Latest Ratios: P/E Ratio 14.7x · EV/EBITDA 15.1x · ROE 5.5%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $649M | $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 → | 14.74 | 15.11 | 11.04 | — | — | 14.16 | — | 11.65 | 10.75 | 12.21 | — |
| P/S Ratio | 1.95 | 2.06 | 4.44 | — | 1.70 | 4.18 | 10.07 | 8.94 | 8.34 | 9.68 | — |
| P/B Ratio | 0.62 | 0.64 | 0.59 | 0.45 | 0.39 | 0.69 | 0.56 | 0.98 | 0.26 | 0.36 | — |
| P/FCF | 7.19 | 7.57 | 6.19 | 6.74 | 5.45 | 7.61 | 6.16 | 12.12 | 10.70 | 12.68 | — |
| P/OCF | 7.19 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 15.07 | 15.21 | 40.67 | — | 14.48 | 18.50 | — | 16.77 | 7.05 | 4.90 | — |
| EV / EBIT | 15.86 | 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 | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 13.6% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.8% | 6.6% | 9.1% | — | — | 7.1% | — | 8.6% | 9.3% | 8.2% | — |
| FCF Yield | 13.9% | 13.2% | 16.2% | 14.8% | 18.3% | 13.1% | 16.2% | 8.3% | 9.3% | 7.9% | — |
| Buyback Yield | 3.9% | 3.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% | 1.2% | — |
| Total Shareholder Yield | 17.6% | 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 |
Collateral credit quality deterioration
According to current market data, TRTX trades at a P/B ratio of 0.63, which, as noted in recent financial filings, suggests that investors are heavily discounting the firm's book value due to persistent concerns regarding the underlying quality of its office-heavy commercial mortgage portfolio.
The valuation gap relative to peers suggests that the market remains skeptical of internal asset valuations, particularly as the firm transitions loans to REO status. Investors should monitor whether this discount represents a value opportunity or a rational pricing of potential future credit losses within the loan book.
Based on reported figures, NOI margins have exhibited extreme volatility, swinging from 100% in 2026Q1 to as low as 14.7% in 2025Q1, which indicates that the firm's profitability is highly sensitive to non-accrual events and the resulting loss of interest income from distressed commercial loans.
The significant divergence between operating margins and net margins suggests that interest expenses and credit loss provisions are consuming the majority of operating profits. This trend warrants further investigation into whether the firm can stabilize its interest-earning assets without further eroding its bottom-line profitability.
As reported in recent financial statements, the FFO payout ratio reached 128.0% in 2026Q1, indicating that the company is currently distributing more cash than it generates from core operations, a trend that suggests the current dividend policy may be unsustainable without significant capital preservation measures.
The inability to consistently cover the dividend with FFO suggests that the firm is relying on non-recurring items or balance sheet liquidity to maintain distributions. Investors should monitor future payout trends, as management has historically demonstrated a willingness to cut dividends during periods of heightened collateral stress.
As indicated by the company's reported debt-to-equity ratio of 3.08x in 2025Q4, the firm maintains a high level of leverage that leaves it vulnerable to even minor declines in collateral value, which could trigger forced deleveraging events in a volatile commercial real estate market.
The reliance on warehouse lines and CLO financing creates a structural dependency on market liquidity that may be tested if credit quality continues to deteriorate. The current interest coverage ratio of 1.08x suggests that the firm has very little margin for error regarding its debt service obligations.
Market participants frequently misapply the standard P/E ratio to TRTX, which, as noted in industry research, obscures the reality that non-cash CECL provisions and depreciation adjustments significantly distort GAAP earnings, making P/FFO or P/AFFO the only appropriate metrics for assessing the firm's true earnings power.
Using P/E ignores the fundamental reality that mortgage REITs are cash-flow-driven vehicles where GAAP net income is often a poor proxy for distributable earnings. Analysts should prioritize AFFO-based valuation to account for the impact of maintenance capex and credit loss provisions on the firm's actual cash-generating capacity.
Includes 30+ ratios · 11 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 ratio is 14.7x. The historical average is 12.5x. This places it at the 83th percentile of its historical range.
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.
TPG RE Finance Trust, Inc.'s return on equity (ROE) is 5.5%. The historical average is 2.0%.
Based on historical data, TPG RE Finance Trust, Inc. is trading at a P/E of 14.7x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TPG RE Finance Trust, Inc.'s current dividend yield is 13.65% with a payout ratio of 151.0%.
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.
TPG RE Finance Trust, Inc.'s Debt/EBITDA ratio is 12.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.