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

$7.89+0.04(0.01%)Market closed

Market Cap

$561.65M

P/E

9.7x

P/S

1.6x

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: 49/100

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).

Profitability12/25

Growth11/25

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 · 9.7x5y range 6.8x – 11.2x

Currently near its 12-quarter median.

P/S · 1.6x5y range 1.3x – 4.0x

Currently near its 20-quarter median.

P/B · 0.5x5y range 0.4x – 0.7x

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.

Revenue Decline

Watch

Revenue has softened, declining in 4 quarters. Watch for further erosion.

Price & Volume

Market Cap $561.65M

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $340.84M
Q. Revenue: $84.39M
TTM EBITDA: $80.90M
TTM Op. Income: $70.39M
Q. Op. Income: $16.80M
TTM Net Income: $58.04M
Q. Net Income: $13.13M
EPS: $0.12
Shares Out.: $77.04M

$340.84M in TTM revenue grew 3.4% YoY, reaching $84.39M last quarter. TTM EBITDA of $80.90M and TTM operating income of $70.39M show growth is flowing through to the bottom line. TTM net income of $58.04M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 3 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 23.0%
Op. Margin: 19.9%
Net Margin: 15.6%

Op. margin of 19.9% is up 0.9% YoY — cost efficiency is improving. Net margin at 15.6% Over the past year, operating margin is up 4% — a weakening trend.

Price Ratios

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

P/E Ratio: 9.7x
P/S Ratio: 1.6x
P/B Ratio: 0.5x

At 9.7x P/E, the stock trades below typical market levels. P/S of 1.6x and P/B of 0.5x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 6% — a weakening trend.

Assets & Liabilities

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

Total Assets: $4.60B
Cash: $65.58M
Long-Term Debt: N/A
Book Value: $1.04B
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: $21.56M
TTM Free Cash Flow: $82.89M
FCF Margin: 24.3%
FCF / Net Income: 1.4

TTM FCF of $82.89M on $21.56M in operating cash flow. The FCF / Net Income ratio of 1.4x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is down 7% — a weakening trend.