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KKR Real Estate Finance Trust Inc.（KREF）与花花公子（PLBY）财务数据对比。点击上方公司名可切换其他公司
花花公子的季度营收约是KKR Real Estate Finance Trust Inc.的1.4倍（$34.9M vs $25.8M），花花公子净利率更高（10.3% vs -101.7%，领先112.0%），花花公子同比增速更快（4.2% vs -26.6%），过去两年花花公子的营收复合增速更高（11.0% 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。
花花公子集团（Playboy, Inc.）起源于1953年由休·海夫纳联合合伙人在美国芝加哥创立，初始部分资金来自海夫纳母亲提供的1000美元贷款，是美国知名生活方式与娱乐内容品牌，旗下核心《花花公子》杂志同时发行电子版与纸质版。
KREF vs PLBY — 直观对比
营收规模更大
PLBY
是对方的1.4倍
$25.8M
营收增速更快
PLBY
高出30.8%
-26.6%
净利率更高
PLBY
高出112.0%
-101.7%
两年增速更快
PLBY
近两年复合增速
-18.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $25.8M | $34.9M |
| 净利润 | $-26.2M | $3.6M |
| 毛利率 | — | 73.3% |
| 营业利润率 | -105.1% | 7.9% |
| 净利率 | -101.7% | 10.3% |
| 营收同比 | -26.6% | 4.2% |
| 净利润同比 | -229.6% | 128.6% |
| 每股收益（稀释后） | $-0.49 | $0.05 |
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KREFPLBY
| Q4 25 | $25.8M | $34.9M | ||
| Q3 25 | $25.3M | $29.0M | ||
| Q2 25 | $30.2M | $28.1M | ||
| Q1 25 | $31.3M | $28.9M | ||
| Q4 24 | $35.1M | $33.5M | ||
| Q3 24 | $37.0M | $29.4M | ||
| Q2 24 | $40.4M | $24.9M | ||
| Q1 24 | $39.1M | $28.3M |
净利润KREFPLBY
| Q4 25 | $-26.2M | $3.6M | ||
| Q3 25 | $13.8M | $460.0K | ||
| Q2 25 | $-29.7M | $-7.7M | ||
| Q1 25 | $-4.9M | $-9.0M | ||
| Q4 24 | $20.3M | $-12.5M | ||
| Q3 24 | $-7.4M | $-33.8M | ||
| Q2 24 | $25.8M | $-16.7M | ||
| Q1 24 | $-3.1M | $-16.4M |
毛利率KREFPLBY
| Q4 25 | — | 73.3% | ||
| Q3 25 | — | 76.0% | ||
| Q2 25 | — | 65.4% | ||
| Q1 25 | — | 68.6% | ||
| Q4 24 | — | 70.8% | ||
| Q3 24 | — | 61.0% | ||
| Q2 24 | — | 67.8% | ||
| Q1 24 | — | 55.8% |
营业利润率KREFPLBY
| Q4 25 | -105.1% | 7.9% | ||
| Q3 25 | 50.4% | 4.7% | ||
| Q2 25 | -101.3% | -20.9% | ||
| Q1 25 | -18.3% | -21.7% | ||
| Q4 24 | 55.8% | -13.3% | ||
| Q3 24 | -19.6% | -96.0% | ||
| Q2 24 | 63.3% | -37.0% | ||
| Q1 24 | -8.7% | -31.5% |
净利率KREFPLBY
| Q4 25 | -101.7% | 10.3% | ||
| Q3 25 | 54.4% | 1.6% | ||
| Q2 25 | -98.5% | -27.3% | ||
| Q1 25 | -15.5% | -31.3% | ||
| Q4 24 | 57.7% | -37.4% | ||
| Q3 24 | -20.0% | -114.7% | ||
| Q2 24 | 63.9% | -66.9% | ||
| Q1 24 | -7.9% | -58.1% |
每股收益（稀释后）KREFPLBY
| Q4 25 | $-0.49 | $0.05 | ||
| Q3 25 | $0.12 | $0.00 | ||
| Q2 25 | $-0.53 | $-0.08 | ||
| Q1 25 | $-0.15 | $-0.10 | ||
| Q4 24 | $0.22 | $-0.13 | ||
| Q3 24 | $-0.19 | $-0.45 | ||
| Q2 24 | $0.29 | $-0.23 | ||
| Q1 24 | $-0.13 | $-0.23 |
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 | $37.8M |
| 总债务越低越好 | — | $174.2M |
| 股东权益账面价值 | $1.2B | $18.4M |
| 总资产 | $6.5B | $292.4M |
| 负债/权益比越低杠杆越低 | — | 9.48× |
8季度趋势，按日历期对齐
现金及短期投资KREFPLBY
| Q4 25 | $84.6M | $37.8M | ||
| Q3 25 | $204.1M | $27.5M | ||
| Q2 25 | $107.7M | $19.6M | ||
| Q1 25 | $106.4M | $23.7M | ||
| Q4 24 | $104.9M | $30.9M | ||
| Q3 24 | $108.8M | $9.5M | ||
| Q2 24 | $107.2M | $16.9M | ||
| Q1 24 | $106.5M | $19.0M |
总债务KREFPLBY
| Q4 25 | — | $174.2M | ||
| Q3 25 | — | $176.8M | ||
| Q2 25 | — | $177.5M | ||
| Q1 25 | — | $176.3M | ||
| Q4 24 | — | $176.6M | ||
| Q3 24 | — | $200.0M | ||
| Q2 24 | — | $196.3M | ||
| Q1 24 | — | $193.4M |
股东权益KREFPLBY
| Q4 25 | $1.2B | $18.4M | ||
| Q3 25 | $1.2B | $3.8M | ||
| Q2 25 | $1.2B | $-17.5M | ||
| Q1 25 | $1.3B | $-11.4M | ||
| Q4 24 | $1.3B | $-7.7M | ||
| Q3 24 | $1.4B | $-15.7M | ||
| Q2 24 | $1.4B | $15.7M | ||
| Q1 24 | $1.4B | $29.5M |
总资产KREFPLBY
| Q4 25 | $6.5B | $292.4M | ||
| Q3 25 | $6.5B | $278.3M | ||
| Q2 25 | $6.8B | $264.1M | ||
| Q1 25 | $6.6B | $270.6M | ||
| Q4 24 | $6.4B | $284.7M | ||
| Q3 24 | $6.8B | $271.5M | ||
| Q2 24 | $7.1B | $301.8M | ||
| Q1 24 | $7.3B | $309.1M |
负债/权益比KREFPLBY
| Q4 25 | — | 9.48× | ||
| Q3 25 | — | 46.86× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 12.51× | ||
| Q1 24 | — | 6.54× |
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 | $1.4M |
| 自由现金流经营现金流 - 资本支出 | — | $1.1M |
| 自由现金流率自由现金流/营收 | — | 3.2% |
| 资本支出强度资本支出/营收 | — | 0.8% |
| 现金转化率经营现金流/净利润 | — | 0.39× |
| 过去12个月自由现金流最近4个季度 | — | $-1.0M |
8季度趋势，按日历期对齐
经营现金流KREFPLBY
| Q4 25 | $72.3M | $1.4M | ||
| Q3 25 | $18.5M | $10.1M | ||
| Q2 25 | $21.1M | $-3.9M | ||
| Q1 25 | $15.9M | $-7.6M | ||
| Q4 24 | $132.6M | $161.0K | ||
| Q3 24 | $49.1M | $-6.5M | ||
| Q2 24 | $30.6M | $-3.0M | ||
| Q1 24 | $34.5M | $-9.8M |
自由现金流KREFPLBY
| Q4 25 | — | $1.1M | ||
| Q3 25 | — | $9.8M | ||
| Q2 25 | — | $-4.3M | ||
| Q1 25 | — | $-7.7M | ||
| Q4 24 | — | $-401.0K | ||
| Q3 24 | — | $-7.0M | ||
| Q2 24 | — | $-3.7M | ||
| Q1 24 | — | $-10.3M |
自由现金流率KREFPLBY
| Q4 25 | — | 3.2% | ||
| Q3 25 | — | 33.8% | ||
| Q2 25 | — | -15.2% | ||
| Q1 25 | — | -26.5% | ||
| Q4 24 | — | -1.2% | ||
| Q3 24 | — | -23.7% | ||
| Q2 24 | — | -14.8% | ||
| Q1 24 | — | -36.5% |
资本支出强度KREFPLBY
| Q4 25 | — | 0.8% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 1.7% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 2.1% |
现金转化率KREFPLBY
| Q4 25 | — | 0.39× | ||
| Q3 25 | 1.34× | 22.02× | ||
| 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
业务分部营收拆解
KREF
暂无分部数据
PLBY
| Transferred At Point In Time | $22.2M | 64% |
| Trademark Licensing | $6.5M | 19% |
| Related Party | $5.0M | 14% |
| Other | $1.1M | 3% |
