KKR Real Estate Finance Trust Inc. (KREF) Financial Ratios
12 years of historical data (2014–2025) · Real Estate · REIT - Mortgage
EV/EBITDA
↓
18.35
-5% vs avg
5yr avg: 19.35
30Y Low12.3·High85.3
P/FCF
↓
6.33
↓-12% vs avg
5yr avg: 7.21
30Y Low5.6·High16.9
P/B Ratio
↓
0.36
↓-42% vs avg
5yr avg: 0.61
30Y Low0.4·High1.0
ROE
↓
-3.6%
↑-265% vs avg
5yr avg: 2.2%
30Y Low-13%·High11%
Debt/EBITDA
↓
17.11
↓-0% vs avg
5yr avg: 17.15
30Y Low11.0·High22.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
KREF Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
KKR Real Estate Finance Trust Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 6.3x P/FCF, 12% below the 5-year average of 7.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $422M | $549M | $701M | $915M | $943M | $1.2B | $1.0B | $1.2B | $1.1B | $907M | — |
| Enterprise Value | $5.0B | $5.2B | $5.5B | $6.8B | $6.9B | $6.2B | $4.7B | $4.9B | $4.9B | $7.0B | — |
| P/E Ratio → | -6.26 | — | 53.16 | — | 60.70 | 9.43 | 18.67 | 13.01 | 11.75 | 15.39 | — |
| P/S Ratio | 0.92 | 1.20 | 1.18 | 1.39 | 2.16 | 4.14 | 3.72 | 4.26 | 5.34 | 10.78 | — |
| P/B Ratio | 0.36 | 0.45 | 0.50 | 0.65 | 0.60 | 0.87 | 0.96 | 1.05 | 0.93 | 0.85 | — |
| P/FCF | 6.33 | 8.23 | 5.63 | 5.95 | 6.76 | 9.48 | 8.73 | 12.81 | 13.75 | 16.86 | — |
| P/OCF | 5.84 | 7.60 | 5.29 | 5.88 | 6.68 | 9.48 | 8.73 | 12.81 | 13.75 | 16.86 | — |
P/E links to full P/E history page with 30-year chart
KREF EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
KKR Real Estate Finance Trust Inc.'s enterprise value stands at 18.3x EBITDA, 5% below its 5-year average of 19.4x. The Real Estate sector median is 16.7x, placing the stock at a 10% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.26 | 9.27 | 10.36 | 15.73 | 21.72 | 17.44 | 17.89 | 24.94 | 83.52 | — |
| EV / EBITDA | 18.35 | 18.81 | 12.29 | 15.99 | 25.09 | 24.60 | 25.85 | 19.79 | 28.26 | 85.25 | — |
| EV / EBIT | 18.52 | 18.94 | 12.28 | 15.99 | 25.09 | 24.60 | 25.85 | 19.79 | 28.26 | 85.25 | — |
| EV / FCF | — | 77.33 | 44.15 | 44.45 | 49.24 | 49.73 | 40.91 | 53.80 | 64.29 | 130.58 | — |
KREF Profitability
Margins and return-on-capital ratios measuring operating efficiency
KKR Real Estate Finance Trust Inc. earns an operating margin of 59.3%, significantly above the Real Estate sector average of 25.0%. Operating margins have compressed from 64.6% to 59.3% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -3.6% indicates the company is currently destroying shareholder equity. ROIC of 3.4% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 88.3% | 88.3% | 91.6% | 94.0% | 91.4% | 89.6% | 91.2% | 92.6% | 89.3% | 84.0% | 81.0% |
| Operating Margin | 59.3% | 59.3% | 75.3% | 64.6% | 61.6% | 86.1% | 67.3% | 88.8% | 86.7% | 71.7% | 98.4% |
| Net Profit Margin | -10.3% | -10.3% | 6.0% | -4.7% | 8.7% | 48.0% | 20.2% | 32.6% | 45.3% | 70.2% | 93.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.6% | -3.6% | 2.5% | -2.1% | 2.6% | 11.4% | 5.0% | 8.0% | 8.2% | 7.5% | 7.8% |
| ROA | -0.7% | -0.7% | 0.5% | -0.4% | 0.5% | 2.4% | 1.1% | 1.7% | 1.4% | 0.9% | 0.6% |
| ROIC | 3.4% | 3.4% | 4.9% | 4.3% | 2.9% | 3.3% | 2.8% | 3.7% | 2.1% | 0.7% | 0.5% |
| ROCE | 4.5% | 4.5% | 7.6% | 6.5% | 4.3% | 5.4% | 4.3% | 5.4% | 2.9% | 0.9% | 0.6% |
KREF Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
KKR Real Estate Finance Trust Inc. carries a Debt/EBITDA ratio of 17.1x, which is highly leveraged (119% above the sector average of 7.8x). Net debt stands at $4.6B ($4.7B total debt minus $85M cash). Interest coverage of just 0.8x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.83 | 3.83 | 3.50 | 4.32 | 3.92 | 3.89 | 3.65 | 3.41 | 3.50 | 5.85 | 11.32 |
| Debt / EBITDA | 17.11 | 17.11 | 10.96 | 14.16 | 22.52 | 20.99 | 20.94 | 15.35 | 22.71 | 75.50 | 143.61 |
| Net Debt / Equity | — | 3.76 | 3.43 | 4.22 | 3.77 | 3.69 | 3.54 | 3.35 | 3.42 | 5.75 | 11.13 |
| Net Debt / EBITDA | 16.81 | 16.81 | 10.73 | 13.85 | 21.64 | 19.91 | 20.33 | 15.07 | 22.22 | 74.25 | 141.20 |
| Debt / FCF | — | 69.10 | 38.52 | 38.50 | 42.48 | 40.25 | 32.18 | 40.99 | 50.54 | 113.72 | 226.70 |
| Interest Coverage | 0.84 | 0.84 | 1.08 | 0.93 | 1.16 | 2.20 | 1.43 | 1.57 | 2.06 | 3.88 | 5.39 |
KREF Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.32x is below 1.0, meaning current liabilities exceed current assets. The current ratio has improved from 0.10x to 0.32x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.32 | 0.32 | 0.38 | 0.10 | 0.55 | 0.18 | 0.14 | 0.11 | 0.28 | — | — |
| Quick Ratio | 0.32 | 0.32 | 0.38 | 0.10 | 0.55 | 0.18 | 0.14 | 0.11 | 0.28 | — | — |
| Cash Ratio | 0.25 | 0.25 | 0.30 | 0.08 | 0.47 | 0.17 | 0.12 | 0.09 | 0.24 | — | — |
| Asset Turnover | — | 0.07 | 0.09 | 0.09 | 0.06 | 0.04 | 0.05 | 0.05 | 0.04 | 0.01 | 0.01 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
KREF Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
KKR Real Estate Finance Trust Inc. returns 25.5% to shareholders annually — split between a 15.2% dividend yield and 10.3% buyback yield.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 15.2% | 12.2% | 11.7% | 13.0% | 12.2% | 8.1% | 9.6% | 8.4% | 8.4% | 5.6% | — |
| Payout Ratio | — | — | 229.8% | — | 302.8% | 69.7% | 177.3% | 110.0% | 99.0% | 85.6% | 70.3% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 1.9% | — | 1.6% | 10.6% | 5.4% | 7.7% | 8.5% | 6.5% | — |
| FCF Yield | 15.8% | 12.1% | 17.8% | 16.8% | 14.8% | 10.6% | 11.5% | 7.8% | 7.3% | 5.9% | — |
| Buyback Yield | 10.3% | 7.9% | 1.4% | 0.0% | 3.8% | 0.0% | 2.5% | 0.3% | 3.0% | 0.1% | — |
| Total Shareholder Yield | 25.5% | 20.1% | 13.1% | 13.0% | 16.0% | 8.1% | 12.1% | 8.8% | 11.4% | 5.6% | — |
| Shares Outstanding | — | $67M | $69M | $69M | $68M | $57M | $56M | $58M | $55M | $45M | $52M |
Peer Comparison
Compare KREF with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 KREFYou | $422M | -6.3 | 18.3 | 6.3 | 88.3% | 59.3% | -3.6% | 3.4% | 17.1 |
 BXMT | $3B | 30.1 | 16.4 | 11.8 | 76.9% | 71.6% | 3.0% | 4.3% | 14.0 |
 STWD | $7B | 15.0 | 18.9 | 7.1 | 80.5% | 76.2% | 5.6% | 4.8% | 14.7 |
 RC | $330M | -0.8 | — | — | 100.0% | — | -19.0% | — | — |
 GPMT | $71M | -1.3 | 20.7 | 26.6 | 83.0% | 43.6% | -7.0% | 2.6% | 20.6 |
 TRTX | $664M | 15.1 | 15.1 | 7.3 | 79.3% | 73.0% | 5.5% | 4.7% | 12.9 |
 ARI | $1B | 13.5 | 19.4 | 34.4 | 80.1% | 65.4% | 6.8% | 4.0% | 16.7 |
 BRSP | $775M | -22.9 | 19.0 | 10.6 | 49.6% | 39.5% | -3.2% | 3.0% | 14.8 |
 ACRE | $287M | -318.3 | 18.6 | 13.5 | 67.2% | 72.4% | -0.2% | 2.9% | 14.9 |
 FBRT | $705M | 14.3 | 49.1 | 2.4 | — | — | 5.4% | 1.2% | 43.6 |
 LADR | $1B | 20.2 | 17.3 | 15.0 | 71.8% | 62.0% | 4.3% | 4.4% | 12.7 |
| Real Estate Median | — | 24.3 | 16.7 | 15.7 | 50.7% | 25.0% | 3.5% | 2.6% | 7.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 12 years · Updated daily
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Start ComparisonKREF — Frequently Asked Questions
Quick answers to the most common questions about buying KREF stock.
What is KKR Real Estate Finance Trust Inc.'s P/E ratio?
KKR Real Estate Finance Trust Inc.'s current P/E ratio is -6.3x. The historical average is 26.0x.
What is KKR Real Estate Finance Trust Inc.'s EV/EBITDA?
KKR Real Estate Finance Trust Inc.'s current EV/EBITDA is 18.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 28.4x.
What is KKR Real Estate Finance Trust Inc.'s ROE?
KKR Real Estate Finance Trust Inc.'s return on equity (ROE) is -3.6%. The historical average is 3.8%.
Is KREF stock overvalued?
Based on historical data, KKR Real Estate Finance Trust Inc. is trading at a P/E of -6.3x. Compare with industry peers and growth rates for a complete picture.
What is KKR Real Estate Finance Trust Inc.'s dividend yield?
KKR Real Estate Finance Trust Inc.'s current dividend yield is 15.23%.
What are KKR Real Estate Finance Trust Inc.'s profit margins?
KKR Real Estate Finance Trust Inc. has 88.3% gross margin and 59.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does KKR Real Estate Finance Trust Inc. have?
KKR Real Estate Finance Trust Inc.'s Debt/EBITDA ratio is 17.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.