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KKR Real Estate Finance Trust Inc.（KREF）与WINMARK CORP（WINA）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WINMARK CORP的1.2倍（$25.8M vs $21.1M），WINMARK CORP净利率更高（47.2% vs -101.7%，领先149.0%），WINMARK CORP同比增速更快（7.9% vs -26.6%），过去两年WINMARK CORP的营收复合增速更高（2.4% 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。
温马克公司是美国的二手商品零售特许经营商，总部位于明尼苏达州明尼阿波利斯，旗下运营五大零售品牌，专注于二手商品的收售业务。公司1988年由罗恩·奥尔森与杰弗里·达尔伯格创立，最初名为Play It Again Sports特许经营公司，1993年更名为Grow Biz国际并于同年上市。
KREF vs WINA — 直观对比
营收规模更大
KREF
是对方的1.2倍
$21.1M
营收增速更快
WINA
高出34.5%
-26.6%
净利率更高
WINA
高出149.0%
-101.7%
两年增速更快
WINA
近两年复合增速
-18.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $25.8M | $21.1M |
| 净利润 | $-26.2M | $10.0M |
| 毛利率 | — | — |
| 营业利润率 | -105.1% | 61.7% |
| 净利率 | -101.7% | 47.2% |
| 营收同比 | -26.6% | 7.9% |
| 净利润同比 | -229.6% | 3.9% |
| 每股收益（稀释后） | $-0.49 | $2.68 |
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KREFWINA
| Q4 25 | $25.8M | $21.1M | ||
| Q3 25 | $25.3M | $22.6M | ||
| Q2 25 | $30.2M | $20.4M | ||
| Q1 25 | $31.3M | $21.9M | ||
| Q4 24 | $35.1M | $19.5M | ||
| Q3 24 | $37.0M | $21.5M | ||
| Q2 24 | $40.4M | $20.1M | ||
| Q1 24 | $39.1M | $20.1M |
净利润KREFWINA
| Q4 25 | $-26.2M | $10.0M | ||
| Q3 25 | $13.8M | $11.1M | ||
| Q2 25 | $-29.7M | $10.6M | ||
| Q1 25 | $-4.9M | $10.0M | ||
| Q4 24 | $20.3M | $9.6M | ||
| Q3 24 | $-7.4M | $11.1M | ||
| Q2 24 | $25.8M | $10.4M | ||
| Q1 24 | $-3.1M | $8.8M |
营业利润率KREFWINA
| Q4 25 | -105.1% | 61.7% | ||
| Q3 25 | 50.4% | 65.9% | ||
| Q2 25 | -101.3% | 64.0% | ||
| Q1 25 | -18.3% | 62.0% | ||
| Q4 24 | 55.8% | 65.3% | ||
| Q3 24 | -19.6% | 69.4% | ||
| Q2 24 | 63.3% | 64.7% | ||
| Q1 24 | -8.7% | 60.8% |
净利率KREFWINA
| Q4 25 | -101.7% | 47.2% | ||
| Q3 25 | 54.4% | 49.2% | ||
| Q2 25 | -98.5% | 51.9% | ||
| Q1 25 | -15.5% | 45.4% | ||
| Q4 24 | 57.7% | 49.0% | ||
| Q3 24 | -20.0% | 51.7% | ||
| Q2 24 | 63.9% | 51.8% | ||
| Q1 24 | -7.9% | 43.9% |
每股收益（稀释后）KREFWINA
| Q4 25 | $-0.49 | $2.68 | ||
| Q3 25 | $0.12 | $3.02 | ||
| Q2 25 | $-0.53 | $2.89 | ||
| Q1 25 | $-0.15 | $2.71 | ||
| Q4 24 | $0.22 | $2.60 | ||
| Q3 24 | $-0.19 | $3.03 | ||
| Q2 24 | $0.29 | $2.85 | ||
| Q1 24 | $-0.13 | $2.41 |
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 | $10.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $-53.7M |
| 总资产 | $6.5B | $24.9M |
| 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KREFWINA
| Q4 25 | $84.6M | $10.3M | ||
| Q3 25 | $204.1M | $39.7M | ||
| Q2 25 | $107.7M | $28.8M | ||
| Q1 25 | $106.4M | $21.8M | ||
| Q4 24 | $104.9M | $12.2M | ||
| Q3 24 | $108.8M | $37.2M | ||
| Q2 24 | $107.2M | $29.4M | ||
| Q1 24 | $106.5M | $22.9M |
股东权益KREFWINA
| Q4 25 | $1.2B | $-53.7M | ||
| Q3 25 | $1.2B | $-26.3M | ||
| Q2 25 | $1.2B | $-36.8M | ||
| Q1 25 | $1.3B | $-45.9M | ||
| Q4 24 | $1.3B | $-51.0M | ||
| Q3 24 | $1.4B | $-33.7M | ||
| Q2 24 | $1.4B | $-42.2M | ||
| Q1 24 | $1.4B | $-52.6M |
总资产KREFWINA
| Q4 25 | $6.5B | $24.9M | ||
| Q3 25 | $6.5B | $53.7M | ||
| Q2 25 | $6.8B | $43.2M | ||
| Q1 25 | $6.6B | $37.1M | ||
| Q4 24 | $6.4B | $26.8M | ||
| Q3 24 | $6.8B | $52.0M | ||
| Q2 24 | $7.1B | $44.7M | ||
| Q1 24 | $7.3B | $38.3M |
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 | $8.5M |
| 自由现金流经营现金流 - 资本支出 | — | $8.5M |
| 自由现金流率自由现金流/营收 | — | 40.3% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 现金转化率经营现金流/净利润 | — | 0.86× |
| 过去12个月自由现金流最近4个季度 | — | $44.7M |
8季度趋势，按日历期对齐
经营现金流KREFWINA
| Q4 25 | $72.3M | $8.5M | ||
| Q3 25 | $18.5M | $12.3M | ||
| Q2 25 | $21.1M | $9.0M | ||
| Q1 25 | $15.9M | $15.1M | ||
| Q4 24 | $132.6M | $8.5M | ||
| Q3 24 | $49.1M | $12.1M | ||
| Q2 24 | $30.6M | $8.2M | ||
| Q1 24 | $34.5M | $13.4M |
自由现金流KREFWINA
| Q4 25 | — | $8.5M | ||
| Q3 25 | — | $12.2M | ||
| Q2 25 | — | $9.0M | ||
| Q1 25 | — | $15.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $12.1M | ||
| Q2 24 | — | $8.1M | ||
| Q1 24 | — | $13.3M |
自由现金流率KREFWINA
| Q4 25 | — | 40.3% | ||
| Q3 25 | — | 53.8% | ||
| Q2 25 | — | 44.0% | ||
| Q1 25 | — | 68.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 56.3% | ||
| Q2 24 | — | 40.4% | ||
| Q1 24 | — | 66.0% |
资本支出强度KREFWINA
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.5% | ||
| Q1 24 | — | 0.4% |
现金转化率KREFWINA
| Q4 25 | — | 0.86× | ||
| Q3 25 | 1.34× | 1.10× | ||
| Q2 25 | — | 0.85× | ||
| Q1 25 | — | 1.51× | ||
| Q4 24 | 6.54× | 0.88× | ||
| Q3 24 | — | 1.09× | ||
| Q2 24 | 1.19× | 0.79× | ||
| Q1 24 | — | 1.52× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
