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KKR Real Estate Finance Trust Inc.（KREF）与CS Disco, Inc.（LAW）财务数据对比。点击上方公司名可切换其他公司
CS Disco, Inc.的季度营收约是KKR Real Estate Finance Trust Inc.的1.6倍（$41.9M vs $25.8M），CS Disco, Inc.净利率更高（-23.0% vs -101.7%，领先78.8%），CS Disco, Inc.同比增速更快（14.3% vs -26.6%），过去两年CS Disco, Inc.的营收复合增速更高（7.9% vs -18.8%）
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。
CS Disco, Inc.是一家领先的法律科技企业，开发面向法律从业者的云原生软件产品，涵盖电子取证、文档审核、案件管理及法律工作流自动化等工具，服务客户包括律师事务所、企业法务部门及政府法律机构。
KREF vs LAW — 直观对比
营收规模更大
LAW
是对方的1.6倍
$25.8M
营收增速更快
LAW
高出40.9%
-26.6%
净利率更高
LAW
高出78.8%
-101.7%
两年增速更快
LAW
近两年复合增速
-18.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $25.8M | $41.9M |
| 净利润 | $-26.2M | $-9.6M |
| 毛利率 | — | 74.2% |
| 营业利润率 | -105.1% | 1.7% |
| 净利率 | -101.7% | -23.0% |
| 营收同比 | -26.6% | 14.3% |
| 净利润同比 | -229.6% | 15.6% |
| 每股收益（稀释后） | $-0.49 | $-0.15 |
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KREFLAW
| Q1 26 | — | $41.9M | ||
| Q4 25 | $25.8M | $41.2M | ||
| Q3 25 | $25.3M | $40.9M | ||
| Q2 25 | $30.2M | $38.1M | ||
| Q1 25 | $31.3M | $36.7M | ||
| Q4 24 | $35.1M | $37.0M | ||
| Q3 24 | $37.0M | $36.3M | ||
| Q2 24 | $40.4M | $36.0M |
净利润KREFLAW
| Q1 26 | — | $-9.6M | ||
| Q4 25 | $-26.2M | $-8.5M | ||
| Q3 25 | $13.8M | $-13.7M | ||
| Q2 25 | $-29.7M | $-10.8M | ||
| Q1 25 | $-4.9M | $-11.4M | ||
| Q4 24 | $20.3M | $-25.2M | ||
| Q3 24 | $-7.4M | $-9.2M | ||
| Q2 24 | $25.8M | $-10.8M |
毛利率KREFLAW
| Q1 26 | — | 74.2% | ||
| Q4 25 | — | 75.1% | ||
| Q3 25 | — | 75.5% | ||
| Q2 25 | — | 74.6% | ||
| Q1 25 | — | 74.1% | ||
| Q4 24 | — | 74.2% | ||
| Q3 24 | — | 73.1% | ||
| Q2 24 | — | 74.2% |
营业利润率KREFLAW
| Q1 26 | — | 1.7% | ||
| Q4 25 | -105.1% | -22.4% | ||
| Q3 25 | 50.4% | -35.3% | ||
| Q2 25 | -101.3% | -31.0% | ||
| Q1 25 | -18.3% | -34.4% | ||
| Q4 24 | 55.8% | -70.6% | ||
| Q3 24 | -19.6% | -30.0% | ||
| Q2 24 | 63.3% | -34.4% |
净利率KREFLAW
| Q1 26 | — | -23.0% | ||
| Q4 25 | -101.7% | -20.7% | ||
| Q3 25 | 54.4% | -33.4% | ||
| Q2 25 | -98.5% | -28.4% | ||
| Q1 25 | -15.5% | -31.1% | ||
| Q4 24 | 57.7% | -68.1% | ||
| Q3 24 | -20.0% | -25.3% | ||
| Q2 24 | 63.9% | -30.1% |
每股收益（稀释后）KREFLAW
| Q1 26 | — | $-0.15 | ||
| Q4 25 | $-0.49 | $-0.13 | ||
| Q3 25 | $0.12 | $-0.22 | ||
| Q2 25 | $-0.53 | $-0.18 | ||
| Q1 25 | $-0.15 | $-0.19 | ||
| Q4 24 | $0.22 | $-0.43 | ||
| Q3 24 | $-0.19 | $-0.15 | ||
| Q2 24 | $0.29 | $-0.18 |
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 | $84.6M | $103.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $123.9M |
| 总资产 | $6.5B | $162.4M |
| 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KREFLAW
| Q1 26 | — | $103.0M | ||
| Q4 25 | $84.6M | $114.6M | ||
| Q3 25 | $204.1M | $113.5M | ||
| Q2 25 | $107.7M | $114.5M | ||
| Q1 25 | $106.4M | $118.8M | ||
| Q4 24 | $104.9M | $129.1M | ||
| Q3 24 | $108.8M | $126.8M | ||
| Q2 24 | $107.2M | $130.0M |
股东权益KREFLAW
| Q1 26 | — | $123.9M | ||
| Q4 25 | $1.2B | $128.1M | ||
| Q3 25 | $1.2B | $130.6M | ||
| Q2 25 | $1.2B | $137.9M | ||
| Q1 25 | $1.3B | $142.2M | ||
| Q4 24 | $1.3B | $147.5M | ||
| Q3 24 | $1.4B | $167.3M | ||
| Q2 24 | $1.4B | $170.9M |
总资产KREFLAW
| Q1 26 | — | $162.4M | ||
| Q4 25 | $6.5B | $173.6M | ||
| Q3 25 | $6.5B | $174.8M | ||
| Q2 25 | $6.8B | $164.9M | ||
| Q1 25 | $6.6B | $168.0M | ||
| Q4 24 | $6.4B | $180.3M | ||
| Q3 24 | $6.8B | $194.4M | ||
| Q2 24 | $7.1B | $198.0M |
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 | $72.3M | $-11.7M |
| 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 | — | — |
| 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KREFLAW
| Q1 26 | — | $-11.7M | ||
| Q4 25 | $72.3M | $762.0K | ||
| Q3 25 | $18.5M | $-979.0K | ||
| Q2 25 | $21.1M | $-4.2M | ||
| Q1 25 | $15.9M | $-10.5M | ||
| Q4 24 | $132.6M | $2.1M | ||
| Q3 24 | $49.1M | $-2.9M | ||
| Q2 24 | $30.6M | $-650.0K |
自由现金流KREFLAW
| Q1 26 | — | — | ||
| Q4 25 | — | $255.0K | ||
| Q3 25 | — | $-2.0M | ||
| Q2 25 | — | $-5.2M | ||
| Q1 25 | — | $-11.0M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | — | $-3.7M | ||
| Q2 24 | — | $-1.3M |
自由现金流率KREFLAW
| Q1 26 | — | — | ||
| Q4 25 | — | 0.6% | ||
| Q3 25 | — | -5.0% | ||
| Q2 25 | — | -13.6% | ||
| Q1 25 | — | -30.1% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | — | -10.3% | ||
| Q2 24 | — | -3.6% |
资本支出强度KREFLAW
| Q1 26 | — | — | ||
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 1.8% |
现金转化率KREFLAW
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.34× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.54× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.19× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
