NREF (NexPoint Real Estate Finance, Inc.) Stock Financials & Earnings | Market Cap Arena

NREF (NexPoint Real Estate Finance, Inc.) Stock Financials & Earnings | Market Cap Arena

NREFNexPoint Real Estate Finance, Inc.

Mkt Cap$260M

Real Estate·REIT - Mortgage·🇺🇸 United States·NYSE

Revenue (TTM)$137M

Net Income (TTM)$107M

EPS (TTM)$2.90

Free Cash Flow (TTM)$32M

Gross Margin93.6%

Op. Margin79.0%

Net Margin77.8%

FCF Margin23.2%

P/S Ratio (TTM)1.9x

P/E Ratio (TTM)2.4x

YoY Rev Growth+24.5%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$1M	$1M	$0
Q2 23	$7M	$7M	$0
Q3 23	-$11M	-$11M	$0
Q4 23	$27M	$24M	$31M
Q1 24	$18M	-$4M	$12M
Q2 24	$20M	$21M	$11M
Q3 24	$34M	$32M	$36M
Q4 24	$38M	$35M	$26M
Q1 25	$29M	$26M	$36M
Q2 25	$31M	$29M	$33M
Q3 25	$32M	$29M	$60M
Q4 25	$45M	$45M	-$21M

Valuation

Quarter	P/S	P/E
Q1 23	38.0x	—
Q2 23	40.7x	—
Q3 23	—	—
Q4 23	10.8x	18.6x
Q1 24	6.3x	—
Q2 24	4.8x	—
Q3 24	2.6x	8.4x
Q4 24	2.4x	8.9x
Q1 25	2.2x	4.1x
Q2 25	2.0x	3.6x
Q3 25	2.0x	2.7x
Q4 25	1.9x	2.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$3M	$3M
Q1 23	$15M	$15M
Q2 23	$8M	$8M
Q3 23	$6M	$6M
Q4 23	$3M	$3M
Q1 24	$18M	$18M
Q2 24	-$8M	-$8M
Q3 24	$15M	$15M
Q4 24	$4M	$4M
Q1 25	$16M	$16M
Q2 25	$3M	$3M
Q3 25	$8M	$8M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-92.7%	+109.9%
Q2 23	-6.7%	+129.8%
Q3 23	-509.4%	-509.4%
Q4 23	+8392.2%	-462.2%
Q1 24	+1284.0%	+382.8%
Q2 24	+203.3%	+29.4%
Q3 24	+415.8%	+87.3%
Q4 24	+40.0%	+409.8%
Q1 25	+55.1%	-224.5%
Q2 25	+59.3%	-118.9%
Q3 25	-5.3%	-1869.3%
Q4 25	+18.5%	+441.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$872K	273.4%
Q1 23	$847K	63.8%
Q2 23	$1M	19.4%
Q3 23	$1M	—
Q4 23	$1M	3.8%
Q1 24	$2M	9.8%
Q2 24	$1M	7.4%
Q3 24	$1M	4.1%
Q4 24	$1M	3.7%
Q1 25	$1M	4.5%
Q2 25	$2M	5.4%
Q3 25	$2M	4.6%

OpEx Breakdown

Quarter	G&A	S&M
Q1 23	$2M	—
Q2 23	$2M	—
Q3 23	$3M	—
Q4 23	$2M	$1M
Q1 24	$3M	$2M
Q2 24	$3M	$1M
Q3 24	$2M	$1M
Q4 24	$3M	$1M
Q1 25	$3M	$1M
Q2 25	$4M	$2M
Q3 25	$4M	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$39M	$0	$39M
Q2 23	$20M	$0	$20M
Q3 23	$11M	$0	$11M
Q4 23	$14M	$0	$14M
Q1 24	$13M	$0	$13M
Q2 24	$4M	$0	$4M
Q3 24	$35M	$0	$35M
Q4 24	$4M	$0	$4M
Q1 25	$19M	$0	$19M
Q2 25	$9M	$0	$9M
Q3 25	$22M	$0	$22M
Q4 25	$34M	$0	$34M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	23M	+49.6%
Q2 23	23M	+1.8%
Q3 23	17M	-25.3%
Q4 23	17M	+0.0%
Q1 24	17M	+0.2%
Q2 24	28M	+61.0%
Q3 24	30M	+9.6%
Q4 24	34M	+10.1%
Q1 25	36M	+7.5%
Q2 25	39M	+9.5%
Q3 25	44M	+11.1%
Q4 25	49M	+11.2%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 15	—	—
FY 16	—	—
FY 18	—	—
FY 19	—	—
FY 20	$19M	1
FY 21	$35M	1
FY 22	$40M	1
FY 23	$42M	1
FY 24	$110M	1
FY 25	$109M	1