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Five Point Holdings, LLC（FPH）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Five Point Holdings, LLC的1.9倍（$25.8M vs $13.6M），Five Point Holdings, LLC净利率更高（-16.4% vs -101.7%，领先85.3%），Five Point Holdings, LLC同比增速更快（3.2% vs -26.6%），过去两年KKR Real Estate Finance Trust Inc.的营收复合增速更高（-18.8% vs -48.5%）
Five Point Holdings, LLC是美国头部房地产开发企业，主要在加利福尼亚州高需求市场打造大型总体规划综合社区，项目融合住宅、办公、零售、公共配套与休闲设施，为当地居民构建活力、可持续的宜居宜业环境。
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。
FPH vs KREF — 直观对比
营收规模更大
KREF
是对方的1.9倍
$13.6M
营收增速更快
FPH
高出29.8%
-26.6%
净利率更高
FPH
高出85.3%
-101.7%
两年增速更快
KREF
近两年复合增速
-48.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $13.6M | $25.8M |
| 净利润 | $-2.2M | $-26.2M |
| 毛利率 | — | — |
| 营业利润率 | -43.5% | -105.1% |
| 净利率 | -16.4% | -101.7% |
| 营收同比 | 3.2% | -26.6% |
| 净利润同比 | -109.6% | -229.6% |
| 每股收益（稀释后） | — | $-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FPHKREF
| Q1 26 | $13.6M | — | ||
| Q4 25 | $75.9M | $25.8M | ||
| Q3 25 | $13.5M | $25.3M | ||
| Q2 25 | $7.5M | $30.2M | ||
| Q1 25 | $13.2M | $31.3M | ||
| Q4 24 | $159.8M | $35.1M | ||
| Q3 24 | $17.0M | $37.0M | ||
| Q2 24 | $51.2M | $40.4M |
净利润FPHKREF
| Q1 26 | $-2.2M | — | ||
| Q4 25 | $58.7M | $-26.2M | ||
| Q3 25 | $21.1M | $13.8M | ||
| Q2 25 | $3.3M | $-29.7M | ||
| Q1 25 | $23.3M | $-4.9M | ||
| Q4 24 | $121.0M | $20.3M | ||
| Q3 24 | $4.8M | $-7.4M | ||
| Q2 24 | $14.7M | $25.8M |
营业利润率FPHKREF
| Q1 26 | -43.5% | — | ||
| Q4 25 | 89.0% | -105.1% | ||
| Q3 25 | — | 50.4% | ||
| Q2 25 | — | -101.3% | ||
| Q1 25 | — | -18.3% | ||
| Q4 24 | 87.5% | 55.8% | ||
| Q3 24 | 83.6% | -19.6% | ||
| Q2 24 | 86.1% | 63.3% |
净利率FPHKREF
| Q1 26 | -16.4% | — | ||
| Q4 25 | 77.3% | -101.7% | ||
| Q3 25 | 156.2% | 54.4% | ||
| Q2 25 | 44.4% | -98.5% | ||
| Q1 25 | 177.0% | -15.5% | ||
| Q4 24 | 75.7% | 57.7% | ||
| Q3 24 | 28.0% | -20.0% | ||
| Q2 24 | 28.8% | 63.9% |
每股收益（稀释后）FPHKREF
| Q1 26 | — | — | ||
| Q4 25 | — | $-0.49 | ||
| Q3 25 | — | $0.12 | ||
| Q2 25 | — | $-0.53 | ||
| Q1 25 | — | $-0.15 | ||
| Q4 24 | — | $0.22 | ||
| Q3 24 | — | $-0.19 | ||
| Q2 24 | — | $0.29 |
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 | $332.6M | $84.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.3B | $1.2B |
| 总资产 | $3.2B | $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FPHKREF
| Q1 26 | $332.6M | — | ||
| Q4 25 | $425.5M | $84.6M | ||
| Q3 25 | $351.1M | $204.1M | ||
| Q2 25 | $456.6M | $107.7M | ||
| Q1 25 | $528.3M | $106.4M | ||
| Q4 24 | $430.9M | $104.9M | ||
| Q3 24 | $224.5M | $108.8M | ||
| Q2 24 | $217.4M | $107.2M |
股东权益FPHKREF
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | $1.2B | ||
| Q3 25 | $2.3B | $1.2B | ||
| Q2 25 | $2.2B | $1.2B | ||
| Q1 25 | $2.2B | $1.3B | ||
| Q4 24 | $2.2B | $1.3B | ||
| Q3 24 | $2.0B | $1.4B | ||
| Q2 24 | $2.0B | $1.4B |
总资产FPHKREF
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $6.5B | ||
| Q3 25 | $3.2B | $6.5B | ||
| Q2 25 | $3.2B | $6.8B | ||
| Q1 25 | $3.2B | $6.6B | ||
| Q4 24 | $3.1B | $6.4B | ||
| Q3 24 | $2.9B | $6.8B | ||
| Q2 24 | $2.9B | $7.1B |
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 | $-44.5M | $72.3M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | 0.0% | — |
| 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FPHKREF
| Q1 26 | $-44.5M | — | ||
| Q4 25 | $105.2M | $72.3M | ||
| Q3 25 | $40.4M | $18.5M | ||
| Q2 25 | $-71.6M | $21.1M | ||
| Q1 25 | $56.7M | $15.9M | ||
| Q4 24 | $116.0M | $132.6M | ||
| Q3 24 | $-18.0M | $49.1M | ||
| Q2 24 | $-23.2M | $30.6M |
自由现金流FPHKREF
| Q1 26 | — | — | ||
| Q4 25 | $105.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-71.7M | — | ||
| Q1 25 | $56.7M | — | ||
| Q4 24 | $115.2M | — | ||
| Q3 24 | $-18.2M | — | ||
| Q2 24 | $-23.6M | — |
自由现金流率FPHKREF
| Q1 26 | — | — | ||
| Q4 25 | 138.4% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -959.3% | — | ||
| Q1 25 | 430.9% | — | ||
| Q4 24 | 72.1% | — | ||
| Q3 24 | -106.9% | — | ||
| Q2 24 | -46.1% | — |
资本支出强度FPHKREF
| Q1 26 | 0.0% | — | ||
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 1.3% | — | ||
| Q2 24 | 0.7% | — |
现金转化率FPHKREF
| Q1 26 | — | — | ||
| Q4 25 | 1.79× | — | ||
| Q3 25 | 1.92× | 1.34× | ||
| Q2 25 | -21.58× | — | ||
| Q1 25 | 2.44× | — | ||
| Q4 24 | 0.96× | 6.54× | ||
| Q3 24 | -3.77× | — | ||
| Q2 24 | -1.58× | 1.19× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
