A Business at a Glance
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TPG RE Finance Trust, Inc.
TRTX
$688M
Mkt Cap
$8.62
+1.41%
TPG RE Finance Trust, Inc. (TRTX) has a current P/E ratio of 13.3, compared to its historical median P/E of 5.2. The stock is currently considered Expensive based on its historical valuation range.
TPG RE Finance Trust, Inc. (TRTX) has a 5-year average return on invested capital (ROIC) of 4.5%. This is below average and may indicate limited pricing power.
TPG RE Finance Trust, Inc. (TRTX) has a market capitalization of $671M. It is classified as a small-cap stock.
Yes, TPG RE Finance Trust, Inc. (TRTX) pays a dividend with a trailing twelve-month yield of 11.14%. The company also returns capital through share buybacks, with a buyback yield of 3.99%.
Based on historical P/E analysis, TPG RE Finance Trust, Inc. (TRTX) appears expensive. The current P/E of 13.3 is 156% above its historical median of 5.2. The estimated fair value CAGR (P/E method) is -14.1%.
TPG RE Finance Trust, Inc. (TRTX) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Table of Contents Company and Organization TPG RE Finance Trust, Inc. is a commercial real estate finance company externally managed by TPG RE Finance Trust Management, L.P., an affiliate of TPG. Our principal executive offices are located at 888 Seventh Avenue, 35th Floor, New York, New York 10106. We are organized as a holding company and conduct our operations primarily through TPG RE Finance Trust Holdco, LLC (“Holdco”), a wholly owned Delaware limited liability company, and Holdco’s direct and indirect subsidiaries. We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our REIT taxable income to the extent that we annually distribute all of our REIT taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion or exemption from registration under the Investment Company Act.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 32M | 32M | 31M | - | 145M | 156M |
| Net Income | 51M | 45M | 60M | -131M | -74M | 71M |
| EPS | $0.65 | $0.57 | $0.75 | $-1.69 | $-0.95 | $0.87 |
| Free Cash Flow | 95M | 89M | 112M | 80M | 100M | 132M |
| ROIC | 0.0% | 6.0% | 7.1% | 3.2% | 1.8% | 4.3% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 3.18 | 3.10 | 2.39 | 2.73 | 3.19 | 2.54 |
| Dividends/Share | $0.00 | $0.96 | $0.96 | $0.96 | $0.96 | $0.95 |
| Operating Income | 0 | 232M | 259M | 143M | 88M | 157M |
| Operating Margin | 0.0% | - | - | - | 60.5% | - |
| ROE | 4.8% | 4.2% | 5.3% | -10.7% | -5.3% | 5.2% |
| Shares Outstanding | 78M | 80M | 80M | 77M | 78M | 81M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 81M | 92M | 122M | 141M | 167M | 177M | 156M | 145M | N/A | 31M | 32M | 32M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 784K | 2.2M | 3.0M | 3.4M | 3.0M | 3.6M | 4.4M | 4.4M | 3.8M | 4.3M | 4.3M | 4.1M |
| EBIT | 109M | 132M | 173M | 233M | 301M | -48M | 157M | 88M | 143M | 259M | 232M | 0 |
| Op. Margin | N/A | N/A | N/A | N/A | N/A | -27.1% | N/A | 60.5% | N/A | N/A | N/A | 0.0% |
| Net Income | 59M | 70M | 94M | 107M | 126M | -156M | 71M | -74M | -131M | 60M | 45M | 51M |
| Net Margin | 73.1% | 75.7% | 77.1% | 75.9% | 75.3% | -87.9% | 45.4% | -50.8% | N/A | 195.2% | 142.1% | 160.0% |
| Non-Recurring | 0 | 0 | 185K | -524K | -278K | -203M | 2.1M | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||||||
| ROIC | 17.8% | 16.6% | 14.7% | 11.2% | 10.1% | -1.7% | 4.3% | 1.8% | 3.2% | 7.1% | 6.0% | 0.0% |
| ROE | 9.1% | 8.3% | 8.7% | 8.5% | 8.9% | -11.2% | 5.2% | -5.3% | -10.7% | 5.3% | 4.2% | 4.8% |
| ROA | N/A | 2.6% | 3.1% | 2.7% | 2.4% | -2.9% | 1.4% | -1.4% | -2.7% | 1.5% | 1.1% | 1.1% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | 99M | 86M | 91M | 108M | 122M | 132M | 132M | 100M | 80M | 112M | 90M | 96M |
| Free Cash Flow | 99M | 85M | 91M | 108M | 122M | 132M | 132M | 100M | 80M | 112M | 89M | 95M |
| Owner Earnings | 99M | 86M | 91M | 107M | 119M | 126M | 126M | 95M | 71M | 90M | 68M | 75M |
| CapEx | 0 | 500K | 111K | 0 | 0 | 0 | 0 | 0 | 315K | 298K | 990K | 756K |
| Maint. CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.0M | 16M | 13M | 11M |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 |
| D&A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.0M | 16M | 13M | 11M |
| CapEx/OCF | N/A | N/A | 0.1% | N/A | N/A | N/A | N/A | N/A | 0.4% | 0.3% | N/A | 0.8% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 123M | 97M | 79M | 80M | 76M | 78M | 78M | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | 20.5% | 23.7% | 13.4% | 16.3% | 19.2% | 14.5% | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37K | 25M | 27M |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% | 4.0% |
| Stock-Based Comp | N/A | N/A | 33K | 665K | 2.6M | 5.8M | 5.8M | 5.1M | 8.0M | 6.4M | 9.8M | 9.8M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||||||||
| Net Debt | N/A | 5.4M | 175M | 1.4B | 1.7B | 1.2B | 3.3B | 3.8B | 2.7B | 2.3B | 3.2B | 3.2B |
| Cash & Equiv. | 106M | 103M | 75M | 40M | 79M | 320M | 261M | 254M | 206M | 190M | 88M | 151M |
| Long-Term Debt | N/A | 108M | 288M | N/A | N/A | 0 | 3.7B | 4.2B | 3.0B | 2.6B | 3.3B | 3.4B |
| Debt/Equity | 0.00 | 0.11 | 0.24 | 1.14 | 1.20 | 1.44 | 2.54 | 3.19 | 2.73 | 2.39 | 3.10 | 3.18 |
| Interest Coverage | 2.3 | 2.1 | 2.2 | 1.9 | 1.7 | -0.4 | 1.8 | 0.5 | 0.5 | 1.3 | 1.2 | 1.2 |
| Equity | 716M | 971M | 1.2B | 1.3B | 1.5B | 1.3B | 1.5B | 1.3B | 1.1B | 1.1B | 1.1B | 1.1B |
| Total Assets | 0 | 2.7B | 3.4B | 4.5B | 5.9B | 4.9B | 5.2B | 5.5B | 4.2B | 3.7B | 4.4B | 4.5B |
| Total Liabilities | 0 | 1.7B | 2.2B | 3.2B | 4.4B | 3.4B | 3.8B | 4.2B | 3.1B | 2.6B | 3.3B | 3.4B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 29M | 22M | 15M | 14M |
| Retained Earnings | N/A | -10M | -15M | -26M | -28M | -293M | -247M | -395M | -600M | -617M | -673M | -681M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||||||||
| EPS | 1.81 | 1.69 | 1.74 | 1.70 | 1.73 | -2.03 | 0.87 | -0.95 | -1.69 | 0.75 | 0.57 | 0.65 |
| Owner EPS | 3.01 | 2.07 | 1.68 | 1.70 | 1.64 | 1.65 | 1.56 | 1.23 | 0.92 | 1.13 | 0.85 | 0.96 |
| Book Value | 21.85 | 23.45 | 22.16 | 21.10 | 20.71 | 16.54 | 18.02 | 17.05 | 14.52 | 14.00 | 13.39 | 13.65 |
| Cash Flow/Share | 3.01 | 2.07 | 1.68 | 1.71 | 1.68 | 1.72 | 1.63 | 1.30 | 1.03 | 1.41 | 1.13 | 0.80 |
| Dividends/Share | 1.91 | 1.62 | 1.56 | 1.71 | 1.72 | 1.21 | 0.95 | 0.96 | 0.96 | 0.96 | 0.96 | 0.00 |
| Shares Out. | 32.8M | 41.4M | 54.2M | 62.9M | 72.6M | 76.6M | 81.3M | 77.5M | 77.5M | 79.6M | 79.8M | 77.8M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | N/A | 4.1 | 4.4 | 5.2 | N/A | 8.8 | N/A | N/A | 10.0 | N/A | 13.4 |
| P/FCF | N/A | N/A | 4.2 | 4.3 | 5.4 | 3.6 | 4.7 | 3.5 | 5.2 | 5.3 | N/A | 7.1 |
| EV/EBIT | N/A | N/A | N/A | 2.3 | N/A | N/A | 2.3 | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | 0.3 | 0.4 | 0.5 | N/A | 0.6 |
| Price/Sales | N/A | N/A | 3.1 | 3.4 | 3.6 | 2.3 | 3.8 | N/A | N/A | 17.5 | N/A | 21.2 |
| FCF Yield | N/A | N/A | 23.6% | 23.0% | 18.6% | 27.9% | 21.2% | 28.5% | 19.3% | 18.8% | N/A | 14.2% |
| Market Cap | 0 | N/A | 385M | 467M | 655M | 474M | 624M | 353M | 414M | 596M | 0 | 671M |
| Avg. Price | 0.00 | N/A | 7.06 | 7.57 | 8.24 | 5.32 | 7.27 | 6.36 | 5.09 | 6.76 | 0.00 | 8.62 |
| Year-End Price | 0.00 | N/A | 7.10 | 7.43 | 8.97 | 6.18 | 7.68 | 4.55 | 5.35 | 7.50 | 0.00 | 8.62 |
TPG RE Finance Trust, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
TPG RE Finance Trust, Inc. trades at 13.3x trailing earnings, compared to its 15-year median P/E of 5.2x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 7.4x vs a median of 4.5x. The company's 5-year average ROIC is 4.5%. Total shareholder yield (dividends + buybacks) is 15.1%. At current prices, the estimated annualized return to fair value is -6.6%.
TPG RE Finance Trust, Inc. (TRTX) reported annual revenue of $32 million in its most recent fiscal year, based on SEC EDGAR filings.
TPG RE Finance Trust, Inc. (TRTX) has a net profit margin of 142.1%. This is a strong margin indicating high profitability.
TPG RE Finance Trust, Inc. (TRTX) generated $89 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
TPG RE Finance Trust, Inc. (TRTX) has a debt-to-equity ratio of 3.10. This indicates higher leverage, which may increase financial risk.
TPG RE Finance Trust, Inc. (TRTX) reported earnings per share (EPS) of $0.57 in its most recent fiscal year.
TPG RE Finance Trust, Inc. (TRTX) has a return on equity (ROE) of 4.2%. This indicates moderate shareholder returns.
The Ledger Terminal provides 11 years of financial data for TPG RE Finance Trust, Inc. (TRTX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
TPG RE Finance Trust, Inc. (TRTX) has a book value per share of $13.39, based on its most recent annual SEC filing.