TPG RE Finance Trust, Inc. (TRTX) Financial Ratios
11 years of historical data (2015–2025) · Real Estate · REIT - Mortgage
EV/EBITDA
↓
15.13
↓-32% vs avg
5yr avg: 22.22
30Y Low4.9·High40.7
P/FCF
↓
7.36
+10% vs avg
5yr avg: 6.71
30Y Low5.5·High12.7
P/B Ratio
↓
0.64
+16% vs avg
5yr avg: 0.55
30Y Low0.3·High1.0
ROE
↓
5.5%
↓+255% vs avg
5yr avg: 1.6%
30Y Low-10%·High9%
Debt/EBITDA
↓
12.88
↓-32% vs avg
5yr avg: 19.07
30Y Low1.0·High34.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
TRTX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
TPG RE Finance Trust, Inc. trades at 15.1x earnings, 12% above its 5-year average of 13.4x, sitting at the 83rd percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a discount of 37%. On a free-cash-flow basis, the stock trades at 7.4x P/FCF, 10% above the 5-year average of 6.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $665M | $684M | $661M | $504M | $520M | $1.0B | $814M | $1.5B | $1.2B | $1.2B | — |
| Enterprise Value | $3.9B | $3.9B | $3.0B | $3.3B | $4.4B | $4.5B | $3.9B | $5.7B | $2.8B | $1.4B | — |
| P/E Ratio → | 15.09 | 15.11 | 11.04 | — | — | 14.16 | — | 11.65 | 10.75 | 12.21 | — |
| P/S Ratio | 2.00 | 2.06 | 4.44 | — | 1.70 | 4.18 | 10.07 | 8.94 | 8.34 | 9.68 | — |
| P/B Ratio | 0.64 | 0.64 | 0.59 | 0.45 | 0.39 | 0.69 | 0.56 | 0.98 | 0.26 | 0.36 | — |
| P/FCF | 7.36 | 7.57 | 6.19 | 6.74 | 5.45 | 7.61 | 6.16 | 12.12 | 10.70 | 12.68 | — |
| P/OCF | 7.36 | 7.57 | 5.89 | 6.29 | 5.18 | 7.61 | 6.16 | 12.12 | 10.70 | 12.67 | — |
P/E links to full P/E history page with 30-year chart
TRTX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
TPG RE Finance Trust, Inc.'s enterprise value stands at 15.1x EBITDA, 32% below its 5-year average of 22.2x. The Real Estate sector median is 17.0x, placing the stock at a 11% discount 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 | — | 11.68 | 20.40 | — | 14.48 | 18.50 | 48.05 | 34.73 | 20.03 | 11.47 | — |
| EV / EBITDA | 15.13 | 15.21 | 40.67 | — | 14.48 | 18.50 | — | 16.77 | 7.05 | 4.90 | — |
| EV / EBIT | 15.93 | 15.56 | — | — | 50.35 | 21.32 | — | 45.13 | 25.80 | 14.47 | — |
| EV / FCF | — | 42.99 | 28.46 | 44.64 | 46.39 | 33.70 | 29.40 | 47.07 | 25.71 | 15.02 | — |
TRTX Profitability
Margins and return-on-capital ratios measuring operating efficiency
TPG RE Finance Trust, Inc. earns an operating margin of 73.0%, significantly above the Real Estate sector average of 24.8%. Operating margins have compressed from 167.8% to 73.0% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 5.5% is modest. ROIC of 4.7% 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 | 79.3% | 79.3% | 76.1% | 110.2% | 46.8% | 90.4% | 72.8% | 81.5% | 80.9% | 16.2% | 11.4% |
| Operating Margin | 73.0% | 73.0% | 50.2% | 167.8% | 28.8% | 86.8% | -36.2% | 77.0% | 168.8% | 144.9% | 148.3% |
| Net Profit Margin | 18.1% | 18.1% | 49.9% | 158.6% | -19.6% | 57.6% | -169.3% | 76.6% | 77.4% | 79.1% | 78.8% |
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 | 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% | 1.5% | -2.0% | 1.3% | 3.3% | -0.4% | 1.6% | 3.7% | 3.4% | 3.3% |
| ROCE | 7.1% | 7.1% | 1.9% | -2.5% | 1.7% | 4.2% | -0.5% | 2.7% | 9.5% | 8.3% | 5.5% |
TRTX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
TPG RE Finance Trust, Inc. carries a Debt/EBITDA ratio of 12.9x, which is highly leveraged (63% above the sector average of 7.9x). Net debt stands at $3.2B ($3.3B total debt minus $88M cash). Interest coverage of just 1.3x 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 | 3.08 | 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 | 34.37 | — | 13.61 | 15.40 | — | 12.68 | 4.21 | 1.03 | 7.71 |
| 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 | 31.83 | — | 12.78 | 14.32 | — | 12.45 | 4.11 | 0.76 | 7.23 |
| Debt / FCF | — | 35.42 | 22.27 | 37.89 | 40.93 | 26.08 | 23.24 | 34.95 | 15.01 | 2.34 | 18.30 |
| Interest Coverage | 1.32 | 1.32 | 0.38 | -0.45 | 0.55 | 2.46 | -0.27 | 0.73 | 0.85 | 1.21 | 1.13 |
TRTX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.18x is below 1.0, meaning current liabilities exceed current assets.
| 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 | 0.04 | -0.02 | 0.06 | 0.05 | 0.02 | 0.03 | 0.03 | 0.04 | 0.03 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
TRTX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
TPG RE Finance Trust, Inc. returns 17.1% to shareholders annually — split between a 13.3% dividend yield and 3.8% buyback yield. The payout ratio exceeds 100% at 151.0%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 6.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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 | 13.3% | 13.3% | 11.8% | 15.0% | 15.4% | 7.9% | 11.9% | 8.5% | 9.0% | 7.0% | — |
| Payout Ratio | 151.0% | 151.0% | 104.7% | — | — | 57.1% | — | 98.6% | 96.5% | 85.1% | 104.5% |
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 | 6.6% | 6.6% | 9.1% | — | — | 7.1% | — | 8.6% | 9.3% | 8.2% | — |
| FCF Yield | 13.6% | 13.2% | 16.2% | 14.8% | 18.3% | 13.1% | 16.2% | 8.3% | 9.3% | 7.9% | — |
| Buyback Yield | 3.8% | 3.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% | 1.2% | — |
| Total Shareholder Yield | 17.1% | 17.0% | 11.8% | 15.0% | 15.4% | 7.9% | 11.9% | 8.5% | 9.7% | 8.2% | — |
| Shares Outstanding | — | $79M | $78M | $78M | $77M | $82M | $77M | $73M | $63M | $61M | $61M |
Peer Comparison
Compare TRTX 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 |
|---|---|---|---|---|---|---|---|---|---|
 TRTXYou | $665M | 15.1 | 15.1 | 7.4 | 79.3% | 73.0% | 5.5% | 4.7% | 12.9 |
 BXMT | $3B | 28.3 | 16.2 | 11.1 | 76.9% | 71.6% | 3.0% | 4.3% | 14.0 |
 KREF | $454M | -6.7 | 18.5 | 6.8 | 88.3% | 59.3% | -3.6% | 3.4% | 17.1 |
 ACRE | $256M | -281.7 | 18.2 | 13.0 | 57.4% | 72.4% | -0.2% | 2.9% | 14.9 |
 RC | $289M | -1.2 | 47.7 | — | 87.7% | 24.2% | -12.8% | 1.2% | 47.4 |
 GPMT | $63M | -1.1 | 20.6 | 23.7 | 83.0% | 43.6% | -7.0% | 2.6% | 20.6 |
 BRSP | $722M | -21.3 | 18.7 | 9.9 | 49.6% | 39.5% | -3.2% | 3.0% | 14.8 |
 LADR | $1B | 20.0 | 17.2 | 14.9 | 71.8% | 62.0% | 4.3% | 4.4% | 12.7 |
 ARI | $1B | 13.4 | 19.4 | 34.0 | 80.1% | 65.4% | 6.8% | 4.0% | 16.7 |
 FBRT | $649M | 13.2 | 48.5 | 2.2 | — | — | 5.4% | 1.2% | 43.6 |
 STWD | $6B | 13.7 | 18.3 | 8.7 | 80.5% | 76.2% | 5.6% | 4.8% | 14.6 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 11 years · Updated daily
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TRTX — Frequently Asked Questions
Quick answers to the most common questions about buying TRTX stock.
What is TPG RE Finance Trust, Inc.'s P/E ratio?
TPG RE Finance Trust, Inc.'s current P/E ratio is 15.1x. The historical average is 12.5x. This places it at the 83th percentile of its historical range.
What is TPG RE Finance Trust, Inc.'s EV/EBITDA?
TPG RE Finance Trust, Inc.'s current EV/EBITDA is 15.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.8x.
What is TPG RE Finance Trust, Inc.'s ROE?
TPG RE Finance Trust, Inc.'s return on equity (ROE) is 5.5%. The historical average is 2.0%.
Is TRTX stock overvalued?
Based on historical data, TPG RE Finance Trust, Inc. is trading at a P/E of 15.1x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is TPG RE Finance Trust, Inc.'s dividend yield?
TPG RE Finance Trust, Inc.'s current dividend yield is 13.33% with a payout ratio of 151.0%.
What are TPG RE Finance Trust, Inc.'s profit margins?
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.
How much debt does TPG RE Finance Trust, Inc. have?
TPG RE Finance Trust, Inc.'s Debt/EBITDA ratio is 12.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.