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KKR Real Estate Finance Trust Inc.（KREF）与蜗牛（SNAL）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.的季度营收约是蜗牛的1.0倍（$25.8M vs $25.1M），蜗牛净利率更高（-3.4% vs -101.7%，领先98.3%），蜗牛同比增速更快（-4.2% vs -26.6%），过去两年蜗牛的营收复合增速更高（33.4% 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。
苏州蜗牛数字科技股份有限公司，简称蜗牛，是总部位于苏州的中国游戏企业，同时持有虚拟运营商牌照，旗下拥有蜗牛游戏、蜗牛移动两大业务板块，北美分部负责在美洲及欧洲地区推广旗下游戏产品。蜗牛主营大型多人在线、即时战略与休闲类游戏，全球累计注册用户已超7000万。
KREF vs SNAL — 直观对比
营收规模更大
KREF
是对方的1.0倍
$25.1M
营收增速更快
SNAL
高出22.4%
-26.6%
净利率更高
SNAL
高出98.3%
-101.7%
两年增速更快
SNAL
近两年复合增速
-18.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $25.8M | $25.1M |
| 净利润 | $-26.2M | $-862.2K |
| 毛利率 | — | 38.3% |
| 营业利润率 | -105.1% | -6.0% |
| 净利率 | -101.7% | -3.4% |
| 营收同比 | -26.6% | -4.2% |
| 净利润同比 | -229.6% | -177.0% |
| 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KREFSNAL
| Q4 25 | $25.8M | $25.1M | ||
| Q3 25 | $25.3M | $13.8M | ||
| Q2 25 | $30.2M | $22.2M | ||
| Q1 25 | $31.3M | $20.1M | ||
| Q4 24 | $35.1M | $26.2M | ||
| Q3 24 | $37.0M | $22.5M | ||
| Q2 24 | $40.4M | $21.6M | ||
| Q1 24 | $39.1M | $14.1M |
净利润KREFSNAL
| Q4 25 | $-26.2M | $-862.2K | ||
| Q3 25 | $13.8M | $-7.9M | ||
| Q2 25 | $-29.7M | $-16.6M | ||
| Q1 25 | $-4.9M | $-1.9M | ||
| Q4 24 | $20.3M | $1.1M | ||
| Q3 24 | $-7.4M | $235.1K | ||
| Q2 24 | $25.8M | $2.3M | ||
| Q1 24 | $-3.1M | $-1.8M |
毛利率KREFSNAL
| Q4 25 | — | 38.3% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 31.3% | ||
| Q1 25 | — | 29.1% | ||
| Q4 24 | — | 43.3% | ||
| Q3 24 | — | 38.6% | ||
| Q2 24 | — | 37.5% | ||
| Q1 24 | — | 14.7% |
营业利润率KREFSNAL
| Q4 25 | -105.1% | -6.0% | ||
| Q3 25 | 50.4% | -71.3% | ||
| Q2 25 | -101.3% | -8.2% | ||
| Q1 25 | -18.3% | -20.4% | ||
| Q4 24 | 55.8% | 11.5% | ||
| Q3 24 | -19.6% | 1.8% | ||
| Q2 24 | 63.3% | 12.4% | ||
| Q1 24 | -8.7% | -15.6% |
净利率KREFSNAL
| Q4 25 | -101.7% | -3.4% | ||
| Q3 25 | 54.4% | -56.9% | ||
| Q2 25 | -98.5% | -74.7% | ||
| Q1 25 | -15.5% | -9.7% | ||
| Q4 24 | 57.7% | 4.3% | ||
| Q3 24 | -20.0% | 1.0% | ||
| Q2 24 | 63.9% | 10.4% | ||
| Q1 24 | -7.9% | -12.6% |
每股收益（稀释后）KREFSNAL
| Q4 25 | $-0.49 | — | ||
| Q3 25 | $0.12 | — | ||
| Q2 25 | $-0.53 | $-0.44 | ||
| Q1 25 | $-0.15 | $-0.06 | ||
| Q4 24 | $0.22 | $0.03 | ||
| Q3 24 | $-0.19 | $0.01 | ||
| Q2 24 | $0.29 | $0.06 | ||
| Q1 24 | $-0.13 | $-0.05 |
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 | $8.6M |
| 总债务越低越好 | — | $14.6M |
| 股东权益账面价值 | $1.2B | $-16.4M |
| 总资产 | $6.5B | $59.3M |
| 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KREFSNAL
| Q4 25 | $84.6M | $8.6M | ||
| Q3 25 | $204.1M | $12.3M | ||
| Q2 25 | $107.7M | $7.9M | ||
| Q1 25 | $106.4M | $9.4M | ||
| Q4 24 | $104.9M | $7.3M | ||
| Q3 24 | $108.8M | $10.6M | ||
| Q2 24 | $107.2M | $15.5M | ||
| Q1 24 | $106.5M | $16.1M |
总债务KREFSNAL
| Q4 25 | — | $14.6M | ||
| Q3 25 | — | $10.5M | ||
| Q2 25 | — | $11.8M | ||
| Q1 25 | — | $9.0M | ||
| Q4 24 | — | $5.7M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | $5.8M | ||
| Q1 24 | — | $6.5M |
股东权益KREFSNAL
| Q4 25 | $1.2B | $-16.4M | ||
| Q3 25 | $1.2B | $-15.6M | ||
| Q2 25 | $1.2B | $-8.0M | ||
| Q1 25 | $1.3B | $9.1M | ||
| Q4 24 | $1.3B | $9.7M | ||
| Q3 24 | $1.4B | $8.2M | ||
| Q2 24 | $1.4B | $7.9M | ||
| Q1 24 | $1.4B | $5.6M |
总资产KREFSNAL
| Q4 25 | $6.5B | $59.3M | ||
| Q3 25 | $6.5B | $51.1M | ||
| Q2 25 | $6.8B | $58.0M | ||
| Q1 25 | $6.6B | $64.5M | ||
| Q4 24 | $6.4B | $62.2M | ||
| Q3 24 | $6.8B | $66.8M | ||
| Q2 24 | $7.1B | $75.4M | ||
| Q1 24 | $7.3B | $78.3M |
负债/权益比KREFSNAL
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | 0.59× | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | — | 0.73× | ||
| Q1 24 | — | 1.16× |
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 | $-5.3M |
| 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 | — | — |
| 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KREFSNAL
| Q4 25 | $72.3M | $-5.3M | ||
| Q3 25 | $18.5M | $6.6M | ||
| Q2 25 | $21.1M | $-3.2M | ||
| Q1 25 | $15.9M | $764.5K | ||
| Q4 24 | $132.6M | $-3.6M | ||
| Q3 24 | $49.1M | $-5.0M | ||
| Q2 24 | $30.6M | $206.6K | ||
| Q1 24 | $34.5M | $6.8M |
现金转化率KREFSNAL
| Q4 25 | — | — | ||
| Q3 25 | 1.34× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.54× | -3.21× | ||
| Q3 24 | — | -21.05× | ||
| Q2 24 | 1.19× | 0.09× | ||
| 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
SNAL
| Pc | $14.7M | 59% |
| Platform Three | $5.2M | 21% |
| Platform Two | $3.3M | 13% |
| Sales Channel Directly To Consumer Mobile Sale | $1.6M | 6% |
