TPG RE Finance Trust (TRTX) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

TPG RE Finance Trust

NYSE•Real Estate•REIT - Mortgage

$6.81-0.02(<0.01%)Pre-market

Market Cap

$519.83M

P/E

11.4x

P/S

1.5x

P/B

0.5x

TPG RE Finance Trust, Inc., a commercial real estate finance company, originates and acquires a portfolio of commercial real estate-related assets in the United States. It engages in directly originating and selectively acquiring first mortgage loans secured by commercial real estate properties; and invests in other commercial real estate-related debt instruments, including subordinate mortgage interests, mezzanine loans, secured real estate securities, note financing, preferred equity, and miscellaneous debt instruments. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. TPG RE Finance Trust, Inc. was incorporated in 2014 and is based in New York, New York.

How this company scores

WeakMetricSide Score: 48/100

Grade capped at D — Interest coverage below 1× (0.3x) — earnings cannot cover interest. Strongest: Cash & Earnings Quality (18/25); weakest: Balance Sheet & Red Flags (8/25).

Profitability10/25

Growth12/25

Balance Sheet & Red Flags8/25

Cash & Earnings Quality18/25

Strengths

Strong marginsCash-backed earningsConsistent free cash flowNet cash position

Grade capped at D

Interest coverage below 1× (0.3x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 11.4x5y range 6.8x – 11.4x

Currently near its 12-quarter median.

P/S · 1.5x5y range 1.3x – 3.9x

Currently near its 20-quarter median.

P/B · 0.5x5y range 0.4x – 0.6x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Leverage Risk

Red Flag

D/E ratio is 3.2 — heavily leveraged and vulnerable to rising rates or cash flow dips.

Price & Volume

Market Cap $519.83M

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $345.76M
Q. Revenue: $91.58M
TTM EBITDA: $79.21M
TTM Op. Income: $68.94M
Q. Op. Income: $18.04M
TTM Net Income: $45.41M
Q. Net Income: $9.37M
EPS: $0.08
Shares Out.: $76.33M

$345.76M in TTM revenue grew 5.5% YoY, reaching $91.58M last quarter. TTM EBITDA of $79.21M and TTM operating income of $68.94M show growth is flowing through to the bottom line. TTM net income of $45.41M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 4 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 22.4%
Op. Margin: 19.7%
Net Margin: 10.2%

Op. margin of 19.7% is down 2.8% YoY — costs are rising relative to revenue. Net margin at 10.2% Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 11.4x
P/S Ratio: 1.5x
P/B Ratio: 0.5x

At 11.4x P/E, the stock trades below typical market levels. P/S of 1.5x and P/B of 0.5x provide additional context. P/E sits below typical market levels while revenue is growing. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $5.24B
Cash: $70.83M
Long-Term Debt: N/A
Book Value: $1.02B
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $14.39M
TTM Free Cash Flow: $74.50M
FCF Margin: 21.5%
FCF / Net Income: 1.6

TTM FCF of $74.50M on $14.39M in operating cash flow. The FCF / Net Income ratio of 1.6x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.