KKR Real Estate Finance Trust Inc. (KREF) P/E Ratio History
Deep ValueTrading at -5.8x · 0th percentile of 5-year range · Significant discount to historical valuation · Data 2017–2025
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P/E Ratio Analysis
As of September 24, 2026, KKR Real Estate Finance Trust Inc. (KREF) trades at a price-to-earnings ratio of -5.8x, with a stock price of $6.06 and trailing twelve-month earnings per share of $-2.96.
The current P/E is 130% below its 5-year average of 19.0x. Over the past five years, KREF's P/E has ranged from a low of 7.9x to a high of 67.5x, placing the current valuation at the 0th percentile of its historical range.
Compared to the Real Estate sector median P/E of 22.2x, KREF trades at a 126% discount to its sector peers. The sector includes 175 companies with P/E ratios ranging from 0.0x to 184.4x.
Relative to the broader market, KREF trades at a notable discount to the S&P 500 median P/E of 25.3x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our KREF DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
KREF Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
KREF P/E vs Peers
Commercial mortgage loan REITs peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $2B | 19.6 | - | +155% | |
| $5B | 12.0 | 11.89 | +9% | |
| $524M | 12.0 | - | -24% | |
| $820M | 7.7Lowest | 0.05Best | +184%Best | |
| $620M | 11.7 | - | -22% | |
| $1B | 17.8 | - | -41% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
KREF Historical P/E Data (2017–2025)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2025 Q1 | Mar 31 2025 | $10.80 | $0.16 | 67.5x | +264% |
| FY2024 Q4 | - | $10.10 | $0.26 | 38.7x | +109% |
| FY2024 Q2 | Jun 30 2024 | $9.05 | $0.36 | 25.1x | +35% |
| FY2022 Q4 | Dec 31 2022 | $13.96 | $0.47 | 29.7x | +60% |
| FY2022 Q3 | Sep 30 2022 | $16.25 | $0.94 | 17.3x | -7% |
| FY2022 Q2 | - | $17.45 | $2.20 | 7.9x | -57% |
| FY2022 Q1 | - | $20.61 | $2.39 | 8.6x | -54% |
| FY2021 Q4 | Dec 31 2021 | $20.83 | $2.42 | 8.6x | -54% |
| FY2021 Q3 | - | $21.10 | $2.26 | 9.3x | -50% |
| FY2021 Q2 | Jun 30 2021 | $21.63 | $2.18 | 9.9x | -47% |
| FY2021 Q1 | Mar 31 2021 | $18.39 | $2.14 | 8.6x | -54% |
| FY2020 Q4 | - | $17.92 | $1.00 | 17.9x | -3% |
| FY2020 Q3 | Sep 30 2020 | $16.53 | $0.91 | 18.2x | -2% |
| FY2020 Q2 | - | $16.58 | $0.76 | 21.8x | +18% |
| FY2020 Q1 | - | $15.01 | $0.54 | 27.8x | +50% |
| FY2019 Q4 | - | $20.42 | $1.56 | 13.1x | -29% |
| FY2019 Q3 | Sep 30 2019 | $19.53 | $1.50 | 13.0x | -30% |
| FY2019 Q2 | Jun 30 2019 | $19.92 | $1.47 | 13.6x | -27% |
| FY2019 Q1 | Mar 31 2019 | $20.02 | $1.62 | 12.4x | -33% |
| FY2018 Q4 | Dec 31 2018 | $19.15 | $1.64 | 11.7x | -37% |
| FY2018 Q3 | Sep 30 2018 | $20.17 | $1.59 | 12.7x | -32% |
| FY2018 Q2 | Jun 30 2018 | $19.78 | $1.53 | 12.9x | -30% |
| FY2018 Q1 | Mar 31 2018 | $20.06 | $1.38 | 14.5x | -22% |
| FY2017 Q4 | Dec 31 2017 | $20.01 | $1.14 | 17.6x | -5% |
| FY2017 Q3 | Sep 30 2017 | $21.04 | $1.04 | 20.2x | +9% |
| FY2017 Q2 | Jun 30 2017 | $21.50 | $0.91 | 23.6x | +27% |
Average P/E for displayed period: 18.5x
KREF Chart Terminal
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Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
9+ years return with dividends reinvested.
Peer Comparison
Compare growth, multiples, and margins vs sector.
KREF — Frequently Asked Questions
Quick answers to the most common questions about buying KREF stock.
What is KREF's P/E ratio?
KKR Real Estate Finance Trust Inc. (KREF) trailing twelve-month P/E ratio is -5.8x, based on TTM diluted EPS of $-2.96. The 5-year average P/E is 19.0x and the historical range spans 7.9x to 67.5x.
Is KREF stock overvalued or undervalued?
KREF trades at -5.8x P/E, below its 5-year average of 19.0x. At the 0th percentile of its historical range (7.9x–67.5x), the stock is priced at a discount to its own history.
Is KREF stock expensive?
No, KREF is not expensive on a historical basis. The current P/E of -5.8x is below the 5-year average of 19.0x and sits at the 0th percentile of its valuation range.
What is KREF's historical P/E range?
Over the past 5 years, KREF's P/E ratio has ranged from 7.9x to 67.5x, with a median of 13.6x and an average of 19.0x. The current P/E of -5.8x places the stock at the 0th percentile of this range. Full historical data spans 2017–2025.
How does KREF's P/E compare to the S&P 500?
KREF trades at -5.8x P/E versus the S&P 500 median of 25.3x. The 123% discount to the market suggests lower growth expectations or perceived higher risk.
How does KREF's valuation compare to Real Estate peers?
KKR Real Estate Finance Trust Inc. P/E of -5.8x compares to the Real Estate sector median of 22.2x. The discount suggests lower growth expectations, weaker margins, or higher perceived risk relative to peers. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is KREF's PEG ratio?
KREF PEG ratio is N/A, based on a P/E of -5.8x and EPS growth of -652.6%. PEG normalises P/E by growth and helps compare stocks with different earnings trajectories.
What is KREF's earnings yield?
KREF earnings yield is N/A, the inverse of its -5.8x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.