Latest Ratios: P/E Ratio 12.0x · EV/EBITDA 14.6x · ROE 5.5%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $524M | $684M | $679M | $504M | $525M | $1.0B | $814M | $1.5B | $1.2B | $1.0B | — |
| Enterprise Value | $3.7B | $3.9B | $3.1B | $3.3B | $4.4B | $4.5B | $3.9B | $5.7B | $2.8B | $1.2B | — |
| P/E Ratio → | 11.96 | 15.11 | 11.33 | — | — | 14.16 | — | 11.72 | 10.75 | 10.95 | — |
| P/S Ratio | 1.57 | 2.06 | 1.93 | 1.29 | 1.72 | 4.18 | 10.07 | 4.32 | 4.32 | 5.15 | — |
| P/B Ratio | 0.51 | 0.64 | 0.61 | 0.45 | 0.40 | 0.69 | 0.56 | 0.98 | 0.26 | 0.32 | — |
| P/FCF | 6.22 | 8.12 | 6.36 | 6.74 | 5.50 | 7.61 | 6.16 | 12.12 | 10.70 | 11.34 | — |
| P/OCF | 5.79 | 7.57 | 6.06 | 6.29 | 5.22 | 7.61 | 6.16 | 12.12 | 10.70 | 11.32 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.68 | 8.71 | 8.55 | 14.50 | 18.50 | 48.05 | 16.77 | 10.37 | 6.21 | — |
| EV / EBITDA | 14.58 | 15.21 | 10.50 | 21.48 | 43.78 | 19.82 | — | 44.19 | 11.80 | 13.18 | — |
| EV / EBIT | 15.35 | 15.56 | 11.07 | 21.00 | 43.78 | 19.82 | — | 18.98 | 11.87 | 13.18 | — |
| EV / FCF | — | 46.13 | 28.63 | 44.64 | 46.43 | 33.70 | 29.40 | 47.07 | 25.71 | 13.67 | — |
Margins and return-on-capital ratios measuring operating efficiency
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 | 79.3% | 79.3% | 80.3% | 91.5% | 90.0% | 90.4% | 72.8% | 91.1% | 90.1% | 50.2% | 48.9% |
| Operating Margin | 73.0% | 73.0% | 78.7% | 38.9% | 28.8% | 86.8% | -36.2% | 37.1% | 87.4% | 47.1% | 45.4% |
| Net Profit Margin | 18.1% | 18.1% | 21.2% | -29.9% | -19.6% | 57.6% | -169.3% | 37.0% | 40.1% | 47.0% | 45.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.5% | 5.5% | 6.6% | -9.5% | -4.3% | 9.5% | -9.2% | 4.3% | 2.8% | 3.3% | 4.3% |
| ROA | 1.5% | 1.5% | 1.9% | -2.4% | -1.1% | 2.7% | -2.5% | 2.4% | 2.7% | 3.1% | 2.9% |
| ROIC | 4.7% | 4.7% | 5.6% | 2.5% | 1.3% | 3.3% | -0.4% | 1.6% | 3.7% | 1.9% | 1.7% |
| ROCE | 7.1% | 7.1% | 7.0% | 3.1% | 1.7% | 4.2% | -0.5% | 2.7% | 9.5% | 4.6% | 2.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.08 | 3.08 | 2.31 | 2.70 | 3.15 | 2.53 | 2.31 | 2.88 | 0.37 | 0.09 | 0.66 |
| Debt / EBITDA | 12.88 | 12.88 | 8.82 | 19.56 | 41.10 | 16.50 | — | 33.42 | 7.06 | 3.05 | 23.76 |
| Net Debt / Equity | — | 3.00 | 2.14 | 2.52 | 2.95 | 2.35 | 2.09 | 2.83 | 0.36 | 0.07 | 0.62 |
| Net Debt / EBITDA | 12.53 | 12.53 | 8.17 | 18.23 | 38.59 | 15.34 | — | 32.81 | 6.89 | 2.25 | 22.28 |
| Debt / FCF | — | 38.00 | 22.27 | 37.89 | 40.93 | 26.08 | 23.24 | 34.95 | 15.01 | 2.34 | 18.30 |
| Interest Coverage | 1.32 | 1.32 | 1.37 | 0.58 | 0.63 | 2.64 | -0.27 | 1.73 | 1.85 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.18 | 0.18 | — | — | 90.56 | 117.05 | 92.47 | 92.85 | 0.12 | 0.10 | 52.47 |
| Quick Ratio | 0.18 | 0.18 | — | — | 90.56 | 117.05 | 92.47 | 92.85 | 0.12 | 0.10 | 969.43 |
| Cash Ratio | 0.13 | 0.13 | — | — | 4.15 | 5.92 | 6.15 | 1.44 | 0.04 | 0.04 | 35.48 |
| Asset Turnover | — | 0.08 | 0.09 | 0.09 | 0.06 | 0.05 | 0.02 | 0.06 | 0.06 | 0.06 | 0.06 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 14.5% | 11.5% | 11.5% | 15.0% | 15.3% | 7.9% | 11.9% | 8.5% | 9.0% | 7.8% | — |
| Payout Ratio | 130.1% | 130.1% | 104.7% | — | — | 57.1% | — | 98.6% | 96.5% | 85.1% | 104.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.4% | 6.6% | 8.8% | — | — | 7.1% | — | 8.5% | 9.3% | 9.1% | — |
| FCF Yield | 16.1% | 12.3% | 15.7% | 14.8% | 18.2% | 13.1% | 16.2% | 8.3% | 9.3% | 8.8% | — |
| Buyback Yield | 4.8% | 3.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% | 1.3% | — |
| Total Shareholder Yield | 19.3% | 15.2% | 11.5% | 15.0% | 15.3% | 7.9% | 11.9% | 8.5% | 9.7% | 9.1% | — |
| Shares Outstanding | — | $79M | $80M | $78M | $77M | $82M | $77M | $73M | $63M | $54M | $61M |
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying TRTX stock.
TPG RE Finance Trust, Inc.'s current P/E ratio is 12.0x. The historical average is 12.3x. This places it at the 67th percentile of its historical range.
TPG RE Finance Trust, Inc.'s current EV/EBITDA is 14.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.5x.
TPG RE Finance Trust, Inc.'s return on equity (ROE) is 5.5%. The historical average is 2.0%.
Based on historical data, TPG RE Finance Trust, Inc. is trading at a P/E of 12.0x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TPG RE Finance Trust, Inc.'s current dividend yield is 14.49% with a payout ratio of 130.1%.
TPG RE Finance Trust, Inc. has 79.3% gross margin and 73.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
TPG RE Finance Trust, Inc.'s Debt/EBITDA ratio is 12.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Dividend exceeds distributable cash flow
Metrics are mathematically derived from official filings.
Valuation Discount Reflects Structural Risk
TRTX trades at a P/E of 13.56 and a P/B of 0.57, a significant discount to book value that appears to price in the severe FFO contraction and dividend sustainability concerns evident in recent quarters.
The P/B ratio of 0.57 suggests the market is valuing TRTX's assets at a steep discount to their reported carrying value, likely reflecting skepticism about the quality of the underlying mortgage portfolio and the sustainability of its income stream. The implied cap rate, calculated as NOI divided by enterprise value, is not directly calculable from the provided data, but the low P/B and high dividend yield of 12.8% indicate the market demands a high return for the perceived risk. This valuation appears to be pricing in a significant haircut to the asset base or a restructuring of the capital structure.
FFO Collapse Signals Portfolio Runoff
FFO per share declined 35.8% quarter-over-quarter to $0.20 in 2026Q2, a severe contraction that suggests the mortgage REIT's core earning power is deteriorating rapidly as its portfolio shrinks.
The dramatic FFO decline, coupled with the 87.4% revenue collapse noted in prior analysis, indicates TRTX is not generating growth from acquisitions but is instead experiencing a significant runoff of its mortgage assets. The NOI margin of 100% in 2026Q2 is a mathematical artifact of the near-zero revenue base and does not signal operational efficiency. This pattern suggests the company's profitability is entirely dependent on its ability to redeploy capital from maturing or sold loans, a process that appears to be failing.
Payout Ratio Signals Dividend Vulnerability
The FFO payout ratio surged to 122.1% in 2026Q2, indicating TRTX is distributing more cash than it generates from operations, a practice that appears unsustainable without external funding sources.
A payout ratio exceeding 100% means the dividend is not covered by core earnings, forcing the company to fund the gap through asset sales, debt, or equity issuances. The AFFO payout ratio, while not explicitly provided, is likely even more strained given the FFO shortfall. This trend, consistent over multiple quarters, suggests the dividend is at risk of a cut unless the company can stabilize its FFO generation or significantly reduce the distribution.
Leverage Escalates on Shrinking Equity
TRTX's debt-to-equity ratio has expanded to 3.36x in 2026Q2 from 2.31x in 2024Q4, a 45% increase that suggests the company is leveraging a stagnant equity base to maintain its portfolio.
The rising leverage ratio, combined with a thin cash position of $65.6M against $3.5B in total debt, indicates significant refinancing risk as debt maturities approach. The interest coverage ratio of 1.26x in 2026Q2 is dangerously low, suggesting the company's operating income barely covers its interest obligations. This leverage profile appears precarious, especially in a rising rate environment, and warrants close monitoring of the debt maturity schedule and the company's access to capital markets.
Occupancy and Efficiency Metrics Unavailable
Key portfolio quality metrics such as occupancy rate and G&A cost efficiency are not provided in the data, preventing a direct assessment of TRTX's operational health and property-level performance.
As a mortgage REIT, TRTX's portfolio quality is primarily reflected in the credit performance and valuation of its loan assets, not in physical occupancy rates. The absence of these metrics means investors must rely on indirect indicators like FFO trends and leverage ratios to gauge portfolio health. The severe FFO contraction and rising leverage suggest underlying asset quality may be deteriorating, but a definitive assessment requires data on loan delinquencies, loss severity, and the composition of the mortgage portfolio.
P/E Ratio Misleads on REIT Earnings
The P/E ratio of 13.56 is the most commonly misapplied metric to TRTX, as it is distorted by significant non-cash depreciation and amortization charges that depress GAAP net income relative to the REIT's cash-based FFO.
For REITs, the P/E ratio is misleading because it includes depreciation, a non-cash expense that does not reflect the economic reality of mortgage asset performance. The FFO/NI ratio reaching 6.20 in 2025Q4 demonstrates this distortion. The correct metric is P/FFO, which is not provided in the data, but the available P/E should be ignored. Investors should instead focus on the FFO payout ratio and leverage metrics to assess TRTX's financial health and valuation.