| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡ |
|
| 2027 | ‡‡‡ |
|
| 2026 | 0.96 |
—
—
|
| 2025 | 0.96 |
—
—
—
—
|
| 2024 | 0.96 |
—
—
—
—
|
| 2023 | 0.96 |
—
—
—
—
|
| 2022 | 0.96 |
—
—
—
—
|
| 2021 | 0.64 |
—
—
—
—
|
| 2020 | 1.46 |
—
—
—
—
—
|
| 2019 | 1.72 |
—
—
—
—
|
| 2018 | 1.71 |
—
—
—
—
|
| 2017 | 0.71 |
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 454.25 | 190.48 | 92.24 | 71.42 |
| Receivables | 66.51 | 27.65 | 29.15 | 29.10 |
| Inventory | — | — | — | — |
| Other | — | — | — | — |
| 3,930.44 | 3,435.16 | 4,149.91 | 4,344.31 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | — | — | — | — |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | — |
| 24.81 | 21.73 | 22.64 | 21.69 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 37.31 | 34.01 | — | — |
—
|
| ’25 | 37.03 | 36.20 | 37.84 | 35.04 |
146.12
|
| ’24 | 38.93 | 39.30 | 40.15 | 34.74 |
153.12
|
| ’23 | 25.26 | 32.63 | 27.02 | 31.49 |
116.39
|
| ’22 | 38.53 | 38.64 | 31.79 | 35.99 |
144.95
|
| ’21 | 37.95 | 40.06 | 39.10 | 38.52 |
155.63
|
| ’20 | 43.62 | 44.31 | 48.49 | 40.56 |
176.97
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 24.57 | 21.56 | — | — |
—
|
| ’25 | 19.13 | 24.73 | 21.85 | 24.66 |
90.36
|
| ’24 | 37.37 | 25.55 | 23.71 | 25.50 |
112.13
|
| ’23 | 23.47 | 7.31 | 26.12 | 23.22 |
80.13
|
| ’22 | 32.62 | 32.46 | 17.47 | 17.96 |
100.50
|
| ’21 | 26.34 | 34.72 | 35.96 | 35.14 |
132.17
|
| ’20 | 37.53 | 33.15 | 31.44 | 29.97 |
132.09
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 22.47 | 18.69 | — | — |
—
|
| ’25 | 18.62 | 63.32 | 20.62 | 21.11 |
123.66
|
| ’24 | 35.97 | 23.99 | 23.26 | 23.59 |
106.81
|
| ’23 | 23.47 | 7.31 | 23.78 | 95.63 |
150.20
|
| ’22 | 32.62 | 106.37 | 17.47 | 93.71 |
250.16
|
| ’21 | 26.34 | 34.72 | 35.96 | 89.51 |
186.54
|
| ’20 | 37.53 | 33.15 | 31.44 | 29.97 |
132.09
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.19 | 0.12 | — | — |
—
|
| ’25 | 0.12 | 0.21 | 0.23 | 0.00 |
0.57
|
| ’24 | 0.17 | 0.26 | 0.23 | 0.09 |
0.75
|
| ’23 | 0.05 | (0.94) | (0.83) | 0.03 |
(1.69)
|
| ’22 | 0.25 | (0.11) | (1.52) | 0.42 |
(0.95)
|
| ’21 | 0.30 | (0.27) | 0.32 | 0.51 |
0.87
|
| ’20 | (3.05) | 0.52 | 0.39 | 0.09 |
(2.03)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 6.31 | 4.65 | 5.12 | 6.47 | — | — | — |
Low Price
|
| — | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 13.38 | 9.23 | 9.66 | 9.85 | — | — | — |
High Price
|
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Employees
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 144.95 | 116.39 | 153.12 | 146.12 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 100.00% | 100.00% | 100.00% | 100.00% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (59.54) | (116.37) | 74.73 | 60.70 | ‡‡‡‡‡ | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (41.07%) | (99.98%) | 48.81% | 41.54% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (60.07) | (116.63) | 74.34 | 60.32 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.92 | 4.45 | 17.65 | 14.42 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.88 | 1.50 | 1.92 | 1.84 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | (0.95) | (1.69) | 0.75 | 0.57 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.30 | 1.03 | 1.41 | 1.14 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 1.94 | 0.90 | (0.07) | 0.42 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.24 | 1.94 | 1.34 | 1.56 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17.10 | 14.50 | 13.96 | 13.47 | ‡‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 77.30 | 77.58 | 79.80 | 79.30 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 0.00 | 0.00 | 11.33 | 15.38 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.69 | 4.33 | 4.43 | 4.67 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.40 | 0.45 | 0.61 | 0.64 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 33.55 | 35.01 | 26.97 | 34.76 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 15.97 | 18.03 | 38.67 | 41.07 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 100.50 | 80.13 | 112.13 | 90.36 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | — | — | — | ‡‡‡‡‡ | 149.66 | 70.07 | (5.32) | 33.30 | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 250.16 | 150.20 | 106.81 | 123.66 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5,460.99 | 3,905.63 | 3,413.43 | 4,127.27 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4,880.50 | 2,766.55 | 2,383.08 | 3,229.23 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4,329.02 | 2,312.30 | 2,192.60 | 3,136.99 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,322.00 | 1,124.79 | 1,114.04 | 1,068.02 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.37%) | (2.68%) | 1.50% | 1.12% | ‡‡‡‡‡ | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.11% | 1.21% | 1.49% | 1.00% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (5.29%) | (10.70%) | 5.33% | 4.17% | ‡‡‡‡‡ | — | — |
ROE
|
TPG RE Finance Trust (TRTX), a TPG-sponsored commercial mortgage REIT, has tantalized yield hunters with real estate debt income but delivered a decade of cautionary tales: an 88% stock plunge in 2020 amid COVID-driven office and retail loan woes, followed by a zombie recovery that halved book value per share to $13.96 and eroded per-share revenue 34%. Fundamentals scream volatility—earnings swinging from $139 million profits to $117 million losses, ROE averaging a meager 5.3%, and relentless share dilution—while free cash flow offers a lone bright spot amid CRE headwinds like remote work and rate hikes.
Valuation appears bargain-basement at 0.61x book and 11.3x PE, with analysts eyeing 24% upside, but skeptics see a trap: elevated EV/FCF at 39x, zero insider buying, and projections hinging on fragile assumptions of stabilizing office vacancies and rate relief. Revenue is forecast to dip 31% in 2025 before rebounding, yet persistent risks—delinquencies, regional bank CRE exposure, and hybrid work idling 30% of offices—threaten another faceplant.
Is TRTX a speculative nibble or perpetual mediocrity? Dive deeper into the metrics, historical parallels, and hidden icebergs to uncover why consensus optimism may overlook the next downturn.
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