Saturday 17 October 2026
Export TRTX’s income statement to Excel — free account
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%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
5 | 5 | 4 | 3 | 5 | 4 | 3 | 4 | 5 | — |
P/E ratio |
15.38 | 11.33 | 0.00 | 0.00 | 13.25 | 0.00 | 11.72 | 10.69 | 10.11 | 39.97 |
P/S ratio |
4.67 | 4.43 | 4.33 | 3.69 | 6.09 | 4.60 | 8.84 | 8.18 | 8.44 | 11.35 |
P/FCF ratio |
5.52 | 6.35 | 2.23 | 1.76 | 5.09 | 6.17 | 12.13 | 10.71 | 11.34 | 12.61 |
P/Operating CF |
27.69 | 26.60 | 21.68 | 29.79 | 26.99 | 27.17 | 43.63 | 39.05 | 43.14 | 45.03 |
P/B ratio |
0.64 | 0.61 | 0.45 | 0.40 | 0.65 | 0.64 | 0.98 | 0.87 | 0.86 | 1.24 |
Price to Tangible BV |
0.64 | 0.61 | 0.45 | 0.40 | 0.65 | 0.64 | 0.98 | 0.87 | 0.86 | 1.24 |
EV/Sales |
26.14 | 18.75 | 24.19 | 24.72 | 28.24 | 21.94 | 33.89 | 30.02 | 22.76 | 21.41 |
EV/EBITDA |
46.57 | 29.74 | 39.68 | 34.43 | 34.83 | 27.93 | 43.59 | 38.97 | 32.07 | 29.89 |
EV/Operating CF |
42.27 | 25.60 | 35.14 | 35.65 | 33.25 | 29.40 | 46.44 | 39.27 | 30.53 | 23.74 |
EV/FCF |
30.89 | 26.88 | 12.46 | 11.77 | 23.57 | 29.42 | 46.48 | 39.31 | 30.57 | 23.80 |
Quick Ratio |
5.36 | 10.04 | 20.99 | 19.77 | 18.30 | 20.40 | 6.45 | 11.05 | 0.31 | 1.30 |
Current Ratio |
183.34 | 158.07 | 158.41 | 151.81 | 359.00 | 281.32 | 342.03 | 311.38 | 10.96 | 22.07 |
Net Debt/EBITDA |
38.25 | 22.71 | 32.58 | 29.29 | 27.31 | 22.07 | 32.22 | 28.35 | 20.17 | 20.44 |
Debt/Assets |
73.29% | 63.87% | 65.65% | 64.91% | 71.06% | 69.03% | 72.20% | 68.87% | 54.45% | 58.30% |
Debt/Equity |
3.02 | 2.14 | 2.46 | 2.72 | 2.53 | 2.67 | 2.83 | 2.35 | 1.52 | 1.60 |
Asset Turnover |
0.04 | 0.04 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 |
Operating CF/Net income |
1.99 | 1.88 | (0.61) | (1.36) | 1.87 | (0.85) | 0.97 | 1.01 | 0.97 | 1.23 |
Capex/Depreciation |
2.31 | (0.30) | 15.74 | 38.16 | 6.26 | 0.00 | 0.00 | 0.00 | 0.01 | (0.51) |
| 4.17% | 5.33% | (10.70%) | (5.29%) | 5.18% | (11.23%) | 8.87% | 8.46% | 8.69% | 8.29% | |
| 1.12% | 1.50% | (2.68%) | (1.37%) | 1.40% | (2.88%) | 2.41% | 2.71% | 3.13% | 2.92% | |
ROIC |
1.00% | 1.49% | 1.21% | 1.43% | 1.50% | 1.97% | 1.40% | 1.52% | 2.00% | 1.81% |
Return on Tangible Assets |
1.05% | 1.63% | (3.21%) | (1.35%) | 1.37% | (3.18%) | 2.48% | 2.41% | 3.18% | 2.81% |
Average Days of Receivables |
72.81 | 65.90 | 208.57 | 413.75 | 0.44 | 58.97 | 35.21 | 303.74 | 51.39 | 195.18 |
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 |
29.14% | 25.22% | 36.38% | 30.91% | 24.49% | 22.80% | 23.89% | 23.85% | 22.75% | 24.28% |
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 |
6.71% | 4.17% | 6.90% | 3.49% | 3.70% | 3.26% | 1.53% | 0.47% | 0.03% | 0.00% |
Graham Net Nets |
1.19 | 1.21 | 1.67 | 2.38 | 1.45 | 1.43 | 0.47 | 1.09 | 1.08 | 0.69 |
Graham Number |
13.03 | 15.35 | 0.00 | 0.00 | 19.95 | 0.00 | 28.37 | 28.46 | 30.66 | 0.00 |
Earnings Yield |
6.50% | 8.82% | (26.04%) | (13.73%) | 7.55% | (19.21%) | 8.53% | 9.35% | 9.89% | 2.50% |
Free Cash Flow Yield |
18.11% | 15.75% | 44.88% | 56.93% | 19.67% | 16.21% | 8.24% | 9.34% | 8.82% | 7.93% |
Revenue per Share |
1.84 | 1.92 | 1.50 | 1.88 | 2.02 | 2.31 | 2.29 | 2.23 | 2.26 | 2.23 |
Operating CF per Share |
1.14 | 1.41 | 1.03 | 1.30 | 1.72 | 1.72 | 1.67 | 1.71 | 1.68 | 2.07 |
Capex per Share |
0.42 | (0.07) | 0.90 | 1.94 | 0.71 | 0.00 | 0.00 | 0.00 | 0.00 | (0.01) |
Free Cash Flow per Share |
1.56 | 1.34 | 1.94 | 3.24 | 2.42 | 1.72 | 1.67 | 1.71 | 1.68 | 2.06 |
Cash per Share |
1.16 | 2.39 | 5.86 | 7.13 | 3.39 | 4.17 | 1.10 | 0.65 | 1.40 | 2.51 |
Shareholders Equity per Share |
13.47 | 13.96 | 14.50 | 17.10 | 19.03 | 16.53 | 20.67 | 21.05 | 22.17 | 23.44 |
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 |
13.47 | 13.96 | 14.50 | 17.10 | 19.03 | 16.53 | 20.67 | 21.05 | 22.17 | 23.44 |
Free Cash Flow |
123.66 | 106.81 | 150.20 | 250.16 | 186.54 | 132.09 | 121.67 | 107.70 | 91.06 | 85.23 |
Working Capital |
4,127.27 | 3,413.43 | 3,905.63 | 5,460.99 | 5,114.35 | 4,787.82 | 5,061.30 | 4,437.44 | 2,970.29 | 2,485.41 |
Capital Expenditures |
33.30 | (5.32) | 70.07 | 149.66 | 54.37 | — | — | — | (0.11) | (0.50) |
Net Current Asset Value |
811.70 | 817.77 | 840.91 | 1,274.06 | 1,375.32 | 1,163.05 | 687.22 | 1,252.12 | 1,114.58 | 908.48 |
EV/EBIT |
56.51 | 36.40 | 42.33 | 35.77 | 37.40 | 28.42 | 44.52 | 39.42 | 29.46 | 28.04 |
Capex to Sales |
(0.23) | 0.03 | (0.60) | (1.03) | (0.35) | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 |
Price to Operating Income |
10.10 | 8.60 | 7.57 | 5.34 | 8.07 | 5.96 | 11.62 | 10.74 | 10.93 | 14.86 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.06 | 0.07 | 0.03 | 0.00 | 0.14 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 |
Cash ROIC |
2.82% | 2.90% | 3.46% | 4.57% | 3.43% | 2.65% | 2.08% | 2.40% | 2.93% | 3.24% |
Accounts Receivable Turnover |
5.15 | 3.25 | 1.01 | 1.76 | 10.81 | 7.92 | 2.50 | 2.10 | 3.67 | 1.44 |
Average Receivables |
28.40 | 47.08 | 115.41 | 82.25 | 14.39 | 22.34 | 66.66 | 67.23 | 33.32 | 64.25 |
Average Assets |
4,068.83 | 3,972.87 | 4,879.73 | 5,381.58 | 5,063.38 | 5,400.81 | 5,209.83 | 3,941.09 | 3,010.48 | 2,392.67 |
Average Common Equity |
1,091.02 | 1,119.41 | 1,223.38 | 1,393.34 | 1,365.80 | 1,385.43 | 1,415.56 | 1,264.25 | 1,086.01 | 843.52 |
Columns are period end dates