc.的季度营收约是Blaize Holdings, Inc.的1.1倍（$25.8M vs $23.8M），Blaize Holdings, Inc.净利率更高（-13.9% vs -101.7%，领先87.9%），Blaize Holdings, Inc.同比增速更快（2377500.0% vs -26.6%）
Blaize Holdings Inc.是一家专注于边缘人工智能计算解决方案的科技企业，主打低能耗AI处理器、低延迟推理软件栈及端到端边缘AI开发工具，核心服务自动驾驶、工业自动化、智慧城市、边缘医疗监测等应用场景。
KKR房地产金融信托公司是全球投资机构KKR旗下的专业房地产金融平台，主要发起、收购并管理优先担保商业地产贷款组合，抵押物多为美国各地的优质机构级商业地产，通过贷款利息收入为投资者提供稳定的经风险调整后的回报。
BZAI vs KREF — 直观对比
营收规模更大
KREF
是对方的1.1倍
$23.8M
营收增速更快
BZAI
高出2377526.6%
-26.6%
净利率更高
BZAI
高出87.9%
-101.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $23.8M | $25.8M |
| 净利润 | $-3.3M | $-26.2M |
| 毛利率 | 10.8% | — |
| 营业利润率 | -89.8% | -105.1% |
| 净利率 | -13.9% | -101.7% |
| 营收同比 | 2377500.0% | -26.6% |
| 净利润同比 | 50.7% | -229.6% |
| 每股收益（稀释后） | $0.16 | $-0.49 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收BZAIKREF
| Q4 25 | $23.8M | $25.8M | ||
| Q3 25 | $11.9M | $25.3M | ||
| Q2 25 | — | $30.2M | ||
| Q1 25 | — | $31.3M | ||
| Q4 24 | — | $35.1M | ||
| Q3 24 | — | $37.0M | ||
| Q2 24 | — | $40.4M | ||
| Q1 24 | — | $39.1M |
净利润BZAIKREF
| Q4 25 | $-3.3M | $-26.2M | ||
| Q3 25 | $-26.3M | $13.8M | ||
| Q2 25 | — | $-29.7M | ||
| Q1 25 | — | $-4.9M | ||
| Q4 24 | — | $20.3M | ||
| Q3 24 | — | $-7.4M | ||
| Q2 24 | — | $25.8M | ||
| Q1 24 | — | $-3.1M |
毛利率BZAIKREF
| Q4 25 | 10.8% | — | ||
| Q3 25 | 15.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率BZAIKREF
| Q4 25 | -89.8% | -105.1% | ||
| Q3 25 | -190.3% | 50.4% | ||
| Q2 25 | — | -101.3% | ||
| Q1 25 | — | -18.3% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | -19.6% | ||
| Q2 24 | — | 63.3% | ||
| Q1 24 | — | -8.7% |
净利率BZAIKREF
| Q4 25 | -13.9% | -101.7% | ||
| Q3 25 | -221.3% | 54.4% | ||
| Q2 25 | — | -98.5% | ||
| Q1 25 | — | -15.5% | ||
| Q4 24 | — | 57.7% | ||
| Q3 24 | — | -20.0% | ||
| Q2 24 | — | 63.9% | ||
| Q1 24 | — | -7.9% |
每股收益（稀释后）BZAIKREF
| Q4 25 | $0.16 | $-0.49 | ||
| Q3 25 | $-0.25 | $0.12 | ||
| Q2 25 | — | $-0.53 | ||
| Q1 25 | — | $-0.15 | ||
| Q4 24 | — | $0.22 | ||
| Q3 24 | — | $-0.19 | ||
| Q2 24 | — | $0.29 | ||
| Q1 24 | — | $-0.13 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $45.8M | $84.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $39.0M | $1.2B |
| 总资产 | $102.2M | $6.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BZAIKREF
| Q4 25 | $45.8M | $84.6M | ||
| Q3 25 | $24.0M | $204.1M | ||
| Q2 25 | — | $107.7M | ||
| Q1 25 | — | $106.4M | ||
| Q4 24 | — | $104.9M | ||
| Q3 24 | — | $108.8M | ||
| Q2 24 | — | $107.2M | ||
| Q1 24 | — | $106.5M |
股东权益BZAIKREF
| Q4 25 | $39.0M | $1.2B | ||
| Q3 25 | $1.3M | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.4B |
总资产BZAIKREF
| Q4 25 | $102.2M | $6.5B | ||
| Q3 25 | $60.9M | $6.5B | ||
| Q2 25 | — | $6.8B | ||
| Q1 25 | — | $6.6B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | — | $6.8B | ||
| Q2 24 | — | $7.1B | ||
| Q1 24 | — | $7.3B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-16.5M | $72.3M |
| 自由现金流经营现金流 - 资本支出 | $-16.5M | — |
| 自由现金流率自由现金流/营收 | -69.6% | — |
| 资本支出强度资本支出/营收 | 0.3% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流BZAIKREF
| Q4 25 | $-16.5M | $72.3M | ||
| Q3 25 | $-24.9M | $18.5M | ||
| Q2 25 | — | $21.1M | ||
| Q1 25 | — | $15.9M | ||
| Q4 24 | — | $132.6M | ||
| Q3 24 | — | $49.1M | ||
| Q2 24 | — | $30.6M | ||
| Q1 24 | — | $34.5M |
自由现金流BZAIKREF
| Q4 25 | $-16.5M | — | ||
| Q3 25 | $-24.9M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率BZAIKREF
| Q4 25 | -69.6% | — | ||
| Q3 25 | -210.2% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度BZAIKREF
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.2% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率BZAIKREF
| Q4 25 | — | — | ||
| Q3 25 | — | 1.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.54× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
