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KKR Real Estate Finance Trust Inc.（KREF）与STEM, INC.（STEM）财务数据对比。点击上方公司名可切换其他公司
STEM, INC.的季度营收约是KKR Real Estate Finance Trust Inc.的1.8倍（$47.1M vs $25.8M），STEM, INC.净利率更高（-33.9% vs -101.7%，领先67.8%），STEM, INC.同比增速更快（-15.6% vs -26.6%），过去两年STEM, INC.的营收复合增速更高（36.1% 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。
该公司是一家公开上市的生物制药企业，总部位于加利福尼亚州纽瓦克，专注研发纯化人类神经干细胞，旨在治疗中枢神经系统疾病与瘫痪，其所研发的神经干细胞可分化为中枢神经系统的神经元、星形胶质细胞与少突胶质细胞这三大主要细胞类型。
KREF vs STEM — 直观对比
营收规模更大
STEM
是对方的1.8倍
$25.8M
营收增速更快
STEM
高出11.0%
-26.6%
净利率更高
STEM
高出67.8%
-101.7%
两年增速更快
STEM
近两年复合增速
-18.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $25.8M | $47.1M |
| 净利润 | $-26.2M | $-16.0M |
| 毛利率 | — | 48.9% |
| 营业利润率 | -105.1% | -17.7% |
| 净利率 | -101.7% | -33.9% |
| 营收同比 | -26.6% | -15.6% |
| 净利润同比 | -229.6% | 68.8% |
| 每股收益（稀释后） | $-0.49 | $-4.40 |
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KREFSTEM
| Q4 25 | $25.8M | $47.1M | ||
| Q3 25 | $25.3M | $38.2M | ||
| Q2 25 | $30.2M | $38.4M | ||
| Q1 25 | $31.3M | $32.5M | ||
| Q4 24 | $35.1M | $55.8M | ||
| Q3 24 | $37.0M | $29.3M | ||
| Q2 24 | $40.4M | $34.0M | ||
| Q1 24 | $39.1M | $25.5M |
净利润KREFSTEM
| Q4 25 | $-26.2M | $-16.0M | ||
| Q3 25 | $13.8M | $-23.8M | ||
| Q2 25 | $-29.7M | $202.5M | ||
| Q1 25 | $-4.9M | $-25.0M | ||
| Q4 24 | $20.3M | $-51.1M | ||
| Q3 24 | $-7.4M | $-148.3M | ||
| Q2 24 | $25.8M | $-582.3M | ||
| Q1 24 | $-3.1M | $-72.3M |
毛利率KREFSTEM
| Q4 25 | — | 48.9% | ||
| Q3 25 | — | 35.5% | ||
| Q2 25 | — | 33.4% | ||
| Q1 25 | — | 32.4% | ||
| Q4 24 | — | -4.4% | ||
| Q3 24 | — | 21.2% | ||
| Q2 24 | — | 27.6% | ||
| Q1 24 | — | -95.0% |
营业利润率KREFSTEM
| Q4 25 | -105.1% | -17.7% | ||
| Q3 25 | 50.4% | -33.6% | ||
| Q2 25 | -101.3% | -34.8% | ||
| Q1 25 | -18.3% | -65.0% | ||
| Q4 24 | 55.8% | -84.4% | ||
| Q3 24 | -19.6% | -493.2% | ||
| Q2 24 | 63.3% | -1705.5% | ||
| Q1 24 | -8.7% | -267.0% |
净利率KREFSTEM
| Q4 25 | -101.7% | -33.9% | ||
| Q3 25 | 54.4% | -62.2% | ||
| Q2 25 | -98.5% | 527.8% | ||
| Q1 25 | -15.5% | -76.9% | ||
| Q4 24 | 57.7% | -91.6% | ||
| Q3 24 | -20.0% | -506.3% | ||
| Q2 24 | 63.9% | -1712.6% | ||
| Q1 24 | -7.9% | -283.9% |
每股收益（稀释后）KREFSTEM
| Q4 25 | $-0.49 | $-4.40 | ||
| Q3 25 | $0.12 | $-2.84 | ||
| Q2 25 | $-0.53 | $-1.79 | ||
| Q1 25 | $-0.15 | $-0.15 | ||
| Q4 24 | $0.22 | $-15.29 | ||
| Q3 24 | $-0.19 | $-18.24 | ||
| Q2 24 | $0.29 | $-71.81 | ||
| Q1 24 | $-0.13 | $-0.46 |
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 | $48.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $-249.4M |
| 总资产 | $6.5B | $308.9M |
| 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KREFSTEM
| Q4 25 | $84.6M | $48.9M | ||
| Q3 25 | $204.1M | $43.1M | ||
| Q2 25 | $107.7M | $40.8M | ||
| Q1 25 | $106.4M | $58.6M | ||
| Q4 24 | $104.9M | $56.3M | ||
| Q3 24 | $108.8M | $75.4M | ||
| Q2 24 | $107.2M | $89.6M | ||
| Q1 24 | $106.5M | $112.8M |
股东权益KREFSTEM
| Q4 25 | $1.2B | $-249.4M | ||
| Q3 25 | $1.2B | $-235.7M | ||
| Q2 25 | $1.2B | $-214.1M | ||
| Q1 25 | $1.3B | $-417.5M | ||
| Q4 24 | $1.3B | $-398.4M | ||
| Q3 24 | $1.4B | $-344.1M | ||
| Q2 24 | $1.4B | $-203.2M | ||
| Q1 24 | $1.4B | $371.6M |
总资产KREFSTEM
| Q4 25 | $6.5B | $308.9M | ||
| Q3 25 | $6.5B | $362.6M | ||
| Q2 25 | $6.8B | $379.2M | ||
| Q1 25 | $6.6B | $405.1M | ||
| Q4 24 | $6.4B | $437.4M | ||
| Q3 24 | $6.8B | $537.8M | ||
| Q2 24 | $7.1B | $691.5M | ||
| Q1 24 | $7.3B | $1.3B |
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 | $72.3M | $8.2M |
| 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KREFSTEM
| Q4 25 | $72.3M | $8.2M | ||
| Q3 25 | $18.5M | $11.4M | ||
| Q2 25 | $21.1M | $-21.3M | ||
| Q1 25 | $15.9M | $8.5M | ||
| Q4 24 | $132.6M | $-14.7M | ||
| Q3 24 | $49.1M | $-9.4M | ||
| Q2 24 | $30.6M | $-11.9M | ||
| Q1 24 | $34.5M | $-621.0K |
现金转化率KREFSTEM
| Q4 25 | — | — | ||
| Q3 25 | 1.34× | — | ||
| Q2 25 | — | -0.11× | ||
| 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
