TPG RE Finance Trust, Inc.

TRTX Real Estate Reit Mortgage

TPG RE Finance Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $146.1 million, down 4.57% from fiscal 2024. In the quarter to June 2026, revenue fell 6.05%, EPS fell 42.9%, free cash flow fell 70.5% and total debt rose 15.1%, each against the same quarter a year earlier. Dividend growth for three consecutive years.

5.79 0.13 −2.20%
Market cap
$454.5M
P/E
10.7×
Fwd P/E
10.5×
Dividend yield
16.6%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21 Dec '22 Dec '23 Dec '24 Dec '25
Piotroski F-Score
— 5 4 3 4 5 3 4 5 5
P/E ratio
39.97 10.11 10.69 11.72 0.00 13.25 0.00 0.00 11.33 15.38
P/S ratio
11.35 8.44 8.18 8.84 4.60 6.09 3.69 4.33 4.43 4.67
P/FCF ratio
12.61 11.34 10.71 12.13 6.17 5.09 1.76 2.23 6.35 5.52
P/Operating CF
45.03 43.14 39.05 43.63 27.17 26.99 29.79 21.68 26.60 27.69
P/B ratio
1.24 0.86 0.87 0.98 0.64 0.65 0.40 0.45 0.61 0.64
Price to Tangible BV
1.24 0.86 0.87 0.98 0.64 0.65 0.40 0.45 0.61 0.64
EV/Sales
21.41 22.76 30.02 33.89 21.94 28.24 24.72 24.19 18.75 26.14
EV/EBITDA
29.89 32.07 38.97 43.59 27.93 34.83 34.43 39.68 29.74 46.57
EV/Operating CF
23.74 30.53 39.27 46.44 29.40 33.25 35.65 35.14 25.60 42.27
EV/FCF
23.80 30.57 39.31 46.48 29.42 23.57 11.77 12.46 26.88 30.89
Quick Ratio
1.30 0.31 11.05 6.45 20.40 18.30 19.77 20.99 10.04 5.36
Current Ratio
22.07 10.96 311.38 342.03 281.32 359.00 151.81 158.41 158.07 183.34
Net Debt/EBITDA
20.44 20.17 28.35 32.22 22.07 27.31 29.29 32.58 22.71 38.25
Debt/Assets
58.30% 54.45% 68.87% 72.20% 69.03% 71.06% 64.91% 65.65% 63.87% 73.29%
Debt/Equity
1.60 1.52 2.35 2.83 2.67 2.53 2.72 2.46 2.14 3.02
Asset Turnover
0.04 0.04 0.04 0.03 0.03 0.03 0.03 0.02 0.04 0.04
Operating CF/Net income
1.23 0.97 1.01 0.97 (0.85) 1.87 (1.36) (0.61) 1.88 1.99
Capex/Depreciation
(0.51) 0.01 0.00 0.00 0.00 6.26 38.16 15.74 (0.30) 2.31
ROE
8.29% 8.69% 8.46% 8.87% (11.23%) 5.18% (5.29%) (10.70%) 5.33% 4.17%
ROA
2.92% 3.13% 2.71% 2.41% (2.88%) 1.40% (1.37%) (2.68%) 1.50% 1.12%
ROIC
1.81% 2.00% 1.52% 1.40% 1.97% 1.50% 1.43% 1.21% 1.49% 1.00%
Return on Tangible Assets
2.81% 3.18% 2.41% 2.48% (3.18%) 1.37% (1.35%) (3.21%) 1.63% 1.05%
Average Days of Receivables
195.18 51.39 303.74 35.21 58.97 0.44 413.75 208.57 65.90 72.81
Research and Development Expense of Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Selling, General and Administrative Expense of Revenue
24.28% 22.75% 23.85% 23.89% 22.80% 24.49% 30.91% 36.38% 25.22% 29.14%
Intangible Assets out of Total Assets
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Share Based Compensation of Revenue
0.00% 0.03% 0.47% 1.53% 3.26% 3.70% 3.49% 6.90% 4.17% 6.71%
Graham Net Nets
0.69 1.08 1.09 0.47 1.43 1.45 2.38 1.67 1.21 1.19
Graham Number
0.00 30.66 28.46 28.37 0.00 19.95 0.00 0.00 15.35 13.03
Earnings Yield
2.50% 9.89% 9.35% 8.53% (19.21%) 7.55% (13.73%) (26.04%) 8.82% 6.50%
Free Cash Flow Yield
7.93% 8.82% 9.34% 8.24% 16.21% 19.67% 56.93% 44.88% 15.75% 18.11%
Revenue per Share
2.23 2.26 2.23 2.29 2.31 2.02 1.88 1.50 1.92 1.84
Operating CF per Share
2.07 1.68 1.71 1.67 1.72 1.72 1.30 1.03 1.41 1.14
Capex per Share
(0.01) 0.00 0.00 0.00 0.00 0.71 1.94 0.90 (0.07) 0.42
Free Cash Flow per Share
2.06 1.68 1.71 1.67 1.72 2.42 3.24 1.94 1.34 1.56
Cash per Share
2.51 1.40 0.65 1.10 4.17 3.39 7.13 5.86 2.39 1.16
Shareholders Equity per Share
23.44 22.17 21.05 20.67 16.53 19.03 17.10 14.50 13.96 13.47
Interest Debt per Share
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Book value per Share
23.44 22.17 21.05 20.67 16.53 19.03 17.10 14.50 13.96 13.47
Free Cash Flow
85.23 91.06 107.70 121.67 132.09 186.54 250.16 150.20 106.81 123.66
Working Capital
2,485.41 2,970.29 4,437.44 5,061.30 4,787.82 5,114.35 5,460.99 3,905.63 3,413.43 4,127.27
Capital Expenditures
(0.50) (0.11) — — — 54.37 149.66 70.07 (5.32) 33.30
Net Current Asset Value
908.48 1,114.58 1,252.12 687.22 1,163.05 1,375.32 1,274.06 840.91 817.77 811.70
EV/EBIT
28.04 29.46 39.42 44.52 28.42 37.40 35.77 42.33 36.40 56.51
Capex to Sales
0.01 0.00 0.00 0.00 0.00 (0.35) (1.03) (0.60) 0.03 (0.23)
Price to Operating Income
14.86 10.93 10.74 11.62 5.96 8.07 5.34 7.57 8.60 10.10
Other line items
Depreciation/Fixed assets
0.00 0.00 0.00 0.00 0.02 0.14 0.00 0.03 0.07 0.06
Cash ROIC
3.24% 2.93% 2.40% 2.08% 2.65% 3.43% 4.57% 3.46% 2.90% 2.82%
Accounts Receivable Turnover
1.44 3.67 2.10 2.50 7.92 10.81 1.76 1.01 3.25 5.15
Average Receivables
64.25 33.32 67.23 66.66 22.34 14.39 82.25 115.41 47.08 28.40
Average Assets
2,392.67 3,010.48 3,941.09 5,209.83 5,400.81 5,063.38 5,381.58 4,879.73 3,972.87 4,068.83
Average Common Equity
843.52 1,086.01 1,264.25 1,415.56 1,385.43 1,365.80 1,393.34 1,223.38 1,119.41 1,091.02

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