Last 41 quarters of trend data · Real Estate · Mortgage REITs
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 11.37 | 19.56 | 17.44 | 10.28 | 896.88 | 9.30 | 9.19 | 16.98 | 24.88 | 9.27 | 8.31 | 11.35 | 47.94 | — | — | 37.04 | 4.04 | — | — | 11.81 | 6.04 |
| — | +110.3% | +89.7% | -39.5% | +3504.4% | +0.4% | +10.6% | +49.6% | -48.1% | — | — | -69.4% | +1086.0% | — | — | +213.6% | -33.1% | — | — | +26.5% | -80.3% | |
| P/S Ratio | 1.50 | 1.31 | 1.93 | 1.80 | 2.01 | 1.95 | 1.88 | 2.11 | 2.18 | 1.96 | 1.95 | 1.60 | 1.34 | 1.34 | 1.39 | 1.49 | 1.30 | 1.76 | 2.61 | 3.96 | 4.19 |
| — | -32.8% | +2.8% | -14.8% | -8.0% | -0.8% | -3.4% | +32.1% | +62.8% | +46.1% | +40.3% | +7.5% | +3.2% | -23.9% | -46.7% | -62.4% | -69.0% | -58.3% | -37.4% | +2.0% | +27.4% | |
| P/B Ratio | 0.50 | 0.47 | 0.63 | 0.58 | 0.63 | 0.62 | 0.57 | 0.60 | 0.62 | 0.62 | 0.62 | 0.54 | 0.45 | 0.46 | 0.47 | 0.43 | 0.40 | 0.41 | 0.48 | 0.66 | 0.69 |
| — | -25.0% | +10.1% | -3.7% | +2.2% | +1.0% | -8.7% | +12.6% | +37.5% | +34.2% | +32.2% | +23.8% | +13.0% | +10.9% | -2.5% | -34.2% | -42.3% | -41.0% | -33.0% | +7.7% | +24.0% | |
| P/FCF | 6.96 | 9.79 | 8.73 | 6.87 | 7.99 | 8.18 | 6.48 | 8.95 | 7.29 | 7.46 | 7.29 | 4.18 | 6.26 | 5.50 | 19.61 | 6.04 | 10.19 | 7.75 | 5.36 | 7.40 | 7.18 |
| — | +19.7% | +34.7% | -23.2% | +9.5% | +9.7% | -11.0% | +114.2% | +16.6% | +35.6% | -62.8% | -30.8% | -38.6% | -29.1% | +266.1% | -18.4% | +41.8% | +9.9% | -28.1% | -13.7% | +5.6% | |
| EV / EBITDA | 14.48 | 17.59 | 16.08 | 13.87 | 16.69 | 11.94 | 13.74 | 12.66 | 12.85 | 9.90 | 9.23 | 9.91 | 13.04 | 76.46 | 404.67 | 14.23 | 10.91 | — | 46.71 | 24.90 | 16.80 |
| — | +47.3% | +17.1% | +9.5% | +29.8% | +20.6% | +48.8% | +27.7% | -1.4% | -87.1% | -97.7% | -30.3% | +19.5% | — | +766.3% | -42.8% | -35.0% | — | +125.7% | +21.5% | -37.5% | |
| EV / EBIT | 15.32 | 17.59 | 16.08 | 14.40 | 17.45 | 12.39 | 13.00 | 13.54 | 13.80 | 10.35 | 9.75 | 10.45 | 11.95 | 86.75 | 659.00 | 14.23 | 10.91 | — | 46.71 | 24.90 | 16.80 |
| — | +42.0% | +23.7% | +6.3% | +26.4% | +19.7% | +33.3% | +29.6% | +15.5% | -88.1% | -98.5% | -26.6% | +9.5% | — | +1310.8% | -42.8% | -35.0% | — | +125.7% | +21.5% | -37.5% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.3% | 84.8% | 84.8% | 80.5% | 85.1% | 80.5% | 75.8% | 78.8% | 76.7% | 81.3% | 80.5% | 82.1% | 90.9% | 89.9% | 91.4% | 93.8% | 93.6% | 91.7% | 82.7% | 89.8% | 89.9% |
| — | +5.4% | +11.8% | +2.3% | +10.8% | -0.9% | -5.8% | -4.1% | -15.5% | -9.6% | -11.9% | -12.5% | -2.9% | -2.0% | +10.5% | +4.4% | +4.1% | +1.7% | -9.0% | -0.9% | -1.1% | |
| Operating Margin | 73.0% | 71.1% | 75.4% | 78.7% | 66.1% | 81.8% | 72.9% | 72.9% | 70.5% | 80.7% | 84.8% | 77.8% | 66.6% | 10.2% | 1.5% | 81.4% | 100.4% | -90.3% | 14.1% | 76.0% | 83.8% |
| — | -13.1% | +3.5% | +8.0% | -6.2% | +1.4% | -14.1% | -6.3% | +5.7% | +687.7% | +5723.8% | -4.5% | -33.6% | +111.3% | -89.7% | +7.2% | +19.8% | -207.4% | -84.0% | -16.8% | +43.9% | |
| Net Margin | 18.1% | 10.2% | 15.6% | 22.1% | 4.7% | 25.4% | 25.1% | 17.4% | 13.6% | 25.1% | 27.6% | 17.8% | 6.8% | -62.8% | -67.0% | 7.7% | 35.8% | -149.1% | -8.2% | 39.0% | 74.4% |
| — | -59.7% | -38.0% | +27.0% | -65.1% | +1.2% | -9.0% | -2.4% | +100.2% | +139.9% | +141.1% | +130.1% | -81.1% | +57.9% | -722.3% | -80.1% | -51.9% | -405.5% | -115.6% | -29.0% | +216.3% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.5% | 0.9% | 1.2% | 1.8% | 0.4% | 2.0% | 1.9% | 1.2% | 1.0% | 2.0% | 2.2% | 1.5% | 0.6% | -5.2% | -5.5% | 0.6% | 2.8% | -8.3% | -0.4% | 1.6% | 3.1% |
| — | -55.3% | -33.7% | +43.7% | -61.2% | +2.5% | -14.6% | -17.0% | +69.2% | +138.0% | +140.2% | +166.0% | -79.5% | +37.7% | -1364.8% | -65.4% | -10.7% | -509.9% | -116.8% | -25.3% | +212.1% | |
| ROA | 1.5% | 0.2% | 0.3% | 0.4% | 0.1% | 0.5% | 0.5% | 0.4% | 0.3% | 0.6% | 0.7% | 0.4% | 0.1% | -1.3% | -1.3% | 0.1% | 0.6% | -2.1% | -0.1% | 0.4% | 0.9% |
| — | -64.4% | -43.0% | +19.6% | -67.5% | -11.4% | -22.7% | -14.3% | +96.3% | +146.5% | +149.2% | +208.4% | -77.2% | +37.4% | -1239.8% | -69.5% | -25.0% | -467.7% | -116.1% | -29.4% | +197.1% | |
| ROIC | 4.7% | 1.0% | 1.1% | 1.2% | 1.0% | 1.4% | 1.2% | 1.2% | 1.2% | 1.6% | 1.6% | 1.5% | 1.2% | 0.2% | 0.0% | 1.1% | 1.4% | -1.0% | 0.1% | 0.7% | 0.8% |
| — | -24.8% | -9.7% | -3.9% | -16.0% | -14.5% | -26.8% | -15.9% | +3.3% | +816.8% | +6987.0% | +30.0% | -18.5% | +117.2% | -83.4% | +61.6% | +85.8% | -230.2% | -83.2% | -17.7% | +34.5% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.08 | 4.08 | 3.36 | 3.17 | 3.08 | 2.71 | 2.77 | 2.55 | 2.31 | 2.21 | 2.24 | 2.37 | 2.70 | 2.85 | 3.03 | 3.06 | 3.15 | 3.29 | 2.70 | 2.73 | 2.53 |
| — | +50.4% | +21.1% | +24.3% | +33.6% | +22.5% | +23.5% | +7.5% | -14.7% | -22.4% | -25.9% | -22.6% | -14.1% | -13.3% | +11.9% | +12.3% | +24.3% | +28.0% | +4.2% | +7.3% | +9.5% | |
| Debt / EBITDA | 12.88 | 64.08 | 55.09 | 47.99 | 56.65 | 39.85 | 47.79 | 45.72 | 43.06 | 33.34 | 31.45 | 34.49 | 47.48 | 286.37 | 1509.84 | 51.70 | 40.96 | — | 171.88 | 86.35 | 55.89 |
| — | +60.8% | +15.3% | +5.0% | +31.5% | +19.5% | +51.9% | +32.5% | -9.3% | -88.4% | -97.9% | -33.3% | +15.9% | — | +778.4% | -40.1% | -26.7% | — | +151.8% | +22.2% | -40.4% | |
| Current Ratio | 0.18 | 2.57 | 0.44 | 5.24 | 0.18 | — | 105.63 | 81.29 | — | — | 83.90 | 71.55 | 81.06 | 58.83 | 70.99 | — | 90.56 | 100.08 | 104.23 | 131.93 | 117.05 |
| — | — | -99.6% | -93.6% | — | — | +25.9% | +13.6% | — | — | +18.2% | — | -10.5% | -41.2% | -31.9% | — | -22.6% | -22.0% | -28.7% | -14.6% | +26.6% | |
| Quick Ratio | 0.18 | 2.57 | 0.44 | 5.24 | 0.18 | — | 105.63 | 81.29 | — | — | 83.90 | 71.55 | 81.06 | 58.83 | 70.99 | — | 90.56 | 100.08 | 104.23 | 131.93 | 117.05 |
| — | — | -99.6% | -93.6% | — | — | +25.9% | +13.6% | — | — | +18.2% | — | -10.5% | -41.2% | -31.9% | — | -22.6% | -22.0% | -28.7% | -14.6% | +26.6% | |
| Interest Coverage | 1.32 | 1.17 | 1.26 | 1.39 | 1.08 | 1.45 | 1.45 | 1.31 | 1.23 | 1.45 | 1.48 | 1.31 | 1.10 | 0.14 | 0.02 | 1.11 | 1.56 | -1.54 | 0.81 | 2.06 | 3.04 |
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Includes 30+ ratios · 41 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 is 11.4x. The average P/E over the last 4 quarters is 236.0x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
TPG RE Finance Trust, Inc.'s current operating margin is 73.0%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking TPG RE Finance Trust, Inc.'s business trajectory between earnings reports.